Steemit crypto Academy season 5- Task 2 [STEEM & TRON]
(2) 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? What are the different ways to optimize mining rewards using TRX in Tron Ecosystem?
Explain the difference between [SP, STEEM, SBD] & [TRX, TRC10, TRC20 tokens](with examples)?
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STEEM
- Steemit has its own blockchain with its native cryptocurrency, the STEEM, this being its main currency and therefore, the other tokens obtain their value from the STEEM. As STEEM can be transferred to other users, purchased and/or exchanged on different exchanges, it follows that it is a liquid currency.
STEEM POWER
It is an internal use token that derives from the value of the STEEM and each user is aware that 50% of their rewards for content creation will pass to this token within the network.
Then the SP gives its owners some influence in the network of #Steemit. In fact, the greater sp the more influence it will have in the distribution of rewards. The SP cannot be exchanged on external exchanges and is returned to STEEM using Power Down.
SBD (Steem Blockchain Dollars)
- Users can convert in the internal market SBD to STEEM, but not vice versa. This is done to protect the community of people who want to control the market and influence value for their own benefit. Abuses in any blockchain lead to a catastrophic drop in the value of its currency, which is why the Steemit blockchain implements this protocol. So, we are talking about a measure that stabilizes the market.
Examples - STEEM POWER
`Examples - STEEM
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Examples - STEEM DOLLAR
Differences Between TRX, TRC10, and TRC20 TOKENS
TRX is the encryption token in the Tron ecosystem; it is a cryptocurrency with a robust network, very similar to the Ethereum network, therefore, its blockchain is very stable and does not require the intervention of a third party to execute operations. It runs on the TRC20 network with low commissions.
The Tron token has two types of standards: TRC10 and TRC20.
Most of the tokens present on the market based on TRON are TRC10 and allow the largest decentralized file-sharing protocol. However, the issuance of TRC10 tokens has a consumption of 1024TRX and does not require the prior implementation of a Smart Contract.
The TRC20 token is recognized in the crypto world, as the token that ends the high gas commissions of the Ethereum network (remember that Tron migrated all its tokens from that network.
Something that makes the TRC20 token different from the TRC10 token, apart from the security, is that its creation requires the prior implementation of the Smart Contract, which requires more advanced knowledge in the cryptographic world.
Explore Coinmarketcap.com to indicate the rank, coinmarketcap, and circulating supply of STEEM and TRX?
Let's go to the main page of coinmarketcap.com with this link: https://coinmarketcap.com. We place the word STEEM in the search box. Let's see the details obtained in the following graph.
Steem Rank #330
Market Cap - $182,678,197
Fully Diluted Market Cap - $189,324,944
Volume - 24h ($34,491,874)
Steem Rank #26
Market Cap - $7,878,980,524
Fully Diluted Market Cap - $7,888,383,165
Volume - 24h ($1,423,595,130)
Which exchange are you familiar with where both STEEM and TRX are listed?
Sometimes we may prefer to exchange our Steem or TRX cryptocurrency for another. At this point, I am familiar with https://poloniex.com where I can convert steem to USDT, BTC or TRX. A commission is generated for the exchange service. An important point to keep in mind is that all fees remain constant for the exchange, that is, you pay the same commission for exchanging any amount (100,800... 1 million) of Steem or TRX.
I also use the Orinoco.io payment gateway, where the STEEM and TRX are listed, being able to exchange for other cryptos or local currency. With this gateway, the exchange is more beneficial.
Binance Exchange has listed Steem and TRX. Once in Spot wallet can be exchanged for BTC or ETH, we can also choose to use the service of converting small balances to BNB and use them in other wallets such as Metamask.
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Does it cost any fee for transacting STEEM and TRX?
On the steemit network we may transfer Steem to another user as part of a payment for service or a reward, for participating in a contest that we have promoted;
we note that in these cases there is no payment of a fee. What if we send Steem to an Exchange wallet?... no commission is paid either. In the case of TRX applies what has already been said within steemit, but if we swap or transfer TRX from the TronLink and the energy is low, a small commission can be generated.
When we sent from Steemit wallet to Poloniex a small amount of Steem and the operation was very fast and best of all, no commissions.
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?
From experience, I can comment that it is of the utmost importance to use the memo when making a transaction to an exchange wallet, because the number of encryption that the Exchange delivers, allows verifying that they have received a transaction from your wallet and can proceed accordingly with the exchange. It is a way of identifying that it was you who gave rise to the operation and that prevents the funds from being lost.
Now, if we have a cryptocurrency like TRX in an Exchange wallet and we want to pass them to our Steemit wallet, it is not necessary to use the memo, because it is an internal operation between our wallets and it is not necessary to validate an operation that is ours.
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What are the different ways to optimize mining rewards using TRX in Tron Ecosystem?
When we receive rewards, a part of them is in TRX which goes to the TRON wallet within #Steemit. We can give utility to these rewards, installing the TronLink extension and making the link between both wallets, once this is achieved, we have the opportunity to get more out of these assets using the different Dapps. In this example, we will use JustSwap to exchange TRX for the NFT Token.
Once the token is obtained we can "sow" it so that it produces interest that we can claim in TRX and they will go to our wallet, in this way, we are maximizing our received rewards. As we see in the chart, it is important to make a "Stake" of a certain amount of Tron and thus our TRX is not consumed when making trades. JustLend, Sun.io, and other Dapps offer options similar to the one explained.