CRYPTO ACADEMY SEASON3 WEEK1 ASSIGNMENT POST FOR @yousafharoonkhan by @jimah1k

THIS WAS DESIGNED BY ME

Hello guys

It’s another seasons of steemit’s crypto academy, this weeks lecture happens to be the first on season 3 of steemit’s crypto academy. I must commend the steemit team for organizing or setting up the crypto academy ever since I joined it has exposed me to the crypto world and how it works. This week’s lecture was all about

Trust wallet, Binance smart chain and how to swap and stake cake coin on decentralized pancake swap exchange with trust wallet.

After reading the lecture notes and doing my own research I hereby present my assignment post for this week’s homework task.

QUESTION 1

WHAT IS A TRUST WALLET? HOW TO FIND AND INSTALL IT FROM GOOGLE PLAY STORE TO MOBILE PHONE? HOW TO CREATE A NEW WALLET ON TRUST WALLET? EXPLAIN DETAILS OF EACH STEP WITH HELP OF SCREENSHOTS.

TRUST WALLET

What is a trust wallet? a trust wallet is a purely decentralized crypto wallet which was developed by Viktor Radchenko in the November 2017, one year later in the year 2018 binance bought trust wallet making them their wallet. The main aim of trust wallet is to make every user or trader to have easy access to cryptocurrencies since its decentralized the user or trader has total control over his or her wallet. Trust wallet can hold up to 160 thousand assets some of them are BNB, ETHEREUM, RIPPLE, LIGHT COIN, BITCOIN, TRON and many more. Trust wallet allows the user to send and receive assets using his unique address.

FEATURES OF TRUST WALLET

Trust wallet has so many features that makes it very different from other wallets lets take a look some features

Firstly, Trust wallet is not only limited to some cryptocurrencies it contains almost every cryptocurrency you can think of the terminology for this is called multi coin function, with this feature the user has a lot crypto currencies to trade with as i mentioned earlier trust wallet contains about 160k cryptocurrencies and also the user can also swap or exchange some cryptocurrencies for the other an example is AERGO/BNB meaning you are exchanging BNB for AERGO unlike some other wallets that have limited cryptocurrencies to trade with.

Secondly, when developing trust wallet security of the users was key. so when a user downloads and creates an account on trust wallet the user is given a private key that only the user has access to incase you forget your password you can still access the wallet with that private key which was given to you. so it is very advisable to store the private key somewhere safe

Thirdly, another important feature is with trust wallet you can easily track your asset to know whether the asset is going bullish or bearish unlike some wallets trust wallet provides this features for its users.

ADVANTAGES OF USING TRUST WALLET

• The user is given total control of his account since its decentralized in nature.
• It contains over 160k cryptocurrencies given the user the ability to trade with a lot of assets
• When you are signing up with Trust wallet little personal information is required.
• Trust wallet allows users to access DApps.

HOW TO INSTALL TRUST WALLET FROM APPLE PLAY STORE TO MOBILE PHONE

In this part I will be explaining in simple steps on how to install it on your phone incase you are using an android phone you can use this LINK and follow my steps. use this LINK for apple phones

STEPS

• After clicking on the link I provided you will directed to the app make sure you download the app like i have done below

• Open the downloaded app and click on create new account

• make sure you tick the empty box below so that you will be given a 12 words which will allow you to recover your account incase you forget your password. click on continue after ticking on the empty box.

• make sure you write the 12 words given and store it in a secure place its unfortunate i can't screenshot it for you to see.
• now the words would be randomly scrambled and you would be asked to arrange them like how they will given to you.

• Your wallet has been successfully created.

QUESTION 2

WHAT IS BINANCE SMART CHAIN(BSC)? HOW TO ADD ITS EXTENSION APPLICATION IN GOOGLE CHROME? HOW TO CREATE A NEW WALLET ON BSC? EXPLAIN THE DETAILS OF EACH STEP WITH THE HELP OF SCREENSHOTS.

BINANCE SMART CHAIN

Binance smart chain i would say is a decentralized blockchain that runs similarly to binance chain which was developed a year after binance introduced binance smart chain that was in 2019 the main aim of the introduction of binance smart chain was to help users to have the stage or platform to create DApps, binanace smart chain runs on the proof of stake consensus algorithm. Transactions on BSC are executed at a very high speed with low transaction cost it can also handle
an average of 1250000 transactions every day.

HOW TO ADD ITS EXTENSION APPLICATION IN GOOGLE CHROME

• first of all use this LINKto the navigate to chrome web store

• Search 'Binance smart chain' on the search button, after searching click on it.

• click on add to chrome

• you can see that it has successfully been added.

HOW TO CREATE A NEW WALLET ON BSC

• Now after adding BSC extension on google chrome click on the extension to lunch BSC

• Click on create new wallet

• select your preferred method whether speed phrase or google.

• Enter your password make sure its strong and must contain a number, a capital letter and a symbol and click on continue

• account successfully created.

QUESTION 3

HOW TO DEPOSIT ANY BNB (BEP20) COIN FROM THE BINANCE EXCHANGE TO TRUST WALLET OR BINANCE SMART CHAIN? HOW TO LINK THE TRUST WALLET TO THE BINANCE SMART CHAIN? EXPLAIN THE DETAOLS OF EACH STEP WITH THE HELP OF SCREENSHOTS(TRANSACTIONS SOULD BE CONFIRMED)

To answer this question i will be transferring TRX from my binanace exchange to my trust wallet

• Before you begin open your trust wallet and copy your TRX deposit address.

• After copying it open your binanace exchange and click on wallet.

• click on TRX

• Paste the address you copied from the trust wallet in the appropriate space provided below and click on withdraw

• confirm your order by verifying your details.

• click on confirm

• withdrawal confirmed from binanace and also received on my trust wallet transaction fee was 1 TRX.

HOW TO LINK TRUST WALLET TO BINANCE SMART CHAIN

• Open your Trust wallet and click on settings

• click on the plus(+) sign on top.

• select i already have a wallet and select smart chain

• enter your private key of your BSC and select import

• your wallet has been successfully imported.

Below is a screenshot of both the trust wallet and BSC wallet show that they have been linked

QUESTION 4

WHAT IS PANCAKE SWAP EXCHANGE? HOW TO LINK PANCAKESWAP EXCHANGE WITH TRUST WALLET OR BSC? EXPLAIN THE DETAILS OF EACH STEP WITH THE HELP OF SCREENSHOTS.

Pancakeswap is a exchange platform which is purely decentralized which was lunched in September 2020 which uses AMM which is an acronym which stands for automated market marker the AMM allows the user to trade or sell his digital asset the main aim of the establishment of this platform is to help or aid users to be able to exchange tokens or swapping. this platform runs on binance smart chain and uses BEP-20 tokens with pancakeswap the user can stake his or her tokens to earn rewards. transaction fees in pancakeswap are lower as compared to BTC and ETH. Pancakeswap is compatible with trust wallet BSC and also metamask

HOW TO LINK PANCAKESWAP EXCHANGE WITH TRUST WALLET OR BSC

For this task i will be linking pancakeswap to my BSC wallet.

• On your web browser copy and paste this LINK and search

• once you have pasted the link your browser it will lead you to pancakeswap where you will connect to your BSC.

• Click on 'connect' and select Binance smart chain.

• click on connect

• you can see that it has connected successfully

QUESTION 5

HOW TO SWAP AND STAKE CAKE COIN ON DECENTRALIZED PANCAKE SWAP EXCHANGE WITH TRUST WALLET OR BSC? EXPLAIN THE DETAILS OF EACH STEP WITH THE HELP OF SCREENSHOTS(TRANSACTION MUST BE CONFIRMED)

HOW TO SWAP CAKE COIN

• First open your pancakeswap make sure its connected to your BSC wallet.

• Click on trade and select exchange

• i will be swapping TRX for cake click on the search address and search TRX

• Click on import TRX make sure you tick the empty box.

• Enter the amount of TRX you wish to swap i choose 10TRX and click on swap.

• click on confirm swap.

• make sure you confirm transaction from your BSC wallet

• transaction submitted successfully

HOW TO STAKE CAKE

• Open your pancakeswap and make sure you are connected to your BSC wallet and click on pools

• you can either manually stake your cake or auto i choose auto and select enable

• confirm on your BSC wallet

• click on stake you can choose not to stake all and confirm

• stake successful

All transactions on my BSC wallet can be verified with my address 0x1e72e282C20E3982875B4c8EE5f26CFDFb96aC3A.

CONCLUSION

I must say this lecture has made me gain valuable information on how to swap and also the binance smart chain, and the trust wallet i observed that transaction fees are very low on the BSC, i must commend our lecture @yousafharoonkhan for a wonderful job done thank you.