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?
The difference between (SP, STEEM, SBD) and (TRX, TRC10, TRC20 tokens) with examples
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STEEM
Steem is a cryptocurrency used to power the Steemit social media platform. Authors and their curators have major roles in the Steemit blockchain. Steemit rewards their users for their contributions with STEEM, SP and SBD.
STEEM POWER
SP (Steem Power) is a measure of the influence that a user has in the Steemit network. The more the STEEM POWER a user possess, the more the user can influence posts and comments.
SBD
SBD (Steem Blockchain Dollars) is an utility token on Steemit. Steemit rewards its users for contributing to the Steemit platform with STEEM, SP and SBD.
Examples :
Difference Between TRX, TRC10, and TRC20
TRON is a decentralized blockchain operating system with smart contract and PoS.
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TRC-10 is a token supported by TRON blockchain, and unlike TRC-20 it requires no smart contract implementation.
Exploring Coinmarketcap.com to indicate rank, marketcap, and 24h volume of STEEM and TRX
• Steem Rank - #332
• Market Cap - $160,810,269
• Fully Diluted Market Cap - $165,742,957
• Volume 24h - $35,501,393
• Steem Rank #28
• Market Cap - $7,270,127,565.40
• Fully Diluted Market Cap - $7,270,127,509.49
• Volume 24h - $2,027,877,209.18
The exchange I'm familiar with where STEEM and TRX can be exchanged
I'm getting familiar with poloniex, where it's possible to convert STEEM to USDT, BTC and even TRX, too. A commission is paid for the exchange service provided.
Are there fees for STEEM or TRX transactions?
Steemit users can transfer STEEM and TRON to each other without being charged a transaction fee.
Importance Memo when transferring STEEM from Steemit wallet to an Exchange wallet. Is a memo essential for transferring STEEM from Exchange wallet to your Steemit wallet?
Memos are very important in performing such transaction as transferring STEEM from Steemit wallet to an exchange wallet because it something were to actually go wrong during such transfer, then the memo would help the validators of such transaction know that it really was you.
Transferring STEEM from your own exchange wallet to your Steemit wallet doesn't necessarily need a memo, since there's no need to verify a transaction of a cryptocurrency that's literally yours.
Optimizing mining rewards using TRX in the Tron Ecosystem
In Steemit, TRON rewards are usually deposited in the Steemit TRON wallet. A few weeks back I downloaded TronLink Pro and linked it with my Steemit Tron wallet. Now, I can maximize my use of these assets using these different Decentralized apps.
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In this example, TRON was staked in trust wallet to produce interest that can be claimed into the TRON wallet.
I could also swap my TRON for NFT tokens or any other cryptocurrency that's available on sun.io. These are few out of several ways TRON rewards can be maximized.
