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

in SteemitCryptoAcademy3 years ago (edited)

Homework Task-1

What is TronLink and what is Tronscan? What are its uses? How do you verify a transaction status(including timestamp, resource consumption(bandwidth & energy), nos of confirmations) using Tronscan-- Examples, Screenshot? What are the different dApps can you explore using the TronLink wallet? Make a transaction(a micro-transaction) with Justswap or JustLend using TronLink wallet?Screenshot?

What is TronLink and what is Tronscan?**

  • What are its uses?

Brief Introduction of the Tron Blockchain

The Tron Blockchain was launched in June 2018 by Justin Sun to power decentralized applications and create a protocol that could decentralize the internet and is run by its native token - TRX. Tron is a crypto ecosystem that supports a smart contract platform for powering decentralized applications.


Tron link


TronLink is the first and most popular Tron wallet backed by the Tron foundation. It routes Tron Dapps to the Tron Blockchain. It serves as a bridge sending data between Tron integrated Dapps and the Tron ecosystem.

Tron link is the official Tron wallet often installed as a browser's extension. Though TronLink is Tron's wallet, it's not limited to being just a desktop wallet in terms of functionality as it offers a concise, yet elaborate developer API for Tron application. Its main function is to Send and receive TRX, TRC10, and TRC20 tokens; Integrate smart contract calls (AMMs) on developers’ sites; Use Dapps within the browser such as SUN, ZK Wrapper, JustSwap, and JustLend e.t.c.
Tron Link has functionalities such as freezing/unfreezing, serving as a virtual lab for developers, voting (a radical inclusion in the terrain of blockchain wallets). Finally, it can be said that smart contract is a major feature of most Tron Dapps, and Tronlink has ensured that these contracts are made possible and easy by providing a secure API for the signing and broadcasting of transactions on the blockchain. Below is the Tronlink cover image.

Tron link cover.png


Tron Scan


Tronscan is the transaction search engine or explorer of the Tron-based Blockchain. It allows users to search or lookup, confirm and validate transactions. Tronscan is the all-seeing eye of the Tron network. This is so because it reveals details of transactions performed on any TronLink Dapp. It serves the following functions:

  1. To search for information on blocks - genesis or current block, the byte size of the block, and block height
  2. To explore transaction details such as receiver and sender address and amount of Tronix transferred
  3. To search for hash and production time
  4. Sort transactions by searching a specific hash
  5. To search for statistical variables surrounding the Trx such as figures of TRX holders, amount of Trx transferred at a particular time, and certain Trx trends.
  6. To search for information on all tokens, including their name, total supply, the total amount issued, and the registration date.

It is exciting to note that Tronscan can be used to search out the IP address and hostname of transactions (block height) alongside the date and time of the transaction.
Yet another feature of the Tronscan is Block Live. Block Live is a special feature of Tronscan, with which users can check the real-time transaction records, votes, token issuance and participation, and nodes. We can also use filters to view only our desired contents.

How do you verify a transaction status(including timestamp, resource consumption(bandwidth & energy), nos of confirmations) using Tronscan-- Examples, Screenshot?

I sent 10 Trx from my Tronlink wallet to my Poloniex account. To check the details of the transaction, I entered the transaction hash on Tronscan explorer. Below is the information provided by the explorer.

major 1.png

major half (2).png

What are the different dApps you can explore using the TronLink wallet?

The Tron link wallet is your visa to the various offshoots of the vast Tron network. With the TronLink wallet, One can definitely explore as many Dapps as are existent in the Tron network. For this content, I would be explaining four of these Tron Dapps -Justswap, Justlend, Rocket Game Launcher, and Sun.io, while providing an exhaustive image that shows most, if not all existing Tron Dapps one could explore.


JustSwap


JustSwap is supported by the TronLink wallet. JustSwap is an exchange protocol on Tron that allows users to exchange Trx and TRC20 tokens. The exchange is dependent on the price of the tokens. The pricing system here makes no use of an updated workbook but rather it is automatic. Tokens are easily swapped here because liquidity scarcely affects the market. This is a feature made possible because it adopts AMM (Automated money maker) model. In the traditional crypto P2P market, liquidity is a major factor that affects exchange because it deals with a transaction between two clients, hence an increase or shortage of buyers and sellers would affect the spread (difference between the bid and ask price). Such liquidity has proved disastrous to investors in the recent past.

How does JustSwap address this issue? It does so by creating what is called the liquidity pool. The liquidity pool benefits both the trade and the investor. The liquidity pool is a provision of an equivalent amount of tokens on both sides of the exchange by investors i.e for every 1000x bid token, there is an equivalent of 1000y ask tokens. What this ensures is that the trader no longer has to depend on the availability of another trader on the other end of the trade, but rather the trader is trading against an already provided stack of tokens. The investor (one that supplies the pool) is rewarded from the 0.3% transaction fee traders pay. This supply pool can be likened to the fixed deposit by customers in the traditional banking system that is sometimes used to run the bank, and afterward rewarded with interests depending on the amount deposited.


JustLend


Justlend is a Tron-supported money market protocol that enables supplying to and borrowing from the liquidity pool. It was officially launched on December 7, 2020. Here we have borrowers and lenders. The lender is the investor who receives Jtokens( a form of debt instrument) for supplying to the liquidity pool while the borrower uses the jtokens (as a form of collateral) to borrow available and desired assets on the platform by depositing any accepted token. Here, borrowers pay the floating interest rate while suppliers receive the floating interest after every mined block (3 seconds).

Just like Justwap, Justlend uses the smart contract model, where people transact against an existing liquidity pool stack, as opposed to p2p transactions where illiquidity is a limiting factor. The use of Jtokens ensures there are accountable and transparent transactions between borrowers and lenders. This explains why a borrower cannot access their jtokens until after repaying the borrowed asset and why collateral value must always be greater than loan value and accumulated interest put together.

Advantages of Justlend over peer to peer borrowing platforms

  • It is a more transparent lending environment
  • Higher liquidity
  • Quick response and low fees
  • Tokens from the Tron family can be used as collateral for higher rewards

Rocket Game Launcher


It is the first Tron Dapp with the functionality of player vs player games. Some of the games it offers are *Monopoly dice, Fruit, Machine, mines, Hi-lo, Ring, and Keno e.t.c. These games can be accessed once the user has a verified Tron link wallet. It supports mining and betting and also offers dividends and content rewards to the players. Rocket game is said to have over 9000 users and have sen over 14 million transactions with a transaction volume of over 175, 515, 690.71 USD so far. Click on the link provided in the image below and be lost in the world of exciting games on the Rocket game launcher

( src

Sun.io


Sun.io, a Tron-supported Dapp is another segment of the larger ecosystem of the Tron decentralized projects. Sun is driven and was developed by the Sun community. Like other Tron Dapps, it utilizes the smart contract model for its mining. Staking is done using the TRX token and any approved TRC20 tokens. There are two ways to mine sun which are genesis mining and regular mining.

  • Genesis Mining:
    Genesis mining was operational during the early days of the Sun.io network when the first sunblocks were mined. It elapsed on September 16, 2020.
  • Regular mining:
    This is the normal mining procedure on Sun. Here miners stake supported cryptocurrencies and even stable coins such as Trx (Tronix), Tether (USDT), Sun (Sun.io native coin), Wink (WIN), and Bit Torrent token, etc in exchange for rewards.
    Regular mining exists in pools: TRC20, Trx, and liquidity mining pools e.t.c. To start the SUN mining process, users must have an active TronLink wallet and Tron (TRX) which they must allocate for mining.


Make a transaction(a micro-transaction) with Justswap or JustLend using TronLink wallet?Screenshot?

  • Step 1 - Using the provided link, I navigated to https://justswap.org/#/home
  • Step 2 - I had to first connect my wallet to Justwap because this is my first time performing a swap

just swap connect to wallet.png

  • Step 3 - After connecting to my Tronlink wallet, I proceeded to swap 10TRX for 0.929094 USDT

justswap transaction (2).png

Upon completion of the swap, the image below came up to show swap was completed.

swap completed (3).png


Concluding Remarks


Tron is a very unique and vast network with so many possibilities. The integration of Tron network into steem blockchain is an activation of unlimited opportunities for steem users as long as they know to take advantage of the TronLink wallet. Thanks to Justin Sun for making Tron a reality.
Thanks prof @sapwood for the knowledge this course holds.

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