Crypto Academy season4 Beginners course-Task 1:Tron Ecosystem by @basky14
Greetings everyone hope you all good, I welcome you guys to my blog t. First of all I will be appreciating @sapwood for his efforts to make sure we learn and his efforts in this Community.
I will be answering the number two questions which is stated below.
2A
'What are the different dApps in the Tron ecosystem are you familiar
_with?
TRON is a system that has decentralized virtual machine, which can execute a program with the aid of an international network of public nodes. The transaction fees is free no cost attached to it and also it can conduct close to 2,000 transactions in a second. Tron ecosystem has thousands of dApps on it with quite number of users on it on a daily basis. I will be disscussing few of them I am familiar with.
Forsage
Source
Forsage is very easy to join and it is open for evero to participate on. Forsage gives access to it's users to upgrade and activate matrix plan in other to get new users vial your link so as to get rewarded with TRX, BUSD and ETH Cryptocurrency.
Bishares
Source
BiShares are (dETFs) decentralized Exchange Traded Funds use for safer crypto diversification. BiShares has a DAO token called $BISON that is use for voting all the proposals related to the protocol while earn platform fees.
Steemit
Source
Steemit was launched on the 4th of july 2016 which is built on the STEEM blockchain. It is the first social media app that is built on blockchain that serves as a platform where it's users that can set up news and comments based on their idea and choice. It also provides an avenue for their users to earn just by posting unique and plagiarism free contents.
2b
What are the uses of DeFi applications like _Justswap, JustLend, and Sun.io?
DeFi means? decentralized finance. It is becoming one the big and happenings in the crypto world. DeFi is created to take out middlemen so that everyone can access the services they way the need it.
Take a look at your financial facilities or services you have used so far, from lending to insurance to your savings account, DeFi has the vision to provide a mordem and easy way to all these services that can be operated through the internet.
So I will be explaining the use of of the following DeFi applications shown below.
JustSwap can be said to be an exchange system on TRON that is use for exchange between TRC20 tokens. The transaction on JustSwap can occur quickly between any 2 TRC20 tokens according to system price. Fees for trading collected, will go directly to liquidity providers of the system, than the system itself. With JustSwap security and decentralization will be ensured.
JustLend is powered by TRON coin market system targeted to establish funds for those whose interest rates are determined on the alogrithm based on demand and supply of TRON. On JustLend we have two roles within the protocol, which is the supplyer and borrower. The Supplyer and the borrower can interact directly with the system to earn or pay the floating interest rate.
On JustLend, the transaction are transparent and also it records every transactions and previous interest rates. In JustLend there are two roles on the system the Supplyer and the Borrower.
Supplyer
The borrowers are merge together with lenders on the P2p platform where user's asset is directly borrowed to the other user. Supplyer has the access to withdraw their assets whenever they want to without waiting for the loan to expire, making JustLend higher liquidity compaire to their peer-peer counterparts.
Borrowing
To borrow an asset on JustLend you need to have jTokens as collateral with their assets so as to enable you borrow any other available asset. JustLend can only ask borrowers to borrow assets with out any requirements like expiring date and so on. Borrowing is caeríed out and its interest rate is adjusted automatically based on the demand and supply of the market.
SUN is a social platform that has undergo some experiment on Tron DeFi space. Its token is created from Bitcoin but it is empowered by Tron’s decentralized system. SUN did not undergo any form of pre-mining and don't have any special Unlike some DeFi tokens, SUN did not undergo any pre-mine and doesn’t have a special share to the development team.
2c
How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io?
_Examples?
Steps
• To optimize mining rewards in SUN is quite simple. Firstly install a TronLink wallet to your phone.
• Locate your SUN.io and link or connect your TronLink pro wallet.
• Click on Stake on Sun.io it will show case many options, click on Stake and it will showcase an interface where you will be able to choose to stake or stake and lock.
Your earnings can be withdrawn at anytime you choose to. But when you stake and lock you will be able to withdraw your earnings at the agreed time which is, 6 months, 1year and so on. In stake and lock the longr you locked period the more earnings you get.
Stake and lock is quite expensive than the the APY method of staking due to not having access to withdraw their assets at any time which is not like that in APY method of stake. Users enjoy voting rights when the lock thier assets.
For the past years now TRON has become one of the strongest platform to establish block-chain platform such as Bitcoin and son on. It is fast and can transact close to 2000 transactions in a second. I still remain greatful to @sapwood.
Thank you sir promise to do well in my next assignment.