Tron Ecosystem - Steemit Crypto Academy Season 4 - Homework Post for Task 1
Greetings fellow steemians and welcome to task 1 of this season’s homework which talks about the Tron ecosystem by prof @sapwood below will be providing the answers to the questions asked. Hope my understanding of the topic is proven in my answers.
Make a STEEM and TRX (micro-quantity) transfer to the Poloniex Exchanger
To be able to make a deposit from the Steemit platform to poloniex, l will open the Poloniex app on my IOS then search for Steem after which I will select deposit. Then an address and a memo will be given for the deposit.
When I open the application, i then click on the portfolio then we will see the display from which we will select the deposit button as seen below.
When it opens, we then click on the search bar and search for the Steem token as seen below
Once we get the Steem token, we then click on it and it opens up indicating the user address which is poloniex alongside the memo which is a necessity for the transaction.
I copied the memo and then login into my Steemit wallet so as to make the transfer by entering into your Steemit wallet with your login in then click on the Steem and select transfer then enter the receiver address and the memo to proceed with the transaction as seen below
With the active key entered and filled the transaction is then confirmed and we proceed the transaction takes less than 5mins and it's done and the Steem is deposited in our poloniex wallet as seen below
We can now see the deposit of 1 Steem in my poloniex wallet as seen in the above screenshot.
What are the different markets available for TRX and STEEM to trade on Poloniex?
To see the available TRX markets on poloniex, we open our poloniex application then we select the market section.
Once the market opens, we select TRX after which we will see a list of the top cryptocurrencies of the market at the moment when the homework is done then a list of the available market will be seen as seen below.
For the Steem market in the past 24hrs, we open up a portfolio then select Steem
When it opens up, there we will see the Steem market listed for the last 24hrs.
Make a small exchange on TRX or STEEM on Poloniex
Here we will be looking at making an exchange in the TRAX/ USDT market by clicking on TRX in our wallet after which we select the trading pair as seen below.
Then we click on the trading pair then place a sell order of my TRX to USDT with the market price at $0.09859649
And as soon as the order was placed the transaction was confirmed. As seen below
Immediately the order was placed it was confirmed as the purchase was done as seen below
What is the withdrawal fee for TRX, STEEM and TRC20 USDT on Poloniex?
To know the withdrawal fee of each of these cryptocurrencies we will get into each and try sending so as to get it withdrawal fee of each as seen below
TRX
STEEM
USDT
How profitable is TRC20 USDT compared to ERC20 USDT?
A basic way to identify a more profitable method between the TRC20 and ERC20 USDT is by creating a withdrawal through the ERC20 network and it can be seen that the transaction fee of the ERC20 USDT is so high costing 90.94 USDT thereby making it very less profitable to the TRC20 network which has a network of 0.01 TRX as seen below
It is thereby advisable to use the TRC20 network which is faster, efficient, and safer.
Make a comparison of the TRC 20 USDT withdrawal fees with other major exchanges
Making a withdrawal of USDT in another exchange such as Binance, it can be seen that its TRC20 network fee is 1 USDT on every trade performed which compared to that of poloniex which has a lesser fee of just 0.01 USDT.
Conclusion
It can be seen from all findings above that Poloniex is an exchange that is complete with a wide catalogue of tokens and also has a very low network fee for its transactions. For a fact I can say from this day forth, I will be using Poloniex as my number exchange platform all thanks to prof @sapwood for this great exposure.
CC: @nane15