Steemit Crypto Academy Season 4 Beginners' course - Homework Post for Task 1: Tron Ecosystem

in SteemitCryptoAcademy3 years ago

INTRODUCTION

Greetings everyone am here once again to cryptoacademy to write about Tron Ecosystem which was written by @sapwood and I really have to be careful and give respect to the question being asked without skipping anyone and I have gone through it and read and understand what Tron system is all about and me answering the questions very well and understandable shows I really do understand what Tron system is all about.

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{A} What are the different dApps in the Tron ecosystem are you familiar with?

{B} What are the uses of DeFi applications like Justswap, JustLend, and Sun.io?

{C} How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples?.

Tron Ecosystem

When we talk about Tron Ecosystem it simply means a hearty block chain ecosystem which is outlined by the blockchain builders in the world. In Tron ecosystem there is various types of brands engaged involving wallet chain, public chain and decentralized application. Tron chain is a subsidiarity network which function like core of Tron ecosystem and it was launched in the year 2018 and it is said that Tron chain is actually is well secured and dependable network as of now and it provides sureness to its users and you can probably put into position decentralized applications making use of ecosystem and the procedures required.

DAPP

Decentralized application or program is a software which works on distributed network or a electronic programs which runs on blockchain which consort rather than being ruled by an organization.

DApps In The Tron Ecosystem

Here is the list of some of the Dapps in the Tron ecosystem I'm familiar with.

Poloni Dex

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Poloniex is said to be a cryptocurrency exchange which permit buying and selling of digital assets like Etherum (ETH), Bitcoin (BTC) Tron(TRX) and so on, its a decentralized exchange which is base on tron network and was acquired by cryptocurrency exchange poloniex.

JustSwap

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Justswap is a decentralized trading guidelines electronic funds provision and a financial market which is base on Tron.

Socialswap

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Socialswap is a decentralized application which is exchanged on Tron network with easy token staking options and it was launched in the month of March in the year 2021 and it has a speed transaction.

Tronscan

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Tronscan is said to be the first blockchain browser in tron community which supports multiple login procedures which gives a search experience and a complete browsing and it has a web wallet which is used for sending and receiving Tron token.

{B} What are the uses of DeFi applications like Justswap, JustLend, and Sun.io?

Here are the following uses of Defi application below:

JustSwap

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Justswap is the first exchange procedure on Tron network and it also base on token trading which gives permission for conversion of Tron tokens and it offers users to swap token making use of the same branch and one thing about JustSwap is that it allows users to gain the transaction charge.

Justlend

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Justlend is the first lending platform found on Tron whereby users can actually lend, borrow and deposit assets and earn interest as well and they are two pool that is established by justlend which is "Borrow pool and Supply Pool and in this system the supplier receives the interest found while the user who borrowed paid the interest.

Sun.io:

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Sun is the first fused platform for stable coins and self governance on Tron. Is a cryptocurrency which was introduced in order to develop decentralized financial affairs on blockchain network Tron (TRX). Sun token is a adaptable governance tokens on sun network which supports mining and coin swap to users and I will say it's a rewarding investment idea.
Mining Rewards By Staking TRX In Sun.io:

{C} How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples?.

Mining rewards can actually be earn by inputting your liquidity provided token and there is a process in SUN-TRX LP whereby each and everyone is meant to supply SUN and TRX to liquidity pool in Justswap whereby you can swap with other currencies. Right there you will be given you will be provided with SUN-TRX LP token used in Sun.oi to mine SUN tokens and they are two types off staking Mining found which is :

  • 1:Stake and Lock Sun pool
  • 2:Stake Sun Pool

Here are the types steps you can stake SUN tokens on sun.oi:

  1. Go to your Sun.ioand click on stake that is if you have a Tronlink account but if you don't have in order for a user to get in contact with Sun.io he/she has to create Tronlink wallet.

  2. Secondly you click on deposit

  3. Finally you enter the value and permit transaction.

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Conclusion

I have learnt what Torn ecosystem is all about and the application on this platform and Dapps and what is being used for and the explanation on how a user can earn mining rewards by staking TRX tokens through the help of the wonderful lecturer that was given by professor @sapwood

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