STEEMCRYPTOACADEMY WEEK15, HOME-WORK POST ALPHAFX.
Hello professor @Alphafx thank you very much for this wonderful lecture I really learnt alot
Introduction
Make a transaction on the binance chain and Tron blockchain (you can use any token)
Blockchain transactions are reliable and trusted each time transactions are made it keeps record on the various transactions you Carry out, courtesy this home-work I will be making a transaction from my Tron wallet to, my trust wallet I'm having issues with my Binance for now of course I discussed with professor @alphafx, and he accepted.
Making a transaction first of all you open the exchange you want to use for example I'm using Tron link pro. Firstly when the App must have opened you click on send
After clicking on send you logg in to the second exchange where you want to transfer any token to, open the exchange and copy the address, come back to the exchange you want to transfer the token to and input the address at the spot showing Receiving Account,
after you must have included it go down again and select the token you want to transfer for me I selected bTron screw down again and input the amount you want to transfer,
Note* you can't transfer more than the token that is in your wallet, so Imputed 20 TRX, which is equivalent to almost two dollar. After that then you click on the send button.
After clicking on the send botton, you will be directed to a spot where your password will be needed in order for the transaction to be be carried out, if you forgets the password the transaction will hang, the password is very much needed there.
Fortunately if you have the password off hand what you need do is to imput it there press send and it will take little time for about 10sec, for the transaction to load. From the image I uploaded you can see a signal showing sending.
After the transaction have been effective you will find out that a ✓ sign will show, signifying that your transaction have officially been submitted, the recepient address and my address too will display too, now courtesy to this transaction I got 268 bandwidth and no energy was obtain, I had no TRX, freeze at the time of carrying out this transactions.
Another thing is observing and checking just to be sure that the token I sent has reflected to the exchange which I sent it to, what I need do now is to logg into my trust wallet to check.
From the image below it shows that the transaction has gone and it has reflected also, initially I was having a transaction worth one dollar, plus the one I did, everything has arosed to three dollars that's why you are seen that three dollars out there.
In blockchain technology every transactions been carried out is just simple and Pretty transparent no wayo, no confusion.
show the time taken for each transaction to be verified
The time taken for the transaction to be verified is eazy but it has to be calculated, they can't show you ten minutes or twenty minutes NO, the transaction took place today been 25/05/2021,
16:20, it can also be called 4:20pm in Nigerian time. Explaining more what it means is that it took 7 minute for this particular transaction to be effective So for this transaction it took seven minute for the token I sent to reflect on the second exchange I sent to to. Expecially Tron transactions usually takes 5minutes but because of some key factors it took me 7 minutes.
Comparing the scalability and speed of the two against BTC
We are aware that Bitcoin have long been founded as we all know it was founded in 2009, but so many people still don't know that how long it takes to carry out transactions, thus the transaction speed per quote. The speed and scability.
For Bitcoin comparing it now.
Since Bitcoin is very popular than other cryptocurrencies many transactions transactions are done by Different investors on the block-chain daily so there is a massive backlog in que,of the number of blocks waiting to be processed.
In Bitcoin transactions the size of mempool experiences a diverse change because so many transactions that do come in waiting for verification.
Bitcoin takes at least 78 minutes before a particular transactions is carried out and been confirmed.
Bitcoin takes huge processing fee, as it takes long time to carry out transactions so it's fee is high too, if you are big you are big.
Scalability and speed of Tron/Binance/Trust wallet
This three exchanges listed here, so many people Carry out transactions here, the speed and Scalability depends on the particular cryptocurrency you are transacting, of you are transacting Bitcoin using binance let me say you are transferring Tron, from Tron wallet to trust wallet of it takes you 7minute, then on the other hand you are transferring Bitcoin from Tron wallet to trust wallet trust me the timing won't be the same.
Since so many people uses binance in doing transactions daily that as they use Trust wallet, transferring Tron from Tron wallet to binance will consume more charge fee than transacting with trust wallet. Popularity matters here.
- Doing transactions using Tron to binance is safe as no mempool is allowed to keep your transaction waiting for a long while before confirmation on like what we have transacting via BTC.
What do you think can be done to improve the scalability of this three (BTC, TRON, BINANCE SMART CHAIN)
Before I answer this question the first thing that comes to mind is what is Scalability ?? If you understand what it means trust me answering this question will be pretty simple. Scalability in my own opinion can be define as the ability of a computing system or product be it a hardware, or software, to function appropriately when a change is done to it.
The system in question has so many constituents making it possible to function, the first is the RAM, meaning the Random Access memory so back to the question what can be done to improve the scalability of the three chains listed there. I think firstly
There should be need for the improvement of theRam the Random Access memory, when a ram is been improved we see the blockchain house so many transactions, on like our modern phones, you can't compare the speed of a 2GIG Ram phone to that of a 4GIG, the speed differs.
I think the platform blocks should increase currently in Bitcoin in ten minutes the blocks creation limit is 1 megabyte, there should be a more megabyte created in 10 minutes in order to facilitate transactions in any blockchain listed.
I also think the network user's should improve for example if we start using 5G network, gaining access to the blockchain's will be fast. Remember you can't compare 4G, the fastness you will get to using 5G, network.
Conclusion
Thank you once again professor @Alphafx, I really learnt alot from your lecture. In coming week hopefully I will learn more. In general thank you sir
Cc:@Alphafx