Tron Ecosystem - Steemit Crypto Academy Season 5 - Homework Post for Task 1 by @pratikjumle29
Hellow my dear all Steemitians i hope you all are doing good! This post is regarding the homework on task 01 of season 05 on Tron Ecosystem in Steemit Crypto Academy (Beginers Course) by professor @sapwood.
Here's my homework on Question 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?
Introduction to Tron Ecosystem
Tron blockchain program is created by Justin Sun in 2017 for purpose of underlying infrastructure of decentralized applications with low transaction cost and higher transaction throughput. Tron Blockchain is a system which works on smart contract-based applications. That's why nowdays Tron is considered as the most cost-friendly or more affordable network. Also Tron system works on a Decentralized blockchain system so it very secure for its users to store and create data on this blockchain.
And more interestingly lots of other products that are also linked to the TRON ecosystem which includes the dApps, Public chain and wallet clients, etc.
I hope you all got the basis Idea of Tron Ecosystem now coming back to my homework answers:
What are the different dApps in the Tron ecosystem are you 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
BitTorrent
Nowadays 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.
BitTorrent is one of the most user friendly dApp on the blockchain, I'm also a happy user of this system. Currently about two million users and wallets' can be found on the Coin Market Cap.
STEEMIT
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/.
CRYPTOKITTIES
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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.
This is a decentralized application (DApp) so ofcourse users can find this on coin market cap. You can access this website through https://www.cryptokitties.co/.
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. Also it can be used for pooling in tokens, lending, and tracking of tokens. And as per my reaserch JustSwap is one of the DeFi's that does not charge any trading fees.
Also Justswap is very secure for users as it is Decentralized. We can find cryptocurrencies like USDC, USDT, TUSD, USDJ, JST, BTT in Justswap.
(Note: Recently the name JustSwap changed to SunSwap.)
You can access this application from https://sunswap.com/#/home/
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.
Also, JustLend accepts smart contracts for TRX, BTC, SUN, JST, WIN, ETH, WBTT, USDT and USDJ. This DeFi application provides a very lower-cost decentralized lending protocol with aiming at Higher speed that can be accessed by anyone worldwide. Moreover, this DeFi application accepts TRX, USDT, USDJ, SUN, WIN, BTC, JST, ETH and WBTT as collateral for loans too.
Justlend Smart Contract illustration through image:-
SUN.IO
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. Hence this makes it very useful. Moreover, it also happens to be one of the first platforms whom used to perform tasks like swapping of stable coins on Tron Ecosystem.
How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples?
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 02:
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.
After this process is done, it will be very easy to optimize or to stake and swap tokens.
Then tap on connect to wallet option and then click on Tronlink wallet if you have installed it on your device.
(Screenshot of Tronlink pro wallet)
(Screenshot of connecting process of sun.io)
CONCLUSION
First time when i heard about Tron Ecosystem i thought it is gonna very difficult to study and learn. But after reading professor @sapwood's lecture on Tron Ecosystem and reading various articles on internet available; Now i can say that i have gained some good knowledge about Tron Ecosystem and DeFi application.
DeFi applications are very secure and their future is very bright in financial exchanges. I have learnt about various DeFi apps such as Justlend, JustSwap, Sun.io, etc. Now I have learnt to Swap stable coins, sort for tye benefits, etc things we can do on DeFi apps.