Tron Ecosystem - Steemit Crypto Academy Season 4 - Homework Post for Task 1 - Written by @cryptozahid
Hello, dear steemit users on this platform. I am new here. I have completed all the achievements given in Newcomers' Community and now I am Pro newcomer Verified/R3. Today I am writing the post for Beginners Level Introductory Courses(FIXED).
There are three different questions available for Task 1 & I have chosen the second part which is about Tron Ecosystem lectured by Professor @sapwood. I have read the lecture carefully. Now I am writing the answers to the questions I have selected. I have also added the questions in bold letters below. So, Let's start.
QUESTION (2)
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 abbreviation of DApps stands for Decentralized Applications. Before learning about DApps, we should know about Decentralization.
Decentralization: The reverse process of centralization is decentralization. The decentralization concept is invented with the first-ever cryptocurrency (Bitcoin) invention. In decentralized platforms, the transactions and funds are not controlled by any kind of central controlling unit. Here every person has their own wallet by which they can make any kind of transaction without the involvement of third parties. So, the users have full control of their assets.
Different dApps: There are many decentralized apps that have been created under the Tron ecosystem. More than thousands of Dapps are available right now. Different dapps have a different purpose of use. Here I am sharing some popular dapps that I'm familiar with.
- TronScan
- TronTrade
- MegaCryptoPolis 3D, etc
TronScan:
TronScan is one of the best block explorers of TRON. The users can confirm and validate transactions on the Tron blockchain. There are many features are available on Tronscan that are: transactions, token creation, blocks, nodes, voting, smart contracts, contract deployment, etc. Its mission is to promote the transparency of the Tron blockchain.
TronTrade:
It is a decentralized exchange (DEX) platform that uses the TRX-token. It is mainly for trading where TRX is the base currency. It is a user-friendly DEX for TRC10 and TRC20 tokens. They have an active support team that is available 24/7. Their motto is- "One Exchange. Unlimited Trading"
MegaCryptoPolis 3D:
It is a decentralized city builder strategy game where every action is a transaction accomplished by the smart contract. Here every asset has a unique value of ERC-721 token. When the players are renting or producing buildings, actually they are making transactions.
✪ What are the uses of DeFi applications like Justswap, JustLend, and Sun.io?
DeFi means decentralized finance. Which simply using smart contracts on blockchain applications that disrupting financial intermediaries. It can be accessed by anyone from anywhere with an internet connection.
Under the Tron ecosystem, there are many DeFi applications had built. Here I am describing about some of them.
JustSwap:
It is a decentralized exchange platform. JustSwap was launched in 2020. It is basically a trading platform that uses TRC20 and TRX tokens. The users of JustSwap have the advantage that they do not have to pay any charges, trading fees, transfer fees, or withdrawal fees. But they have to pay the network fees.
JustLend:
Lend means loan. The name JustLend refers to take a loan on TRON. The users of JustLend has the opportunity to borrow, lend & deposit assets. And they can also earn interest from their assets. It is also a decentralized platform.
Sun.io:
It is a coin swapping platform under the Tron Ecosystem. At the homepage of Sun.io website, they have announced that it is an integrated platform for stablecoin swap, stake-mining that is based on the TRON. The users get the permits for the stablecoin swapping of USDT, TUSD & USDJ. As a benefit of the staking feature, the users can get profit from token mining.
✪ How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples?
There is a way to optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io. It is a really easy method. I am describing it step by step.
Step 1:
First of all, I have visited Tronlink.org to create a TronLink wallet that is required to get admission to TRON-based DApps. At the homepage of TronLink wallet, I clicked on Browser Extension
Step 2:
Then I got a new window at the chrome web store. By clicking add to chrome, I have download and added the extension on my chrome browser.
Step 3:
After adding the extension I clicked on it and set up a new password for my tronlink wallet account.
Step 4:
Then I have chosen a username for it. Then clicked on continue. It was done and then i click on the create button on the next page.
Step 5:
At this stage, I got a mnemonic phrase as a verification system. I took a screenshot of that, and on the next page, I have re-entered them following the screenshot taken. And it is verified now.
Step 5:
Now I am visiting the Sun.io webpage. It is showing a connect to wallet button at the homepage. Clicking on it and got a pop-up. Then clicking on Tron link wallet and get another pop-up window. I just click on connect. It is connected now.
Step 6:
Here at the top of the homepage, a Stake button. By clicking on it I got a new window. Here I can stake or lock TRX or TRC20 tokens by depositing TRX or TRC20 tokens that I want to stake or lock.
The earnings are very low here by staking tokens. But when we lock the token, it would be a profitable alternative. But we can not withdraw locked tokens until the end of the locked period.
Conclusion
I have answered all questions for this homework task 1. I have learned about Dapps, Defi, and many pieces of information. I really want to thank professor @sapwood for arranging this great homework task for beginners.
Thanks for reading this post. Please comment here your feedback.
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