Steemit Crypto Academy – Season 2 - Week 7 - Post for @alphafx

Make a transaction on the Binance smart Chain and Tron blockchain

BNB transaction on Binance Smart Chain

The Binance smart chain or BSC for short have become very popular and remained one of the most used blockchains blockchain in recent times and a strong alternative to the ethereum, with a lot of transactions per second and different projects running on BSC. Due to the insane and ridiculous high gas fees and slow transactions on the ethereum blockchain, a lot of projects have been migrating to the binance smart chain because of the speed of transaction and super low fees. The Binance smart chain has become a home for a lot of smaller DeFi projects who and some few big DeFi projects who rely heavily on smart contracts, user experience, speed of transaction and low transaction fees. Due to the capabilities and features of the Binance smart chain, it has become of the first choice for smart contract functionalities.

Performing my transactions on the Binance smart chain was easy and straight forward, all it required was to send any coin on the BSC network to another supported address. My BNB transaction was made from wallet (Trust wallet) to the exchange account which is (Binance). The transaction was performed on Saturday, May 29, by 3:24 PM Nigerian time. I did this by going to my trust wallet and locating BNB, clicking on send and inputting the deposit address from the exchange and sending the coin. The transaction was successful and I transferred 0.06BNB which is about $19 from my trust wallet to my Binance.

I inputted the destination address and the amount of BNB i wanted to send and clicked on continue.

After confirming the destination address is correct, I clicked on send to send the 0.06 BNB

TRX transaction on Tron Blockchain

The Tron Blockchain is another blockchain that is very similar to the Binance smartchain because it is also a fork and modified version of the ethereum blockchain with incredible speed and low transaction fees. Tron is also very popular and remained one of the most used blockchains with low transaction fees and smart contract capabilities. The USDT is one of the most used cryptocurrencies on the tron blockchain and all thanks to tron, users can send and receive USDT much faster. When it comes to blockchain capabilities, there are not that many differences that seperates Tron and BSC because they both have low fees, high speed and smart contract capabilities. Similar to BSC, a lot of projects are also migrating to tron to take advantage of its low fees, fast transaction times and smart contract capabilities. USDT is a typical example of a cryptocurrency that also runs on the tron blockchain as users prefer sending and receiving USDT on the tron blockchain.

Carrying out my transactions on the tron blockchain was also easy and straight forward, all it required was to send the trx from my wallet to another supported address and similar to BSC, the transaction was fast. The transaction was performed on Saturday, May 29, by 3:35 PM Nigerian time which is the same as 15:35. I carries out this transaction by going to my trust wallet and locating TRX, clicking on send and inputting the trx deposit address from the exchange and sending the coin. The transaction was successful and I transferred 250 TRX which is about $17.55 from my trust wallet to my Binance.

I inputted the destination address and the amount of TRX i wanted to send and clicked on continue.

After confirming the destination trx address is correct, I clicked on send to send the 250 TRX

Show the time taken for each transaction to be verified

BNB Transaction

BNB sent. From the time, the send transaction was done on 5/29/2021, 3:25 PM which is the same as 15:25 in 24hr time

0.06 BNB received. From the time, you can see that the BNB arrived at 15:26:41, which means that it took 1 minute, 41 seconds to arrive.

TRX Transaction

TRX sent. From the time, the send transaction was completed on 5/29/2021, 3:35 PM which is the same as 15:35 in 24hr time

250 TRX received. From the time, you can see that the TRX arrived at 15:36:14, which means that it took 1 minute, 14 seconds to arrive.

Compare the scalability and speed of the two against BTC

Both Binance smart chain and Tron does not require mining which is one of the main reasons for their speed. Using the proof of stake consensus algorithm, it becomes much faster to create a new block on the network since there are no mining involved that adds to the complexity and block times on the bitcoin network.

Binance smart chain and tron are blockchain platforms that are known are their incredible speed and low transaction fees. Binance smart chain uses the proof of stake consensus algorithm to validate transactions on the Binance smart chain network, which increases the scalability and makes it easier for anyone to become a validator. Tron uses the delegated proof of stake consensus which is a bit different from the normal proof of stake algorithm. On tron network, users can vote for validators on the network. This model also increases scalability because anyone can become a validator. On Bitcoin network, scalability becomes an issue because of the mining difficulty and how difficult it is to become a miner on the bitcoin blockchain network.

Both Binance smart chain and Tron have smart contract capabilities and functionalities which increases its scalability. Bitcoin doesn’t have smart contracts which means that it is difficult to build layer 2 solutions or project to build on the bitcoin network. Decentralized applications can be built on both binance smart chain and tron utilizing smart contracts to further extend the capabilities and functionalities of both blockchains. At the moment, there are a lot of projects that are built on the binance smart chain and the tron blockchain because of their speed and smart contract capabilities.

Transactions on both the binance smart chain and tron take seconds to complete, while sometimes, transactions might take hours to complete confirmation on the bitcoin network. The fast transaction times on both the Binance smart chain and Tron is one of the main reasons why they are used by many users to send and receive funds.

The low fees on the Binance smart chain and tron blockchain and transactions per second are two of the main reasons why both blokchains offer high scalability compared to bitcoin. The tron blockchain can handle 200 transactions per second, the Binance smart chain can handlea 17.3 transactions per second, compared to the 6tps of bitcoin. This shows the increased scalability of both binance smart chain and tron.

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

In my opinion, it is difficult to improve the current scalability of bitcoin because of a lot of factors. However, having more miners who are creating block and validating transactions on the BTC network can go a long way in helping increase the scalability of bitcoin. For tron, the more validators the better as it would also increase the decentralization of the tron network. For binance smart chain, having more validators as well can help binance smart chain become more decentralized, thereby increasing the scalability.

Hardfork is another great way to improve the bitcoin network. Forking bitcoin and increasing the block size is a great way to improve the scalability of bitcoin. A lot of projects have embarked on the mission to improve on the scalability issues of bitcoin. For binance smart chain and tron network, the use of side chains can also help improve the scalability of the networks. Not everything requires to be on chain. Side chains can help take the load off the main chain.

Utilizing the power of other decentralized blockchain solutions. This is another great way to improve scalability on bitcoin, tron or binance smart chain. Creating a bridges and blockchain applications can help in speeding up transactions on the networks.

@alphafx