STEEM & TRON - Steemit Crypto Academy Season 4 - Homework Post for Task 2:
I'm really happy to submit my homework assignment to the Steemit Crypto Academy. This is Task 2 of the Steemit Crypto Academy Season 4 Beginner's STEEM & TRON Course, and it is my homework submission. I'll answer the second question on the homework assignment.
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?
STEEM POWER (SP)
Steem Power is a measure of a user's influence on the Steem blockchain. This is a locked liquid STEEM that cannot be withdrawn. A user's Steem Power decides how much influence they may offer writers and how much curation reward they will earn whenever they upvote writers.
SP, as said before, is a liquid STEEM that has been staked or locked to give the user additional power. This locked Steem can be turned back to STEEM through the Power Down process, which takes 4 weeks to accomplish. If you power down 2000 SP, for example, it will take 4 weeks to complete and you will be paid 500 STEEM per week, thus the 2000 STEEM will be completed in 4 weeks.
Additionally, on the steemit site, Steem Power provides users with resources, which allow them to publish, upvote, and comment on contents. Without resources, a user can't do anything, and the more SP you have, the more resources you have.
How do you Earn Steem Power (SP)
When you make a post (Author) or upvote a post (Curation), you earn SP. As a Curator you earn 50% of the total reward payout in SP, and as an author you earn 50% of the reward of the total payout in SBD and SP, that's 25% SBD, 25% SP.
To earn all reward in SP, you need to set the author post payout to 100%, which means that all the SP you earn from making posts will be in SP.
You can get Steem Power but buying liquid STEEM and convert your Sliquid STEEM to SP using power up.
STEEM
STEEM is the Steemit platform's primary cryptocurrency, which is earned by creating high-quality content. This is a marketable cryptocurrency that can be exchanged for other cryptocurrencies or fiat money on the exchange where it was listed.
How To Earn STEEM
You can earn STEEM by participating in a contest and winning.
You can also power down your SP (locked STEEM) 4 weeks to complete
You can swap the SBD you earn from post to STEEM uisng the iternal market at the wallet section
Transfering STEEM token
To send STEEM tokens to another account, go to wallet, click "Transfer," enter the username, and then click Send.
SBD (STEEM DOLLARS)
The Steem backed dollar was intended to be tethered to the US dollar to make it a stable token, but this did not happen.
How Do We Earn SBD
We get SBD when we write content, as I already stated. If we set our payout to 50/50, for example, we will earn 25% of the payout post in SBD.
We may also exchange our STEEM for SBD on the internal market.
- we are rewarded with SBD when we participate in and win contests.
TRX (TRON)
Tron is another token on the network; it was added about a year ago, and since then, users have been earning Tron at a 1:1 ratio whenever they earned SP.
How Do We Earn TRX
As an author: when a user creates content on the platform, they receive Tron in a 1:1 ratio of the author SP reward,
As a Curator: when we curate (upvote), they receive Tron in a 1:1 ratio of the curation SP reward.
- You can also earn Tron if you participate in and win a contest; the contest organizer may reward Tron to the victors of the contest
TRC10 & TRC20 TOKENS
TRC10 and TRC20 are the two basic coins on the Tron blockchain. TRC10 is a token that was entirely created by its own network. The tokens are compatible with various cryptocurrency wallets and do not necessitate the use of the Tron virtual machine. TRC20, on the other hand, is built on smart contract technology. Users can construct their own tokens using the Tron virtual machine, which is one of the token's many functionalities.
Explore Coinmarketcap.com to indicate the rank, coinmarketcap, and circulating supply of STEEM and TRX?
To begin, I'll look at STEEM on Coinmarketcap; to do so, go to Coinmarketcap or click this link and you'll be taken to the STEEM statistics on Coinmarketcap.
| Current Price | $0.5882 |
|---|---|
| Circulating Supply | 393,463,494.42 STEEM |
| Current Rank | #311 |
| Marketcap | $231,439,982 |
| Trading Volume (24h) | $8,520,470 |
TRX
Now let's look at TRX. To get it, go to Coinmarketcap or click this link and you'll be taken to the TRX statistics on Coinmarket.
| Current Price | $0.1109 |
|---|---|
| Circulating Supply | 71.66B TRX |
| Current Rank | #27 |
| Marketcap | $7,948,490,094 |
| Trading Volume (24h) | $2,951,077,643 |
Which exchange are you familiar with where both STEEM and TRX are listed?
I'm familiar with the Binance exchange, one
the biggest cryptocurrency exchange in the world, on this exchange m I can instantly trade my STEEM and Tron token to any cryptocurrency or Fiat (BTC or USDT). And use the P2P platform to covert BTC or USDT to my local currency.
The Above is the Screenshot Of My STEEM and TRX balance for on my Binance Account
Does it cost any fee for transacting STEEM and TRX?
It costs no money to transfer STEEM from my wallet to an exchange or to another user; however, sending Tron from one Tron wallet to another wallet requires bandwidth, and sending from an exchange costs a small amount of STEEM or Tron as a transaction fee.
Let's have a look at an example. For example, if I want to transmit STEEM from my Binance Wallet (Exchange) to my Steemit wallet, I'll have to pay a charge of 0.01 STEEM, as shown in the screenshot below.
As shown in the screenshot below, sending Tron from my Binance wallet (Exchange) to my Tron wallet will incur me just little fee of 1 TRX.
How important is the use of Memo while transferring STEEM from Steemitwallet to an Exchange wallet.
The memo is necessary when sending STEEM from our Steemit wallet to an exchange wallet; the exchange uses a fixed address, but the memo distinguishes users; each exchange user has the same address but a distinct memo; this memo acts as the initial address where the STEEM sent will be received. Binance's global address, for example, is deepcrypto8, but each user's memo is unique.
Your coins will be lost if you transfer STEEM from your Steemit wallet without including the Exchange memo. You must paste the correct note that was copied directly from your exchange wallet.
It is critical to utilize the memo everytime you want to transfer STEEM from your Steemit wallet to an exchange to avoid losing your coins.
Do you essentially need a similar memo for transferring STEEM from Exchange wallet to your Steemit wallet?
There is no need to enter any memo while sending STEEM from any exchange to your Steemitwallet.
Simply type your username followed by @ (address), the amount of STEEM you want to give, and click Send/Withdraw. If necessary, you must enter your security passcode or OTP.
For instance, if I want to send STEEM from my Binance account to my Steemit wallet, I just input my username (without the @), the amount of STEEM I want to send, and click Withdraw, after which I confirm the transaction.
What are the different ways to optimize mining rewards using TRX in Tron Ecosystem?
Staking or providing your TRX to the lending market on JustLend entitles me to borrow loans from any available asset. It also depends on my TRX balance; for the time being, I haven't earned enough TRX, so my TRX token is still on the Steemit platform; however, once I have a reasonable amount of TRX, I will go to the JustLend platform on my Tronlink wallet and supply it to earn some passive interest. In addition, I plan to join a liquidity pool and provide my TRX token together with USDT or any token on the Tron network to earnd some passive Income.
Others includes;
- As previously noted, you can provide your TRX coin and earn APY on it.
- You can vote for super representatives (SRs) and earn TRX by freezing your TRX coin.
- You can also freeze to generate energy and bandwidth, which will operate as a transaction charge.
- You can also join a mining pool or give liquidity to a pool while mining TRX.
Conclusion
As a writer (Author), you have the opportunity to earn four distinct tokens: SP, STEEM, SBD, and Tron. As an investor or upvoter (Curator), you can take advantage of this lecture and earn SP and Tron at a 1:1 ratio.
To be able to participate in the Crypto academy courses is a dream come true for me, and I applaud the professor and the Steemit team for initiating this project.
#club5050 😀