Homework task season 2 week 7 by professor @alphafx Blockchain scalability
Make a transaction on the Binance smart Chain and Tron blockchain (you can use any token)
To complete this first part of the question I will be sending some TRX tokens from my Trust Wallet to my Kucoin exchange and comparing the time of each coin arrival.
Since the Kucoin exchange doesn't support SFP bep20 token I will be using the Binance exchange to compare and make my transaction and compare the time it took each coin to arrive in my wallet.
After making the two transactions I observed It took less time for my TRX to arrive on my exchange compare to SFP bep20.
TRX transaction
SFP bep20 transaction
From the above transactions, it can be observed that transactions on tron block take less time to be confirmed compare to the binance blockchain which means Tron blockchain is more scalable in terms of handling TPS to binance blockchain.
Show the time taken for each transaction to be verified (original screenshots must be included)
Above is the screenshot of both transactions with the appropriate time it took before each coin arrived on my Kucoin exchange wallet and binance exchange wallet.
Time for TRX transaction
Sent 1:40
Arrived 1: 42
Time for SFP transaction
Sent 3: 04
Arrived 3: 06
Compare the scalability and speed of the two against BTC
It took approximately less than 2 minutes for both transactions to be confirmed and arrive on both exchanges.
Comparing the two token above it can be said completing confirmation block time for trx a Tron blockchain token and SFP a binance smart chain token takes lesser time when it is compared with BTC blockchain.
Completing or confirming the block on the BTC blockchain takes approximately 10 mins.
Which means the time margin for the 3 blockchain token when compared to BTC investor will prefer using Tron or BSC blockchain for a scalable transaction.
What do you think can be done to improve the scalability of these three (BTC, Tron, Binance Smart Chain)
Crypto adoption over the years has been increasing significantly this means the rate at which transactions are been processed over the years are equally increasing leading to less confirmation time and more workload on miners and algorithms software.
Manually increasing numbers of mining software can help improve blockchain scalability; Here advance/improved mining, software that requires less energy to complete a block transaction can help improve blockchain transactions.
Increasing block size; each blockchain has its block size limit used to maintain a certain limit/number of transactions if these block size will be increased then it means users' transactions will not clog up in a block for several minutes before they are confirmed.
proof of stake; instead of miners solving complex puzzles with their computer which involves proof of work here validators do the work of miners by validating transactions on the blockchain with your staked tokens.
Sharding; this process involves breaking down transaction nodes into bits to reduce the time it takes to download on blockchain network with the sharding process it will take less time for each network blockchain transaction to be completed in the block.
Great work but at least you should have concluded your work ..
Thanks for the suggestion will do that next
Alt dear friend
This solution is not permanent, and ends up creating another problem of increased block time.
Task completed successfully. The presentation was good but needed a bit more work..There was no proper work done on the possible solutions to improve scalability. put in more effort next time.
Thanks much sir
Congrats fam
Thanks much