Crypto Academy Week 15- Homework Post for [@alphafx]

in SteemitCryptoAcademy3 years ago (edited)


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A cordial greeting to professor @alphafx and the SteemitCryptoAcademy community, in this opportunity I deliver my homework required by the professor. as always, it has been an enriching experience, we always learn something new. I hope you enjoy it.

See you next time!

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Make a transaction on Binance Smart Chain and Tron blockchain

The main thing to operate transactions on Binance Smart Chain and Tron blockchain is to have a reliable and suitable wallet for the occasion to be able to observe the data accurately. It is also necessary to take into account that the cryptocurrency we want to exchange is the same.For this post, we will use the Google Chrome extension for Binance Smart Chain.


In this account we don't currently have any funds, so in that case, our next step should be to transfer the funds to our Binance Chain wallet. We will transfer some Tron to our wallet via Tronscan.




Now, with the funds inside our Binance Chain wallet, we can check out Tronlink, which we use regularly and where we already have some funds.


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Show the time needed to perform each transaction

In the first part, when we transferred funds from Tronscan to Binance, to subsequently move them to Binance Chain, we set a start time of 15:50:54.


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At 15:52 the deposit was reported to our Binance account.


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Therefore, we were about 2 minutes into the procedure.


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At 16:05 we successfully processed the withdrawal of funds to our Smartchain wallet.

Subsequently, the deposit was successful and we were able to verify that it went through almost immediately after a few seconds.


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The fast speed to operate these transactions is due to the PoS consensus algorithm that exists in both networks, which causes blocks to be created in an average of 3 seconds. So we can conclude that the speed time is identical.

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Compare the stability and speed of both with that of BTC.

On the one hand, we have the PoW consensus algorithm on which Bitcoin technology is based. Now, taking into account the competition of miners operating in the network the transactions can vary in time periods of 8 minutes, however, when the competition of miners is much lower, the block creation time periods can be up to 10 minutes. In the same order of facts, when a Bitcoin transfer is made through the stock exchange the transfers take a long time. They also charge a transaction fee. Bitcoin is capable of performing between 3.3 and 7 transactions every second. Bitcoin has not been able to optimize blockchain scalability. This led to the birth of the PoS solution.

Now, with the Binance Smart Chain network we have a consensus algorithm version based on PoSA, while the Tron network uses a DPoS consensus algorithm, so they work on a similar basis. Although the period to create blocks is 3 seconds, when using a smart contract, the time is lengthened. Tron is capable of processing up to 2000 transactions in every second.

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What do you think can be done to improve the scalability of these three?

In principle, using small blocks is a great advantage, although it also generates disadvantages. Essentially because each block has a smaller capacity to store records, making it more complicated for many bitcoin users to have the capacity to operate at the same time. For now the blocks have a size of 1 MB, which has the capacity to store about 2000 transactions. This is a fairly small volume, especially if we take into consideration that the main payment methods in the world record thousands of transactions per second. Bitcoin also uses the PoW consensus algorithm, basically switching to a more different algorithm like PoS could eliminate scalability.

Knowing that Bitcoin performs between 3.3 and 7 transactions per second, taking into account the number of transactions per second that exceed thousands in large companies that offer systems with payment methods, the backlog in Bitcoin's functionality is considerable. Although in the different attempts to overcome these problems presented by the company, new alternatives have emerged that allow operating billions of transactions, but represent a lower reliability due to their security flaws.

Bitcoin offers Segwit as an alternative, which consists of storing part of the transaction information in a separate data structure, thus reducing the size of each transaction, allowing more transactions to be stored in the blockchain without increasing its limit.
There is also the use of parallel chains as alternative data blocks, which would be connected to the Bitcoin blockchain.
With all these alternatives, however, based on the limited options offered by bitcoin, they will not be enough even if we rely on the most prone markets, but we would have to think of concrete solutions that are on par with the validation of the users. And this does not imply that bitcoin will never be scalable, it is true that it currently has a technical limitation, but as the world works and technology advances exponentially, it is appropriate to expect a solution in the future.

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Sort:  

Well done

ParameterScore
transactions3/3
comparison1.5/2
solutions1.5/3
presentation2/2
___________________________
Total8

Thanks for participating

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