Crypto Academy: Season 3|| Introduction Task 1 for Sapwood- STEEM and TRON
Hello, am delighted to witness the season 3 of the crypto academy, I must say the lecture by prof @sapwood was a masterclass as it was explained in simple language for all to comprehend. After going through the lecture I will like to make a submission on the assignment 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?
Explain the difference between [SP, STEEM, SBD] & [TRX, TRC10, TRC20 tokens](with examples)?
STEEM
Steemit community is an embodiment of [SP, STEEM and SBD] which rewards its users in steem and SBD.
STEEM is a native crypto currency of steemit and it is currently valued at $0.2197. Users of steemit trades their rewards from SBD to steem on the platform to enable them power Up and it can as well be transacted to an exchange for cash.
Steem Power/SP
Steem power is an essential part of every steemian as it is the path through which one rises above the ranks on the steemit platform and its basically the influence power. A higher steem power means that one gets a higher influence. With steem power one is able to delegate to communities and as well vote on posts.
SBD
SBD also known as steem Dollars is another cryptocurrency which is also part of the steemit platform. Steemians are rewarded in SBD and as most exchange don’t list SBD as part of their listed currencies the SBD is traded for Steem rather with which they can power up with it and as well trade it for cash.
TRX
TRX is the cryptocurrency of the TRON blockchain platform which seeks to offer cost-effective solution smart contracts where users can create dApps. Tron Blockchain uses the Delegated Proof-of-Stake as its consensus mechanism where stake holders of the cryptocurrency can delegate to validate on behalf of all nodes on the network.
TRC-10: Is a token standard that is unique to the TRON blockchain and does not support TRON Virtual Machine. TRC-10 transfers consume Bandwidth only.
TRC-20: Is a technical standard for smart contracts on the TRON blockchain that use the TRON Virtual Machine to implement tokens (TVM). TRC-20 Transfers consumes Bandwidth and Energy.
Explore Coinmarketcap.com to indicate the rank, coinmarketcap, and circulating supply of STEEM and TRX?
From Coinmarketcap.com
STEEM
| Name | Values |
|---|---|
| Rank | #271 |
| Circulating Supply | 392,521,536,.49 Steem |
| Market Cap | $86,233,350 |
| Current Price | $0.2197 |
TRON
| Name | Values |
|---|---|
| Rank | #25 |
| Circulating Supply | 71,659,657,369TRX (71.66B TRX) |
| Market Capitalization | $3,732,053,530 |
| Current Price | $0.05213 |
Which exchange are you familiar with where both STEEM and TRX are listed?
I am familiar with Binance exchange and I use on daily basis and Yes STEEM and TRX are all listed on the binance exchange.
steem enlistment on binance exchange
TRON enlistment on binance exchange
Does it cost any fee for transacting STEEM and TRX?
Well it cost a fee of 0.01 steem as a transaction fee on binance for transacting steem and 0 fees for transacting TRX.
steem transaction fees
Tron transaction
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?
It is extremely important to use a Memo while transferring steem from steemitwallet to an exchange account because user of a particular exchange is assignment with a unique memo on the platform by so doing when one wants to transfer STEEM from steemitwallet you are required to use the memo that was given to you by the exchange platform as it is ur unique identifier to your exchange wallet, when one does not use that memo, it will result in the loss of one’s steem which is can not be refunded and it is as well to use the right memo assigned to you, in the event of wrong memo, you will still loss your steem.
steem address and memo
On the other hand, it is not necessary that you use a memo to transfer steem from one’s exchange account to steemit but rather what is required for you to use is the address name which is the most important element at this part and failure to use the right name tag will result in the loss of one’s steem.
CONCLUSION
To conclude with STEEM has come to stay and everyone should embrace it whole heartedly and with the issue of loss of STEEM during Transfer much care should be taken to avoid such happenings.
CC:
@sapwood