STEEM & TRON - Steemit Crypto Academy Season 4 - Homework Post for Task 2.

in SteemitCryptoAcademy3 years ago


Screenshot_20211101-214512_XOS Launcher-01.jpeg

This post answer the question to the homework task for the steemit's Crypto academy fixed beginner's course task 2 by professor @sapwood, with the question;

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? What are the different ways to optimize mining rewards using TRX in Tron Ecosystem?

Explain the difference between [SP, STEEM, SBD] & [TRX, TRC10, TRC20 tokens]?

SP

Sp means steem power and it is a steem that has been locked to give power to it's owner to curate quality content on the Steemit platform. This curation is the reward earn from the platform as a payback for quality content. Steem power can be gotten from pay out of post curated by others, likewise can it be gotten by converting steem to steem power. The more the steem power the more you can reward a quality content on steemit.

steem

Steem is the main currency of the steemit community and it is a digital currency that is been traded on major exchange like binance, upbit, gate.io, poloniex and other. It can be gotten from a curated post payout and can also be also be converted to steem power. It is upon this steem blockchain we have the social media platforms that pays for content to its user.

SBD

Sbd means steem back dollars is the third form of distributed payout gotten from a curated post. It is digital currency that is been equated to the USD on the Steemit platform. Sbd can be trade to steem on the Steemit wallet market or on upbit or bittrex and can be transferred to another user even on steemit.

Tron tokens

TrxTrx10Trx20
Trx (Tron) is the native token on which the Tron blockchain is built and it is the official token of the Tron foundationmost of the token built on the Tron blockchain are trc10 token as they are easily created and available on most defi walletTRC 20 token are more like the etherc20 token on the Tron network, used mainly for smart contract agreement and on decentralized exchange
Trx has a low transaction feeit has a relatively lower than fee than TRC 20transaction fee are about a thousand times that of TRC 10
Example is Tron(TRX)example is btt (bittorren)example is just and wink

Explore Coinmarketcap.com to indicate the rank, coinmarketcap, and circulating supply of STEEM and TRX?

Steem

To explore steem on coin market cap click here


iMarkup_20211102_142107.jpg source

  • Rank = 281
  • Market cap = $247,285,831
  • Circulating supply = 392,285,803.27 steem

TRX

To explore trx on coin market cap click here


iMarkup_20211102_141937.jpg
source

  • Rank = 29
  • Market cap = $7,547,565,174
  • Circulating supply = 71.66B TRX

Exchanging steem and TRX

  • Which exchange are you familiar with where both STEEM and TRX are listed?
    Binance exchange

  • Does it cost any fee for transacting STEEM and TRX?
    No, but however withdraw of this token from Binance cost 1trx for that of TRX and 0.01 steem for that of steem

  • How important is the use of Memo while transferring STEEM from Steemitwallet to an Exchange wallet?
    The memo is to indicate the wallet( user) on the exchange you want your steem token to be send to.

  • Do you essentially need a similar memo for transferring STEEM from Exchange wallet to your Steemit wallet?
    No, you don't need memo as your username stand as the wallet address you want to transfer to and it is only unique to one user on Steem.

What are the different ways to optimize mining rewards using TRX in Tron Ecosystem?

  1. Staking: staking of your TRX token to one a decentralized platform to support that cause hereby getting percentage returns in form of gain for holding your trx token.

  2. Liquidity provider: you provide liquidity in equal amount TRX and of the pair combination of the token LP to earn and gain by mining using the LP token.

  3. Lending: By give out your TRX and making available for other to lend you will gain interest for doing so.

All of this can be done on sun.io, Justswap and justlend.

Conclusion

Steem, steempower and sbd are all different from of currency gotten for steemit but all are as a result from payout of a quality content curated by others on steemit. Tron is a blockchain made out of curiosity of a faster and cheaper transaction on the cryptospace and all of the different form of token on the blockchain has relatively cheap transaction fee. Steem also has it's own blockchain which as no transaction fee but uses a memo for proper recognition which transacting with exchanges.

Coin Marketplace

STEEM 0.18
TRX 0.14
JST 0.029
BTC 58132.39
ETH 3138.08
USDT 1.00
SBD 2.44