Crypto Academy / Season 3 / Week 1 - Homework Post for @yousafharoonkhan Trust wallet, Binance Smart chain

Hello, all fellow Steemians!!
Hope all of you are doing great in the 3rd session of Crypto Academy. This is really a great opportunity for all of us to attend lectures on various topics of crypto by talented professors here.
Here, after going through the lecture in detail, I am submitting my homework. Hope it would be up to the required standard.

Trust wallet is a decentralized crypto wallet owned by the leading crypto exchange Binance. Although there are no decentralized wallets available, Trust wallet is trustworthy due to its several unique features.

Its user-friendly interface helps to manage hundreds of coins in its multi-coin wallet. It also allows importing other wallets into it.

Opening an account in the Trust Wallet does not require any KYC or verification process. We also can earn passive income by staking various cryptocurrencies laying idle in the wallet.

Crypto can be buy in Trust wallet directly by fiat using various payment methods.

A lot of DApps are listed in Trust wallets which can be connected to make transactions.

It can be set up in few steps.

• Find Trust wallet app in the Google play store and installed it on the mobile.
• Open the wallet and choose "Create A New Wallet" and Accepted Privacy Policy and Terms of Service

• Noted down recovery phrase and re-enter to verify.

• Wallet is created.

I already had Trust wallet on my mobile it was just created for demonstration purposes

Binance smart chain is a blockchain launched by the world's leading crypto exchange Binance. Mainly it was developed to lower transaction costs and provide a space to create DApps and other DeFi products. It is similar to ERC20 but it is based on proof of stack consensus algorithm.

Adding BSC chrome extension

• Search Binance Smart Chain extension and click on add to chrome/Brave

• Extension added successfully! 👇

Creating new wallet

• Clicked on "Generate seed phrase" 👇
  

  
  
  

• Set up a strong password 👇
  

  
  
  

• Back up seed phrase 👇
  

  
  
  

• Verified seed phrase as asked 👇
  

  
  
  

• Wallet created successfully! 👇
  

  
  
  
  

Task 3

How to deposit any BNB (BEP20 )coin from the Binance Exchange to Trust Wallet or Binance Smart chain? How to link the Trust wallet to the binance smart chain?Explain the details of each step with the help of screenshot.( transaction should be confirmed)

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Deposit of BNB coin from Binance Exchange to Binance Smart Chain.

• Open BSC chrome extension.
• Clicked on receive and open QR code. 👇

• Scan code from Binance exchange app from mobile
• Confirm the transaction 👇

• Entered code received on mobile and email
• Withdrawl from Binance exchange is under process
• Deposit to BSC is successful, the process completed within a couple of minutes 👇

Linking of Trust wallet to Binance Smart Chain

• Open Trust wallet in mobile
• Go to the wallet section and click on "+"
• Next selected I already have a wallet

• On the Import page selected Smart Chain
• Now from BSC chrome extension private key is copied.
• Past this key in Trust wallet, Entered the name, and clicked on Import.
• BSC wallet imported in Trust wallet.For proof showing same balance as in BSC wallet

Task 4

What is PancakeSwap Exchange ? How To Link Pancakeswap exchange with Trust Wallet or Binance Smart exchange? Explain the details of each step with the help of screenshot.

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PancakeSwap Exchange

It is a decentralized application just like Ethereum’s Uniswap and runs on Binance Smart Chain. One can swap various tokens on this platform and earn Cake as a reward.

It offers much lower trading fees as compared to Ethereum’s Uniswap and so gaining popularity day by day.

Even though Binance operates a centralized exchange service, it does not control or operate PancakeSwap—it was built by anonymous developers.

Specifically, BEP-20 tokens can be swapped on this platform but it is also possible to bring other tokens by Binance Bridge and “wrap” them as a BEP-20 token for use on the Pancake Swap.

Linking Pancake Swap exchange to Binance Smart Chain wallet.

• Landed on https://pancakeswap.finance/ and clicked on connect.

• New window opened which shows options for various wallets to connect.
• Selected Binance chain wallet and next clicked on connect

• Wallet is connected to Pancake Swap DEX.

Task 5

How to Swap & Stake cake coin on Decentralized Pancake Swap exchange with Trust Wallet or BSC ? Explain the details of each step with the help of screenshot.( transaction should be confirmed)

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Swap of Cake on Pancake Swap

• Landed on https://pancakeswap.finance/ and clicked on Trade>>Exchange

• Selected Swap option. Here I will swap my half of BNB to Cake, clicked on swap to proceed.

• Confirmed the swap as shown in the screenshots below 👇

• Transaction details available here on bscscan

Stack of Cake on Pancake Swap

• Entered in Pools section and clicked on Auto CAKE and >> Enable
• Confirm the Enable in the next step. 👇

• Now Stack option appeared and clicked on that
• Confirmed the transaction 👇

• Wow I have stacked my CAKE successfully!! 👇

My all transactions can be confirmed here

Conclusion

I am in the crypto field for the last 4 tears but I have not explored the Defi world too much. This lecture and its homework tasks about Binance Smart Chain really helped me to understand about Dex wallet and exchange specially Pancake Swap.

I gained very good experience by doing real-time transactions in the homework. I am really thankful to Prof @yousafharoonkhan for his informative and interesting lesson about Binance Smart Chain. Now waiting eagerly for part 2