Crypto Academy Season 3 Beginners' course - Task 1: STEEM & TRON
Hi everyone,
I decided to participate to the Crypto Academy Season 3 Beginners' course - Task 1: STEEM & TRON. As I love the STEEM blockchain and all the possibilities that this new, and amazing technology allow us now, and in the future, I think it is very important to understand in details all of its funcionalities, and possibilities, both not to commit mistakes, and to get the best out of it.
Following the @sapwood guidelines in his beautiful lesson, I decided to reply to the this question:
Explain the difference between [SP, STEEM, SBD] & [TRX, TRC10, TRC20
tokens](with examples)? Explore Coinmarketcap.com to indicate the
rank, coinmarketcap, and circulating supply of STEEM and TRX? Which
exchange are you familiar with where both STEEM and TRX are listed?
Does it cost any fee for transacting STEEM and TRX? How important is
the use of Memo while transferring STEEM from Steemitwallet to an
Exchange wallet, do you essentially need a similar memo for
transferring STEEM from Exchange wallet to your Steemit wallet?
I'm going to divide this question in different points in order to make my reply more readable, and more clear, I hope:
- Explain the difference between [SP, STEEM, SBD] & [TRX, TRC10, TRC20 tokens](with examples)?
- Explore Coinmarketcap.com to indicate the
rank, coinmarketcap, and circulating supply of STEEM and TRX? - Which exchange are you familiar with where both STEEM and TRX are listed?
- Does it cost any fee for transacting STEEM and TRX?
- How important is the use of Memo while transferring STEEM from Steemitwallet to an Exchange wallet, do you essentially need a similar memo for transferring STEEM from Exchange wallet to your Steemit wallet?
1. Explain the difference between [SP, STEEM, SBD] & [TRX, TRC10, TRC20 tokens](with examples)?
In the steem blockchain there are 2 native tokens:
- STEEM
- SBD (steem dollars)
The first one, in my opinion is the main one, because it is directly usable to increase you power within the blockchain, and because this is a social blockchain, within the community.
In order to increase your power, you need to freeze your steem tokens with a process called POWER UP
As you can see from my screen shot, to power up you need to go to your wallet click on your steem balance, a menu will appear, and than select to power up, a pop up will display where you will be able to decide the amount from your balance to freeze in this operation.
After that just click on the power up button, and your steem tokens will be freezed and converted in SP [STEEM POWER] with a always fixed 1:1 ratio.
Now your SP are not spendable anymore, in order to get them liquid back you need to POWER DOWN
This time you need to click on the amount in the STEEM POWER section in your wallet and follow the procedure, as you can see in the screenshot above, and wait a period of 4 weeks to get back your total amount, you will get 1 payment per week, so if you decide to power down 400 SP you will receive 100 steem liquid per week.
While you keep your STEEM freezed into SP , as I said, you will increase your power within the community, so your RESOURCE CREDITS will increase in value, and you will be able to process more actions within the blockchain, and your voting power will increase, so you will be able to distribute higher value votes, and earn bigger returns for your curation activities, because you will increase your % in the REWARD POOL, and finally because your vote value is higher you will be able to promote with more effect the contents you will think deserve more visibility, because with more SP you will influence more the possibility for a post to get into trending , and so its probability to be seen by other steem users.
Plus the SP holders will get a cut [15%] from the reward pool just for holding the SP, in a Proof of Stake fashion. According to the current rate reported in the wallet:
STEEM POWER increases at an APR of approximately 3.65%, subject to
blockchain variance.
So in conclusion the SP are freezed STEEM that will give to their holder much power in the blockchain, and will increase their earnings, and influence, but they are not spendable.
The "second" native token is SBD [steem dollars], they are supposed to have a 1:1 exchange ratio with USD even if now the value is much higher.
Is it possible to earn them by posting, so it is the so called POB [proof of brain], and getting vote for the post by other users that value the content in a 50% SDB and 50% SP ratio
They are just spendable, and holding them will not increase your power or influence, and they will grant no APR , but it is possible to trade them for steem in the internal exchange for no fees.
They are more a speculative asset in my opinion, and in case the price will get down too much under the USD value, the content creators will not receive them, but will receive liquid steem instead until the price will get back to the 1:1 with usd.
TRON [TRX], is non native coin and it is external from the STEEM blockchain, but with the recent integration, the developers put a TRX wallet inside the steem one.
In the steem POB mechanism is it possible to earn liquid TRX in a ratio of 1 TRX: 1 SP.
The TRX coin is very similar to ETHEREUM, and it is possible to create smart contracts but with a fractions of the fees you would paid in the ETH blockchain, so because of this it is more usable in my opinion.
Also with tron is possible to freeze the coins and to get power within a blockchain, but here with your freezed TRX you can vote for the super representatives, following the DPoS consensus mechanism, by voting you will get a return that change in % based on what representative you voted.
The unfreeze schedule is 3 days only for the 100% of the amount, so it is faster than SP
TRC means Tron Request Comments, there are TRC-10 and TRC-20, and they are the standards to create smart contracts in the TRX blockchain.
The TRC-10 do not need less usage of TRON VIRTUAL MACHINE to function in the TRX blockchain [just brandwith], but it require a fee of more than 1000 TRX to be created, the TRC-20, do not require this fee but each time the contract will be triggered will require a certain amount of energy and brandwith that possibly, will burn some TRX if the amount will be less than the requested one by the smart contract.
2. Explore Coinmarketcap.com to indicate the rank, coinmarketcap, and circulating supply of STEEM and TRX?**
In the very useful coinmarketcap website are listed both STEEM, SDB and TRX.
The TRX current position is 25:
The STEEM is 182:
The SDB is 415:
According to their current data TRX has a coinmarket cap of 4,620,161,067 USD, with circulating supply of 71.66B TRX STEEM of 141,967,869 USD, with circulating supply of 390,686,695.71 STEEM, and SDB of 7,686,129 USD, with circulating supply of 8,100,049.94 SBD
3. Which exchange are you familiar with where both STEEM and TRX are listed?
Both STEEM and TRON are listed in several different exchanges, the list can be found in coinmarketcap website , here for TRX, and here for STEEM, I personally use the most popular in my opinion so HUOBI, BINANCE, POLONIEX, and BITTREX.
Their mechanism are the same, and they are very reliable and fast both in credit and withraw the tokens and the FIAT currencies.
TRX is directly treadable for fiat in binance but STEEM is never treadable directly for fiat, just in some local korean exchange that can be used just by Korean citizens.
4. Does it cost any fee for transacting STEEM and TRX?
Quick answer NO, more detailed answer YES.
NO beause you don't need to pay a fee to the MINERS like with BITCOIN, with the token, but YES, because you need to spend some RC [resource credits] with steem and some computational resources with TRX.
Both these resources are non token, and they got fully recharged after a certain amount of time, like for example in steem:
Resource credit regenerates approx 20% per day.
5. How important is the use of Memo while transferring STEEM from Steemitwallet to an Exchange wallet, do you essentially need a similar memo for transferring STEEM from Exchange wallet to your Steemit wallet?
It is very important indeed, and not just important but necessary!
The exchanges wallets are peculiar, and even within the steemitwallet transfer function a warning will show up, and remind that a memo is necessary.
This function is very important because will allow the exchange algo to credit the correct amount sent from the blockchain to the right account, and allow the user to use them in the exchange website.
Everyone can use the memo function for any reason even just to send a message to another user in the blockchain, but this is just optional, and not required like with the exchange account. So because of this, when you withdraw the coins out from the exchange to your wallet, that is a normal one, the memo is not required, and it is just an option.
The sharing you have made about Steem has really provided a better understanding of the Steem coin in line with the information it contains. Thank you for your hard work.