Tron Ecosystem - Steemit Crypto Academy Season 4 - Homework Post for Task 1

in SteemitCryptoAcademy11 months ago (edited)


Cryptocurrency market (12).png

26954.jpg

First of all let's discuss some facts about Tron Ecosystem.

Tron is a blockchain which is founded by Justin sun in 2017 and it based on a digital platform which is Decentralized and has it's own crypto currency called TRX(Tronix), Tron is focused over a Decentralized entertainment system which will have less cost and greater performance world wide.


Screenshot (89).png

Twitter Account Of Justin Sun(Founder of TRON)

Let's see details of Tronix(TRX) currency over the coinmarketcap/.


Screenshot (90).png

TRON currency stats over CoinMarketCap

Market Cap: $7,729,109,105
Rank: #27
Volume(24h): $2,597,113,135
TRON Price (TRX): $0.1078
Trading Volume(24h): $2,593,645,286.63


Screenshot (92).png

TRON Website

Currently Tron has been registered with 59988600 accounts over it and completed over 2550784000 transactions and has generated over 35124252 blocks over it's blockchain.

Tron works on the peer to peer network which allows the author(content creator) to sell it's original content directly to the consumer without the need of a middle man(broker), the users use the TRX currency to pay online over their network.

26954.jpg

QUESTION 1:

Perform a STEEM and TRX transfer(micro amount) to Poloniex exchange?

ANSWER 1:

Let's perform STEEM and TRX transfer to poloniex exchange.

This is my Verified account details on the Poloniex exchange.


Screenshot (96).png

Details of verified account on Poloniex exchange

First of all let's start with STEEM transfer.

  • Step 1: First of all let's gather the deposit information(address and memo) of STEEM from poloniex wallet.


Screenshot (97).png

  • Step 2: Open your steem wallet and On the steem asset expand the option menu and select Transfer.


Screenshot (98).png

  • Step 3: Now enter the deposit details we gathered from our poloniex wallet and enter the amount of steem you want to transfer.


Screenshot (99).png

  • Step 4: Now confirm the transfer by checking the details.


Screenshot (100).png

  • Step 5: Now wait for the transfer and it will reflect in your poloniex wallet soon.


Screenshot (102).png

  • Step 6: Now our STEEM transfer is completed.

Now Let's Transfer our TRX from Tronlink to poloniex.

  • Step 1: First of all let's gather the deposit information(address and memo) of TRX from poloniex wallet for the TRON network as we are transferring TRX from Tron link which works on Tron network.


Screenshot (103).png

  • Step 2: Open your TronLink wallet and select the TRX asset and click on send.


Untitled design (1).png

  • Step 3: Now Enter the address of poloniex in the receiving account field and enter the amount of TRX you want to send and click send after that click on Sign to sign the transaction.


Untitled design (2).png

  • Step 4: Now you can check your transaction details on the tronscan explorer.


Screenshot (108).png

  • Step 5: After few time your asset will reflect in the poloniex wallet once the confirmation is done by the blockchain.


Screenshot (109).png

Now our both the deposit has been done.

26954.jpg

QUESTION 2:

What are the different markets available for TRX and STEEM to trade in Poloniex?

ANSWER 2:

When we click on the asset TRX we get the list of various market for TRX exchange.

If we click on the asset TRX then we are able to see the markets available for the asset TRX over poloniex.

  • TRX/BTC
  • TRX/USDT
  • TRX/USDC
  • TRX/USDJ


Screenshot (110).png

Markets available for asset TRX

Now let's see the market available for the asset STEEM on poloniex.

If we click on the asset STEEM then we are able to see the markets available for the asset STEEM a over poloniex.

  • STEEM/BTC
  • STEEM/USDT
  • STEEM/TRX


Screenshot (111).png

26954.jpg

QUESTION 3:

Perform a small trade in either TRX or STEEM in Poloniex?

ANSWER 3:

Let's perform a trade using TRX and convert our TRX into USDT.

  • Step 1: Click on the Spot option in the trade section.


Screenshot (113).png

  • Step 2: Now search for the pair TRX/USDT using the search field provided.

Screenshot (114).png

  • Step 3: Now let's use the limit order to place our sell order as we want to sell our TRX in exchange of USDT.


Screenshot (115).png

  • Step 4: Once our order got fulfilled we can see it's details from the trade history.


Screenshot (116).png

26954.jpg

QUESTION 4 :

What is the withdrawal fee if you withdraw TRX, STEEM, and TRC20 USDT in Poloniex?

ANSWER 4:

Let's see how much fees will be charged if we withdrawal TRX, STEEM and USDT.

TRX


Screenshot (118).png

Here we can see transaction fees is = 0.01 TRX.


STEEM

Screenshot (119).png

Here we can see transaction fees is = 0.01 STEEM.


USDT


Screenshot (117).png

Here we can see transaction fees if we withdraw it as a TRC20 Token = 0 USDT .

26954.jpg

QUESTION 5:

How cost-effective is TRC20 USDT as compared to ERC20 USDT?

ANSWER 5:

Transaction fees of TRC 20 USDT is zero and 101.4124 USDT of ERC 20 USDT on poloniex.


Screenshot (122).png

Transaction Fees as TRC20 USDT


Screenshot (125).png

Transaction Fees as ERC20 USDT

26954.jpg

QUESTION 6:

Make a comparison of TRC 20 USDT withdrawal fees with other major exchanges?

ANSWER 6:


Screenshot (124).png

Transaction Fees on both TRC20 and ERC20 on Binance

  • Transaction fees of withdraw of USDT over TRC20 on Binance = 1 USDT.
  • Transaction fees of withdraw of USDT over ERC20 on Binance = 24 USDT.


Screenshot (126).png

Transaction Fees on both TRC20 and ERC20 on Huobi Exchange

  • Transaction fees of withdraw of USDT over TRC20 on Huobi Exchange = 1 USDT.
  • Transaction fees of withdraw of USDT over ERC20 on Huobi Exchange = 25 USDT.
Network/ExchangePoloniexBinanceHuobi
TRC200 USDT1 USDT1 USDT
ERC20101.4124 USDT24 USDT25 USDT

26954.jpg

Conclusion

Tron is a blockchain which is focused over a Decentralized entertainment system which offers less cost and greater performance, it's native currency is called TRON(TRX).

I demonstrated how we can transfer STEEM and TRX to poloniex exchange, we discovered different market available for STEEM and TRX exchange, We also performed a small trade in the poloniex wallet, We also compared the transaction cost for withdrawal of fees over different crypto exchanges.

26954.jpg

Thank You

Sort:  

#club5050 😀

Loading...

Coin Marketplace

STEEM 0.22
TRX 0.06
JST 0.025
BTC 19452.79
ETH 1328.88
USDT 1.00
SBD 2.48