Steemit crypto Academy season 5- Task 1 [Tron Ecosystem]
Good day guys,
I will like to welcome you all to my introductory course task 01 presentation. Without further ado, let begin my presentation.
(2) What are the different dApps in the Tron ecosystem are you familiar with? What are the uses of DeFi applications like Justswap, JustLend, and Sun.io? How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples?.
Question 1. What are the different dapps in the Tron ecosystem you are familiar with?
Their are alot of dApps in the system. Some of them are properly developed and some of them are still under development, below are the 3 dApps i have discussed as follows:-
BitTorrent
Steemit
Cryptokitties
Crtpypkitties:
It is the one of the biggest popular blockchain games in Ethereum. It has over a million users, and it is founded/created in the year 2017 by Canadian studio Dapper Labs. It is also one of the first games in blockchain.
In this game players do activities such as the task of buying, collecting, breeding cats. And also they can sell their cats virtually. To play this game each player have to purchase Ether cryptocurrency, and then they could spend it to perform each breeding and also for trading action in the game.
BitTorrent: is one of the biggest file-sharing platforms on the internet available. It is used and trusted by over two billion users. It is founded and released by Bram cohen in 2001. We can access the official site using: https://www.bittorrent.com/.
Any user in any corner of world can access this dApp. In 2018 Justin Sun the creater of Tron Ecosystem bought BitTorrent. Before justin sun's interest in BitTorrent it was operating on the module of free to all and it was less popular too but after the Justin sun bought this dApp it got popularity and later it changed its model purpose from free to all to "for-profit" for setting a native token BTT.
Steemit is a social media platform which is operated on Decentralized blockchain system application, launched in 2016 where its users earn rewards for posting quality content/publications in the form of steem tokens (steem is a cryptourrency coin). With steem tokens users also gets rewards in the form of Steem dollars (SBD) and TRX (Tron) known as payout after 7 days from the time of posting.
We get this reward only after Curators verify the post and content to be original. They up-vote on users publications after verifying. Steemit have over 1 million users worldwide and I'm Proud to be one of them. To earn rewards one can join various active communities present un Steemit and start posting their. For payout minimum amount required is $0.2.
You can go through the website form the link https://steemit.com/.
Question 2. What are the uses of Defi applications like JustSwap, JustLend, and Sun.io?
DeFi Application (Decentralized Finance Application) are those where many transactional activities are done easily. Such as, transferring, Trading, lending, and borrowing of cryptocurrencies.
Some of the DeFi Applications are Justswap, Justlend, and Sun.io. Now let's discuss about this applications in brief:-
JustSwap: JustSwap is a decentralized exchange (DEX) that uses USDJ stable coin. It is available for the every user worldwide having a TronLink Wallet. One can use this platform only if he connect a TronLink Wallet. We can use thus DeFi application for swapping of tokens using TRX TRC20 tokens.
JustLend: Justlend is officially the first lending platform on TRON Ecosystem. In this platform users can borrow, lend, deposit assets and earn interests at a very low trading cost.
This application is powered by TRON money market protocol aiming to establish fund pools. The intrest rates of this fund pools is determined by algorithm based on demand and supply of TRON assets.
Sun.oi: sun.io is also one of the DeFi application available on the Tron ecosystem. It is founded by Justin Sun in 2018. It was designed to contribute in the development oofDeFi applications on TRON blockchain. It can run very well on TRON’s TRC-20 token standard.
Question 3. How can you optimize mining rewards by staking TRX and other TRC20 token in sun.io?
Tron has its official blockchain wallet called as Tron link. To optimize mining rewards by staking TRX and other TRC20 tokens in sun.io, We need to follow some procedures as:-
Step 01:
At First one need to install the Tron link application on your device from playstore or apple store depending on the Operating System of your device.
Step 2:
Firstly you need to log in to the https://sun.io/#/stake, then copy your steemit TRON address from your wallet in order to connect with the TRON-link wallet , become without address you can't do the process of linking.
Step 3:
Step 4: After this process is done, it will be very easy to optimize or to stake and swap tokens.
Step 5: Then tap on connect to wallet option and then click on Tronlink wallet if you have installed it on your device
Conclusion
When I first heard about the Tron Ecosystem, I assumed it would be really tough to study and learn. However, after I attended to professor @sapwood's lecture on the Tron Ecosystem and reading various articles on the internet, I can now say that I have a good understanding of the Tron Ecosystem and DeFi application.
DeFi applications are incredibly secure and their future is quite bright in financial exchanges. I've learned about DeFi apps like Justlend, JustSwap, Sun.io, and others. Now I know how to swap stable coins, sort for tye benefits, and do other things with DeFi apps.
NOTE: All unsourced images are screenshot by me on my TronLink account.