Steemit Crypto Academy Contest / S1W1 - Favorite Blockchain Network By @maazmoid123

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Good day everyone, I hope you all are doing great in your respective lives. So firstly I would like to thank the whole STEEMIT team who has started this STEEMIT Engagement Challenge.

Now I am here to mark my presence in this engagement challenge and today I am going to write about my Favorite Blockchain network. To be honest, to write about only one blockchain was very hard as there are now I guess hundreds or Blockchain, and every one of them is doing their work really well in their respective fields.

And after thinking I lot I think I am going to write about the Tron Blockchain, as it is simple and easy to understand and is one of the most growing blockchains right now.

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Tell us about your favorite Blockchain network, its history, and why it is your favorite.

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The Tron which was founded on 2017 was firstly formed on the Ethereum Blockchain(ERC-20) but in 2018 it transferred itself to their own blockchain which was the Tron Blockchain(TRC-20). The Tron Blockchain was founded by Justin Sun in Singapore which now also have a office in San Francisco.

Tron Blockchain was formed based on the decentralized digital platform. And is now run by the Tron Foundation which is a non-profit organization, with Tronix Token which is also known as Tron Token.

Tron Blockchain has one of the low fees for the transactions of assets, as before when it was working on the ERC-20 it used to have high gas fees, so transferring it to the TRC-20 was one of the reasons to get the low fees in transactions of assets. This Tron Blockchain network also has a great network of smart contracts.

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_{Tron Picture Source}

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Why it is My favorite

I must say that it is only been a year since my interest started in the cryptocurrencies and the blockchain and I don't had much interaction with many blockchain other than the STEEM Blockchain, Ethereum Blockchain, and the Tron Blockchain. And in that I have seen the Tron blockchain changing it self in a positive way. The TRX token has gave me the profits I want and one of the good reason in liking this TRX token is the Low Fluctuation. The reasons that the Tron Blockchain is my favorite are:

• It has really low transactions fees.
• It enables the developers to develop Dapps and complex protocols on already existing smart contracts.
• It is highly Effecient as it is capable of doing 2000 transactions per second.
• The Transactions are really fast.
• It has the largest peer-to-peer file sharing network in the world.

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Does the network has some earliest shortcomings and how has the network's team taken care of the problem?

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The biggest shortcoming of the Tron Blockchain is that 85% of the rewards or Tokens of the Tron blockchain are being owned by the large investors and the developers of the network. While only the 15% of tokens are owned by the private investors. The Tron Blockchain also works on the DPoS consensus protocol which gives the delegates to make the critical decisions of the network.

These two options shows that the Tron Blockchain can get too centralized at some point, till now it is going smoothly and with out any issue but the high officials and private investors should always keep that risk in there minds.

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What changes do you think would make the network better?

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I have told you all that I do not have much interaction with the blockchains, but while using the tron Blockchain the main thing I noticed was the high burning rate in the Smart Contracts.

The only thing which I want to change in that network to make it more better is to lower the Fees in the Smart Contract Transactions.

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_{Smart Contract Transactions Detail}

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As you can see in the above transaction, to make a 15 TRX transactions to swapped it to 1 USDT, it burnt my 4 TRX in exchange of energy. And the more the value of the transaction the more the fees will get.

And if you do not have extra TRX you might will not be able to do the transactions which is a big setback for the users.

If the users don't want to waste their TRX Tokens so they had to Freeze their tokens to get some energy.

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Write about a Project that is built on your favorite Blockchain.

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The project which is made on a Tron Blockchain to which I am going to tell you all about is the JUSTSWAP Which is now have been changes it's name to SUNSWAP. It is a decentralized exchange of the Tron Blockchain. This swap was basically made to swap the Tron token with the other cryptocurrencies.

The SUNSWAP also uses the Automated Market Maker (AMM) protocol, in which the users freeze their assets in the exchange, those assets are then lend by the other users and every time the freeze assets are used by someone the one who freezed their Assets will get Rewarded.

The sunswap uses the smart contract and also gives the transparency and high security to it's users. In the sunswap there are also the option of Liquidity mining pools, as there are almost 9 mining pools which gives APY to it's users for staking the assets. And the tokens which are included in the Justswap Exchange are TRX, DICE, WBTC, JST, SUN, USDJ, LIVE, WIN, and SUNOLD, with this there are some major cryptocurrencies as well like BTC, ETH, USDT and LTC.

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^{The Assets on SunSwap}

^{Sunswap Mining Pool}

^{Sunswap, Pool, Total Freeze Value}

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And with this my Post ends here. Thank You

Regards,
@maazmoid123