Compilation of Crypto Academy Homework Season 2 Tasks attempted by my humble self
Hello my able professors and students in the Steemit Crypto Academy community. I must say that I have missed you all. It's been a week and some days the academy went on break and it's been kind of boring without classes. I want to use this opportunity to share the homework tasks I was able to attempt during the season 2 of the crypto courses.
In total, I was able to complete 22 homework tasks out of 48. I am going to make a compilation of the homework I did for each of the 8weeks in the season 2 of this crypto course on steemit.
Below is a compilation of all the four homework tasks I completed for week 2.
Season two Week 2 Homework post for @stream4u
INTRODUCTION
My amiable prof, today, I bring you my homework post after reading through your post. It was a quite interesting one because I have heard an experience of everything you discussed.
I discussed the questions asked in the homework.
What is Price Forecasting?
Before I answer this question, let me quickly define Price and Forecasting as it relates to cryptocurrency.
Price can simply be defined as the market value or worth of one unit of a cryptocurrency at a particular time. We can use value in place of price at any point in time.
Forecasting in its real sense is the act of prediction of what will happen to a coin in the future. It is fore seeing the future of a cryptocurrency before before.
Now that I have stated the meanings of Price and Forecasting, let me explain Price Forecasting.
Price Forecasting is defined as the act of predicting the future value or worth of
one unit of a cryptocurrency. When we talk about future here, it is not necessary 1,23,4,5 or 10 years but it ranges from 1 minute through 5, 15,30 minutes to 1hr, 2hrs, 1 day, a week, a month, then to year and a couple of years.
In cryptocurrency, Price Forecasting is mainly based on speculations which is dependent on experience the technical knowledge of the coin being predicted. Price prediction tells you the behaviour of the coin in minutes, hours, days, weeks, months, or years to come. It comprises both upward and downward movements that may likely take place.
Discuss Why Price Forecasting is needed.
In cryptocurrency trading, the need for price forecasting cannot be over emphasized. One cannot blindly go into a market without having any knowledge of what may likely happen in a period of time. Briefly, I am going to explain some of the reasons I feel price forecasting is needed in cryptocurrency trading.
It helps in taking decision on what cryptocurrency to trade at a particular time.
Everyone into cryptocurrency trading has a list of favourite coins amongst many that has been chosen to trade. These coins do not have the same movement pattern. As some are moving up, others may be on a spot or moving down. So for one to make an effective trade that brings profit, one has to study the movement pattern of the favourite coins. Once the person understand what may likely happen to each coin in the future, the individual can now trade.It determines the profit for trades made.
Everyone who has bought a coin and wishes to sell in the future out of prediction of its future price knows the profit that he/she will make once it gets to his/her predicted price.Price Forecasting Eliminate Fear among Crypto traders.
Most crypto traders especially newbies are usually very afraid of making a trade because of the behaviour of coins but with a price prediction from an experienced individuals, people can trade with confidence and make profits.It is needed to choose the cryptocurrency to invest, save or stake.
Without the knowledge of the future value of a coin, it will be very unsafe to invest, save or stake in such a coin. Investment, savings or staking are usually done for cryptocurrencies which have a high possibility of going up in the nearest future. Without proper price forecast, one may run into loss.
What Methods are best you feel for price prediction/forecasting?
As stated by you @stream4u, there are three methods of doing price forecasting in cryptocurrency which are the technical, fundamental and sentimental methods.
From my finds and the explanations you gqve on each of them, I feel the technical method is the best.
I go with technical analysis because it presents you with the whole situation of the coins one wish to trade. In technical analysis, you see the movement of the price and the pattern of the graph which shows the direction of the coin before entering a trade. You also try and consider the market you are in (bearish or bullish) then try and think about when you will enter into the other market. Putting also into consideration the resistance or support at the time of buying/selling all help better in the correct prediction of price than any other method of future price analysis.
Take a crypto aaset chart graph and explain how to do price forecasting?
I am going to use the Binance Coin to explain this. We know over the past five months or there about, the bullish run in the value of BNB.
I shall explain with three pictures of the chart of BNB, first one after 12hrs, the second for a week and the third after a month.
The chart above is a 12 hour price prediction of the direction of the BNB. It shows that after half a day, the price of the coin will still go up.
So also, the 1week chart pattern explains that BNB coin will still move upwards a week from now.
And lastly, the chart shows that a month from now, the price of BNB will increase further.
From all of these the exact price is not predictable but there is only an indication that the price will go up. In the three charts for the coin displayed, it is necessary to state that, the coin doesn't just go up without any kind of fall. In between the time frames, there can be multiple period of falls. A wise trader n this sense will not just hold his coins but will. watch the market and sell when there is an indication of fall and wait until it fall bank to resistance level and buy again. In this sense, an individual can trade multiple times in each period thereby making more gains which will be higher than waiting for the fixed period.
This is my entry for the homework task. Thank you.
Special mention.
@steemitblog
@stream4u
Season 2 week 2 homework post for @fendit.
INTRODUCTION
I am here at this time to submit the homework task attached to the topic taught by you Prof. I have read and understood the topic. Below are my answers to the questions asked in the homework.
1. Which is your rise aversion, Which of the Products you find appealing and why?
In cryptocurrency trading and investment we cannot do away with taking risk. Every trader and investor has a level to which he can tolerate taking risk. Everyone reacts differently to risks when it goes against their favour or plan. This is why a friend who is new into the crypto business will not follow your leading in holding coin when you forecast the upward movement of a coin in some days to come. The act of taking risk is something everyone can improve upon but this can only happen with knowledge.
My risk aversion is the first one, conservative tolerance to risk. I tolerate low volatile, i.e when a coin is very low. This is the only time I can invest or buy the coin to resell when it goes up. This is because I'm still trying to find my feet in cryptocurrency and therefore, I want immediate reward. I feel bad almost every time a coin goes down, below the price I bought. And also since cryptocurrency trading and investment is my only source of good money, I take low risk.
The Product I Find Appealing and Why?
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The Flexible savings product is more appealing to than the rest. I cannot even be a part of the other products because I need instant profit because of my financial state. I need money like every day to meet one need or the other.
The main reason flexible savings appeal to me the most is that I can remove my asset at any time. I have actually done this type of savings in the past but not intentionally. I put in for BNB and BUSD savings on Binance when I came across it but because at that time, I didn't have any asset in the coins, my wallet balance on Spot trading was intact. As soon as I sold out in BNB and BUSD, after some time my asset in these coins disappeared. I never knew at first later after a long time of search, I knew and was able to redeem it back to where I could easily see them and give account.
2. Explain in your words fixed and flexible savings, high risk products and launch pools.
FIxed Savings: This is a type of savings in which an asset saved is put in an unredeemable state over a particular period of time, set by an investor and managed by a platform. The fixed savings period here is decided by the investor among different options. It can be 6 months, a year
5 years, 10 years or more. Agreement is signed and this cannot be reversed until the set time completed.
Flexible Savings: In this kind of savings, assets can be redeemed at any time by the investor. It therefore means that any asset a crypto trader will not use for a period of time can be saved here until the trader wishes to use them. It offers one the opportunity to take out of his/her assets in times of unforeseen financial needs.
High Risk Products
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These includes DeFi staking, Dual investment and Liquid Swap. Investment in these products is of high risk. They are mainly for people with high level of tolerance and patience
DeFi Staking
This is a method of providing monetary services to users through signing up a contract with the platform which last over a period of time. It can be in the form of flexible staking and fixed fixed where the asset locked over a period of time. The profit here depends staking duration, asset staked by user, the type of platform, inflation rate and network insurance rate.
Dual Investment
Dual investment is a form of investment that gives one the opportunity to earn from a pair of coins by depositing and betting with one coin in the pair. It is like betting by prediction of where the value of one of the paired coin will reach at a particular time. Because it is invested for a period of time, the yield from the investment after that period will be given to the investor and if the price prediction works out, the stated amount for the will also be given. This makes the investor earn from two angles. The period a dual investment is fixed
Liquid Swap
This is a way to earn passively that involves one becoming a liquidity provider by adding one's asset to a pool. Liquid swap consist of many pools with each pool having two digital tokens. Here one can earn from transaction fees interest from the pool that had been joined.
3. Show and give details on how to set the investment you chose on Binance.
My choice of investment is the flexible savings. Below is step by step approach to set up a flexible savings investment on Binance for users of the Binance App.
From the Binance homepage, click om more.
Scroll down to savings and click on it
Click on auto-subscribe on the coin you want
Click subscribe
Desktop users can follow this procedure:
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- Choose from the coins available. For example, we want to lend Binance USD coin (BUSD) to Binance.
- Click the yellow button “subscribe” at the back of coin BUSD.
A new window will open.
- Enter the number of BUSD you want to lend to Binance savings
- Agree to the Terms & Conditions by ticking the box
- And click on “Transfer.”
This is my entry, thanks.
SPECIAL MENTIONS:
@STEEMITBLOG
@FENDIT
Season 2 week 2 homework post for @levycore.
Today I am here to write on RARIBLE as one of the projects that uses non-fungible tokens as I performe the homework task for @levycore.
Non Fungibe Tokens (NFT)
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A Non-Fungibe Token is a fraction of data or information saved on a blockchain that certifies a digital as unique and uninterchangeable. NFTs are blockchain projects that are used to represent items such as written contents, pictures, videos, audios, artworks and digital items such as files. These items are open oe anyone who wishes to have a view of them. NFTs are differently developed for from different blockchain and for unique purposes. We have NFTs for Ethereum, Flow and Texos blockchains. aNFTs are now monetized digital assets in creative art, musics, sports and other entertainments.
NFTs started in 2014 when Quatum was created by Anil Dash and Kelvin MacCoy that showed a video of spinning dollar symbols in a picture frame.
In 2017, Ethereum started to gain recognition, people started developing NFT projects on the blockchain, starting with CryptoPunks to Cryptokitties. Later others were created such as Rarible.
RARIBLE
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Rarible is an online shop for digital valuable items that was founded in January 2020 by Alexander Salnikov and Alexei Falin. Rarible runs online but it's physical organization or platform is located in Moscow, the capital city of Russia.
Rarible allows its users to mint and trade. It supports different digital valuables and products such as domain names, digital art, metaverses, insurance policy, memes and DeFi insurance.
The making of digital valuables in rarible is a straightforward process. First of all, users make upload of their valuables in the supported digital format which can be graphic, audio or video. This is followed by adding description and details of price after which users link up their Ethereum wallet address to approve the minting transactions.
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Artwork on Rarible
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Rarible has features which are very appealing to writers and artists. who release teasers for their work and give complete versions to its users after they have purchased the relevant NFT.
Rarible has a token called RARI which makes it famous among the cryptocurrency community. Rarible was the first NFt protocol to launch its governance token and this was done as a result of the hype in governance token which arose from DeFi spheres.
The goal of this project is to create decentralized autonomous organizations. As RARI holders, users can vote on proposals for the upgrade of systems after submission and can make decisions on the trading fee attached to RARI and new features addition.
Because of the integration of NFT and DeFi, Rarible is mow in partnership with Yearn Finance amd and blockchain-based insurance platform, Nexus Mutual to launch insurance coverage NFTs in September, 2020. The value of RARI is now $24 which is its highest value it has attained since its launching. It has a recorded volume of 67,000ETH which is $113 million.
How to Create NFT on Rarible
- First and foremost visit rarable site and connect to the ethereum compactibld wallet of your own.
- Click on the icon at the top right corner of the page.
- Click create
- On the next page, click single or multiple.
- Upload the image, video, music or file you want.
An uploaded image of myself
- Input a price
- Connect you Ethereum wallet to create
- Click create item
SUMMARY AND CONCLUSION
Rarible is a non-fungible token project built on the ethereum blockchain that serves as a meeting point for buyers and sellers to trade digital items such as artworks and created contents. It has a token to its name, called RARI which creators generate by the use of the rarible platform.
This is my entry, Thanks!
CC: @STEEMITBLOG
CC: @LEVYCORE
Season 2 week 2 homework post for @pelon53
INTRODUCTION
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WHAT IS A TOKEN?
In a layman's language, a token is a compensation given to a person for work done which is less equal to the work done.
The Dictionary meaning of a token defined it to be a voucher that can be exchanged foe goods or services, typically one given as a gift or forming part of promotional offer.
In the cryptocurrency world, a token is an asset that can be digitally transferred between two people using a wallet address. Tokens are created out from the blockchains of cryptocurrencies and are majorly used by new emerging companies as Initial Coin Offerings, ICOs. They are created for different purposes in this companies. There are many types and examples of tokens. The types of token include commodity tokens, equity tokens, security tokens, utility tokens, etc. Many of this tokens were created with Ethereum blockchain for different projects. Examples of tokens are the Juventus fan token, PSG fan token, ASR fan token, Barcelona fans tokens, BAT, Funfair, DAO, Slice, etc.
Utility Token
Utility token definition is a digital asset that is used to fund the network by assuring buyers that they will be able to xonsume the products of the network. Utility tokens are not same a coins. They are of value because of the function and properties they have within.
Utility tokens are the tokused for initial coin offering (ICO). This tokens are sold to fhe members of the community and a number of investors. The people who buy them are given rigjts to the products of company likn being the first to privileges
Many of these tokens are built on the Ethereum blockchain but some of them are still built specifically with other blockchains. Some examples of Utility tokens are: Funfair, Basic Attention Token, Brickblock, Timicoin, Sirin Labs Token, Golem. The uses of some of these tokens are briefly stated below
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Basic Attention Token, BAT were creaated for advertising blockage, specific changing type of viewed ads or to earn tokens for viewing it. BAT promotes the perfect working of digital advertising by creating a brand new unit of exchange between publishers, adveetisers and people who use this services. It is built on the Ethereum blockchain and it uses a web browser called Brave (Brave is an open-source, privacy-centered browser designed to block trackers and malware. Brave utilizes blockchain technology to anonymously and securely track user attention). The token can be exchanged by the advertiser, publisher or user. ICO for BAT started in May, 2017.
Basic Information on BAT.
| Market Cap | $1,590,513,993 |
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| Circulating Supply | 1,492,816,440 |
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| Max Supply | 0 |
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| Total Supply | 1,500,000,00 |
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| Issue Date | 2017-05-31 |
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| Issue Price | $0.0364 |
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| Current Price | 0.9660 |
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Security Token
A security token is a token which serves as a binding contract between a buyer and the company in which the buyer gets profits from the revenue, dividends, or incresse inbthe market value of the token. Simply put, Security tokens are digital representation of shares in a company's stock. Security token is a way by which buyers of a token in an organization protect their interests and place in the company that created the token. Security tokens grants owners access to information in a system by simply inputting a code which authorizes the peesons identity that helps in gaining access to the system in question.
Single sign-on services also use security to log in to websites owned by other persons. . Disconnected tokens are not linked to the computer or network in any way; rather, the user enters the information from the token manually into the system. Connected tokens work electronically and automatically transmit information to the network once they're connected.
Security tokens come in many different forms, including hardware tokens that contain chips, USB tokens that plug into USB ports, and wireless Bluetooth tokens or programmable electronic key fobs, which activate devices remotely (for example, to gain access to a car or apartment building).
A common example on software security token is digital signature.
Digital Signature: This is a trusted handwriten private key known only to the person authorized to make the signature. This tokens allow secure on-board generation and storage of private keys enable secure digital signatures and can bd used for user authentication, as the private key serves as a proof of user identity. Examples of digital tokens are the steemit keys and passwords, the private and public keys of separate wallets, e.g trustwallet, tron wallst, ripple wallet, etc.
Equity Tokens
Equity tokens function more like a traditional stock asset. In other words, equity token holders possess some form of ownership in their investments. Their tokens represent how much ownership percentage they actually have. In most instances, equity tokens represent a third-party asset, property, or venture. Equity tokens come in many forms: Stocks, Futures, Options Contracts, Tokenized Real Estate, and Tokenized Ventures.
Equity tokens continue to see the most use in real estate crowdfunding platforms such as Atlant. These platforms allow investors to spread their funds more freely across the market. Real estate equity tokens represent a share of ownership in a particular property. This strategy enables investors to join multiple investments with less capital. Additionally, these platforms lower the entry bar for real estate investments and facilitate more market activity.
The common examples of equity tokens that can be seen on exchanges are Neufund, the elephant private equity coin, slice,BF Token the dao, and RRT Token.
SLICE.
Slice is a token used for commercial real estate investments for cross border investors that operate through the Slice platform. It was this platform that was tokenized to attract potential investors. The Slice Platform offers investors unprecedented liquidity to conventional real estate equity investments while creating attractive portfolio diversification tool to high net worth individuals. This combination allow Slice offer private market returns with public market liquidity.
Basic Information on Slice Token.
| Market Cap | $1,878,481,476,160 |
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| Circulating Supply | 83, 000,000SLICE |
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| Max Supply | 100,000,000SLICE |
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| Total Supply | 20,00,000 |
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| All time high | $0.8945 |
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| Current Price | 0.7802 |
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CONCLUSION: Tokens are different from cryptocurrencies. They are created or produced for projects with the blockchains of major coins. such as Ethereum, Bitcoin, Litecoin , etc and are used for different purposes. Apart from the types explained in this homework article, there are still aome other types e.g commodity tokens, reward tokens, etc.
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This is the entry for my homework. Thanks.
CC:
@steemitblog
@pelon53