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

Hello everybody Assalam-O-Alaikum and welcome to this post. Hopefully, all of you will be good and enjoying your health with the blessings of Allah Almighty.

This is my homework post in week 15 of Crypto Academy for dear professor @aplhafx. I have read the whole of the lecture post and I have understood all the points clearly and now I am going to make an assignment asked by a dear professor. Today our topic of discussion is Scalability and Improvements Made and Still to be made.

Introduction

Scalability is a term used when we discuss the transactions carrying capacity of a blockchain or a platform. Scalability means that how many transactions a platform can carry out per second. Every blockchain and platform has its own scalability. Bitcoin was the first platform having great scalability but some other newly growing blockchains and platforms are improving their scalability as compared to Bitcoin. So, in this post, we are going to discuss the scalability of the Tron Blockchain and the Binance Smart Chain.

There are some questions assigned by the dear professor as the homework for this week. Now, we will discuss them one by one.

Transaction on the Tron Blockchain and the time taken to verify the transaction

First of all, I am going to show you a transaction made by me from the TronLink wallet to the Binance account. The steps followed by me are given below along with the time taken to verify the transactions accordingly.

• First of all, I logged into my TronLink Pro wallet application and I saw that there were 167.17 TRX in my wallet. You can also see this in the screenshot below.

• Then, I opened my Binance application and logged into the Binance. Here you can see in the screenshot below that there are 0 TRX in my wallet of Binance.

• As I want to make a transaction from the Tron platform so I decided to transfer my TRX to Binance. So, I again opened my TronLink wallet and clicked on the Send option.
  

• You can see in the above screenshot that I have clicked the Send option.
  

• Then, I provide the Tron address to which I was sending the TRX which I have just copied from the TRX address of the Binance. Then after putting the amount of TRX I just clicked on the Send option located at the bottom of the page as mentioned in the above screenshot.

• The process of sending the TRX to my Binance wallet started and I noted the time of the start of the transaction which was 10:29, as mentioned in the above screenshot.
  

• After a little loading, the Tron blockchain showed me that my transaction was pending as shown in the above screenshot. The time was the same 10:29.
  

• When the transfer process completed, I logged into my Binance account and wait for the receiving of TRX. At 10:31 I received a notification that my transaction has been successfully completed. So, I checked my Binance wallet to verify the transaction.
  

• You can see in the above screenshot that now I have the same amount of TRX in the Binance account as I have in the TronLink wallet before.

• When I saw the Deposit history of my Binance account then I came to know that the transaction was actually completed and verified at 10:30.

From the above transaction I concluded that the time taken by the Tron blockchain for completing my transaction was 1.23 minutes which is really an impressive thing in the case of scalability.

Transaction on the Binance Smart Chain and the time taken to verify the transaction

As I have received the TRX token in my Binance wallet so now I am going to make a transaction from the Binance Smart Chain to the FTX Pro exchange.

• First of all, I logged into my FTX account and you can see in the above screenshot that I have zero (0) TRX token in my FTX wallet.

• I opened the Binance Smart Chain and logged into it. I own 167 TRX in my Binance wallet. You can see this in the screenshot above.

• Then I click on the TRX and then click on the Withdrawal option located at the bottom of the page.

• After that, I pasted the TRX address which I have just copied from the FTX exchange. Then I enter the amount of the TRX which I want to transfer to the FTX exchange. So, I entered 20 TRX as shown in the above screenshot and then clicked on the Withdrawal option.
  

• Then click on the Confirm option to confirm the transaction of TRX.

• Now, the transaction of the TRX from the Binance to the FTX started and I noticed the time of the start of the transaction which was 10:49. To view the transaction history I clicked on the View History option located at the bottom of the page.

• In the Withdrawal history of my Binance account I can see that the transaction of TRX made by me was pending.

• Then, I logged into my FTX account to see that whether the transaction completed or not. So, I received a notification that my transaction has been successfully completed and I can see the TRX in my FTX wallet. Here the time was 10:53.

• When I opened the Deposit history of my FTX exchange account then I saw that the transaction was actually completed at 10:50. But verified and the TRX shown in my wallet at 10:53.

From the above transaction, I concluded that the time taken to make the transaction on the Binance Smart Chain was 2.33 minutes which is not bad but as compared to the Tron Blockchain it was a little bit late.

So, the above two transactions of TRX in the Tron Blockchain and in the Binance Smart Chain were completed in 1.23 and 2.33 minutes respectively.

Compare the scalability and speed of these two networks with BTC

As we have experimentally verified that the transaction carrying capacity of both the TRON and the Binance network is superb. The TRON has the fastest transaction carrying capacity amount for all the blockchains.

As we have concluded before that the transaction was verified in the Tron blockchain in only 1.2 minutes while in the case of the Binance Smart Chain, it is verified 2.3 minutes which is also fair in the case of scalability.

Tron and BTC:

Now, we will compare the scalability and the speed to make transactions of the Tron blockchain and the BTC. Actually, Tron is a decentralized blockchain having a native currency known as TRX. The scalability of the Tron platform is approximately 2000 transactions per second which is the highest scalability in the crypto world. While on the other hand, the BTC has a scalability of about 6-7 transactions per second.

From the above allegations, it is clearly seen that the scalability of the Tron network is much higher than that of Bitcoin. The number of transactions made per second in the BTC is very low and to overcome this problem, the Tron blockchain was developed having great scalability so that the users can easily and timely manage their transactions throughout the world.

Binance and BTC:

As we have made a transaction in the Binance Smart Chain(BSC) and this transaction of TRX was completed in 2.3 minutes which is really a good speed of verifying the transactions. The Coingecko platform has mentioned and claimed that Binance is the largest crypto exchange and largest centralized blockchain in the blockchain technology with while on the other hand, Bitcoin is the largest ever and the first cryptocurrency which was developed in 2009 and it is the largest decentralized cryptocurrency with the scalability of 6-7 transactions per second.

So, it is cleared in the above discussion that Binance has much higher scalability than Bitcoin as Binance can manage 11.9 million transactions in one day which is really an impressive thing in the order of scalability.

So, it is clearly discussed that the scalability of Tron and Binance is higher than that of the BTC network. The Tron has the highest scalability and the Binance Smart Chain comes on number second.

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

As we have discussed before the scalability and the transaction carrying capacity of the Tron, Binance, and the Bitcoin respectively in the above sections. There are also some issues with each of the blockchain related to the scalability and the verification of the transactions. Now, we will discuss some solutions to these issues and improve the scalability of these blockchains.

• Tron:

Tron is a decentralized blockchain having a native token called the TRX. The scalability of the Tron blockchain is very impressive which is about 2k transactions per second. However, there are also some ways to further increase the figure of scalability. The scalability of the Tron platform can be further improved by creating direct P2P channels to deal with the customers and the transactors. The channels must have some users to deal with the customers and these users can rapidly exchange the token among themselves when needed. These transactions are rapidly verified and done by the system to increase the scalability of the platform. The number of coins flowing in these channels must be increased to improve the scalability of the platform furthermore. Tron platform is also expanding the Sun-Network channel to make their scalability more impressive.

Binance Smart Chain:

As we all know that Binance is the largest and the most used crypto exchange in the crypto world. It is also the largest centralized blockchain in blockchain technology which is itself an issue. As we know that in the centralized system, the funds and the transactions are managed and verified by the central authorities. In the case of any furry, the users who make transactions and wait for their verification if effect by the late transaction due to the inactivity of the authority or any problem in the central system then this thing will really create difficulties for the users. Decentralization is the most important and the most valuable need of the Binance Smart Exchange which will surely paste a positive effect on the scalability of the Binance. A decentralized system is needed so that the users can make transactions without the involvement of the central authority and the funds are only peer-to-peer between the sender and the receivers. If the Binance Smart Chain develops this strategy then this will really improve their scalability.

Bitcoin(BTC):

In the world of cryptocurrency, Bitcoin (BTC) is known as the king of all digital currencies and cryptos. Bitcoin is a decentralized cryptocurrency or coin developed in 2009 and it was the first-ever digital coin. The scalability of the BTC is no much impressive as that of the Tron network and the Binance Smart Exchange. The BTC can only run 5-6 transactions per second which are really not fair with the scalability of the BTC. The average block creation time of BTC is about 10 minutes which is really a very much time. The main solution is to increase the size of the blocks to scale the Bitcoin. Another important point in this aspect is to consider the forks (Hard Forks and Soft fork) protocol to increase the scalability of BTC. A Lightning Network can also prove effective for the increase the scalability of the BTC.

So, these are some possible solutions according to my knowledge to improve the scalability of the Tron, Binance, and the BTC.

Conclusions

Scalability means the power or ability of a network or a blockchain to carry out the transactions that are made in the respective system efficiently. The scalability of the Tron network is higher than the Binance Smart Chain whose scalability is higher than that of the Bitcoins scalability. The main need of the Binance Smart Chanin is the decentralized blockchain which will surely increase the scalability of the platform. BTC developers must have to increase the size of the blocks to increase the scalability of the network. They also have to consider some other aspects to improve the transaction carrying capacity of Bitcoin.

So, that's all about this week's homework post. Hopefully, all of you will like my this post.

Special mention and thanks to dear professor @alphafx for such an amazing lecture and I am looking forward to kind reviews by the professor on my homework.

Thanks to all.

Credits: @steemlover63