Hello people, I hope you're all good. I'm actually excited to finally be able to participate in these tasks as I have worked continuously and relentlessly so as to meet up to the requirements which i have met now and i hope to grow further so as to advance in the courses I can learnt from. Having gone through the lecture by,
@sapwood, I must say it was very informative and interesting too and for that I'm grateful. I'm writing this post now to answer the set questions, which are;
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?
I'll be answering this bit by bit, til we get to the end of it. Here we go;
Steem, SBD and SP: Definition and differences
As a newbie at one point in time, i was confused as to why there were three different kind of rewards system and not just one, but as i spent more time here, i got to understand them better.
Steem
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Let me relate the definition of this to that of a cell, which is the basic structural and functional unit of life. In the case of steem it's the basic and structural unit of the Steemit platform where all other tokens of the platform comes from. It's the basic building block of the Steemit blockchain. When one invests in Steem, they essentially helping to develop the underlying Blockchain. This steem can be used for various functions which includes;
- Conversion to SP
- Transfer from one Steemit wallet to another or from Steemit to an external wallet like Binance.
- As a Rewards tool
- Conversion to SDB.
SBD
Sbd is short for steem basic dollars, which is like an internal currency within the steemit platform, although it can be traded on some exchanges and the internal Steemit market. It can be referred to as the rewards currency of the Steemit platform as this is what contents creators get in rewards for creating quality contents. The value was originally pegged to $1 but as of now, it way above one dollar, in other exchanges though, in Steemit it's still in the ratio of 1sbd:$1. We can use this steem for some other actions which includes;
- Converting them to steem and either power up or cash out
- Instant sale of the currency
- Storage/staking
Essentially, it's Worth more than steem (1sbd >/= 10steem), even though it's a derivative of Steem.
SP
This is Steem power. It's a very important factor on the steemit platform. It's basically staked steem. But it doesn't end there, this sp, allows you to interact with the steemit Blockchain. It's the determinant of your influence on the Steemit platform, the higher your SP, the more your influence. As a content creator, you earn sp as part of your Rewards when you get upvotes, while you also earn sp a curator, when you curate quality contents on the steemit platform. By staking the Steem, SP, you help improve the steemit Blockchain. There are various activities you can perform with SP;
- Interact with the steemit platform and the steemit Blockchain
- You earn while you have Sp, in the form of interests, the higher the sp, the more the earnings.
- You have the ability to influence other's contents and also earn from it.
- SP can be liquidated, in a process known as power down. This takes some weeks to complete though.
This time delay in the power down process, discourages people from taking that action as well as to protect the Steem block chain from sudden price fluctuations.
Tron, TRC-10, TRC-20 tokens
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Tron
Just like steem, tron is the backbone of the tron ecosystem which includes the TRC-10 and TRC-20 tokens. Tron is a block chain based system that can be used to create decentralized apps and smart contracts. It is similar to Ethereum but better in the sense that it requires less fees.
TRC-10 tokens
These are derivatives of tron and and they do not need the Tron Virtual Machine. They can be used to to create tokens easily and the cost lesser than TRC-20 tokens.
TRC-20 tokens
This allows for Smart contract functionality. It's also a derivative of TRX, and requires the Tron Virtual Machine for its proper functionality. It's also allows for easy interaction with the Ethereum block chain ERC-20. Some notable tokens under the TRC-20 tokens includes, Tether, Revain etc.
Steem and TRX in Coinmarketcap
Coin market cap is one of the leading sites when it comes to information regarding cryptos.
Steem
In coin market cap, we can see the relevant information of steem.
From the images above, we can see Present stats of steem, which includes the circulating supply, the present price, the market cap and the rank of the coin.
Tron
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Which exchange are you familiar with where both STEEM and TRX are listed? Does it cost any fee for transacting STEEM and TRX?
When I started out with Cryptos, i used Binance as my first crypto wallet. Binance is the world's leading crypro exchange platform amd has listed a lot of coins. I got to join this Steemit platform because i also found out that Steem was already listed om binance as well as Tron. I have experimented with the both coins, in the form of sales and transfer/ conversion form one for to another. When transferring from one wallet to another, Steem has no charge but you'll incure a little charge when you place a market order when buying another Crypto like BTC or eth with Steem. Tye charges are small though. The same story goes for Tron, but there are little charges when transferring from one wallet to another on the binance platform.
The images above shows the transaction fees I incurred while trading Steem and Tron on Binance.
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?
Before we go into the importance of Memo. What's a memo? In the world of crypto currency, it serves as an means of identification of different wallets on the various exchanges. For instance, when transferring Steem from your Steemit wallet to another exchange like Binance, you'll need to enter your wallet address and the memo for that wallet as this is very necessary to identify your wallet and automatically deposit the steemit. Failure to to this will result in a loss of your coins which you can't get back.
In terms of transfer of your Steemit asset from your wallet to another Steemit wallet, you don't necessarily meed to input a memo unless you want to convey a specific message to that user. Some people use the memo field as a means of communication between fellow steemians. The same goes for the transfer of steem from an external wallet like that of Binance to your Steemit wallet, all you need is the wallet address, which in this case would be your Steemit username without the '@' symbol.
Conclusion
So far, I've gained a lot of knowledge and have been able to show for it with this assignment. I'm also grateful for being able to participate.
Special regards everyone, and thanks for reading and for the reviews.
Hello @justice009, I’m glad you participated in the 1st task of the Beginner’s class at the Steemit Crypto Academy.
Unfortunately, i noticed that you are using @tipu which is a bot account to build your reputation. This is not acceptable in Steemit Crypto Academy. You are required to build your reputation organically before joining the academy.
Hello, @reminiscence01, I'm sorry for the act, I only delegated sp to it as a test for the Delegations action while i was trying out some functions in steem, I've opted to withdraw my sp back from it, please be kind enough to show mercy
Thanks.
Here's proof;
Is there any other remedy to my predicament?
Hello prof. Please i need you to reply, thanks
Hello @justice009 , I’m glad you participated in the 1st task of the Beginner’s class at the Steemit Crypto Academy. Your grades in this task are as follows:
Recommendation / Feedback:
Thank you for submitting your homework. task 1. We hope to see the rest of your submissions.
Thanks prof, I'll definitely see to it that i improve on those key areas. 🙏