Crypto Academy Season 3 Beginners' course - Task 1: STEEM AND TRON
Greetings to all! In fact, I am delighted to be a member of this great crypto academy; the journey to become a member of the community has not been simple for me as a newcomer, but thank God I have finally made it.
Regards to all of the community's hardworking professors.
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?
I will be explaining the difference between SP, STEEM, SBD TRX, TRC10, TRC20 tokens
STEEM POWER (SP)
STEEM
The Steemit platform's primary cryptocurrency, STEEM, is earned by publishing high-quality content. This is a tradable cryptocurrency that can be exchanged for other cryptocurrencies or fiat money on the exchange. The STEEM token can be traded for SBD, transferred to other users on the network, and converted. You earned STEEM by writing content; for example, if you win a contest, you will be awarded STEEM. You can also convert your SBD to STEEM or your SP to STEEM (Power Down).
SBD (STEEM DOLLARS)
The Steem backed dollar another token on the network, it can be earned when you published content and set the pay out to 50/50 then the reward will be 25% of the payout post in SBD. The SBD can be swap to STEEM this is done using the internal market feature on the wallet page, it can also be sold on exchanges to another crypto, I only use the internal market to exchange my SBD to STEEM.
TRX (TRON)
Tron was integrated to the platform about a year ago, and since then users on the platform earn Tron on a ratio of 1:1 whenever they earned SP.
Whenever you published post you earned Tron at a ratio of 1:1 of the author SP reward, same goes with whenever you curated you earned Tron on a ratio of 1:1 of the curation SP reward.
EXPLORE COINMARKETCAP.COM TO INDICATE THE RANK, COINMARKETCAP AND CIRCULATING SUPPLY OF STEEM AND TRX
STEEM on Coinmarketcap
| Current Price | $0.5218 |
|---|---|
| Rank | #183 |
| Market Cap | $201,612,695 |
| Volume (24h) | $6,228,270 |
| Circulating Supply | 386,694,741.69 STEEM |
| Total supply | 403,668,836 STEEM |
TRON on Coinmarketcap
| Current Price | $0.08301 |
|---|---|
| Rank | #26 |
| Market Cap | $4,599,224,852 |
| Volume (24h) | $909,281,068 |
| Circulating Supply | 71.66B TRX |
| Total supply | 100,850,743,812 TRX |
DOES IT COST ANY FEE TRANSACTING STEEM AND TRX?
It costs no money to send STEEM or Tron from my wallet to an exchange or to other users, but it costs a modest sum of STEEM or Tron to send from an exchange. For example, sending STEEM from my Binance account to my STEEM wallet costs 0.01 STEEM, as shown in the screenshot below.
HOW IMPORTANT IS THE USE OF MEMO WHILE TRANSFERRING STEEM FROM STEEMIT WALLET TO AN EXCHANGE WALLET
The memo is very very necessary whenever you wanr to send STEEM from your Steemit wallet to an exchange wallet, the exchange uses a fixed address but the memo differentiate the users, each users of an exchange as the same address but different memo this memo serve as the initial address where the STEEM sent will be received.
DO YOU ESSENTIALLY NEED A SIMILAR MEMO FOR TRANSFERRING STEEM FROM EXCHANGE WALLET TO YOUR STEEMIT WALLET?
Transfering STEEM from an exchange to your Steemit wallet does not really requires any memo, you only need to input your address (your username without @) and enter the amount you want to send, confirm the transaction and you are done
Thank you all for reading, special thanks to Professor @sapwood for this insightful lecture.
Hi @barh3line, Thank you for taking interest in the 1st Task of the Beginners Fixed Class. Your grades are as follows:
My Review and Suggestions:
You have completed the task well.
You structure your article writing very well.
We can set the payout to 100% SP so that all the prizes we get become Steem Power only and will make our Steem Power amount quickly increase.
You forgot to show the example in your answer about TRC10 and TRC20 Tokens.
Fees when sending coins are only charged if we make transactions to exchange, if we only make transactions to fellow wallets then we will not be charged any fees. Like Tron Blockchain it only uses bandwidth to send from one wallet to another and also Steem Blockchain which does not provide fees for transactions between wallets.
Thank you!