Repost Of Homework Post For Task 2 — STEEM & TRON - Steemit Crypto Academy Season 5
(2) Explain the difference between [SP, STEEM, SBD] & [TRX, TRC10, TRC20 tokens](with examples)? Explore Coinmarketcap.com to indicate the rank, coinmarketcap, and circulating supply of STEEM and TRX? Which exchange are you familiar with where both STEEM and TRX are listed? Does it cost any fee for transacting STEEM and TRX? How important is the use of Memo while transferring STEEM from Steemitwallet to an Exchange wallet, do you essentially need a similar memo for transferring STEEM from Exchange wallet to your Steemit wallet? What are the different ways to optimize mining rewards using TRX in Tron Ecosystem?
The difference between (SP, STEEM, SBD) and (TRX, TRC10, TRC20 tokens) with examples
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STEEM
Steem is the cryptocurrency used to power the Steemit social media platform. Authors and persons who curate their posts have major roles to play in the Steemit blockchain. Steemit rewards its users for interactive contributions to the network with currencies including STEEM, SP and SBD.
STEEM POWER
SP (Steem Power) is a measure of influence a user has in the Steemit network. The more the STEEM POWER a user possess, the more the influence the user can have on posts and comments.
SBD
SBD (Steem Blockchain Dollars) is like an utility token on Steemit. Steemit rewards its users for contributing interactively to the Steemit platform with STEEM, SP and SBD currencies.
Examples :
Difference Between TRX, TRC10, and TRC20
TRON is a decentralized blockchain operating system with smart contract and PoS.
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TRC-10 is a technical token supported by the TRON blockchain, and unlike the TRC-20 it requires no implementation of a smart contract.
Exploring Coinmarketcap.com to indicate rank, marketcap, and 24h volume of STEEM and TRX
• TRX Rank - #26
• Market Cap - $6,010,006,954
• Fully Diluted Market Cap - $6,016,852,838
• Volume 24h - $729,437,102
• Steem Rank - #329
• Market Cap - $126,075,873
• Fully Diluted Market Cap - $130,621,314
• Volume 24h - $18,841,607
The exchange I'm familiar with where STEEM and TRX can be exchanged
I'm a little more familiar with poloniex, a platform where it's possible to convert STEEM to USDT, BTC and even TRX, too. A fee is usually charged for the exchange service provided.
Are there fees for STEEM or TRX transactions?
Steemit users can send or receive STEEM and TRON from each other without being charged any transaction fee.
Importance of Memo when transferring STEEM from Steemit wallet to an Exchange wallet. Is a memo essential for transferring STEEM from Exchange wallet to your Steemit wallet?
Memos are very important in performing transactions such as transferring STEEM from Steemit wallet to an exchange wallet, because if something were to possibly go wrong during such transfers, then a memo would help the validators of such transaction know that it really was you that transacted.
But, transferring STEEM from your own exchange wallet to your Steemit wallet does not necessarily need to be accompanied by a memo, since there's no need to verify a transaction of a cryptocurrency that's already yours.
Optimizing mining rewards using TRX in the Tron Ecosystem
In Steemit, TRON rewards are always deposited into the user's Steemit TRON wallet. Last year I downloaded TronLink Pro and linked it with my Steemit Tron wallet. Now, I can fully maximize my use of these assets using these different DApps.
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In this example, TRON was staked in trust wallet to produce interest that can be claimed into the TRON wallet.
I could also swap my TRON for NFT tokens or any other cryptocurrency that's available on sun.io. These are few out of several ways TRON can be used for maximum rewards.
