STEEMIT CRYPTO ACADEMY | Season 2, week15 | Scalability | Homework post for @alphafx

sexualhealing (60)in SteemitCryptoAcademy • 3 years ago (edited)

I am writing this post in response to the assignment task given by the professor @alphafx , I really enjoyed, understood very clearly and really appreciate and thankful to you for your work for the steemit community .

MAKE A TRANSACTION ON BINANCE SMART CONTRACT AND TRON BLOCKCHAIN. (YOU CAN CHOOSE ANY TOKEN)

Binance Smart Contract : Binance Smart Chain is Powered by Binance and chain is also known as BEP20. I am going to show you how to trade on binance smart chain/contract/Dapp .

For trading i am using Trust wallet and pancakeswap , but you can use any app or wallet which supports Dapps (Decentralized Applications) to trade on BSC Chain/Contracts.

[1. Open the trust wallet and click on the bottom "Dapp" as shown in the screenshot image .

[2. Now you scroll down choose Pancakeswap in popular section or you can type https://exchange.pancakeswap.finance in url box .

[3. Check top top right corner which chain is selected ( it must be smart chain, if other chain is selected , change it to bsc smart chain as showing) .

My wallet is already connected to the pancakeswap, if you are using it for the first timem you will need to connect your wallet to pancakeswap. To connect click on connect and approve , your wallet will be connected to the pancakeswap dapp and all balance will also reflect on it.

[4. (1) Now choose a coin which you have in your into your wallet and you want to buy from. example BNB, BTC, USDT, BUSD etc.

(2) Now choose coin what you want to buy ( click on select a currency and you can select any coin that you want to buy from the list).

[5. I am buying NAFT coin from my BNB coin . I have about 0.03 BNB in my wallet . I am buying NAFT coin from my 0.01 BNB coin and i am getting around 61 NAFT tokens. To swap/trade , Click on "SWAP" .

[6. When you click on swap , this Confirm Swap popup will appear and it will show you details how much you are swapping and how much coins you will get and detail about fees . Click on "CONFIRM SWAP"

[7. Now Click on APPROVE to execute the trade. When you click on approve , your buy or sell order will be initiated and after few seconds transaction will be confirmed and your balance will reflect in both your wallet and in pancakeswap as well.

TRON Blockchain : Tron Blockchain is powered by Tron and Tron chain is also known as TRC20. I am going to show you how you can trade on Tron Smart Chain/Dapp .

To trade on TRON Blockchain i use TronLink Pro mobile app, i am using this app to show you my trades.

[1. As you can see this is my wallet and holding 126 tron in my tron wallet . To swap or trade on tron blockchain using this app , click on Market .

[2. You can see there are 2 tabs . One is swap tap and another is Market tab. We can direct swap or trade our coins from swap tab. If we switch to Market tab , there we can see lots of tokens which we can trade on it . The current tab is swap tab.

[3. This is market tab, you can see lots of coins with trx pair. I will do a trade here in BTT/TRX pair .

[4. This is Polonidex Dapp/DEX platform which supports and work with tron blockchain. This is BTT/TRX pair , we can see there are two options : buy and sell . I will click on buy to buy BTT from my available tron .

[5. I am buying BTT from my 50 tron (trx) coin . I choose 50 trx to buy BTT which is 50% of the total trx. You can see how coins you will get in same interface. After putting buy amount i will click on Buy .

[6. Now this is authorization popup will open up , Click on Continue.

[7. Now Click on Confirm to confirm the transaction and put your password . Your trade will be executed and coin or balance will be reflected into your wallet .

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VERIFICATION OF THE BINANCE SMART CONTRACT TRANSACTION:

For the verification of the transaction in smart contract, it took less than 15 seconds to be verified and reflect into the wallet . It is quiet fast . As you can see in the screenshot below the transaction is very fast and fee is very less only $0.20 :

VERIFICATION OF THE TRON TRANSACTION:

I transfered 56 trx/tron from my wallet and you can see it was verified within 1 minute. Fee was used 268 Bandwidth whish is very cheap.

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Compare the scalability and compare the speed of the two with BTC

Binance Chain/Blockchain : It is very fast and secure blockchain network . It is a Smart contract enabled blockchain which works with all Dapp and DEX and allows all the dapps and dex to be deployed on its' blockchain. It provides high speed and very low cost transaction cost. Binance Smart Chain works on Proof of Staked Authority Consensus protocol
ondistributed ledger with 21 validators which aimed in lower fees and very short blocks , it is the main reason of being BSC chain faster .
TRON Blockchain: Tron blockchain is highly scalable and very fast blockchain which allows to run smart contracts and works with or provides Dapp and DEX compatibility and dapps or dex can also be deployed on tron blockchain. Because of very fast 2,000 transactions per second (TPS) it is very suitable for Dapps and DEX to be deployed on Tron Blockchain. one block is generated in every 3 seconds .Normally it takes 15 seconds for a transaction to be verified in tron blockchain. Proof of stake consensus protocol used by tron and its' faster generation of new blocks makes it a faster blockchain

BITCOIN/BTC: If we compare Tron and bsc smart chain with bitcoin, btc lacks a lot in scability, longer transaction verification time and high transaction fees. Bitcoin transactions take much more longer time than above 2 blockchains. Each block are generated in every 10 minutes and it takes longer time in verifying the transactions, As per current data only 4 to 5 transactions can be verified per second. It runs on Proof of work consensus protocol which is also a reason for slower transaction and higher transaction fees. For mining huge investments needed and also creates load on the network itself, blockchain becomes heavy as well also make the network more complex . On the other hand both Tron and Binance smart chain runs of proof of staking type of consensus model where there is no mining machines and lightweight blockchain , it helps faster transaction and low cost transactions.

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What do you think can be done to improve the scalability of these three (BTC, Tron, Binance Smart Chain)

There are different factors, ideas, system and insfrastructure by which scalability issues can be solved or minimized:

It has been seen that the other consensus protocol such as proof of stake have better scalability than compared to proof of work where mining machines are used to verify the transactions. Here verification process is slow and transaction fees high .

I am going to explain about some better ways to improve the scalability :

Networking : Whenever any transaction is carried out , it is first broadcast to all nodes . when a block is mined it is again transmitted to
all nodes which consume lot of network resources and it makes delay. So there is a need to design more efficient data transmission mechanism.

Offchain or Lightning network Solutions: Off chain solution can improve the scalability of Blockchain by processing the transaction outside the Blockchain. One of the off chain solution is lightning network. It runs on layer 2 chain which decreases the load on the real blockchain and can handle more transactions and can process the transactions faster .

Sharding : It is an effective method to improve the scalability of Blockchain. The nodes are divided into different shards. Each shard consist of part of transaction and there is parallel processing of transaction.

Reducing Blocksize : It can also help in improving the scalability of the network and blockchain in some network and insfrastucture but it depends upon the blockchain and consensus protocol and network mechanism as well .

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CONCLUSION

Scalability is the major issue in blockchain and in order to use Blockchain in business environment the scalability problem must be solved. Scalability is very important factor in any blockchain which helps the system and project to run smoothly and properly. For better innovation and developments a faster transaction and low fees on transaction is very essential aspect in blockchain. In some extent Binance smart chain , tron blockchain and several other blockchains are scalable and they are also working on better scalability which is a very good thing for whole crypto space.

Thanks Professor @alphafx for this beautiful and interesting lecture. I'm looking forward to your next lecture.

Thank you all steemians for reading !

#scalability #alphafx-s2week7 #cryptoacademy #steemexclusive #nepal