Steemit Crypto Academy Season 4 - Homework Post for Task 2. Steem & Tron blockchain technology
Hello, steemians and worm regards to @sapwood in his lecture,which was a study of Tron and steem blockchain. Stay on as we journey through my understanding life line of the lecture...
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Talking aboutBlockchain and Cryptocurrency, before i continue with the topic,for us to have a beter understanding on what we're trying to talk about. The term Blockchain is defined as the technology & science involved in the operational usage of cryptocurrency. This may sound awkward via our hearing but let's break it down in a bit,all what am trying to convey is that the decentralised money record keeper between transaction done in the network via p 2 p is term Blockchain,thus transaction are made without the authorisation of the centralized system.
The existence of the currencies,I mean the cryptocurrency are predicted on the blockchain technology,I.e this currency are been built on top of the knowledge of it technology,hence without blockchain no cryptocurrency.However,the blockchain aid the essence of exchange between currency mostly on digital level and make it different from any other fiat currencies.providesd transaction are made within the blockchain technology,these transaction are been encrypted which has mede it secured and safe for traders.
Base on few researchers found after trying to draft a clear documentation on this assignment I found out graphics By blockchain/PWC.COM which tells on how blockchain technology works.we have read theoretically on what blockchain technology is all about in the above therefore the picture below will help to explain more about what we are talking about.
Having gotten a brief knowledge of the term blockchain I guess it won't be too cumbersome when we talk about -> Steem, SP, and SBD. Steem As a token within the steemit blockchain.
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Steem is a cryptocurrency which was built on the account of the existence of blockchain technology however the blockchain technology allow one to built his or her own Cryptocurrency which we can call a project,I guess this most have been clear to us as we have discourse prior before now on blockchain,hence steem is one of that project existing on blockchain technology. On this basics steem has built an ecosystem,a community per say which we can call steemit, it's a discipline focused on rewarding user on the factor of there quality publications which has given room for it as a social media platform.well I can say it tend to be beter than must popular social media you could imagine. One fantastic opportunity gotten from steemit,is that it's pay with cryptocurrency and grant one acesseable opportunity to meet with real friends,not just that,it develope one's writting skills etc.knowinng it to be a blockchain I think it better we digrace a bit and talk about the basic currency or Cryptocurrencies that are found in the steem blockchain.
They are;
Steem
Steem power(sp)
Steem backed dollar
Before I proceed let's digest the pie chart in steemit.As a mater of fact I thought it would be wise to say something about the pie chart I found on steem which by chance would explain more on the distribution of coin within the steem blockchain,since we're bringing up core details about the steem blockchain.the chart below indicate how steem is been distributed within it operational users, the 75%,15% & 10%,let's talk about them,from the 75% seen from the chart below it is expected that freshly produced or created curency or coin should be distributed among content curators which are the authors,the 15% also will be distributed to the steem power wallet of the authors of the content. That is to say about 90% of the rewards from every successfull curated post goes to the authors of the post,while the left over10% wil be given to the steemit team or steem witnesses. To throw more light on what am saying I would want to talk about the below;
Images was screenshot and then edited.
THE STEEM POWER[ also known as (sp)]
Again the name steem power,would be occurring in your mind as how can it be?,how is it power? And why is it call steem power,yes in this context I would tell you a bit of what I know about it and back it clarification by the research I have gotten,just to ensure you understand it better. Just as its name is sp-steem power I would say is the power of the cryptocurrency called steem,this coin works on users account as influence,that is its authorise user with buoyancy to comment and make post/publications on the steem blockchain,the sp is not as steem where in user are aligible to withdrawn at ease but rather is been locked and I guess it done that way to force user to save and also to delay withdrawals of stollen account,to withdraw the sp or steem power from once wallet is through a process called power down and this power down process is split into one week intervals for a total 4weeks sum to convert into the usual steem which can be transferred,after that all your powered down sp enter into the position of your steem wallet . Hence all holders are eligible to get 15% yearly inflance from the steem reward.
Like I have said from the first paragraph located towards the ending part saying it not like the usual steem,yes steem power is still steem but it become powerful when it becomes steem power that is to say steem can be converted to steem power through a method called power up,thus making it solid,while sp can be converted to steem through power down as liquid,note sp cannot be traded so long it remains in it sp position,irrespective of the amount you have, but can be traded if and if it been powered down.
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The Steem Backed Dollar (SBD)
The steem back dollar with an abbreviation as (sbd),this steem dollar is one of the coin that is found in the steem blockchain,yes it is not so common just as must coin,infact it's mostly popular within the steemit blog and rear outside,this dollar are gotten from every curated post in the steemit blog and also been acquired by money from some other listed exchange and it fellow the preceeding payout process of other paying out coin in the steemit blog,the steem backed dollar is the most expensive coin produced by the steem blockchain in there steemit blog, this coin can rang in price from $5 to about 10, and more due to the price variations as cryptocurrency entails.
The steem dollar payout as a liquid coin,I.e the word liquid in this contest mean something that is flexible,something that can be move from one spot to another easily,also it can be transferred in once savings wallet as found in the steemit user wallet,which in turn would be converted to solid and it only can be remove after three days when been stored in savings wallet, the steem backed dollar is used to purchase steem since its not a common coin that can be sold everywhere,or it sold among steemians who tends to be conversant with it. There's a good news on the exposure on steem backed dollar but would tell us in the next paragraph.One unique feature about the steem backed dollar is it ability to purchase the three coin found in the steem blockchain that is the sp,tron and steem.
The steem backed dollar is associated with the steem blockchain aswell,this coin was made to assist in keeping the prices of coin stable in the steem blockchain,whom price is presently on the range of $6.5 dollar on the account of market statistics,and to our greatest surprise it has been listed in some other trading platform such as hotbit upbit and Bittrex crypto exchangers,this cryptocurrency I.e the steem backed dollar has the total circulating figure of about 8.9m pieces in the last 24hours and the total volume of 11.97 on the CoinMarketCap and of $78.934m and more.
Let us draw in some other information about the CoinMarketCap also known as CMC in abbreviation,yes this wasn't part of the question but I presume it would be beter to choup in this to beter explore together on what we have in mind. The CMC is not a trading platform,but it unique nature can't be over emphasised,your surprise I guess? ,the CMC is used for checking updated prices of cryptocurrency /coins,it give you the best information about the coin you choose to trade on,furthermore it could show you the history and steady state status of any coin,in other words having known about a coin,one would be able to draw fundamental analysis,on what he/she would want to invest on,with there money.
Since we're dealing basically on the steem blockchain,in other not to leave out from The essence of this post ,I would be using the CoinMarketCap to analyse some coin seen in the steem blockchain I.e steem and tron.
THE STEEM COIN
The steem,on what has been said earlier after a brief explanation on blockchain technology we found out that steem is cryptocurrency that is bonded with the steem blockchain yes it is a coin created by the steem blockchain whereas making it part of the alternative coin littered all over the world,I.e you can find it among the list of alternatives coin,what i mean by alternative is that,the are coin that are not associated with Bitcoin BTC,am tempted to talk about BTC but wouldn't want to bulk us with much writting,from the CMC I found out today about the price of steem to be $0.623.56 of one steem to dollar ($) which Is around 0.00001340 in BTC you will understand beter on Screenshot beneath.
On the above image we can see that CoinMarketCap has said it all started from the price,ranking at 184,the current increase in price within hours and the market capitalization of $238,392,178, in 24hrs with trade volumes which rang is about $28,272,170, the market capitalization of steem coin which is $231,472,222, and the circulating supply which is 385,444,036.65 STEEM,also payout of every post on steemit platform is 50 SBD and 50% SP which means as an author you would be getting 50% SBD at the end of 7days(post window payout). You can choose to receive SP as a reward.
Here we go the Almighty tron world
TRON
The tron token has it own blockchain where it is built on and it was created to support content sharing and of course the tronix is the header token of the all beloved tron block, its also for entertainment I wouldn't talk more on that aspect,however the the market capitalization is about $9,370,800,809 diluted within 24 hours and it ranking is around 25,the market volume is around $4,230,100,642,and it supply as the day I saws it was 71.66B, it could have change nonetheless it market capitalization is - $6,744,202,877, the tron price is trending at $ 0.093 the below screenshot wil beter explain in detail.
Tron blockchain is decentralized,with the founder and also the director I.e the CEO named Justin sun,sun is as well the CEO of the token named Bit Torrent which is seen as BTT.Its created in 2017 and to our greatest imagination no coin is created without a sole aim hence the creation of this token was aim at rewarding digital content globally via the entertainment which tends to affect the rate of shared digital contents, this process is achieved through the p2p avenue of the blockchain technology,thus by this means content creators are allow to sell their valueable out side the involvement of intermediary.
Bellow are the few exchanges which trade the token.
Binance, WazirX Bithumb, eToroX Huobi Global, Indodex Poloniex, Kraken, Kucoin, Bittrex, Liquid, Pancakeswap,OkEx,
Phemex,Botfinex,Pancakeswap etc.
Trc20
Trc 20 is network that is based on the Tron blockchain, and it is a token standard that is based on the implementation of smart contract using the blockchain's networks. It is is one of the most used blockchain because of its cost-effectiveness, and it is also secured. All TRC20 tokens uses series of specifications that includes 6 stationary items and 3 optional ones in order to carry out transactions in the wallet. In the network to create a token, there must be a need the Tron Virtual Machine.
Trc10
Trc10 is another network that is associated with the Tron blockchain. Unlike the Trc20 where we saw that tokens cannot be created except with the use of Tron virtual machine, here in Trc10 tokens can be created without TVM and it is usually free in terms of creating tokens, this is why Tron chain enthusiast finds it interesting to trade on the network. The Tron blockchain has too many tokens that are built on top of it, but let's see it's core token below.
Tronix (TRX)
Tronix is the core token that is associated with the Tron network, it is currently trading at 0.08513 according to CMC statistics. Since the inception of Tronix Steem integration, Tron became one of the paying asset of steem blockchain and it is rewarded to users in proportion to steem power as per reward in each content created.
Trx is used as gas token for DApps computations in the ecosystem and also to the contribution of security by staking. As a governing coin of the Tron ecosystem, it is also used to elect super representative in the process of super representative process. This is similar to the steem, where steem withness are elected by the SP holders
THE EXCHANGE WHERE SEEMS COMMON,IN WHICH STEEM AND TRON HAS BEEN LISTED.
If you wouldn't mind I will slightly discuss on some exchange that trades this currency that is the steem,tron etc,its very easy to knowing this exchange without stress,well from the CoinMarketCap you discovered that each time you click on exchange after finished loading it displays all the possible exchange where the coin are been traded on,to waw us this token/coin is listed in almost all the exchange littered all over the globe,namely as below.
| EXCHANGERS | PAIRS | PAIRS |
|---|---|---|
| Binance | Trx/Usdt | steem/Btc |
| Poloniex | TRX/ETH | Steem/usdt |
| Huobi | Eth/steem | TRX/BTC |
| Hotbit | steem/ETH | Trx/Btc |
| Betrix | STEEM/BNB | TRX/BNB |
HOW ABOUT INVESTIGATING COINMARKETCAP TO DEMONSTRATE THE POSITION AND CIRCLING SUPPLY OF BOTH STEEM AND TRX
The previously mentioned are the three Cryptographic forms of money that related with the steem blockchain. How about we momentarily perceive how they work.
Steem
Everything considered with each other blockchain shows that steem is the key coin of the steem blockchain,it can moved to one more record whenever as a methodology for segment. In steem's blockchain show, It dissipates the coin to the honor pool as opposed to mining as other blockchain regularly do where all coin will then, at that point, be spread to the people dependent upon their analysis. We should see the amount of steem coin are there in encompassing stock or circulating supply.The number of STEEM Coins are there altogether Circling Supply From our angle before now it was expressed that steem biological system is a blockchain,in different words we put in believed that in case it be so,thus it has it own method for generating it own coin as a blockchain that it is. Where in, it not liable to occur in other token in which there coin is been mined. Coin are dispatched to all reward pool in the steem blockchain and in substances for clients to partake in the reward or get a portion of it he/she are expected to make a quality content.
This is one of it methods of mining coin I.e the steem blockchain where in it withness is completely involved,for beter elaboration withness we say are blog making account which structure new block for the steem blockchain
I account that makes new squares to the steem blockchain each 3secs and they are been conveyed in the beneath way.
Does it cost any fee for transacting STEEM and TRX?
Transaction fee depends on the exchange platform. Transacting steem within it's blockchain does not require any fee. It is totally free and time effective. Transactions that can be done within the blockchain are 'steemit wallet to steemit wallet', steemit wallet to external wallet. These kind of transactions doesn't require any transaction fee.
The same is applied to Tron blockchain. Transactions that are don in the Tron link pro app does not require transaction fee, and this kind of transactions are Tron related transactions. Now, the Tron blockchain has a bandwidth that is used as strength of transacting within it's blockchain.
Although transaction within the blockchain makes use of two net which are Trc10 and Trc20. When transacting with Trc10 network, it will only require the fully recharged bandwidth as it's strength, while the Trc20 network require both bandwidth and energy which is usually formed by staking Trx in the wallet.
Transferring STEEM from Steemitwallet to an Exchange wallet,require the use of some essential steemit key .
Furthermore it expected that all users of the steemit blog should at least complete there task from 1-4 to give them understanding about the operational processes of the steem blockchain in our achievement 2 task of the newcomers program, we studied about the steemitwallet. Transferring steem from a steemitwallet to an exchange wallet is very important, and this is what every user of the platform do. Memo is really important in this kind of transaction (Steemitwallet - Exchange wallets), this is because they serve as an ID for that very exchange
If you're transferring from an exchange wallet to your steem wellet memo would not be relevant, I have tested this method with binance where I tried sending some amount of steem asset to my steemitwallet. I opened the transaction without a memo and it got to my account which means using a memo for transferring steem from an exchange wallet is not essentially needed.
please rake note;
some of the screenshot used in this post was gotten the same day i was about posting this assignment, however this assignment has been written in my notes app prior before now therefore it may seems as though screenshot details in numeric didn't match with explanatory numeric,it because the day this post was rewritten i did take screenshot of those matching data due to low battery and poor phone memory.
Conclusion
In conclusion, I want to thank the professor for educating us on steem and Tron blockchain, it was really an interesting lecture. As I dived dipper, I learned more about Trc10, Trc20 together with steem blockchain. Also exploring the CMC site was really a very interesting task. Thank you for reading through to the end.