Tron Ecosystem - Steemit Crypto Academy Season 5 - Homework Post for Task 1
Questions:-
What are the different dApps in the Tron ecosystem are you familiar with?
What are the uses of Defi applications like Just swap, JustLend, and Sun.io?
How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples?
What are the different dApps in the Tron ecosystem are you familiar with?
I would like to talk about the following three dApps that exist in the Tron ecosystem which I am familiar with;
Steemit
Bittorrent
Forsage
STEEMIT
Steemit is a blockchain-based social media platform that allows its users to earn profits for producing quality content on the platform, unlike the other social media platforms where users gain nothing for writing on the blockchain. Steemit platform distributes rewards to its users through upvotes to help support them.
Although steemit pays but it is a bit tedious to write and earn on the platform. Also, steemit platform is unlike a school that teaches users about cryptocurrencies and also other educational aspects through the various communities on the platform. Steemit platform utilizes the Delegated Proof of Stake where users are allowed to vote and select witnesses for the platform.
Steemit also serves as a platform for users to share their daily life activities and also their town pictures as well.
BITTORRENT
BitTorrent refers to a communication protocol technology that is used in transferring and sharing data files through peer-to-peer service. The Torrent technology has been improved from downloading files one by one to a more enhanced way by exchanging files in defragmented formats. Torrent technology was rebuilt to Bittorrent Token (BTT coin) after Tron took over in China.
The CEO of Tron (Justin Sun) has built a very large P2P marketplace in the globe by collaborating the BitTorrent platform's infrastructure and Tron's blockchain technology which has led to another method of payments globally when buying online content.
Due to the collaboration of these two technologies, Bittorrent permits its users to create and share content easily with about a hundred million users around the globe by using computers without any hindrance.
BitTorrent Token (BTT) was first publicized in the year 2019. BitTorrent is a TRC-10 utility token that is compatible with the Tron blockchain network and it allows BitTorrent users to exchange for tokens. BitTorrent is currently the largest peer-to-peer (P2P) network and also one of the popular altcoins on the blockchain network. BitTorrent has been able to surge about more than 2500% in just a year. Experts are also predicting that BTT would continue the stellar performance probably this year. BTT exchange platforms include; Upbit, Bithumb, and Binance.
FORSAGE
Forsage is a globally decentralized marketing platform that is powered by innovative smart contract technology. The smart contract code for forsage is fully public which grants users the trust in security and also a long-term operation of their project or work on the platform.
This platform pays its users directly to their personal wallets without any hindrance. All income earned is for the user only. Forsage smart contract is built to help facilitate peer-to-peer fee payments between users on the platform as well as other platforms too.
The Forsage platform does not possess any administrator, unlike other platforms. In this platform, the content creators (authors) contribute to the project on the platform. Also, everyone is eligible to view the code and complete transaction history on the platform. There are no hidden fees in forsage when transferring tokens to another account.
What are the uses of DeFi applications like Justswap, JustLend, and Sun.io?
JustSwap
JustSwap refers to a decentralized exchange that exists on the Tron blockchain network. JustSwap concepts implement staking, trading, and farming tools via liquidity pools. JustSwap exchange was launched in the year 2020 and it is the first platform to utilize the Tron blockchain network. This Tron network processes transactions at a faster rate and also at a less feed cost unlike the Ethereum network with high fee cost and also slower transaction processing.
The JustSwap exchange protocol is Automated Marker Maker (AMM) and also a liquidity pool system. The providers of liquidity are rewarded with TRC20 tokens which are usually paid or awarded in TRX or ANN tokens. The providers of liquidity also earn TRX LP tokens on the platform with respect to what they share in the pool. The TRX LP is used in staking other tokens on the platform. There is also a tool that is used in converting SUN tokens on the JustSwap exchange platform. The Just Network project has JST as the native token.
JustSwap exchange does not possess any limitations or commissions for either withdrawals or deposits on the platform.
JustLend
JustLend refers to Tron-based decentralized finance that is built with the aim of creating pools of funds with a good interest rate as well by using algorithms through the application of the supply and demand concept. JustLend platform helped in ensuring the growing demands of users especially during the period when the volume and transactions grow rapidly in the blockchain ecosystem where users are connected to digital assets everywhere.
JustlLend platform distributes tokens to users on the platform using their exchange rates. The following are the benefits of both lenders and borrowers on the JustLend platform;
1.Lenders:- They receive and enjoy interest on the assets
2.Borrowers:- They borrow and sell assets.
Assets of people are directly loaned to others on peer-to-peer platforms whereby the borrower is matched or linked with the lender. JustLend consolidates users' balance or funds thereby increasing liquidity on their platform which makes users earn more profit. On the JustLend platform, users or suppliers can easily withdraw their assets at any time without any hindrance. Usually, the assets supplied are designated as TRC-20 tokens.
SUN.io
SUN.io is a backbone of the JUST Tron network ecosystem. Sun.io helps users to acquire JustSwap token (SUNSwap) on the exchange platform. SUNSwap has a utility token to be SUN which is used in awarding liquidity providers on the platform. SUN.io also provides liquidity mining, staking, governance, and stablecoin exchange on their platform. The native toke (SUN) is also used in buying tokens on the platform to earn more income.
After the SUN.io was established in the DeFi industry, the Tron network has been able to establish a good and healthy DeFi ecosystem with the SUN and JST tokens. SUN.io would make good use of the SUNSwap Just Swap, which would help in the integration of TRC20 tokens which are powered by the AMM algorithm and sun.io.
How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples?
- First of all download the Tronlink wallet onto your device and install it. For me, I would download the Tron link extension onto my pc.
- Now, set a password to your Tronlink wallet for protection.
- Account successfully connected as shown above in the screenshot.
- Click on dApps icon as indicated below.
- Click on SUN application to launch SUN.io
- Now click on Connect Wallet after the SUN.io app is launched.
- Click on TronLink Wallet to connect your Tron wallet to SUN.io
- Click on connect to confirm your wallet connection.
- Click on Stake
- Click on Lock SUN to get VeSUN
You can now optimize and stake your SUN tokens.
Conclusion
In conclusion, I would like to summarize what we have done so far here in this article. First of all, we looked at the different dApps in the Tron ecosystem and they include steemit, BitTorrent, and forsage.
We also looked at the uses of Defi applications such as Justswap, JustLend, and Sun.io. Finally, we practically looked at how one can optimize mining rewards by staking TRX and other TRC20 tokens in the Sun.io platform.
To the attention of @dilchamo and nane15. Thank You.