Crypto Academy Season 3 Beginners' course - Task 1: STEEM & TRON || HOMEWORK POST FOR @sapwood
Am guessing it'll be so amazing to starting participating in Different assignments, actually I was working on my requirements to start writing crypto assignments and am grateful that all the requirements have been met by me.
Task
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?
Looking at the above Questions it's quite obvious that's it's really a test of brain.
Without wasting much time, I'll quickly provide the necessary answers to the above questions.
SP, STEEM and SBD are terms everyone in the steemit platform is supposed to be familiar with.
But, I'll still explain them for better understanding of this task.
Before I answer the above Question, I want to explain steemit first.
Steemit is a crypto base blogging site that was launched in the year 2016, that allows you create a plagiarism free Content, and get rewarded for it. Steemit makes use of some terms like SP, STEEM, SBD and TRON which are all rewards gotten from posting a nice Content.
SP stands for Steem power.
Steem Power is a native currency in the platform that cannot be traded directly. It's also a token in steemit that gives you power to control activities in steemit like voting a post, and making a post.
The amount of SP you have, determines the rate at which you can vote a post.
In understanding SP, two terms comes into play which are power up and power down.
Power up is the process of converting steem to steem power where as power down transfer the SP back to steem.
After powering down, it takes seven days to access the steem.
STEEM which is a base liquid currency token is considered one of the most important currency in the world of steemit. Steem token is another token we get rewarded with by our fellow steemians for making amazing posts in the platform. It's that token we use in powering up to SP, therefore, I can say that steem influences SP because without steem, there's no SP.
Apart from powering up steem to steem power, steem can also be traded for Steem Dollars, or transferred to other accounts.
SBD stands for steem dollar, An SBD holds more value than steem in the steemit platform.
SBD along side steem and SP are tokens gotten from publishing a post.
An SBD can be converted into steem and back to SBD by selling it in the steem market.
It's worth noting that rewards in steemit comes in ratio 1:1 which means that 50% of your post payout is converted to SBD and the other 50% is converted to STEEM.
TRX, TRC10, TRC20 tokens are another set of related terms in the steemit platform.
Source
TRX is a short way of writing tron.
Tron is a cryptocurrency that was founded in the year 2017 by singapore non-profit oorganization and was introduced into the steemit platform in year the 2020 as another type of reward earned for publishing a nice Content.
It uses both blockchain and peer-to-peer (P2P) network technology features to eradicate middleman therefore allowing content creators to sell their work directly to consumers.
TRC10 stands for TRON REQUEST COMMENTS which is a technical token standard that is supported by the TRON blockchain with the help of a tron visual machine.
Below are few features of the TRC10
The movement of TRON’s mainnet launch from the ethereum blockchain to its own blockchain network brought it into existence.
The TRC10 is charge free when used for an ICO project.
A user needs a minimum of 1024 TRX in his or her wallet in other to get a TRC10 token.
Source
TRC20 is another technical token standard that's also supported by the TRON blockchain. It was made with a smart contract that's to say that it needs a virtual machine for use.
TRC20 follows a series of implementation to enable it swap, transfer, share token and be supported by digital wallets.
This implementations are 9 in number. 6 necessary and 3 by choice.
The second question centers on exploring CoinMarketCap but before I do it, let me explain what CoinMarketCap is.
CoinMarketCap is one of the world's most used price-tracking website majorly for cryptoassets like bitcoin, ethereum, steem, tron etc, probably for noting the changes in crypto market.
It's main aim is to make crypto know to all traders be it beginners or masters in crypto market.
Using the above screenshot, we can say steem is ranked 184, with a CoinMarketCap of $224,397,906 and circulating supply of 387,615,001.42 steem in the coin market.
Its' selling price is $0.5789 at the moment.
Using the information provided by CoinMarketCap, tron is currently ranked 26, with a CoinMarketCap of $6,343,529,960 and a circulating supply of 71.66B TRX in the coin market.
Its' selling price is $0.08859 at the moment.
STEEM and TRX are used in Different exchange markets like binance, bitterex, huobi etc but am familiar with binance.
Binance which was founded by changpeng zhao in 2017 is a cryptocurrency exchange market which provides the necessary platform for trading various cryptocurrencies.
Steem and tron uses a proof of stake protocol in the binance platform.
Proof of stake protocol is a situation where a small number of witnesses are voted accordingly to the number of tokens in their individual wallets and used to secure their network.
When it comes to Transacting steem and trons, I don't actually think there's any cost attached because in steem, it's either you transfer it, power it up, power down or convert it to SBD and the above transactions doesn't cost the user.
When it comes to tron, you can sell or buy using your tron address, and that mean the buyer pays for the trons he or she is receiving.
Memo plays a very vital role when it comes to transferring STEEM from steemit wallet to other exchange wallet.
When transferring steem, your address and memo is required because it tells if truly you're the one performing the Transaction or not.
This memo key also helps to identify your wallet which make it impossible to make a transaction without it.
The answer to the above question is NO.
A memo is not needed to transfer steem from an exchange wallet to a steemit wallet.
Well, the assignment is very easy because it's self explanatory, and it uses familiar terms.
All thanks is given to @sapwood for the amazing explanation given in this lesson.
And thanks too for everyone who devoted his or her time to read through my work.