Steemit Crypto Academy Season 2 Week 7| Homework for professor @alphafx| Scalability and Improvements Made and Still to be made | by @shahab1998
HELLO STEEMIT members , i hope you all are fine and doing well, so this is my homework given by the honorable professor @alphafx , First of all thankyou so much professor.
Crypto academy professors are doing their utmost to help steemit users learn about a variety of topics by sharing their expertise and information in order to help them make better use of this enviroment and helping us to not only learn but also enhance our skills here.
My Name is Shahab Khan ( @shahab1998 ) and this is my homework post of great Professor @alphafx .
QUESTION 01 : Make a transaction on the Binance smart Chain and Tron blockchain
What is a Binance Smart Chain:
Binance Smart chain is a network which is blockchain based and works same as Binance coin but the the difference is binance chain gives some better options as it allows the enginenner or create to create there own personal applications.
TRANSACTION ON BINANCE SMART CHAIN:
I have made transavction on Binance Smart chain using Trust Wallet and Binaance and pruhased newly launched gDogetoken from it.
This is my Trust Wallet account as you can see it is emty at this point so first click on reveive button.
After clicking on receive button a QR code will be generated with a code, you can use both QR code and tht given code, at this point i have copied the QR code and opened Binance Application for further process.
After opening Binance App as you can see i dont have any BNB but i have USDT in my wallet so i will purchase BNB of 10 USDT as BNB has a direct pair with USDT.
After purchasing BNB i got BNB in smart chain BNB .
With those Smart chain BNB i did a transaction and purhcases this newly launched token gDogecoin as you can see in below screenshots.
WHAT IS TRON
Tron or which can be also called as TRX is also a blockhain like Binance smart chain but is has some unique featuyres like enabling the and giving ability to start, create their own material with that it enables engineers to create there decentralized apps.
TRANSACTION ON TRON:
So i will perform tranaaction using tron by using Steem Wallet and Binance, as you can see in below screenshot i have 262 trx in my steem wallet.
Click on this TRX and a trannfer pop us button will appear so this screen will apear in which we have to write the address of receiver, memu and amount of trx to be send.
We can get this address by oopening binance , click on deposit, searcj TRX and this address will apear.
In this way we made transaction using TRON blockchain.
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Show the time taken for each transaction to be verified
Transaction time is the time in which transaction is performed , total starting and ending time of transaction. The transaction speed of each cryptocurrency differs and it has great significant as because it is the aim to make transaction as fast as possible.
TRANSACTION TIME FOR BINANCE SMART CHAIN:
It took me 3 minutes to complete this tranaction of Binance smart chain, altough this process is usually very fast but as i was doing and performing it from the very frist time so it took me three minutes. The transaction started at 3:20 AM and ended at 3:20 AM as seen in below screenshots.
While the actual transction took only 6 to 7 seconds on binance smart chain.
TRANSACTION TIME FOR TRON:
It only took a minute on performing transaction using Tron, Altough transaction on Binance smart chain could be more fast if i do it in speedy way and transfer on tron took only in 30 to 40 seonds while on binance smart chain it took only 4-76 seconds.
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Compare the scalability and speed of the two against BTC
Scalibility and Speed of BTC:
First lets talk about scalibilty and speed of Bitcoin, is is famous that BTC is not that fast and has scalibilty issues. The reason BTC has scalibilty issues is that Bitcoin network's limited ability to manage massive transaction in limited period. BTC easily take 10-minutes in block creation. Bitcoin's block size had to be increased 10000x from its current level in order to scale to a global level. Bitcoin's block size had to be increased 10000x from its current level in order to scale to a global level. When the number of transactions a bitcoin can perform efficiently per second exceeds 7 and if the number of transactions surpasses what the system can handle, transactions are occasionally cancelled because bitcoin can't handle it.
Bicoin has a transaction speed of 5 trsanaction per second at it uses POW consense algorithm
Scalibility and Speed of BTC compare with Binance Smart Chain:
Binance Smart chain is very fast and scable if we compare it with Bitcoin as it can esily control thursands of transactions in a second, The smart contract for decentralised apps transaction speed is also better and faster than bitcoins. Tranaction speed of binance smart chain is 3500 Tran/sec means 3500 transactions in a second and transaction time is also very less which is between few seconds to a minute. and its scabilivilty is also very high and is uses PoSA consenses Algorithm.
Scalibility and Speed of BTC compare with Tron:
Now after binance smart chain lets compare BTC with Tron, The scalability of the Tron network is good; it can efficiently manage up to 2500 transactions in a second, which is thousands of times better than bitcoin. Tranaction speed of binance smart chain is 2000 Tran/sec means 2000 transactions in a second and transaction time is also very less which is a single minute. and its scabilivilty is also very high and is uses DPoS consenses Algorithm.
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What do you think can be done to improve the scalability of these three
SCALIBLITY IMPROVEMENTS IN THESE THREE:
Bitcoin is is of the most oldest and polular coin in the market but still at this point it is not scalable and ecen its scalibilty is less than the scalibilty of Binance smart chain and Tron.
Following are those things that can be done to improve the scalibilty of these three.
PLASMA CASH:
Using plasma Cash, In oder to complete the transactions a new layertype material is formed and programs which are decentrallized can be operated on it easily. What plasma cash actually does, this plasma is less strained because the component unit or system processes and approves transactions on its own. the data is also seperated , every component has its own data and infomation and which is later on trasfered to the main hub.
LIGTENING NETWORK:
Ligtening network is a network like plasma cash but this one has great importance as cutting-edge solution that addresses the issue of blockchain scalability and reduce the scalibilty to next level. Instead than using the main block chain network, the lightning network uses payment channels. The branches can be made by two partiies so that they can trade on bitcoin send and receive as many as times they want according to there need.
CONCLUSION:
This lecture was very helpful i learned about Binance smart chain, Tron , there transction speed and alot of things. Thankyou so much @alphafx for this wonderful and informative lecture, this was my first lecture of yours and i have learned alot.
Thats all , This is my homework professor @alphafx i hope you like it and once again professor thankyou so much for this informative lecture, This post is totally plag free.
Please share your valubale feedback.
Task Satisfactorily completed
Thanks for participating
@alphafx thankyou
@alphafx dear sir its been three days and my post isnot evalutaed :)