SCA S3W1 - About Trust Wallet, BSC, BNB and Pancake Swap
1- What is a Trust Wallet? How to find and install it from google play store to mobile phone? How to create a new wallet on trust wallet? Explain the details of each step with the help of screenshot.
Trust Wallet is a very versatile decentralized app where you can manage a lot of crypto assets in several ways, not only as a simple wallet: you can also stake or exchange them. All-In-One wallet I might say. Supported by one of the most popular exchanges, Binance platform, trust Wallet is intuitive to use if you're now having a basic knowledge about these coins which can be stored here in the different networks like ERC-20, TRC-10, BEP2, etcétera.
There's no need to get an identified user, moreover of a guaranteed safety of your funds (so, you can trust in Trust Wallet) and the swap process in this app is also easy to carry out from the corresponding option with very low fees that barely rise some cents of dollars at the Binance Smart Chain that will be addressing in the next item.
At the Decentralized Exchange option (DEX) that works with Binance Chain (BEP2), you can exchange your cryptos directly with others in a quick way without the intervention of a third party (P2P).
It's even possible the straight access and link to other DApps from Trust and keep collectibles like the Non Fungible Tokens (NFT), plus staking of several tokens directly within the wallet, such as TRX, BNB, ALGO, KAVA, ATOM... All this in an easy step to start earning passive income.
To install it with such success, let's follow these quick steps:
∆ Located in www.binance.org, let's look up for the downloading option of Trust Wallet for App Store or Google Play, depending of your phone's Operating System. For my Xiaomi Redmi device, I just updated the version for Android because I've already installed it before.
∆ Once you opened the app, you have to make click on the configuration option from main interface in order to reach the list of created wallets, then put the finger over the plus sign (+) to add a new one.
∆ Another screen is displayed to choose the creation of a new account/adding an existing one. For the first case, you have to be agree about the possibility of your funds' loss if you lose the seed phrase compounded by 12 words and get ready to write down or store it safely , which have to be in the correct order to recover the wallet.
∆ And finally, you can rename the wallet as you wish by going to the three little points setting button located next to the name of the new wallet and now everything is ready to start using it.
2- What is Binance Smart Chain (BSC)? How to add its extension application in google chrome? How to create a new wallet on BSC? Explain the details of each step with the help of screenshot.
Binance Smart Chain, or BSC, is the most recent creation of Binance platform that works with smart contracts (here's why this name) that would be executed once certain parameters are matched, with the advantage of no errors and lower fee transactions, working parallel with the Binance Chain itself. Thanks to the compatibility with Ethereum Virtual Machine (EVM), it's the perfect place to work perfectly with decentralized apps (DApps) based in Ethereum and other Blockchains, ensuring the crossing between them plus the advantage of coin's staking through a consensus algorithm of Proof of Stake, specifically the one of Authority (PoSA), where stakers can become validators and get fees from operations, which are pretty low compared to the gas fee of Ethereum for instance.
By adding the BSC extension, go to the same Binance website (www.binance.org) to select the icon of one of the browsers to start using this mentioned extension. For this example, I've used the Mozilla Firefox.
Once we accept it in the new window by clicking on the blue option for adding that will turn in grey, the BSC icon must be appearing after the successful process.
The creation of a new wallet in Binance Smart Chain is not complicated indeed:
A. Just click on create wallet.
B. Generate the seed phrase.
C. Enter a good password.
D. Back up the twelve words.
~That's it.
3- How to deposit any BNB (BEP20 ) coin from the Binance Exchange to Trust Wallet or Binance Smart chain? How to link the Trust wallet to the binance smart chain?Explain the details of each step with the help of screenshot. (transaction should be confirmed).
∆ Let's get ready to start sending some BNB from my Binance account, after clicking over the Spot and Fiat option, button Withdraw.
In this step we'll choose the BNB coin of course and the BEP20 network which is correspondent to the BSC. Finally, just after to paste the desired address, make the input of amount to send.
Fill boxes with the required codes that were sent to your registered email and phone number (verification of security) to completely confirm the operation.
Over here I can check the transaction of 0.0195 BNB that arrived to the address belonged over my Trust Wallet app.
Looking for the detail's operation in www.bscscan.com, I can check the most recent one that took place at my BSC address of trust Wallet, 0x7E9b702550947B259c7Adb745aCcC2Daaf7A57F6.
To link the Binance Smart Chain account to the Trust Wallet:
∆ Go to the configuration tool to click once again the plus sign (+) in the wallet option we addressed before, to just choose the Binance Smart Chain option and write down the seed phrase to finally get a successful imported account.
4- What is PancakeSwap Exchange? How To Link Pancakeswap exchange with Trust Wallet or Binance Smart exchange? Explain the details of each step with the help of screenshot.
Pancake Swap exchange is a friendly space that is an Automated Market Maker (AMM), pioneer in its type, where you can do a lot of activities such as trading, farming, staking... Even predictions, collection of NFT, lottery and much more. What else we can imagine in an ecosystem like this one?
The native token of this swap platform is the CAKE coin, which can be traded or staked to obtain others with an attractive percentage of yield from farming or liquidity pools. Here's the procedure to link PancakeSwap app to our Trust Wallet app:
∆ Go to your Trust Wallet app in order to select the DApp button and then search for the PancakeSwap app.
∆ Open the "Connect" button to select the Trust Wallet option, and after this you can see your linked account with earned CAKES if you previously have staked some tokens.
Such easy step...
5- How to Swap & Stake cake coin on Decentralized Pancake Swap exchange with Trust Wallet or BSC ? Explain the details of each step with the help of screenshot.( transaction should be confirmed).
Now it's the turn of most interesting point of this whole article, which I like it very much because I'm doing this since I've received some of Trust Wallet tokens in an airdrop released in Binance last year. Let's start with swapping process:
∆ Select the Exchange option from main menu and go for the desired tokens to carry out the swap.
∆ Input the amount that is originally being transformed, BNB in this case, to the new tokens we want to obtain, the CAKE coins. Then confirm after checking all details of swapping, including fees.
∆ A call of Smart Contract is executed and we have to confirm the transaction once again, this time from the Trust Wallet app.
∆ When we complete this, the transaction is submitted, which can be checked in www.bscscan.com
And now, to stake these new CAKES, we're gonna do these few steps:
∆ Click on Syrup Pool option from main menu, to display the available pools and we'll be selecting the manual CAKE staking.
∆ Go to the plus symbol (+) to add the available CAKES that are now having in the wallet after the swap from BNB coin. Over here you can choose the desired percentage of 25, 50, 75 or 100% from total cypher. Click on "Confirm" button. Notice the low fee that is being burned from my BNB funds. So, it's advisable to always have some of them.
And that's it once again. Super fast and easy to carry out from this awesome platform where I'm already earning a passive income thanks to the staking.
C.C: @yousafharoonkhan
👷🏻♀️>>~•Alegn@•~>🎶
*** See you in next post *** 📝
Don't you think it's late now. Deadline of submission was Saturday 12 midnight. And it's Sunday now.
It could be or could not be as there as there is a difference of 5 hrs and 30 minutes in UtC and IST time.
For sure, It was Saturday yet in my four hours of difference with the UTC time zone. And besides, I was hurrying due my very bad internet connection and I've submitted ten minutes before midnight... had luck and got my grade, plus vote anyway. 😁 #venezuela #affable
I got confused l. I thought time was given in IST. 😅😅 Well congratulations. It was not your luck. It was your hardwork.
#affable
Respected first thank you very much for taking interest in SteemitCryptoAcademy
Season 3 | intermediate course class week 1
thank you very much for taking interest in this class
Hello there professor. Thank you so much for the provided mark, let me see how can I improve next time. I'll be waiting for the new lecture from your part. Regards from Latin America. #venezuela #affable
Hi @alegnita, this is so good to learn, I must try this Trust Wallet as well, thanks Alana, I learned a new thing today, cheers, ainie
Hello friend. It's so good to hear that. Of course there's always something new to learn and in the CryptoAcademy courses I'm doing it. Any doubt you could have don't hesitate to ask me 🙂 Cheers to you to Ainie. Have an excellent weekend. #venezuela #affable