STEEM & TRON - STEEMIT CRYPTO ACADEMY SEASON 5 - HOMEWORK POST FOR TASK 2. | BY @frankness7
(2) 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?
Steem is a blockchain that is based on a social ecosystem of blogging which enables users to generate monetary value from creating and interacting with creators of valuable contents in various peer-to-peer communities that are systematically structured (in sectors) within the social space.
Steem being the base currency traded on exchanges, it has two other asset classes which one of them called Steam Blockchain Dollar (SBD, can be traded directly in other exchanges while the other asset class called Steem Power (SP), cannot be traded directly on exchanges. Steem dollar is a currency that is given for rewards from contents created by authors (people who publish blogs on steemit) and curators (people who upvote valuable contents) on the platform. Also, witnesses (people who contribute their computing power to the steem-blockchain) are rewarded with SP.
TRX, TRC10, TRC20 are tokens of the Tron blockchain which is developed to provide cost effective solutions to smart contracts thus rendering it widely acceptable for its good scalability and extremely low transaction fee. While Tron Request Comments (TRC10 and TRC20) are the two standards of Tron tokens, TRX is the native token of the Tron Blockchain. A difference between TRC10 and TRC20 tokens is that the former needs no Tron Virtual Machine for creation while the latter needs Virtual Tron Machine for creation.
Below are examples of the above Tron Blockchain Tokens;
| S/N | TRX | TRC10 | TRC20 |
|---|---|---|---|
| 1 | BitTorrent (BTT) | Diamond (LOVE) | WINK |
| 2 | Just (JST) | Free Coin (FREE) | Pyro Network |
| 3 | Pallapay (PALLA) | Peer Cash (PEER) | Vena |
| 4 | Prize Coin (PRZ) | Gram (GRAM) | Darwinia Network |
| 5 | Melo Token (MELO) | Beatz Coin(BTZC) | Centric Cash |
Below is a screenshot gotten from coinmarketcap.com source portraying the rank, market cap and circulating supply of STEEM and TRON respectively
The following are exchanges where both Steem and TRX are listed; (All exchange and pairs listed below were gotten from coinmarketcap.com source and designed by me @frankness7 on Corel Draw.
There is no fee or charges for transacting steem either from steem to steem power on the steem wallet. However, if I am to buy steem on an exchange and transfer to my my steem wallet address, I will be charged for gas fee. Also, if I am to transact TRX from my steem wallet to my Tron link wallet, I won’t be charged a fee but if I am to buy Tron from an exchange to be transferred to my Tron link wallet, I will be charged for gas fee. The beauty of it is that TRC network fees are very low compared to Ethereum (ERC) fees.
In transferring Steem from my steem wallet to my friend’s wallet, I may not necessarily need a memo except for a case or a reason to be significantly passing a message. However, in a case whereby I need to send it (Steem) to an exchange wallet, a memo is needed for identification purpose. When someone deposits after creating an account in an exchange, he/she is asked by the exchange to provide the specified address along with the memo. This is because, the exchanges run exchange nodes and thus, deposits and withdrawals are automated. Hence, the memo gives a means of identification for the exchange node because, it processes the details of the deposit.
If I am withdrawing steem from an exchange to my steem wallet, I need not provide a memo but if I am to transfer steem from one exchange to another, I need to provide the memo.
Being that TRX is the native token of the Tron Network, it has major leverage in decisive cases in the Tron system. For instance, if I am holding TRX, I can earn a premium by optimization through choosing a mining pool in Sun.io and by staking my liquidity pool tokens, I am able to mine SUN token this is also known as Supply Mining.
Other ways to optimize mining rewards using TRX includes;
As a holder of TRX, I have a voting right to vote the 27 Super Representatives in the Steemit Platform.
As a holder of TRON (TRX) with a minimum of 9999TRX, I can emerge as a qualified candidate for Super Representative. If I am elected, I will possess governance rights to receive o claim block rewards of 16TRX.
I have been able to understand STEEM and TRON structures individually and how they work effectively through the help of this self-explanatory lecture. I have started applying all I have I learnt and I am open to showing how it works to newbies and whoever is interested in knowing about these two blockchain ecosystems.