Hello Steeminars,
"Assalamu Alaikum" Welcome to Steemit Crypto Academy, I would like to thank professor @alphafx for informing me about such an instructive subject through you, this post is very important to me, Because I have learned a lot of new things through this post. I think even though the world is very complex, we all need to have a good idea about it.
So let's present today's homework to you. Today's homework is Blockchain Scalability (a comparison between Bitcoin, BSC, and Tron Network) to enable essays. I am presenting to you as much as I have understood according to him below.
Q: Make a transaction on the Binance smart Chain and Tron blockchain. Show the time taken for each transaction to be verified.
Notice here that I have transferred my transaction from Tronlink Wallet to Binance Exchange. And I did this transaction on Friday the 28th. And I took all the screenshots from my own computer. In both cases, I have enjoyed TRX to save additional transaction fees.
In this screenshot, I have shown you how long it took or how long it took to transact from Tronlink through my verified account.
My first step was to enter this interface by logging in to the Tronlink application. And as you can see in this screenshot, I have 190 TRX in my Tronlink account. From which I will show you by transferring 50 TRX.
To give a second screenshot I start the transaction process and you can see that I am transacting 50 TRX here in my Binance account.
You can see that my transaction was successfully completed which I sent at 9.00 PM and the work was completed at 9.01 PM. Here it took me 1 minute to complete the transfer. Now after I review the history of my Binance account I saw that within 1 minute my transaction was actually deposited in my Binance account.
This time I will transfer the 50 TRX that I brought from my Tron account to the Tron account again with withdrawal from the Binance account. Then I show to you.
Now I have started to transfer my T. You can see that I am transferring 50 TRX from the Binance account to my Tron account and it is showing processing.
I successfully completed this transaction, I withdrew the transfer at 9.30 pm and my transaction was completed successfully at 9.33 pm. This transaction took a total of 3 minutes.
Finally, you notice that the blockchain transaction verification time was 1 minute and the Binance Network transaction verification time was 3 minutes. So I hope you guys through these screenshots of mine I have tried to explain to you how much time these transactions take.
Q: Compare the scalability and speed of the two against BTC.
Looking at the timing of the above transactions we found that it takes 10 minutes to verify the blockchain of Bitcoin which in the first place, 1 minute time to the Tron account, and In second place is the Binance Exchange Network, 3 minutes ahead of Bitcoin. When we check the speed of the transaction, we see that the Tron blockchain and Binance Smart Chains the verification speed of both are much lower than that of Bitcoin.
BTC was created as a platform to solve scalability problems. The results we experimented with above are related to the scalability of each.
The platform uses TRX Croft currency which can be used to get bandwidth points and perform various transactions. There is a free Brand With Points per day quota for each user, but you can access more points after passing these points
Or companies must freeze the TRX to pay the transaction fee using TRX directly but these points will be swallowed according to the size of the transaction.
It uses LevelDB for block storage, storage developed by Google: Library with high functionality and it also employs the DPOS Consensus Protocol and for this, with the help of these, TRX blockchain can have the scalability of 2000 operations per second.
Binance is the largest centralized exchange in the world according to Coingecko sources, which is why they have a set of centralizations that simplify the verification process. On the other hand, the Binance smart chain is faster because it is faster and higher, but it is not because of technological advances but because of centralization. This is why the 1.4 million transactions per second source are a surprise compared to the small amount of BTC in Binance's 5 TPS.
Q: What do you think can be done to improve the scalability of these three (BTC, Tron, Binance Smart Chain)
Although Binance gives a little time for quick transactions, it also has underlying problems due to centralization problems. Centralization represents a problem for its users and can invalidate many transactions in a center known as an entity and low censorship resistance.
However, there is less tolerance for the failure of Binance, Binance is like a centralized entity, it is a central service that can cause the whole system to fail in case of central server failure. The solution to these problems would be if it were a completely decentralized blockchain, then it would have to face the scalability challenges of BTC and TRX.
That's why there are a number of solutions below to improve the scalability of blockchains, including the use of on-off channels and the transfer of private keys.
On-off channels: The sidechain is derived from a separate blockchain such as a blockchain through which transactions can be made but its own validator is different from the main chain. For example, if you want to send a coin to a sidechain, there will be another token that will represent the original currency of the sidechain blockchain which is equal to the amount of the original token.
Private Key: This keyhole will perform operations via a physical USB device with a certain amount of bitcoin which is a direct transfer issue that can benefit from using BTC. These devices require an investment from the user and may not be a comprehensive solution. Although these blockchains represent a very small percentage of the currency circulating in the market, these channels are also being traded, so it is expected that these options will continue to expand among users. TRX has a shan network that is nothing more than days connected to a secondary channel or main TRX chain but to gradually increase the scalability of the blockchain it is planned to expand this TRX application.
Problems arising from scalability can create an attitude towards cryptocurrency adoption as it leads to the influx of people i.e. more transactions will take place every day and more research on this belief. One of the biggest challenges to our blockchain today is that a number of scalability solutions have been proposed, but it develops in a timely manner that can identify the destination of cryptocurrency operations. But I believe we need to do more to be able to achieve the best blockchain scalability in order to achieve the goal of creating the best blockchain in the future.
Thanks for reading my homework post.
Cc:
@alphafx
The first transaction and the second were both on the tron blockchain and this has made some part of your comparison invalid. Nevertheless, I commend your effort.
Thanks for participating
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks professor @alphafx
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit