STEEM & TRON - Steemit Crypto Academy Season 5 - Homework Post for Task 2.
(2) 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? What are the different ways to optimize mining rewards using TRX in Tron Ecosystem?
STEEM POWER (SP)-
Brume power is a measure of stoner influence on the Steam blockchain. It's a unrestricted liquid brume that can not be withdrawn.
A stoner's Brume power is determined by how important influence they can give to authors and how important curation price they earn each time they upvote authors.
SP, as stated before, is a liquid brume that's staked or turned off to give fresh power to the stoner. This locked Steam can be changed back to Steam via the power down process, which takes 4 weeks to complete.
For illustration, if you reduce 2000 SP, it'll take 4 weeks to complete and you'll be paid 500 STEEM per week, therefore 2000 STEEM will be completed in 4 weeks.
Also, on the Steemit point, Brume provides coffers to power druggies, which allow them to publish, upvote and note on content. Without coffers, the stoner can not do anything, and the further SP you have, the further coffers you have.
How do you earn Steam Power (SP)?
1.When you produce a post ( author) or upvote (curation) a post, you earn SP. As a watchman you earn 50 of the total bounty payout in SP, and as a pen you earn 50 of the total payout in SBD and SP, which is 25 SBD, 25SP.
2.To earn all prices in SP, you need to set author's post payout to 100, which means whatever you earn from posting SPs will be in SP.
3.You can get brume power but buy liquid brume and convert your liquid brume to sp using power ups.
STEEM-
STEEM, the primary cryptocurrency of the Steemit platform, is earned by creating high quality content. It's a marketable cryptocurrency that can be changed for other cryptocurrencies or edict plutocrat on the exchange where it was listed.
how to earn brume:-
- You can earn STEEM by sharing in any contest and winning.
- You can take 4 weeks off to complete your SP (Locked STEEM)
- You can change SBD earned by post to Steam in the Wallet section's Eternal Request
Transfer Steem Tokens
To shoot STEEM commemoratives to another account, go to Wallet, click"Transfer", enter a username and also click Shoot.
SBD (Steem Dollar)
The Steem- backed bone was supposed to be tied with the US bone to produce a stablecoin, but this didn't be.
How do we earn SBD
When we write content we get SBD, as I've formerly said. For illustration, if we set our payout to50/50, we will earn 25 of the payout post SBD.
We may also change our STEEM for SBD in the internal request.
When we share and win in competitions we're awarded with SBD.
TRX (Tron)
Tron is another commemorative on the network; This was added about a time ago, and since also, druggies have been earning Tron in the rate of 11 whenever they earnSP.
how do we earn trx :-
- As an author When a stoner creates content on the platform, they admit a Tron 11 rate of author SP prices,
- As a watchman When we curate (upvote), they admit Tron in a 11 rate of the curation SP price.
You can also earn Tron if you share in a contest and palm; Contest organizers can award Tron to dispute winners.
TRC10 and TRC20 commemoratives:-
TRC10 and TRC20 are the two introductory coins on the Tron blockchain. TRC10 is a commemorative that was created entirely by its own network.
The commemoratives are compatible with colorful cryptocurrency holdalls and don't bear the use of the Tron virtual machine. TRC20, on the other hand, is erected on smart contract technology.
Druggies can produce their own commemoratives using the Tron virtual machine, which is one of the commemorative's numerous functionalities.
ExploreCoinmarketcap.com to indicate the rank, coinmarketcap, and circulating force of STEEM and TRX?
Current Price:-$0.5882
Circulating Supply:-393,463,494.42 STEEM
Current Rank:- #311
Marketcap:-$231,439,982
Trading Volume (24h):- $8,520,470
To start, I'll look at STEEM on Coinmarketcap; To do this, visit Coinmarketcap or click on this link and you'll be taken to the STEEM statistics on Coinmarketcap.
TRX :-
Now let's look at TRX. To get it, go to Coinmarketcap or click this link and you will be taken to the TRX statistics on Coinmarket.
Current Price:- $0.1108
Circulating Supply:-71.66B TRX
Current Rank:- #27
Marketcap :-$7,948,490,094
Trading Volume (24h):-$2,951,077,643
Which exchange are you familiar with where both STEEM and TRX are listed?
I'm familiar with Binance Exchange,
The largest cryptocurrency exchange in the world, on this exchange I can incontinently trade my STEEM and Tron commemoratives in any cryptocurrency or edict (BTC or USDT). And use the P2P platform to secret BTC or USDT in my original currency.
Does it cost any fee for transacting STEEM and TRX?
It doesn't bring any plutocrat to transfer Steam from my portmanteau to the exchange or any other stoner; Still, transferring Tron from one Tron portmanteau to another requires bandwidth, and transferring from exchanges costs Steem or Tron a small quantum as sale freights.
Let's look at an illustration. For illustration, if I want to transfer STEEM from my Binance Wallet (Exchange) to my Steemit Wallet, I've to pay a figure of0.01 STEEM, as shown in the screenshot below.
As shown in the screenshot below, I only have to pay a small figure of 1 TRX when I shoot Tron from my Binance portmanteau ( exchange) to my Tron portmanteau.
How important is the use of Memo while transferring STEEM from Steemitwallet to an Exchange wallet.
Memo is required when sending Steam from our Steemit Wallet to Exchange Wallet; The exchange uses a fixed address, but Memos differentiates users.
Each Exchange user has the same address but a different memo; This memo serves as the starting address where Steam sent will be received. For example, the global address of Binance is DeepCrypto8, but each user's memo is unique.
Your coins will be lost if you transfer from your Steemit wallet to Steam without including an exchange memo. You have to paste the correct note that was copied directly from your Exchange Wallet.
To avoid losing your coins it is important to use Memo every time you want to transfer Steem from your Steemit wallet to the exchange.
Do you essentially need a similar memo for transferring STEEM from Exchange wallet to your Steemit wallet?
There is no need to enter a memo in your SteemitWallet when sending Steam from an exchange.
Simply type in your username followed by @ (address), the amount of steam you want to give and click send/withdraw. If required, you will need to enter your security passcode or OTP.
For example, if I want to send STEEM from my Binance account to my Steemit wallet, I simply input my username (without the @) of the STEEM I want to send, and click Withdraw, followed by I confirm the transaction.
What are the different ways to optimize mining rewards using TRX in Tron Ecosystem?
Giving or providing my TRX in the lending market on JustLend entitles me to borrow loans from any available asset. It also depends on my TRX balance.
For a while, I haven't earned enough TRX, so my TRX token is still on the Steemit platform; However, once I have a fair amount of TRX, I will go to the JustLend platform on my TronLink wallet and supply it to earn some passive interest. In addition, I plan to offer my TRX token with USDT or any token on the Tron network to join a liquidity pool and earn some passive income.
Others include;
As mentioned earlier, you can provide your own TRX coin and earn APY on it.
You can vote for Super Representative (SR) and earn TRX by freezing your TRX coin.
You can also freeze to generate energy and bandwidth, which will serve as transaction fees.
You can join a mining pool or liquidate a pool while mining TRX.
Conclusion
As an author(s), you have the opportunity to earn four different tokens: SP, STEEM, SBD and Tron. As an investor or upvoter (curator), you can take advantage of this lecture and earn SP and Tron in the ratio of 1:1.
Being able to attend Crypto Academy courses is a dream come true for me, and I commend the professor and the Steemit team for undertaking this project.
It contains spun/plagiarized content.
Cc:- @dilchamo, @shemul21