Crypto Academy Season 4 Beginners' course - Task 1: Tron Ecosystem @sonofremi

in SteemitCryptoAcademy2 months ago (edited)

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QUESTIONS

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? .

What are the different dApps in the Tron ecosystem are you familiar with?

The Tron ecosystem was created in 2017 by Justin Sun, it has many other projects like steemit, Bittorrent and tron wallet. It may be described as a content sharing blockchain platform that utilises peer to peer networking, their aim is decentralize the web with focus on how users consume content.

They remove the middleman between content creators and consumers by cutting unnecessary intermediaries, the tron network is said to be able to perform 2000 transactions per second and it is said to be the cheapest network for sending tokens (TRC20). Tron is designed as a universal coin that can be used amongst gaming platforms.

They include the following;

Steemit

Steemit is a social blockchain platform that was founded in 2016, it is a decentralized blogging site that pays users based on proof of brain content.

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The users of steemit are advised to upvote quality content as the amount of upvotes determines the amount of Steem earned. The users with higher influence (SP) have more influence and when they upvote the reward received from the reward pool increases.

Steem is a decentralized application that was created by Ned Scott & Dan Laimer, who partnered with Justin Sun to allow Steem users to get paid in Tron.

Forsage

Forsage is a decentralized crowdfund network programmed on the tron network, it is programmed on smart contracts technology that executes the program automatically in a decentralized way, it is impossible for the contact creator to change the content on this decentralized platform.

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The transaction can be easily verified on the tron blockchain as they are fully transparent, and tron is transferred directly to the user's wallet. The forsage is divided into three programs namely The 3X, 4X and the gold. In the year of 2016, I joined the forsage platform, but dropped out due to the stress of inviting people into the X3 program and high price to boost level in the X4 program.

Justswap

Justswap is said to be a Tron-based automated liquidity platform which allows users to exchange TRC20 tokens in a decentralized way.

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It was launched by JUST which is for the development of Defi protocols.

JustSwap is used to add and remove liquidity on tokens and it is also used as a Defi application for staking and swapping of cryptocurrency. It was offical launched by TRON in the month of August 2020 with aim to develop the Defi system. It developed USDJ as a stable coin and JUST for yield farming.

What are the uses of DeFi applications like Justswap, JustLend, and Sun.io?

Decentralized finance is a financial system with no central authority; it is built on infrastructure that runs on cryptocurrencies like Ethereum that run on smart contracts.

Smart contracts perform automated commands without the need of any intermediary. Defi applications include; Justswap, JustLend and Sun.io.

Justswap

Justswap is said to be a Tron-based automated liquidity platform which allows users to exchange TRC20 tokens in a decentralized way.

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It was launched by JUST which is for the development of Defi protocols. JustSwap is used to add and remove liquidity on tokens and it is also used as a Defi application for staking and swapping of cryptocurrency.

Examples include;

  • USDT/TRX,
  • USDJ/TRX,
  • BTC/TRX,
  • JST/TRX,
  • SUN/TRX etc.

Fees on this platform go directly to liquidity providers of the protocol rather than the protocol.

JustLend

JustLend is a decentralized platform that works on a peer to peer system, it is built on the concept of giving and taking. Here the Lenders give assest to Borrowers with an interest in the return of assets. It can be described as getting a loan with cryptocurrency.

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Crypto lending allows a holder to use their coin as collateral and receive a loan in stable coin, these loans include terms and conditions governing for the loan that the user must adhere to, if they want to secure their asset.

This lending is done on a decentralized system therefore people's financial history can not be accessed, so everybody can apply for the loan. They are 13 tokens that users are allowed to interact with.

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Sun.io

Sun.io is a decentralized platform that is used to swapping and staking of token.

Staking of token basically means given a company a particular amount of token that is to be paid back with an interest after a particular period of time. The reward received is dependent on the value, right to vote, capture and time period of stake.

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Due to the scalability problems of Ethereum, the founder of TRON developed Sun, it was able to help yield farmers and improve liquidity.

Sun runs on the TRC20 network and it functions in smart contracts. Sun allows regular minning and miners can stake token such as Wink, Just, Trx and Usdt.

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

For you to able to optimize mining rewards by staking and other TrC20 token in Sun.io, you should have a tron wallet that is able to connect to tron Dapps, for Example, TronLink Pro Wallet.

  • Install TronLink Pro Wallet from your amdriod app store or if using an IOS device use the apple store.

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Image from Google Playstore

  • Open your browser and go to Sun.io, then click on connect to wallet.

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Sun.io

  • If you already have the TronLink Pro Wallet installed, you may go directly to your TronLink Wallet and click on discover, then type in the Sun.io

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  • Once you have logged with your current Tron address you would be able to utilise the facilities of Sun.io like locking/ Liquidity pools & Staking of token which can be Sun and Trx.

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Screenshots from Tronlink Pro connected to Sun.io

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Screenshots from Tronlink Pro connected to Sun.io

From my own experience, I recently started staking Trx in little quantity because it is given as a reward for making post in steemit, this helps me earn more Tron after a period of 14 to 28 days depending on limit of my stake.

Conclusion

From this assignment I have been able to understand various Dapps under the Tron ecosystem. The Tron ecosystem is composed of decentralized applications that run on smart contracts meaning that they need no intermediary to perform there functions, they allow users to stake & swap various tokens. Thank you to professor @sapwood for this assignment.

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