Crypto Academy season4 Beginners course-Task 1:Tron Ecosystem by @ghiasahmad
Hello Dear Steemians,
I hope that you will be well with the blessings of Allah Almighty. I am very glad to join this homework task and I hope that you will like my work. I am very thankful to @sapwood who choose this subject.
So let's move to the task.
Entire Three Questions
(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?
(2) What are the different dApps in the Tron ecosystem are you familiar with? What are the uses of DeFi applications like Justswap, JustLend, and Sun.io? How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples.
(3) Perform a STEEM and TRX transfer(micro amount) to Poloniex exchange? What are the different markets available for TRX and STEEM to trade in Poloniex? Perform a small trade in either TRX or STEEM in Poloniex? What is the withdrawal fee if you withdraw TRX, STEEM, and TRC20 USDT in Poloniex? How cost-effective is TRC20 USDT as compared to ERC20 USDT? Make a comparison of TRC 20 USDT withdrawal fees with other major exchanges?
Questions that I chose for task
What are the different dApps in the Tron ecosystem are you familiar with?
What are the uses of DeFi applications like JustSwap, JustLend, and Sun.io?
How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples?
Question Number1. What are the different dApps in the Tron ecosystem are you familiar with?
Answer Question Number One
Firstly, I wanna tell you that what is Tron Ecosystem and what is dApp.
Tron Ecosystem
Tron is a robust blockchain that was designed and developed by Chinese American tech entrepreneur Juston Sun in 2017 and this is also a blockchain-based network. It was developed for the underlying infrastructure of decentralized applications with the lowest transaction fee with the highest transactions. It has a complete network for transactions so it is called the Tron ecosystem.
dApps
dApps are the apps that are used for decentralization. dApps stands for Decentralized applications are part of Tron Ecosystem These apps are used to execute transactions and mining.
I know some dApps of Tron and now I will explain according to my knowledge.
Steemit
Steemit collaborated with Tron on February 14, 2020. This platform was developed by Ned Scott and Dan Larimer in July 2016 and this is the most used blogging platform about cryptocurrencies and this is also a good teacher to trading about cryptocurrencies and is also well-known all over the world. Most users come on Steemit to learn about cryptocurrencies and also about Tron and this is also a blockchain-based blogging and social media website. With 12.38 million users Steemit is the most used platform.
Just lend
This is also a Tron-powered money market protocol aimed to establish fund pools and the rate of the fund pools is determined by a mathematical algorithm on the basis of supply and demand. Two characters play roles in the protocol, supplier, and borrowing. Now JustLend accepts loans to USDT, BTC, SUN, WIN, and many other digital currencies. This is a component of the Tron ecosystem and this is so useful for Tron transactions.
JustSwap
JustSwap is Tron based on protocol dApp with 6.34k users, 251.79M balance with the volume of 31.80M. JustSwap is Tron based exchange protocol for the exchange between TRC20 tokens and use for easy conversation between two TRC tokens based on the value of price. All the collective trading fee provides to the liquidity of the protocol rather than protocol own.
Forsage
Forsage is a smart contrast of crypto earning programs that anyone can do at home leisure and it is based on Ethereum cryptocurrency's feature that enables one to earn a long time residual income just referring it to other three people to ask them to do the same. This is a good and reliable platform and also so safe and trustable and this is also a part of the Tron ecosystem and this is on the top component.
Question No. 2. What are the uses of DeFi applications like JustSwap, JustLend, and Sun.io?
Answer Question Number Two
JustSwap
JustSwap is just an automated market maker that is similar to uni swap. JustSwap is based on the Tron blockchain and we can swap all the cryptocurrencies that are on the Tron blockchain by JustSwap.and basically it is primarily used for trading TRC20 tokens to swap easily.
On 24Hrs Statics
| Users | 6.42k |
|---|---|
| Volume | $33.10M |
| Balance | $#251.49M |
JustLend
This is the first Tron official lending platform where users can borrow, lend, deposit their assets, and earn interest. This is a Tron-powered money maker protocol platform. This is a useful platform for all Tron users and its aim is to establish fund pools and the rate of interest of these pools determined by an algorithm based on the supply and demand of Tron assent and this is so useful for all the users.
| List | Value |
|---|---|
| Balance | $214.85M |
| Users | 915 |
| Volume | 1.06M |
SUN
SUN is a platform connected to Tron Defi space and this is powered by Tron's dedicated power platform and this is similar to JustsSwap but different in concept. SUN executives earn money through staking and are awarded various privileges through the platform.
| Total Value Locked | $ 1,346,122,298 |
|---|---|
| Staked Value of Stablecoin Pools | $ 619,729,544 |
| Staked Value of Mining Pools | $ 726,392,754 |
Question Number 3. How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples?
Answer Question Number Three
First of all, I will connect sun.io to my Tronlink wallet. For this, I will install Tron wallet or I will add an extension to Tron link wallet to my web browser or search engine. I added Tronlink wallet to my browser extensions. Then I visited sun. oi official site where I connected the sun to my Tronlink wallet.
After linking to my Tron wallet I moved back to sun. oi.
Click on the pole(stake) and it will show you an interface where you can select a pole or pole and lock but if you just contribute, you can withdraw at any time you like but if you lock and hold, you will only be allowed to release the agreed time of 6 months, one year, two years, years three, or more and the closed period increases the maximum amount.
ARY staking is much lower than locking as shown above because a person can remove his or her property at any time without locking and users have locked goods and enjoy other voting rights.
Conclusion
I am very grateful to @sapwood for this interesting course that has a lot of knowledge and this so useful for me.