Steemit Crypto Assignment: Week 7 By @alphafx Blockchain Scalability.

INTRODUTION

Hello fellow steemians its another week in the steemit crypto academy, all the courses so far are great and i hope we are all making use of all we learn here in our trading. @alphafx brought another interesting profit to us this is a very great topics sir. I can say most of us don't know about this before now. I have read the lecture to my understanding and I was able to come up with this.

Make a transaction on the Binance smart Chain and Tron blockchain

Show the time taken for each transaction to be verified

I will make a transaction using tron from my binance exchange to my tron link wallet the back to binance exchange to see the time differences in the both transactions. I am using tron(trx) bacause of low transaction fee to reduce cost.

Step 1 I log into my binance exchange to. Make the transaction the i also log into my tron link wallet to copy my wallet address. Then i go to my binance exchange clicked on tron then i clicked on withdraw.

After clicking on withdraw then i past the receiving address which is the tron wallet address

Then i clicked on withdraw. So i already deposited to my tronlink wallet at this point the transiction cant be cancel. Now let see how log it took the trone to enter my tron wallet

I transfered the trx by 8:17 and it was processing for about two minute before it was deposited to my tron wallet

The tron was deposited by 8:19 and some seconds .

Then i made the second transaction from my tron wallet to my binance exchange. I went to my binance exchange to copy tron my address. I transferred the tron back from my tron wallet to my

I transferred the trx by 10:14 it showed in my wallet in less than 2 minute

The tron entered my wallet in less than Two minute. If you check the first screenshot in the history you see it took just 1min 34sec for the transaction to be validated. 10:15:34 not up to two minutes.

There is no doubt that the tron blockchain is faster than than the binance network. It took 1minute and some seconds to validate a transaction on the tron blockchain while for binance it took 2minutes and some additional seconds.

COMPARE THE SCALABILITY AND SPEED OF THE TWO AGAINST BTC

---

From what i understood and experiment, btc still has the highest time for validating transactions it took roughly 10 for the verification of a transaction. Compared to binance smart chain of 2minutes and tron has a 1min validating period. Putting tron as number 1 the fastest followed by binance smart chain the btc has slowest.

Binance smart contract still have the fastest scalability. It record around 11.8 million transactions per day. Because BSC is EVM-compatible, it launched with support for the rich universe of Ethereum tools and DApps. In theory, this makes it easy for developers to port their projects over from Ethereum. For users, it means that applications like MetaMask can be easily configured to work with BSC. Seriously – it’s just a matter of tweaking a couple of settings. Check out Use MetaMask for Binance Smart Chain to get started source. Binance has the fastest because of it is a centralized system.

Tron block chain have scalability of 2000 transaction per seconds. It was created to solve the scalability of btc. It was created from a modified ETH program so its related to the ETH blockchain. The tron blockchain uses the trx cryptocurrency as a means of payment on the blockchain and to obtain bandwidth points. While btc has the smallest scalability it can only record 5 transactions per seconds.

Briefly, binance has the highest scalability the tron took the second place the btc has the least. In both cases they are both faster than btc in both speed of transactions and scalability.

WHAT DO YOU THINK CAN BE DONE TO IMPTOVE THE SCALABILITY OF THESE THREE(BTC, TRON, BINANCE SMART CHAIN)

---

Segregated Witness
The proposed Bitcoin hard forks will all incorporate SegWit (the Segregated Witness soft-fork), which is software designed to primarily to solve transaction malleability but also improves the capped block size issue.
It increases the block size limit to 4Mb, meaning a single block can hold the records of over 8,000 transactions. However, although the block increase provides short-term respite in scalability issues, it will still eventually present the same restrictions once transactions have exceeded the limit.

Lightning Network
The Lightning Network is a payment protocol that relies on the SegWit platform and which introduces instantaneous transactions.
Rather than verifying transactions through the cryptocurrency network miners, which is particularly time-consuming for Bitcoin, transactions occur on a separate channel, and the blocks are updated after. The Lightning Network is being trialled as of last month, with TorGuard being the first VPN provider to utilise it.
Distributed Ledger Technology
DLT, developed by Polish fintech company Billon that deals with digitised versions of currency rather than cryptocurrency, offers fast transactions at a speed of 130 million per day, a number comparable to traditional banking giants like Visa. Billon has said that its platform is “faster, highly scalable and more cost-effective [….] than any alternative approach.”

Sharding
Zilliqa is an alternative blockchain platform that utilises sharding (splitting the block verification process and running parallel subcommittees to collate the completed data) to handle 2,400 transactions per second and is aiming to ultimately match Visa’s average of 8,000 transactions per second.
Perhaps most importantly, Zilliqa reacts appropriately to scaling as its throughput increases with its network size, as opposed to Bitcoin becoming clogged with transactions. With a node size equivalent to Ethereum, Zilliqa predicts it could handle twice the transactions of Visa per second.
Source

CC @alphafx