The SOLUTION for Bitcoin’s Scalability problem

[jabbathe69]

I’m not going to describe Bitcoin’s issue of scalability, because you guys probably know it. What I’m going to do instead is ask your opinion about a new cryptocurrency. Yes I’m a holder of this coin, so my opinion is very biased. This is a token. The token’s name is AVA. https://coinmarketcap.com/currencies/travala/

This Token is on the Binance chain (BEP2). What these guys have essentially done is, they have created a token with negligible fees, fastest transaction speed (almost instant) and therefore it is scalable. They have applications on both playstore and AppStore. Their wallet is their application. They literally charge 0 fees to send someone AVA tokens from their wallet.

This Token is on BEP2 network. Transaction cost is negligible. Can someone please explain how they are doing this? My guess is these guys are holding huge amount of AVA.

[Upgrade00]

Can someone please explain how they are doing this?

Travala is a token and not a coin, this means that it operates on the algorithm of the platform on which it is built upon, in this case; that platform is binance chain and the algorithm is PoSA (Proof Of Staked Authority)

Bitcoin on the other hand uses a PoW (Proof of Work) algorithm. This ensures all blocks are valid and provides hightened security as it is very expensive and non profitable to attempt an attack on the network. The solution to bitcoins scalability issue is not to switch to another coin simply because they offer faster transactions, there are existing methods to make it much easier to transact in Bitcoin like LN, segwit, consolidating inputs etc, and there should be more in the future.

[jabbathe69]

Can someone please explain how they are doing this?

Travala is a token and not a coin, this means that it operates on the algorithm of the platform on which it is built upon, in this case; that platform is binance chain and the algorithm is PoSA (Proof Of Staked Authority)

Bitcoin on the other hand uses a PoW (Proof of Work) algorithm. This ensures all blocks are valid and provides hightened security as it is very expensive and non profitable to attempt an attack on the network. The solution to bitcoins scalability issue is not to switch to another coin simply because they offer faster transactions, there are existing methods to make it much easier to transact in Bitcoin like LN, segwit, consolidating inputs etc, and there should be more in the future.

I think the solution is to switch to an alternative coin or a token, because the average person doesn’t know about lightning network, sending transactions with 0 fees and other ways to reduce network fees or increase speed. What is the point in hoping Bitcoin will be able to scale one day when you already got coins and tokens that have already solved the problem of scalability? And how could you possibly say PoW is secure than PoS? Because I don’t know any known way of PoS getting hacked?

PoSA is somewhat a hybrid of centralization and decentralization. You could say it is centralized decentralization. Who do you think the validators of AVA Token?

[seoincorporation]

I don't think a token is a solution... and if you really want to think AVa is the solution then you are wrong because AVA runs under ETH blockchain. So, if you see it that way then you mean ETH is the solution and not one of its multiple tokens.

If you want faster confirm coins, then you should look at dogecoin, which's a real coin and it has blocks each minute. And the transactions are really cheap too (1doge).

[jabbathe69]

I don't think a token is a solution... and if you really want to think AVa is the solution then you are wrong because AVA runs under ETH blockchain. So, if you see it that way then you mean ETH is the solution and not one of its multiple tokens.

If you want faster confirm coins, then you should look at dogecoin, which's a real coin and it has blocks each minute. And the transactions are really cheap too (1doge).

I think you are incorrect. AVA is not under ETH blockchain. ETH is only pegged on binance chain. They are completely different networks. AVA is only on BEP2. Binance got themselves in a mess. Binance smart chain is manipulating ETH holders to transfer ETH to BSC (Binance smart chain). It is a mess.

[jabbathe69]

I don't think a token is a solution... and if you really want to think AVa is the solution then you are wrong because AVA runs under ETH blockchain. So, if you see it that way then you mean ETH is the solution and not one of its multiple tokens.

If you want faster confirm coins, then you should look at dogecoin, which's a real coin and it has blocks each minute. And the transactions are really cheap too (1doge).

I think you are incorrect. AVA is not under ETH blockchain. ETH is only pegged on binance chain. They are completely different networks. AVA is only on BEP2. Binance got themselves in a mess. Binance smart chain is manipulating ETH holders to transfer ETH to BSC (Binance smart chain). It is a mess.

It is literal Chinese copy of Ethereum.

[Twinkledoe]

I don't think a token is a solution... and if you really want to think AVa is the solution then you are wrong because AVA runs under ETH blockchain. So, if you see it that way then you mean ETH is the solution and not one of its multiple tokens.

If you want faster confirm coins, then you should look at dogecoin, which's a real coin and it has blocks each minute. And the transactions are really cheap too (1doge).

I think you are incorrect. AVA is not under ETH blockchain. ETH is only pegged on binance chain. They are completely different networks. AVA is only on BEP2. Binance got themselves in a mess. Binance smart chain is manipulating ETH holders to transfer ETH to BSC (Binance smart chain). It is a mess.

It is literal Chinese copy of Ethereum.

What is the reason that it is going up high since the start of this year? Seems to me that it is not stopping anytime soon. The graph is somewhat steep if you are viewing at the overall chart of AVA. Travel industry is just opening but still some countries are having their second wave of lockdown. Is the platform itself gaining traffic in the past months?

[amishmanish]

I’m not going to describe Bitcoin’s issue of scalability, because you guys probably know it. What I’m going to do instead is ask your opinion about a new cryptocurrency. Yes I’m a holder of this coin, so my opinion is very biased. This is a token. The token’s name is AVA. https://coinmarketcap.com/currencies/travala/

Is this a shill masked as a genuine question?

BEP20 token on the Binance Smart chain have low fees and fast transaction because of the centralized architecture. The settlements are basically just what a centralized database would do but in the form of a blockchain data structure.

There is no point in calling such a topic SOLUTION to bitcoin because then there are almost 4000 SOLUTIONS (and growing) that get touted on CMC and others. Most of these "tokens" are really just applications whose success depends on the quality of developers and the pace of development. There is no point in talking about decentralization in those cases. Many of these projects end up swallowing your money while it'll seem completely innocent to you as a buyer. There is inherent risk in these and identifying the short term devs from the actual product is the challenge which will get you money.

[jabbathe69]

I’m not going to describe Bitcoin’s issue of scalability, because you guys probably know it. What I’m going to do instead is ask your opinion about a new cryptocurrency. Yes I’m a holder of this coin, so my opinion is very biased. This is a token. The token’s name is AVA. https://coinmarketcap.com/currencies/travala/

Is this a shill masked as a genuine question?

BEP20 token on the Binance Smart chain have low fees and fast transaction because of the centralized architecture. The settlements are basically just what a centralized database would do but in the form of a blockchain data structure.

There is no point in calling such a topic SOLUTION to bitcoin because then there are almost 4000 SOLUTIONS (and growing) that get touted on CMC and others. Most of these "tokens" are really just applications whose success depends on the quality of developers and the pace of development. There is no point in talking about decentralization in those cases. Many of these projects end up swallowing your money while it'll seem completely innocent to you as a buyer. There is inherent risk in these and identifying the short term devs from the actual product is the challenge which will get you money.

I’m no shill. I’m just genuinely curious about this project. Imagine a scenario where you lost your private key. In PoW consensus, there’s absolutely nothing you could do. In PoS consensus, there’s absolutely nothing you could do. In PoSA, validators can theoretically help right? If you could prove to one of the centralized validators that you were the owner of the private key by giving undeniable evidence that you were the owner of that private key. They can omit the transaction from the network and ask the sender to send the transaction again to a new address. But then you need to rely on the validators and the sender. Seems like a better consensus system than PoW and PoS.

[jabbathe69]

I don't think a token is a solution... and if you really want to think AVa is the solution then you are wrong because AVA runs under ETH blockchain. So, if you see it that way then you mean ETH is the solution and not one of its multiple tokens.

If you want faster confirm coins, then you should look at dogecoin, which's a real coin and it has blocks each minute. And the transactions are really cheap too (1doge).

I think you are incorrect. AVA is not under ETH blockchain. ETH is only pegged on binance chain. They are completely different networks. AVA is only on BEP2. Binance got themselves in a mess. Binance smart chain is manipulating ETH holders to transfer ETH to BSC (Binance smart chain). It is a mess.

It is literal Chinese copy of Ethereum.

What is the reason that it is going up high since the start of this year? Seems to me that it is not stopping anytime soon. The graph is somewhat steep if you are viewing at the overall chart of AVA. Travel industry is just opening but still some countries are having their second wave of lockdown. Is the platform itself gaining traffic in the past months?

https://i.postimg.cc/3wVRChQ6/Screen-Shot-2021-04-03-at-12-54-41-PM.png

Don’t know why AVA keeps pumping. It has decoupled from BTC. Check their rewards for using Travala. It seems to me that they are getting no coiners into crypto. They must hold huge amount of AVA. AVA is backed by binance. Something is not right here.

[Upgrade00]

I think the solution is to switch to an alternative coin or a token, because the average person doesn’t know about lightning network, sending transactions with 0 fees and other ways to reduce network fees or increase speed.

The average person can learn about those features then, it doesn't take too much to do a quick research on how to avoid paying higher fees.
Also, cryptocurrency is not something you use simply for the sake of it, Bitcoin has a number of qualities which overides the perceived ease of transaction in some altcoins. Bitcoiners use it because of the freedom it offers, it's not simply a case of going for the one which offers shorter transaction time.

What is the point in hoping Bitcoin will be able to scale one day when you already got coins and tokens that have already solved the problem of scalability?

Except you're a trader or a merchant you would not be too bothered by transaction fees, there are way you can use to reduce them and some proposals are also in the implementation stage.

[Bttzed03]

I'm still confused as to what solution to Bitcoin's scalability problem you are suggesting.

Are you asking the Bitcoin developers to switch algorithm from POW to PoSA? Or are you asking the Bitcoin community to use AVA instead of BTC? If it's the former, forget it because it will never happen. If it's the latter, why AVA which runs on top of another blockchain that has its own native coin called BNB? Besides, the latter is not a solution to the Bitcoin blockchain's scalability problem but a solution for the users who wants faster and cheaper fees.

[asriloni]

It should be binance chain that was very scalable at this moment. Binance has been learning a lot from the problems that happened with bitcoin and ethereum. Binance was upgrading the scalability on its platform and remember this is a new chain and you can solve the problem that faced by the old coin on your new chain.

That's why binance was able providing better TPS compared with bitcoin and it's scalable enough to handle massive adoption. BEP20 is BSC compliant asset.

[DaMut]

It should be binance chain that was very scalable at this moment. Binance has been learning a lot from the problems that happened with bitcoin and ethereum. Binance was upgrading the scalability on its platform and remember this is a new chain and you can solve the problem that faced by the old coin on your new chain.

That's why binance was able providing better TPS compared with bitcoin and it's scalable enough to handle massive adoption. BEP20 is BSC compliant asset.

no no you are wrong, just yesterday or today. someone reported around a few thousand of delayed transaction happened on binance chain.
that explains they do have some problem with their scalability too.
up until now, top major cryptocurrencies still have this kind of problem. that is why we are still waiting eth 2.0 that is rumored can solve this problem.

p.s I will update this post after I find that link again, I forget where it is.

[ampu]

Travala is a project invested by Binance Labs. Its capitalization is too high, AVA's function is a travel payment token, it's also a travel agency. We should only look at it and ignore it because its value seems too high and unsuitable to hold.
There are also many new and promising projects out there, this time is sensitive as altcoins and bitcoin have increased in value rapidly, continuously for a long time. The market needs some adjustments to be able to continue growing again.

[X-ray]

TRAVALA has nothing to do with BSC and that's the different entity. TRAVALA has no power to control BSC and all of the TPS performed by the binance as the main developer who create the BSC chain.
Bitcoin is the first crypto and that's a common thing there would be something that can be considered as disadvantage.

I think that you must learn more the different between BSC and bitcoin. BSC was solving the scalability problem caused by bitcoin.