Crypto Academy Season 3 Beginner's Course - Homework Post for Task 1 : STEEM & TRON

Hello Everyone! I am here to Post Task 1 of Beginner's Course given by @sapwood.

Difference Between [SP, STEEM & SBD]

There are three different assets on Steem Blockchain which are STEEM, STEEM POWER (SP) and STEEM BLOCKCHAIN DOLLARS (SBD).

Technically, Steem is the base currency which can be traded on crypto Exchanges. Steem Power cannot be traded directly on exchanges but it is very important on Steem Blockchain. SBD is a currency which can be traded on exchanges platforms.

When We do Posts on Steemit, Then We receive Post Payout from our Post When Someone Upvoted on our Posts. Post Payout contains three different rewards which are Steem, SP and SBD.

We get two Options for receiving our rewards in which first option is 50% SP/50% SBD and other is 100% SP.

Now, Let me tell you all about these three different currencies.

Steem is traded in many crypto Exchanges Platforms. People can Buy Steem from Crypto Exchange or they can earn Steem by doing useful Posts on Steemit.

Actually, The Main asset of the Steem Blockchain is Steem which can be traded in the market.

We can convert Steem into Steem Power (SP) by powering up . And Steem can be traded for SBD or can be transfer to other accounts.

Steem Power (SP) can be obtained by powering up the Steem. SP shows how much influence a user has. If a user has more SP, then the more they can influence the posts.

SP can also be converted into Steem by powering down but It takes some weeks. But Converting Steem into SP does not take time. SP can also be delegated to nee users to help them.

Steem Dollars (SBD) is a liquid stable currency which is relatively pegged to $1 USD. The Value of SBD in the market like in Crypto Exchanges is more than 1 USD but Steem Blockchain reads 1SBD = 1USD.

SBD can be traded with Steem and can be transferred to other accounts. SBD provides stability to cryptocurrency platform. SBD can also be converted into Steem.

Difference Between [TRX, TRC10 & TRC20]

Tron is a stable Blockchain. Tron is a Blockchain which has its own cryptocurrency named 'TRX'. Trx is a Popular cryptocurrency which is listed on many exchanges.

There are two types of Tron Tokens which are TRC-10 and TRC-20 token.

TRC10 tokens are the native token of tron blockchain. TRC10 token does not depend on Tron Virtual Machine. Sending TRC10 token will consume some bandwidth but no energy. TRC10 is already used in a big project of Bit Torrent Token (BTT).

TRC20 token depend on Tron Virtual Machine. TRC20 is based on implementation of smart contracts. Sending TRC20 token will consume both bandwidth and energy.

Rank, Market Cap and Circulating Supply of STEEM and TRX

Image taken from CoinMarketCap.

The Current Value of 1 Steem is $0.2283. It's Value has decreased in last few months. It has all time high of $1.32.

Image from CoinMarketCap.

Current MarketCap of Steem is around $90 Million.

Current Circulating Supply of Steem is around 392 Million STEEM.

And It's Rank is 200.

Which Exchange I am familiar with where both STEEM and TRX are listed?

Well, I am familiar with Binance Exchange and Wazirx Exchange. But I mostly use Binance exchange. Binance has Both STEEM and TRX listed.

Image taken from Binance

Binance has STEEM listed in two pairs. Steem/Btc and Steem/Eth are the two pairs listed on Binance.

I usually buy Steem in Steem/Btc Pair.

Image from Binance.

Binance has TRX listed in many pairs. Trx/usdt, Trx/btc, Trx/busd, Trx/bnb, Trx/eth, Trx/xrp are some of the pairs which ares listed on Binance.

Does it Cost any Fee for transacting STEEM and TRX?

Yes, It cost some fees for transacting STEEM and TRX or doing trade. Let me explain with some of my trades.

Image from Binance.

Recently, I have bought 198 TRX from Binance. In this trade, The transaction fees is 0.198 TRX.

Image from Binance.

Similarly, I bought 169 Steem from Binance. And the transaction fees in this trade is 0.157 Steem.

How important is the use of Memo while transferring Steem from SteemitWallet to an Exchange Wallet?

Well, If we want to transfer Steem from our SteemitWallet to an Exchange Wallet, Then, Memo is very important.

Image from Binance.

Image from my SteemitWallet

If We want to transfer Steem from our SteemitWallet to an Exchange Wallet, Then We need to put memo in our SteemitWallet. We can get memo from the Exchange Wallet.

Like As I want to transfer Steem from my SteemitWallet to Binance Exchange Wallet then I can get the memo from Binance app by clicking on Deposit Steem Option.

Similarly, We can get memo from going to specific Exchange Wallet and We have to put that memo in our SteemitWallet memo section.

Hence, Memo is very important for transferring Steem from our SteemitWallet to an Exchange Wallet.

Do we need a Memo for transferring Steem from Exchange Wallet to SteemitWallet?

Well, If We want to transfer Steem from an Exchange Wallet to SteemitWallet Then, Memo is not Essential. We only need to enter the address of our SteemitWallet in the Exchange Wallet and hence We can easily transfer Steem without memo.

Image from Binance.

As You can see clearly, I have recently withdraw some Steem to my SteemitWallet and I haven't given any memo. I have only put address of my SteemitWallet and hence transferred Steem to my SteemitWallet successfully.