TxStreet.com Bitcoin Transaction Visualizer Website Offers BTC & BCH Insight Tool
Although Bitcoin has been around for nearly five years, many crypto investors still do not seem to have a complete picture as to how its technology works. With so many specs to consider, including the likes of blocks, transactions, DLT, blockchain and so on, it makes understanding the concept far more difficult. This is where the newly established website, TxStreet.com, comes into play.
TxStreet.com uses an interesting approach to help investors understand every step in regard to cryptocurrency transactions – from the initial step, which entails the trading aspect of cryptocurrencies, all the way until the transactions have been stored onto the blockchain.
In particular, the website tries to help users understand the difference between Bitcoin and Bitcoin Cash and why the latter in fact had to fork out and become its own currency. As for the visual aspects, the creator, who prefers to be referred to as @revofever, created several buses with passengers on boarding them.
Fortune has been able to discuss the specs of the website with @revofever, and it is evident that the creator has been passionate about Bitcoin since the early times. He also shared that the characters, buses, and the little details were based on real-life information obtained from,
“btc.com, bitcointicker.co, blockchain.info and coinmarketcap.com”. @revofever was “motivated to show each blockchain as accurately and fairly as possible”.
The Breakdown Of The Buses, Passengers, And More
Upon visiting the website, users will see many human-like characters trying to get on the bus, with some walking at a faster right and some bigger in size. For starters, each individual character represents a transaction. The symbolism behind a speed-walking character is whether or not a transaction fee was paid to speed up the entire process. The size of each character represents the amount of money spent or earned in the transaction.
The buses represent blocks of transactions. The ones parked on the left side, belong to Bitcoin Cash, while the right side belongs to Bitcoin. If one continues to stream all the way to the left of the page, he or she will realize that there are 36 buses, which represent 36 megabytes of transaction on the Bitcoin Cash side, with as little as two on Bitcoin.
While all the buses on Bitcoin Cash resemble one another, Bitcoin has a SegWit bus, which means that the transactions in that block are compressed. This implies that more characters are stuffed into a small space. This is the issue of scalability – there are so many transactions, but very little space, and the time it takes for a block of transactions to establish onto blockchain is fair too long. Hence, the bus/block only leaves every 10 minutes, increasing the wait time!
On the right, there is a purple house labeled “Lightning House: Bus Ticket Trading Access by Bus Only”, this signifies Bitcoin’s solution to the scalability issue, otherwise known as the Lightning Network.
According to @revofever, for every Bitcoin outside of the purple house, it has to be sent to “your Lightning-enabled wallet using the blockchain”, given one wants to “use it in the network”. In particular, the lock with the “Access by Bus Only” sign reflects this limit, as there is no other way around it. This shows that the Lightning Network still needs improving, as there will still remain some wait time and possibly complex fees.
The creator also shared that the,
“Bus Ticket Trading represents how the Lightning network functions inside the building […] by sending signed transactions back and forth, without broadcasting them to the bitcoin network and avoiding the blockchain. So, people in the building are essentially trading a spot on the bus, without ever intending to use the bus.”
Just like the house on the right side, Bitcoin Cash has its own which represent blockchain-powered network, Memo. Another interesting difference among the two is that Bitcoin has so many transactions but very few blocks (i.e. long wait times), whereas the latter has way too many blocks (buses with several seats), but not too many transactions.
Ultimately, the differences are established, and it is clear that both networks require a lot of improvement due to inefficiency.
For the visuals, go to: txstreet.com/