Steem crypto academy | SEASON 2 WEEK 7 | Scalability of blockchain by @amritraj

Hey all hopefully you all are doing good in this pandemic today i go through with the lecture of @alphafx about Scalability of blockchain and here i am submiting my assignment based on this.

^{This design is created by me on canva}

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QUESTION 1
Make a transaction on the Binance smart Chain and Tron blockchain.

ANSWER 1

We are gonna make a transcation of 10 tron from my tron link wallet to binance first step to step.

STEP 1

Log in into your tron link wallet and press on send button.

STEP 2

Now enter the amount you want to send to binance account as i am sending my 10 trons.

STEP 3

Go to you binance wallet and click on deposite button shown above.

STEP 4

Select the crypto you want to deposite as i am depositing tron.

STEP 5

Copy the depositing address through which tron from tron wallet will come here in binance.

STEP 6

Now open the tron wallet and paste the address here in the receiver account.

STEP 7

Check the recivers address and amount of tron and click on confirm .

STEP 8

Now the transaction had been made from the tron link wallet .

STEP 9

We recieved the tron in the binance wallet.

We are gonna make a transaction of tron from my Binance exchange to trust wallet now.

STEP 1

Select the tron from the binance wallet.

STEP 2

Now check the currency name and amount and click on withdrawal.

STEP 3

Now move on trust wallet we see there is nothing in trust wallet now then we click on tron.

STEP 4

Now copy the receiving address from below.

STEP 5

Now paste the receiving address on the binance app and amount of tron here am sending 9.9 trons.

STEP 6

Now check the amount and also receiving address and click on confirm. And wait for the approval.

STEP 7

Request is being approved now will wait for processing time and check trust wallet after it is confirmed.

STEP 8

Now check your trust wallet the all trons are available here. Transaction completed.

Here we have done both the transactions with tron token

QUESTION 2
Show the time taken for each transaction to be verified

ANSWER 2

We have done both the transcations from Tron link wallet to binance and from binance to trust wallet.

First we will see the timing of transfer from tron trust wallet to binance exchange.

We have send 10 trons from tron linkwallet at 18:45:45 pm.(IST)

We receive 9.9 trons in binance wallet at 18:46:42 pm.(IST)

THIS TRANSCATION ALMOST TOOK 1 MINUTE

NOW we will see the timing of transfer from binance exchange to Trust wallet.

We send the 9.9 trons from binance to trust wallet at 19:23 PM. (IST)

We Receive the 8.9 trons from binance to trust wallet at 19:24 PM. (IST)

THIS TRANSCATION ALMOST TOOK 1 MINUTE

QUESTION 3
Compare the scalability and speed of the two against BTC

ANSWER 3

I have done transaction on both tron link wallet to binance wallet & from binance wallet to trust wallet. So now will compare both of them the time taken by both the exchanges are almost equal 1 minute so in the accordance to time i doesn't face any problem in both the exchanges. But when we look upon the transaction fees in both the transactions then we see that when we start transferring the amount from tron link wallet to binance exchange then it took transaction fees of 0.1 tron only but when we transferred the tron from binance wallet to trust wallet it cuts the fees of 1 tron that a huge amount in bullish market.

So, in the comparison the tron link wallet transaction is powerful over the Binance smart change because the customers always try to being on such wallet whose transactions fees are low and time taken by the app is also convenient. Here i have a loss of 1 tron in Binance smart change which can cause a great loss in huge amount of transaction like if i transcat more amount of trons from here to there then it will low down my tron profitable value to very much less. And i have to face a loss of huge amount.

I choose tron link wallet in scalability and in speed both the ways.

QUESTION 4
What do you think can be done to improve the scalability of these three (BTC, Tron, Binance Smart Chain).

ANSWER 4

PLASMA CASH They can use plasma cash in order to complete transaction plasma cash is basically a type in which work load is divided in many if a person need to plant 100 trees alone to avoid this stress he can hire 10-12 people and this may do that it would take less time in planting the trees and as well as work will done quickly without and circumstances. Similarly , If bitcoin have plasma cash option on top layer that can avoid transaction scalability.

LIGHTNING NETWORK This is also like the Plasma cash but in this there is a small difference It is a kind of mesh network which can be created over bitcoin which can cause fast transaction and less fee. This may speed up your transaction and make it safe and private.

Segwit This is a process in which we can clear up some transaction from in between which can provide you more space to do more blockchain transaction. It remove many blocks from in between and provide space for new transaction so through this a person have not to wait for long time for another transcation they can make a swift move in between many transactions.

THROUGH THESE WAYS WE CAN SLIGHTLY IMPROVE THE SCALABILITY OF TRON , BTC AND BINANCE SMART CHANGE

CONCLUSION

This lecture is amazing here we learnt alot about the scalability and we have a guidance about the time taken by the exchanges and fees cutted by them and more terms about how to improve the scalability. Different exchanges and many more so this topic is really important for us to analyse the different platforms. Thank you @alphafx professor to aware the fact of scalability.

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THANK YOU