Crypto Academy Season 3 Beginners course - Task 1 : STEEM & TRON Lectured by @sapwood || Geared Up - First Home-work

Hey Steemians,

Good Evening everyone,

Greeting to #steemitcrytoacademy -the most active community.

I'm @hdnakum. First of all, I would like to thank @sapwood for his amazing work and his lecture. He has explained the Steem and Tron Blockchain very nicely with amazing Graphics. Today, I have just geared up after a lot of procrastination to finish my first homework anyhow lectured by @sapwood about Steem and Tron Blockchain. Hope you will enjoy it. In the First homework, there are three questions asked by @sapwood to write answers of any one. I will try my best to write the answer to the second question by breaking it into smaller questions. This is going to be my first post into #steemitcrytoacademy.

MAIN 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?

Breaking the above Question as below and answering them.

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Question 1

Explain the difference between (SP, STEEM, SBD) & (TRX, TRC10, TRC20 tokens)

1) STEEM BLOCKCHAIN

First of all, let's talk about steem blockchain. As the Bitcoin blockchain has its own native token BTC, steem blockchain has a base currency STEEM. Wait, then what is the Steem power (SP) and Steem Backed Dollar (SBD)? Well, Steem is the Native token of the Steem blockchain and SP and SBD are derived their value from the steem token value. Steem is listed on whooping 31 exchanges so far and therefore can be considered as a liquid currency of the platform because one can buy, sell and transfer it almost instantly on any exchanges.

I. STEEM
As per the whitepaper of Steem blockchain Visit, Steem is the fundamental currency of Steem blockchain and the value of SP and SBD is solely dependent on the Steem token. The number of steem being minted per block, at the time of writing this blog, is 2.88 and the current inflation rate is 7.50%. The newly minted Steem goes to the reward pool and is stored there. In the year 2037, only 0.78 Steem will be generated per block mining with an inflation rate of only 0.95%. The reward pool distribution is shown below. Today, on 2nd Sept 2021, the Mining of one block generates 2.88 Steem which is distributed to Content Creators & Curators (65%), Witnesses (10%), SP Holders (15%), and Steem DAO (10%).

II. STEEM POWER (SP)
On a steemit platform, Steem power is nothing but a steem locked for a certain period of time. Earlier there was a 13 week locking period but now it is reduced to just four weeks. Steem Power (SP) holders are paid 15% of the yearly inflation from the reward pool. As SBD and steem, SP can not be traded or transferred to anyone. If you want to liquidate your Steem power, then you must need to power down (the process of converting Non-tradable steem power (SP) to tradable Steem Token) your steem power into steem token first. Once you hit the power down button, 1/4 amount of steem power will be deposited in your steemit wallet as a Steem token each week. The main goal of the Steemit foundation was to look at it as a long term plan and that's why they come with the idea of locking up your steem as steem power which will indirectly help the steem ecosystem to sustain itself in the bear market (panic sell) as well.

III. STEEM BACKED DOLLAR (SBD)

Steem Backed Dollar, knows as SBD, in short, was created for the purpose of bringing stability to the Steem blockchain ecosystem, The price of the SBD is pegged with the 1 USD in the steem economy and Steem Blockchain always reads 1 SBD= 1 USD. But being a tradable token (listed on Bittrex and Upbit), SBD is now trading at $8.14. On the Steemit platform, the Content creator gets thier payout (rewards) in a combination of SBD/SP (50:50%) or in a form of the only SP.

2) TRON BLOCKCHAIN

Before Dec 2020, we, steemians, had nothing to do with Tron blockchain but after that strategic partnership of Steem with Tron Blockchain occurred, and eventually, partnership integration goes live enabling users to earn TRX (Tron blockchain's native token) in a ratio of 1 TRX: 1 SP for the social activities performed in Steem Blockchain. Same as Steem blockchain, Tron works on delegated proof of stake (DPoS) consensus mechanism. Steem blockchain has 20+1 witnesses whereas Tron has 27 Super representatives(SRs) to produce blocks. Same as Steem, SRs are elected by voting which enables them to secure and maintain the network. Tron blockchain can handle more than 2000 (Takes only 3 seconds) transactions per second on any kind of platform.

I. TRONIX (TRX)
TRX stands for Tronix, which is the governing cryptocurrency of the TRON blockchain. From Dec 2020 onwards, Tron foundation is rewarding TRX in proportion to SP earning to the content creator and curator. Tron Power (TP) can be used to elect super representatives, as steem witnesses on the Steem blockchain are elected by SP holders, who manage the Tron blockchain. One more thing is Staking the TRX coins can earn you TRON Power (TP) which is used to elect Super Representatives (SRs).

II. TRC10
TRC10 token is made on by its own network and is mostly available on the TRON mainnet. This TRC10 token does not depend on the TRON virtual machine. and it is compatible with almost all the crypto wallets that exist so far which makes it easy for investors and traders to use these tokens. One more positive thing is TRC10 tokens are free to use in most cases.

III. TRC20
TRC20 is based on the implementation of smart contracts (short of ethereum killer) using the Tron blockchain to create TRC20 tokens. TRC20 is the most famous among crypto enthusiasts because it helps users to facilitate fast, secure and trouble-free transactions. To create a TRC20 token, one must need TRON virtual machine (TVM). TRC20 tokens have a high energy level & bandwidth with smart contract capacity compared to TRC10 tokens.

Question 2

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?

I. WHAT IS COINMARKETCAP?
Coinmarketcap.com is the website that keeps its eye on the Cryptocurrency market. On its home page, you can see the global cryptocurrency market cap ($2.24 Now on 02.09.2021) below its main menu. You can also check what's trending now. Moreover, you can check every detail such as on what exchange the coin is listed so far, market cap, rank, and price of any cryptocurrency by searching at the right upper corner.

II. PRICE, RANK, MARKETCAP AND CIRCULATING SUPPLY OF STEEM AND TRON

The Steem price today is $0.6105 USD. The current CoinMarketCap ranking is #185, with a market cap of $236,529,035 USD. It has a circulating supply of 387,717,517,47 STEEM coins. The All-time high of the steem coin was around $8 on 03.01.2018. after that the market crashed badly and then steem never recovered that much. but steem is a growing blockchain and much more positive news is coming on its way.

The Tron price today is $0.09768 USD. The current CoinMarketCap ranking is #25, with a market cap of $7,036,172,955 USD. It has a circulating supply of 71.66B Tron coins. The All-time high of the Tron coin was around $0.22 on 05.01.2018. in the bull market run and then Tron crashed 20x to 0.010 and now recovering quite well.

Summary of the Steem and Tron Coins

DETAIL	STEEM	TRON
DATE & TIME	02.09.2021, 2023 HRS	02.09.2021, 2023 HRS
SYMBOL	STEEM	TRX
PRICE	$0.6105	$0.09768
RANK	185	25
MARKET CAP	$236,529,035	$7,036,172,955
CIRCULATING SUPPLY	387,717,513.47 (0.387B)	71.66B

Question 3

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

Steem and Tron coins are very much old and that's why listed on most of the well-known exchanges. As per coinmarketcap, the steem and Tron are listed in almost every exchange.

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STEEM	TRON
Binance, Bithumb, Huobi Global, Gate.io, Poloniex, Bittrex, ProBi Global, WazirX, Upbit, CoinCDX, Bitvavo, MEXC, BiONE, RuDEX, PIoneX, VCC exchange	Binance, Bithumb, Huobi Global, Gate.io, Poloniex, Kraken, Kucoin, FTX, Bittrex, Liquid, OkEx, eToroX, Phemex, Botfinex, WazirX, Indodex, ZB.COM, Pancakeswap

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Out of all exchanges, I'm familiar with Binance, Gate.io, WazirX, FTX, Bitmart, and HuboiPro. Steem and Tron are listed in all the exchanges except Bitmart and FTX yet did not list steem coins so far. Out of all exchanges, I prefer using Binance every day and newly Solana based FTX is my favourite.

Question 4

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?

As all the exchange have their account on the steem blockchain, transactions from one exchange to another exchange or to the steemit wallet is absolutely free and fast. Moreover, transactions from one to another steemit id is also fast and absolutely free provided you are having enough resources credit (steem power) in your steemit account.

In the case of a Tron transaction, same as steem, it does not cost you a penny for the simple transaction from one exchange to another exchange or to your Tron wallet. However, there are two types of transaction one is transacting TRC10 which only require some of your bandwidth. Remember, bandwidth is refilled by itself for your Tron account in 24 hrs. In the case of Transacting TRC20 tokens, you will need bandwidth and energy (obtained by Staking TRX in a wallet). If energy goes to zero, you have to pay TRX equivalent to the energy taken by a particular transaction.

When you transfer steem from steemit wallet to any exchange it will require a memo string which will be used to transfer from steemit wallet to any exchange because exchanges run Exchange nodes and the deposit and withdrawal are automated always.

The Memo is like an identifier ID for the Exchange node and based on that it processes the deposit -@sapwood

The memo will also be used when you are transferring your steem from one exchange to another exchange. however, transfer from any exchange/steemit id to another steemit wallet does not require any kind of memo, however, you can specify any message in the memo -for the sake of remembering why you have transferred.

Conclusion

All and above, we have learned about Steem blockchain (Steem, SBD and SP) and Tron Blockchain (TRX, TRC10, and TRC20) from the homework created by @sapwood. Moreover, we have also learned about how to use the Coinmarketcap website and whether the memo is required or not for particular transactions. That's all guys, I think reading a lecture about Steem and Tron given by @sapwood was absolute fun. I have learned a lot today. Thank you @sapwood for creating this lecture.

^{All images used above are originally made by @hdnakum using Canva and Adobe illustrator. ©2021 @hdnakum All Rights Reserved}