Steemit Crypto Academy Season 4 Beginners' course - Homework Post for Task 1: Tron Ecosystem for @sapwood
Hello everyone, this is season 4 of the steemit crypto academy. This is the first homework task given by professor @sapwood. The topic discussed in this task is TRON Ecosystem. After studying the task carefully I have decided to try my hands on it.
I chose to answer question three(3) which is stated below.
(3) Perform a STEEM and TRX transfer(micro amount) to Poloniex exchange? What are the different markets available for TRX and STEEM to trade in Poloniex? Perform a small trade in either TRX or STEEM in Poloniex? What is the withdrawal fee if you withdraw TRX, STEEM, and TRC20 USDT in Poloniex? How cost-effective is TRC20 USDT as compared to ERC20 USDT? Make a comparison of TRC 20 USDT withdrawal fees with other major exchanges?
Perform a STEEM and TRX transfer(micro amount) to Poloniex exchange?
In this section, I will be demonstrating the steps involved in transferring Steem from the steemit platform to poloniex. First of all, I will open the poloniex app on my device. Then I click on wallet option and then search for Steem. After that I will chose the deposit option. A deposit address and a memo will be displayed which I will use for the deposit.
After opening the wallet, I will see the deposit option as seen below. Then I click on deposit.
A list of tokens will appear so I enter Steem in the search bar.
Then I click on Steem and then the deposit address and memo are both displayed. The memo is also very necessary in depositing Steem because the token might be lost if the memo is not included in the deposit process.
Then I copy the deposit address and the memo. After that I log into my steemit wallet account then click on Steem. After that I chose “Transfer” and then paste both the deposit address and memo copied from poloniex. The amount of Steem to be transferred is also entered. This is shown in the screenshot below.
The transaction requires the active/owner key to be completed. I entered my active key to complete the transaction as seen below.
After the confirmation, the transaction is completed in some few minutes time. The Steem transferred will be deposited in my poloniex wallet as indicated below.
1 Steem has been successfully deposited into my poloniex wallet as seen in the screenshot above.
TRX Transfer
To be able to deposit TRX, repeat the steps above and then this time search for TRX in the search engine.
Then after the TRX is displayed, we will copy the deposit address from the poloniex wallet. This is shown in the screenshot below.
Then we’ll log into my steemit account wallet. Then paste the address copied from poloniex and transfer the TRX. In this work I decided to transfer 10 TRX.
Then I will confirm the transaction.
The 10 TRX have successfully deposited into my poloniex wallet as indicated in the screenshot below.
What are the different markets available for TRX and STEEM to trade in Poloniex?
Firstly we have to open the poloniex app before we can check for the various TRX markets. After opening the poloniex app, we will see the market option so we select it.
The list of markets will appear then we select TRX. At this point, the list of the cryptocurrencies in the market of TRX at the time of writing this article will be displayed as shown in the screenshots below. The prices of all the cryptocurrencies and as well as their 24h volumes are also displayed.
For us to be able to check the market of Steem in the past 24 hrs, I will open my wallet and click on Steem.
The Steem market for the past 24 hrs can be seen in the screenshot below.
Perform a small trade in either TRX or STEEM in Poloniex?
In this section I have decided to make an exchange of TRX/USDT. Before we can carry this out, we open the wallet option and then click on TRX. Then we chose the TRX/USDT trading pair. This is indicated in the screenshot below.
At this point we choose the Trade option and then chose to sell the TRX in my wallet. The market price at the point of my exchange was $0.10689055. The transaction went through immediately and was confirmed as seen below.
My TRX was exchanged to USDT immediately. My new balance of USDT can be seen below.
What is the withdrawal fee if you withdraw TRX, STEEM, and TRC20 USDT in Poloniex?
For us to be able to know the withdrawal fee of each of the listed coins, we have to click on each of the coins and then attempt to make a withdrawal and the fee will appear. The withdrawal fees of TRX, Steem and USDT are shown below.
As seen in the screenshot above, the withdrawal fee of TRX is 0.01 TRX.
As seen in the above screenshot, the withdrawal fee of Steem is also 0.01.
As seen in the screenshot above, the withdrawal fee of USDT via the TRC20 network is 0.00.
How cost-effective is TRC20 USDT as compared to ERC20 USDT?
The TRC20 is very cost effective because it charges a far lower transaction fee as compared to the ERC20 network. We can confirm this by attempting a withdrawal via the ERC20 network and compare its withdrawal fee to that of the TRC20. It can be seen that ERC20 has a withdrawal fee of about $50.79. This makes it less profitable as compared to the TRC20 which has a withdrawal fee of $0.00 USDT as we discussed above. Below is a screenshot of the transaction fee of ERC20.
We can see from the screenshot above that the ERC20 has a very high transaction fee.
The above screenshot is the TRC20 network which has a very low transaction fee.
So we can conclude that using theTRC20 is much better than the ERC20 network because the TRC20 reduces cost as compared to ERC20.
Make a comparison of TRC 20 USDT withdrawal fees with other major exchanges?
When I tried to make withdrawal of USDT via the TRC20 network with another example ( Huobi pro), the transaction fee was 1 USDT per a withdrawal as which is relatively high as compared to the poloniex which the transaction fee is 0.00 USDT per transaction.
The above screenshot shows the withdrawal fee of USDT via the TRC20 network on the Huobi pro exchange.
Conclusion
From the experiments I have carried in this task, I have realized that poloniex exchange have a wide range of tokens available. This exchange also have very low transaction fees so it is very convenient and cost effective during its usage. From now others I will perform majority of my transactions on the poloniex exchange to enjoy this lower fees during transactions.
Thank you professor @sapwood for this detailed lecture.
Please do not use the #club5050 tag unless you have made power-ups in the last month that are equal or greater than any amount you have cashed out.