Scalability and Improvements Made and Still to be made - Homework for @alphafx

in hive-108451 •  4 years ago 

Hello everyone,

here we go with another informative lecture by the @alphafx. In homework, the first question is practical and needs to be done very carefully. I note that many students use to transfer funds with different amounts which are not really considered to calculate the transaction time. Also, we need to calculate every single second for the same amount of transaction.


Here I verify the transaction time by using the blockchain explorer, Gmail deposit message, time difference calculation website Link, and mobile clock time also. All the results are very much accurate.

Make a transaction on the Binance smart Chain and Tron blockchain (you can use any token)


I use Trust wallet and Binance exchange wallet for the transaction of BNB using the BEP20(BSC). I use tronLink pro for the Tron transaction to my Binance using the Tron TRC20 Tron own network.


Transaction using BEP20(BSC) Network

  • First, let's check the transaction time of BNB using the BEP20(BSC) Network. I sent .35$ of BNB to the BSC address of my Binance wallet. I use the time difference calculation website to get accurate results.

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Here is the exact time when the transaction is sent. Its 6:26:51 PM in 24 hours it 18:26:51

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Now here is the screenshot when I receive the notification of deposit success by the Binance Android App. It is exactly 18:28:06

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Here is the exact time when I receive the deposit. Verified by the email by the Binance. 18:28:06

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Here I calculate the exact time difference or the transaction time on BNB using the BSC Network and it is exactly 1 Minute 15 Seconds.

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Transaction using TRC20 Network

  • I need to send the same amount via Tron also which is .355 that I have already used for the Binance network test. So I need to send the 5 Tron of the same amount here are the screenshots.

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Here is the exact time when the transaction id sent which is 17:42:21

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Now I take the screenshot when I receive the notification of a successful deposit by the Binance Android App which is 17:43:18

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Here is the screenshot of the successful deposit email received from Binance. It is exactly 17:43:18

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Here I calculate the exact time difference or the transaction time on TRC20 Network and its is exactly takes 57 Seconds. So the TRC20 network is faster than the BEP20(BSC) network.

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Show the time taken for each transaction to be verified (original screenshots must be included)

  • Here is the time is taken by the BNB transaction using the BEP20(BSC) network. 1 Minute 15 Seconds

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  • Here is the time is taken by the TRX using the TRC20 network. 57 Seconds

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Compare the scalability and speed of the two against BTC

BNB VS BTC

Anyone who knows anything about cryptocurrency knows that Bitcoin is by far the most well-known of them all. It was the first cryptocurrency and is still the most valuable in terms of market capitalization.

I visit https://blockchair.com/bitcoin/ and analyze the data

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However, Bitcoin has weaknesses, and as the benefits of blockchain become more generally known, a number of altcoins have developed that improve on Satoshi Nakamoto's original whitepaper. Binance Currency is one of the most successful of these. While you're seeking a crypto income source other than Bitcoin, Binance Coin may be the best option for 2021.

When comparing Bitcoin with Binance Coin, there are a few major distinctions to be aware of. The way their separate networks manage transactions is one of the primary characteristics that define one token from another. If you're considering investing in Bitcoin, for example, you should be aware that this is one area where cryptocurrency has been criticized in the past.

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BTC mining also involves a lot of processing power and is highly resource-intensive, thus miners are compensated with Bitcoin tokens for their efforts. Binance officially announced the Binance Smart Chain, a decentralized app development platform. The Binance network's transaction processing has been modernized, and its scalability has been greatly increased, thanks to this dual-chain architecture.

TRX VS BTC

We have read the scalability of BTC in the above section. Now let's focus on the TRX scalability.

Researchers look at the advantages and threats of TRX in our Tron Forecast 2021. We also consider the basics as well as the short-term possibilities. The whole cryptocurrency market climbed by 282 percent in 2020, while the price of Tron (TRX) climbed by more than 100 percent.

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Exodus is the company's current offering, a free ecosystem for peer-to-peer content processing and storage. Exodus does not currently use blockchain technology, instead opting for a web-based file system protocol that supports a distributed file system. The current phase is planned to last until December 2018.

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

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I am not an expert in blockchain and cryptocurrency, but I will share a little knowledge about improving scalability.

scalability is the ability of a system to scale up to meet rising demand is referred to as scalability. In computing, you can boost the effectiveness of your machine by updating its hardware to make it faster at certain tasks. When we talk about blockchain scalability, we're talking about increasing its ability to deliver more transactions.

It is quite affordable to run a Bitcoin node, and even low-cost devices can do so. However, because thousands of nodes must contact one another, capacity is limited. Off-chain scaling relates to methods for processing transactions that do not overweight the blockchain. Users can send and receive funds even without transactions showing on the main chain thanks to protocols that connect into the chain. We'll look at two of the most significant developments in this area: sidechains and payment channels.

  • Increasing the number of validators can also improve the system transaction speed as there 21 Validator showing in https://bscscan.com/

  • Validators do the work of miners by verifying transactions on the blockchain using your staked tokens, rather than miners solving complicated problems with their computers, which requires POW.

  • The sharding method involves splitting down transaction nodes into bits to lower the time it takes to publish on a blockchain network. As a result of the secure data aggregation process, each network blockchain transaction in the block will take less time to finish.

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  ·  4 years ago (edited)

Well done

ParameterScore
transactions3/3
comparison2/2
solutions2/3
presentation1/2
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Total7

Thanks for participating

Thanks, Professor. I used my Trust wallet for Binance Smart Chain Transaction.