Terra (LUNA) Blockchain - Steemit Crypto Academy - S5W4 - Homework post for professor @pelon53

simonnwigwe (78)Beginner[2,4,5,7,10]in SteemitCryptoAcademy • 2 years ago

Guys
You are welcome to week 4 of the steemit crypto academy season number 5. We have successful come to the middle of this season's crypto academy program. This week another interesting topic is taught by professor @pelon53 on the topic Terra (LUNA) Blockchain. This blog will be a response to the homework task given by the professor at the end of his lecture. Have fun as you read through my blog.

1.- What is Terra Station? Explore Terra Station on the web, Download the wallet and connect the wallet to Terra Station. Screenshots required.

Terra Station is an official mobile wallet application that is use in the Terra network to hold assets in the network and also to access other dApps present in the Terra network. This wallet function as use in the blockchain is to hold the native asset and tokens of the blockchain and this tokens are connected to all the dApps in the blockchain.

The Main features of this wallet are:-

It is a Non-custodial wallet application, this means that you control your keys
You can create a new Terra wallet or recover from seed phrase generated while creating your wallet.
The wallet helps to manage native assets like LUNA or Terra Stablecoins.
Manage CW20 tokens like Mirrored Assets (mAssets)
Another important feature the wallet has is it's ability to show your transaction history
Anility to convert (swap) between world currencies and tokens
The wallet allows for different users to stake LUNA and claim staking rewards
Access are given to dApps on Terra such as Mirror, Terraswap, and Anchor
Connect with web smart contract interfaces

Download the wallet and connect the wallet to Terra Station. Screenshots required

Below are the procedure or a step by step guide to download the wallet and then connect the wallet to Terra Station.

Step 1:- Visit Playstore from your mobile device (Andriod users). On the search bar, search for Terra Station as seen in the screenshot below.

Step 2:- Have seen the application, click on install as seen in the screenshot below.

Step 3:- When the app has successfully installed, click on the open icon as seen in the screenshot below.

Exploring the Terra Station App

When you click on open, the application opens and the ask whether you want to create a new wallet or you want to recover. For those who have no wallet before should click on new wallet but for those with wallet already, maybe they forgot their password or they want to login to a new device can select recover. In our case we are creating a new account. See the screenshot below.

After clicking on new account, then a form requiring the account name, password and confirm password will display just put in the required information as the instruction to creating the username as well as the password is clearly stated.

Immediately, after this stage, the rest stages include your seed verification and other relevant information to keep your account safe hence this very part can not be screenshot.

Feature or Menu in the Terra Station

I will be discussing basically three different features in the Terra Station and this include the wallet, swap and staking.

Wallet:- Here you have the liberty to add a token to your wallet. This means that all the coins you hold in the Terra Station, will have to be seen in your wallet. See the screenshot of the wallet menu below.

Swap:- Here you can swap from one coin to another. You select a coin you want to swap and then select a coin you want to receive. See the screenshot of the swap menu below.

Staking:- Here you are required to stake any asset and then you start earning a reward. Here let's select on asset and see the requirement and the necessary information that will come out. See the screenshot of the staking menu below.

Connecting the Terra wallet to Terra Station.

In other to connect your Terra wallet to the Terra station, visit the Terra station website and then click on connect in the wallet menu. See the screenshot below.

Once that has been done, a list of option are provided to you, you ought to select your preferred means of connecting your wallet. See the screenshot below for list of available option which we can select from. For the sake of this studies I selected the Terra Station Mobile.

When the selection was done, a barcode appeared on my screen in the Terra Station site which I sued my mobile device to scan from my already created Terra wallet, see screenshot below.

Immediately that is done, it took me to the next level where information displayed telling me that the Terra Station is requesting to connect to your wallet and an option for Deny and Allow was given to me and I clicked on Allow. See screenshot below.

Immediately after that my wallet was finally connected to the Terra Station as we can see from the screenshot below.

2.- Explain Anchor Protocol, explore the application and connect the Terra Station wallet. Show screenshots.

The Anchor protocol is a savings protocol in which instant deposit as well as instant withdrawal are allowed and the rate of volatility is very low. This protocol has to do with lenders and borrowers in a market setting, for the lender, be want to earn a stable yield from his stable coins, whereas for the borrower, he is in the market to borrow stablecoins from the assets that are staked. The protocol allows both lenders and borrowers to carry out their transaction with very little volatility.

Explore the application and connect the Terra Station wallet. Show screenshots.

Visit the anchor protocol website and on the landing page click on WebApp. See screenshot below.

Dashboard:- The dashboard provides us with information such as Total collateral value, stable coin market, total deposit, bAsset Market, Total value locked, yield reserve etc. See screenshot of information contain in the dashboard below.

My Page:- My page provides us with information such as Total value, total claimedable reward, rewards, earn, borrow, govern, transaction history. See screenshot of information contain in the my page below.

Earn:- Earn provides us with information such as Total deposit, interest, expected interest, you can also buy UST, get insurance coverage. See screenshot of information contain in the Earn menu below.

Borrow:- Borrow provides us with information such as collateral value, borrowed value, net APR, collateral list, you can also participate for liquidation. See screenshot of information contain in the Borrow menu below.

Other menu include the bond and the govern. The screenshot below shows the information contain in this two menu.

Wallet connection

To connect the wallet, click on the place I marked in the screenshot below.

Click on wallet connect. A barcode will appear as seen in the screenshot below.

I was able to scan it from my Terra wallet application and the next thing that came up is Anchor is requesting to connect to your wallet and option where given to Deny or Allow so selected Allow as seen in the screenshot below.

Immediately after that my wallet was finally connected to the Anchor protocol as we can see from the screenshot below.

3.- Explain Mirror Protocol, connect Terra Station and explore the Mirror Protocol application. Show screenshots.

One of the DeFi platform we use today to ensure that we keep track of real world asset via it is the Mirror protocol. The users of the Mirror protocol issue synthetic assets. This synthetic are asset are those crypto asset used to track the price of a real world asset. The governance of the Mirror Protocol is solely in the hands of the Mirror token holders. Now let's explore the mirror protocol application and then connect it with Terra station.

visit the Mirror protocol website and then click on connect as indicated on my screenshot below.

A pop up menu will appear with two options, in my case I selected the Terra Station Mobile. See screenshot below

After clicking on it, a barcode appeared and I used my Terra Station app to scan it. Here is the screenshot below.

I was able to scan it from my Terra wallet application and the next thing that came up is Mirror is requesting to connect to your wallet and option where given to Deny or Allow so selected Allow as seen in the screenshot below.

Immediately after that my wallet was finally connected to the Mirror protocol as we can see from the screenshot below.

Exploring the Mirror Protocol Application

There are basically five different menu which one can navigate through in the Mirror Protocol Appllication and this menu include My Page, Trade, Borrow, Farm and Govern.

My Page:- It has in it the total value, total claimable reward and where to buy you UST. See screenshot of My page menu below.

Trade:- It has in it Ticker, Terraswap price, Oracle price and premium. If any of them is clicked, it takes you to a page where you see buy and sell. See screenshot of My page menu below.

Borrow:- It has in it choose a wallet as collateral asset, set a collateral ratio and confirm borrow amount. See screenshot of My page menu below.

Farm:- It has in it Ticker, long, short, Terraswap price and premium. If any is clicked it takes you to the page where you see long or short. See screenshot of My page menu below.

Govern:- It has in it community pool, total stake and manage stake. See screenshot of My page menu below.

4.- What is the Terra bridge? Explain, show screenshots.

Terra Bridge is a web application, which is responsive enough and it allows users of the application to send tokens which are supported by the application to other blockchain which are in support of the same asset or token. The Terra bridge is mainly use for transfer of asset such as the Terra native token, mAssets and every other token that is been supported by the Terra ecosystem. The transfer of this assets or token are done via their respective bridges, hence the name Terra bridge.

Connecting the Terra Bridge to your Terra Station

Visit the Terra bridge website and on the homepage click on connect wallet. Below is a screenshot of the page.

Click on Terra station mobile as seen in the screenshot below.

Scan the barcode that appears using the Terra station application. After that you are connectd.

5.- Explain how it works and what the Terra Stablecoin are.

After successful installation of the Terra bridge, you can be able to send your two different tokens present in the platform I.e the Terra and the Ethereum. You can send from Terra to Ethereum or from Ethereum to Terra. This means that you can send luna from Terra to Ethereum and you can send ANC from Ethereum to Terra. The bridge normal servers to connect the tokens in the network.

What the Terra Stablecoin are.

Stable coins as the name suggest is a type of coins that finds its way to have a pegged to the normal fiat we use in our daily lives. One of the stable coins we normally pegged with the US Dollars is the USDT.

The Terra stable coin is known as the Terra USD (UST) and the price of this this coin is usually at $1. Let's consider the screenshot of Terra USD as at the time of performing this task.

From the screenshot above, the current rank of the coin is #24, market cap $8,295,613,261, circulating supply is 8.28B UST, volume is $191,189,055. This information is gotten from coinmarketcap as at the time of performing this assignment task.

6.- You have 1,500 USD and you want to transform it into UST. Explain in detail and take the price of the updated LUNA token.

Considering the screenshot above, the current price of the TerraUSD (UST) is seen at $1 and this implies that

1 USD = 1 UST

Therefore,

1500 USD = 1500 UST ( 1500 USD * 1 UST)

The current price of Terra (LUNA) as seen in the screenshot below is $71.90

Therefore,

$1500 / $71.90 = 20.86

This implies that as at the time of performing this task, 1,500 USD will give me 20.86 unit of the Terra (LUNA) token.

7.- Now you have those 1,500 USD and you want to make a profit, since 1 UST = 1.07 USD. Explain in detail and take the price of the updated LUNA token.

If,

1 UST = 1.07 USD

Then 1,500 USD will be

1,500 * 1.07 = 1,605 UST

From this, we have addition of

1,605 - 1,500 = 105 USD

Now, to convert the amount to Terra(LUNA), we will have it to be

$71.90 = 1 LUNA

Therefore,

1605 / 71.90 = 22.32

This implies that as at the time of performing this task, 1,605 USD will give me 22.32 unit of the Terra (LUNA) token, when the price of LUNA at that point is taken into consideration.

Conclusion

The Terra Stattion is indeed a technology to explore. We have been able to touch the Terra bridge, Mirror protocol etc. This Terra network is use to serves as intermediate between block chains that use same token. The Terra network is a DeFi network application and it allows all the functionalities that DeFi Apps do to be performed in the application.

I want to appreciate the professor in the person of @pelon53 for such an insightful lecture. I have really learnt a whole lot at the course of performing this task.

Cc: @pelon53

Note: The screenshot above are all my original images which was taken by myself from Coinmarketcap.com, Terrabridge.com, mirror protocol.is, anchor protocol.com and Terrastation.com

#cryptoacademy #pelon53-s5week4 #club5050 #nigeria #krsuccess