Crypto Academy Season 04 Beginners course Task 01 || TRON Ecosystem written by @nafisatu || Lectured by professor @Sapwood.

in SteemitCryptoAcademy3 years ago (edited)

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Photo edited by me using picarts.

(2) What are the different dApps in the Tron ecosystem are you familiar with? What are the uses of DeFi applications like Justswap, JustLend, and Sun.io? How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples?

Steem greetings to everyone in CrytoAcedemy it is a pleasure to be a member to this community and I’m happy to begin posting in here and learning many more things. Thanks to all the representatives and professors in this community. I wish I enjoy my stay here and learn as much as possible.

Here is my Homework post for Beginners’ course task 1.

what is a TRON Ecosystem?

TRON is a sturdy blockchain ecosystem designed and developed by blockchain developers over the world ,which follows the philosophy of “Decentralize the Web”. There so many kinds of products involved in the TRON ecosystem ,which the wallet client ,decentralized applications ,public chain....just to name a few

What are D apps?

D app stands for Decentralized Applications. Decentralized applications are programs or digital applications that exist and run on a block chain or P2P(Peer-to-Peer) network of computers instead of just a single computer and all this are open to the purview and control of a single person.
D apps are like normal apps and offer similar functions but the key difference is that It is a software that works on a distributed network and not hosted on a centralized server but rather on a Peer-to-Peer decentralized network such as a Blockchain.

TRON public chain has attracted tens of thousands of community developers to join in the improvement ,implementation and running of dApps on the blockchain so that there should be low cost ,safety and high performance.

1) What are the different dApps in the TRON ecosystem are you familiar with?

The different D apps in the Tron ecosystem include;

Trontrade

TronGrid

Tronscan

TronWeb

Tronshare

TronIDE

Socialswap

TronInvesting

I am familiar with Tronscan. It is the first TRON-based blockchain explorer ,it is legitimate and allows its users to look up ,validate and confirm transactions on the Blockchain in a transparent and most accessible manner. It also retrieves and searches all transactions on the Blockchain.
Tronscan provides information about your transactions ,accounts ,Token records and token tracker.

AEEEECF7-DEBC-4F13-B313-4FD7FD32020D.jpeg
Token record
Source: https://tronscan.org/#/tokens/create/Type

HOW DO YOU SIGN INTO TRONSCAN

You first begin by creating a LINK WALLET.

HOW DO YOU CREAT YOUR TRON LINK WALLET?

1-Click on Chrome Extention ,click Add to Chrome. TronLink will be successfully added

2-Then set up the password and repeat the password.

3- input these phrases within a correct order.

4-You will be able to start using TronLink Chrome

NOW LOG IN.

1-You open your tronscan and click LINK WALLET then you click on IMPORT A WALLET.

2-Enter you private key then click SIGN IN.
3-you’ll see the success notification at the bottom right corner.
4-click wallet account to enter your account page

But if you already have an account you just have to log in as follows...
*Go to tronscan.org ,at the top right of the page you see register||Log in.

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Source https://tronscan.org/

605FF19B-5AAA-4286-9BBD-CBAD47710480.jpeg
Source:
https://tronscan.org/#/blockchain/accounts

*Click Log in then enter the information required. You can log in either with your email or phone number.
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*When you have entered all the required information you click log in and you are into your acount.

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Source
https://tronscan.org/#/blockchain/accounts

2)What are the uses of DeFi applications like Justswap ,Justlend and Sun.io?

DeFi applications aim at recreating traditional financial systems such as banks and exchanges with cryptocurrency

DeFi appUses
Justswap-Used in creating trading pairs and also provides liquidity without paying listing fees. Used as an exchange protocol On TRON for exchanges between 2 TRC20 tokens.
Justlend-The first official lending platform on TRON were its users can lend ,borrow ,deposite assets and earn interest.
Sun.ioIt is the first integrated platform for stable coin swap ,self-governance and stake mining on TRON.

3)How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io and Examples.

To begin with ,a mining reward which is also known as a block reward is the amount of cryptocurrency a person gets for successfully mining a block of the currency we are talking about here. (TRON ,STEEM).
Furthermore ,staking is the process of holding funds in a cryptocurrency wallet to support the operations of the Blockchain network and in return ,the holders are rewarded.

In order to minimize rewards by staking TRX and other TRC20 Tokens in Sun.io ,you have to first install the Tronlink pro wallet if you don’t have it yet.

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image source

-After installing ,Go to Sun.io and connect it to your tronlink pro wallet.
-When you have connected to your TRON link pro wallet ,you then proceed to stake on Sun.io
Among the options that would appear ,click on stake and it will show the interface where you can choose either stake or stake and lock if you wish to lock your TRON ,doing this you would have to understand that you can not withdraw at any time of your choice. You can only withdraw at the agreed time of stake which can be 6 months ,1 year ,2years ,3 or 4 years. Your reward depends on how long your lock period is.

*if one believes in the TRX and other TRC20 token projects and plan to hold the TRX for long periods ,there is no reason one would not want to stake their tokens. You can then generate passive income while also benefiting from a long-term price increase. By so doing your rewards are optimized.

  • The TRX network has one of the highest transaction rates ,which give it a very scalable design. Everyday you would automatically receive bandwidth which is used to cover the cost of around 20 transactions. In addition ,you can receive extra bandwidth or energy by temporarily freezing your assets.

*When you stake your TRX your TRON power increases ,more TRX tokens would eventually result in energy and power required to interact more with the network as well as voting.

*Staking TRX and other TRC20 tokens unlocks opportunities for the ecosystem and will make the Blockchain more environmentally friendly. And also puts a lot more participants in the position become validated and earn.

Special regards
@sapwood

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