Crypto Academy Week 13 | Homework Post for @sapwood | Bandwidth & Energy (Tron)
Good day crypto lovers & friends ! It's another weeks contest and we are ever grateful @cryptoacademy community and @steemitblog for their awesome hosts in order to earn and learn from Cryptocurrency, with the help of Educative Professor's like @sapwood. He's lectures was great and I will answer the assignments given to prove my learning abilities from his class :
Overview of Bandwidth and Energy (Tron)
Tron being compared to Ethereum network, has lots of features which provide answers that affect users on blockchains existing already. Some of these features help in earnings like the “Freeze” function from within your Tronlink wallet.
Do you know that freezing your tokens will lock them in place for days thereby restricting you from trading or performing markets not until it's unfreezed and when this is done, your wallet will be rewarded with resources to help take certain actions.
I will use my TronLink wallet Decentralized Application to access the tronscan.org/ directly and the steps involved are shown below.
• Open the TronLink wallet.
• Switch to Discover at the bottom of the wallet.
• Enter tronscan.org/ into the address search field.
• Go to the URL and the wallet would be connected automatically.
I'll be showing the steps I took in freezing my TRX to obtain Bandwidth and Energy, but before then from @sapwiids lectures and researches done, I've to lock up my TRX asset in order to obtain Bandwidth and Energy for a period of time using 72hrs.
• Visit the tronscan.org/
• From the landing page, click the three parallel lines (menu button) at the top-right of the page to explore more options.
• Scroll down to wallet and click on it.
• Switch to Resources and hit the Obtain button.
• From the option, select Tron Power and Bandwidth since I'm particular about obtaining Bandwidth in this section.
• Enter the amount of TRX, I inputted 5 with an estimated 7.789 Bandwidth to be received.
• And confirmed that I am freezing 5 TRX for at least 72 hours by ticking the designated box.
• I clicked Freeze. Confirmed the transaction by inserting my password and having the handling fee to be 245 Bandwidth.
• The Transaction was successful and the record of my frozen TRX asset to obtain Bandwidth is shown below.
• From the tronscan.org/ homepage, select the three parallel lines menu button at the top-right of the page.
• Locate the wallet nearly at the bottom of the page and click on it.
• Switch to Resources then click Obtain.
In the power type selection, select Tron Power and Energy.
• Input the amount of TRX to be frozen to obtain Energy (In my case, I inputted 3 TRX with an estimated 89.733 Energy to be obtained).
• Confirm by hitting the box.
• Click on Freeze button and supply password to continue (handling fee- 247 Bandwidth).
• The transaction was successful with 3 TRX frozen to obtain 89 Energy.
Tron blockchain, transferred transactions consumes Bandwidth while Smart Contract Trigger transferred transactions consumes both Bandwidth and Energy. An example of each would be shown in the screenshots below.
Example of a Transaction that consumes both Bandwidth and Energy on my wallet. I will be visiting tronscan.org/ from my mobile browser and the steps to it follows.
• From the tronscan.org/ homepage, I will paste my Wallet's address into the address search field and search.
• Select transfers.
• Switch to TRC20 and TRC721 since I am particular about a smart contract trigger transaction.
• Now, I have the history. I will be checking on the 2,999 jTRX I minted on JustLend when I supplied 30 TRX.
Observation: Minting transaction above, 284 Bandwidth was consumed from my daily free Bandwidth and 80,377 Energy was consumed (Having around 11.253 TRX burned to accommodate the required energy).
Example of a Transaction that consumes Bandwidth only
I am going to explore tronscan.org/ from my mobile browser as well.
• From the landing page of tronscan.org/, I will be searching for my wallet address.
• Click on Transfers.
• And this time, I am sticking to TRX and TRC10 since we are looking into transaction that consumes Bandwidth alone.
• Select one of the transactions to see the Bandwidth consumed.
[40 TRX]
[268 Bandwidth]
I will be check a smart contract trigger transaction that consumes both Bandwidth and Energy showing the amount consumed in the transaction.
• Visit tronscan.org/ official website. Search for my TronLink wallet address
• Click on Transfers.
• Select transaction type (TRX & TRC10 or TRC20 & TRC721) and I will stick to TRC20 & TRC721 because I want to explore a smart contract trigger transaction.
• Choose a transaction from the list to see the details.
[Transaction details]
• The transaction above is a smart contract trigger transaction that consumes both Bandwidth and Energy and the amount of consumption will be listed below.
Bandwidth: 345 Bandwidth
Energy: 13,516 Energy
TRX burned to accommodate the required Energy for the transaction: 1.89224 TRX
How do I avoid burning TRX to accommodate the Energy required for a transaction?
You avoid burning TRX to accommodate energy by freezing your assets. Energy generated from your frozen TRX asset is consumable but when insufficient, it can burn completely your TRX asset to finish the transaction. It's best to have enough asset in order to perform transactions very well because transactions on on Tron Blockchain takes both Energy and Bandwidth. Two ways to obtain Bandwidth and Energy;
Tron Power and Bandwidth - used to obtain Bandwidth.
Tron Power and Energy - used to obtain Energy.
How Energy Obtained is calculated
Professor @sapwood explained this way 👇
Energy obtained = (The TRX frozen for gaining Energy / the total TRX frozen for gaining Energy in the entire network) X Total_energy_limit
Therefore the amount of Energy to be obtained for freezing TRX can be calculated on tronstation.io/calculator and with the screenshot that will be shown below, for freezing 1000 TRX, the estimated Energy to be obtained is 29896.
[Freezing 1000 TRX <---> 29896 Energy]
Note that: You are given free 5000 Bandwidth daily which resets every 24 hours.
Include the real example of your interaction with JustLend & Justswap? Indicate how a "swap"(in Justswap) function consumes different "Energy & Bandwidth" than a "borrow" function(in JustLend)? You can trade a small amount(as little as 1 USDT)? (Screenshots needed)
I will be accessing JustSwap through my TronLink Wallet's DApp and the steps will be given below.
• Open the TronLink wallet, select Discover to access the DApp and navigate to justswap.io.
• On the swap landing page of JustSwap, choose the asset you are swapping.
• In my own case, I am swapping TRX to USDT.
Select USDT token as the coin you are swapping to.
• Input the amount of TRX you are willing to swap.
• The estimate of the USDT to be received is shown.
• Continue by clicking Swap and Confirm swap.
Supply password and click Done (handling fee in this case: 344 Bandwidth).
From the screenshot above, 349 Bandwidth and 94 Energy was consumed having 0.00084 TRX burned to accommodate the required energy for the transaction.
Borrow transaction on JustLend
As authorized by the professor (this is extracted from the previous week's task) I will be borrowing from the USDT market on JustLend and the amount to be borrowed is 1 USDT.
I don't have enough collateral that's why I wasn't able to borrow even after clicking on safe max fro the best amount tho I know how to borrow and I could check my interest, my APY ..I could check all those stuffs very well.
Honestly, I can't still do anything because I still don't have enough resources to go about it but I can do it sir
Explore Tronscan(check your own wallet) to identify an "ordinary transfer" & a "Smart-contract-operated transfer"? Indicate the difference between the two?
• I'll have to visit tronscan.org/ to explore different transactions.
• Steps- Ordinary Transfer
Visit the website tronscan.org.
• Search for my TronLink wallet's address.
• Click on transfers.
• For ordinary transfers, I am selecting TRX & TRC10.
• And select a transaction to explore the details.
[Bandwidth 288]
• We will stick to TRC20 & TRC721.
• Select a transaction to explore the details.
• Now, I selected the smart contract triggered transaction where I swapped TRX to WIN .
[Bandwidth 345 and Energy consumed 13,248]
What I found out as the difference is that Ordinary transfer consumes Bandwidth only while Smart-contract-operated transaction consumes both Bandwidth and Energy.
Conclusion
I learnt that for you to reduce so much burning of Bandwidth or energy then you need to freeze your TRX assests and as well the Tron Link Wallet is very fast in transactions and also the transaction fee is very low but more enjoyable when you freeze the assets to get something in return when its unfreezed.
Thank you Professor @sapwood for the lectures and task.
I must say this really got me mind exhaustedband I'm really leaning a lot about cryptos.
***Best Regards ***