Tron Ecosystem - Steemit Crypto Academy Season 4 - Homework Post for Task 1. By @justiceanietie
Hello Professor @sapwood, thank you for this wonderful lecture. It has really clarified me based on transactions. Bellow is the solution to my assignment on the following question:
The system of Tronlink Blockchain is unique and this brings the ideas of favouring it's users. Here individuals have the power to create content and express it from their point of view without any group influence, not to talk of the intermediaries fees which is considerable.
In other to carry out this process successfully, Tronlink and Tronscan are streamline processes within the network, this is used to generate higher efficiency than when compared to other Blockchains.
The official website for Tronlink Blockchain is the Tronlink Wallet, and this wallet is designed in three versions such as (Android/IOS/chrome wallet Extension). It is capable of carrying out more than 2000 transactions per second and the commissions is more cheaper when compared to Ethereum network.
You should understand that the Tronlink Blockchain has the ability to adapt to each of the innovations offered by this Blockchain and it equally functions like any other wallet.
The following are the major uses of Tronlink:
It grant access to different markets, Dapps, decentralized exchanges which are developed within the Tron chain.
With the technical standard tokens TRC10 and TRC20 in carrying out operations in TRX (official Cryptocurrency of the Tron Blockchain.
Freezing TRX brings about bandwich or energy in return. Here energy is very necessary in order to carry out transactions and vote DPos consensus protocol.
With the help of Tronlink, we can make purchases of Bitcoin, but when it comes to reality, they are derivative token unlike the original ones.
Here, there is maintenance of price which is 1:1 with the main Cryptocurrencies, this helps to reduced the large commission and allows a quick purchase of the asset.
This Tronlink to my best of knowledge is considered as an excellent wallet which is designed with the best Blockchain Technology. And this technology helps in solving transactions issues that always arise in the world of Cryptocurrencies.
This is the first block explorer of the Tron Blockchain and this renders information which is related to the blocks newly created, contacts, transactions accounts, and other interesting data that is handled in this chain.
Note that, its always presents a unique functions that differentiate it from many explorers.
As Wallet
It has the features of linking with Tronlink, portfolio and ledger of our preference for higher security and confidence of each user. It enable users to carry out transactions in a Dex based on bancor and this makes users to manage their wallet within the platform.
Tronscan as an excellent explorer, has an excellent features which support direct token creation. The Tron Blockchain has a large number of users, and it is established as the best TRX block explorer.
It allows voting for supper representatives: In Tronlink, a user has the opportunity to freeze it's TRX, it equally saved in the wallet which is connected with Tronscan and vote for the super representatives in order to receive good rewards which the user can now exchange to TRX within the same wallet on the Blockchain.
In order to verify the status of a transaction in the Tron Blockchain, a user has to visit the Tronscan block explorer, here you will see all the data that is contained within a block in Tron's Blockchain.
The following are the steps and it's about opening the stage. (http://tronscan.org/#/) this is to enable us located the hash of the block that we want to analyze.
Click on the corresponding hash which will display the following data:
- Hash
- Result of the transaction
- Number of confirmations
- Block ID
- Time of operation
- Sender and receiver wallet address
- Amount of the transfer
- Consumption of resources
- Rate limit
- Call method
There are great variety of Dapps in the discovery section, and it is made of different categories of games, exchanges, mining, loans, and many more. This is designed within the Tron chain, and it is connected to the Tronlink wallet which generate great benefits to TRX users.
TRX, TRC10 and TRC20 are the bases for various decentralized application with ecosystems.
One of the advantages which Tronlink has is its simplicity when it comes to carrying out transaction.
Below are the following steps to considered when carrying out a transaction on Tronlink:
- Open the Tronlink app or the extension in the browser.
Screenshot
- From the above, you can see that market is selected, then click on Justswap.
Screenshot
- When Justswap is launched, enter the amount of asset you want to exchange. Note on this process, i will be converting TRX to USDT.
Screenshot
- You have to review the exchange to make sure the data entered is correct.
- In confirming the transaction, it enables you to see and know the bandwidth commission that the operation will consume.
- To make each transaction, you need to enter the personalized key that we chose when creating an account in Tronlink.
- What you will notice at this point is, this page will display notifying you that the transaction was carried out successfully.
What you should understand at this point is, Tronlink and Tronscan are excellent platforms, which are established in order to maximized the Tron network. This gives an edge out of every transaction that is made on the Blockchain.
In Ranking Blockchain, TRX is one amongst the 20 largest capitalized Cryptocurrencies in the world.
When you look at Blockchain in the future, you will see that it's promising as it continues to innovate and develop tools such as Tronlink and Tronscan and this ensures an excellent virtual experience in today's Cryptocurrency world.
Thanks for your time.