2) Explain (with examples) the differences between [SP, STEEM, SBD] and [TRX, TRC10, TRC20 tokens].

To determine the rank, coinmarketcap, and circulating supply of STEEM and TRX, go to Coinmarketcap.com.

Which exchange do you know where STEEM and TRX are both listed?

Is there a fee for STEEM and TRX transactions? When transferring STEEM from a Steemitwallet to an Exchange wallet, how important is the use of Memo?

Do you need a similar memo when transferring STEEM from an Exchange wallet to your Steemit wallet?

I'd like to join the #Steemit Crypto Academy community today and complete six simple assignments. I worked on Task 2 with question number 2.

Steem Power is a steem token that has been staked on the Steemit platform in order for us to have a say in how posts are voted on. The more SP you have, the more steemit platform impact we have. SP is earned through curation and by posting prizes to the steem community. We can also add SP by powering up from the steem we already have. SP is frozen, which means we can't sell it right away and must first power down before it can be traded on the Exchange.

Steem : Because it is not frozen, Steem is a cryptocurrency from the Steemit platform that can be traded directly on several exchange platforms. In the process, the SP that is powered down will become steem and can be traded. Actually, steem and steem power are the same thing; the only difference is that SP is steem that has been frozen/staked so that we may affect the steemit platform, whereas steem is the outcome of SP that has been thawed or is still liquid.

SBD is a cryptocurrency designed by the steemit team to reward authors who share their work on the network. The underlying concept of SBD is to maintain a steady pricing in relation to the dollar, but in practise, SBD is much more expensive and harder to forecast. SBD can also be converted into steem or other cryptocurrencies; however, as far as I'm aware, only Bittrex and Upbit have registered SBD for trading.

TRX:

TRX is the Tron network's main coin; there is a distinction between a coin and a token, and TRX is an official cryptocurrency coin that resides on the Tron network and was established to reward content creators all around the world. TRX was first formed on the Ethereum network, specifically the ERC-20 protocol, but over time it transitioned to its own blockchain network, the Tron network. Anyone who wants to produce new currencies utilising the Tron blockchain network can use smart contracts, which are known as TRC-10 and TRC-20.

TRC-10 is a TRON network token that may be generated by anyone for the purpose of conducting an ICO by paying 1,024 TRX. TRC-10 is also simple to develop because it does not involve the use of a programming language; all we have to do is write the token name, capitalization, and token exchange rate in TRX. TRC-10 transactions are carried out peer-to-peer through Tronscan, and there is no charge for doing so because TRC-10 transactions use bandwidth that is freely available. When the main system launches, the designers of the TRC-10 token are expected to replace it with the TRC-20 token.

TRC-20 is a Tron network technical standard token that was created to construct tokens using a TRON Virtual Machine (TVM) that is fully compatible with Ethereum's ERC -20. TRC-20 requires programming abilities to create; anybody interested in creating a TRC-20 token must first construct a coding script and then run it. Because TRC-20 and ERC20 have the same functionality and are compatible, anybody who have built ERC-20 scripts on the Ethereum network can copy and migrate them to the TRC-20.

There are other exchanges where steem may be traded, however I only have accounts with Bittrex and Poloniex. Bittrex is my preferred exchange since it allows me to trade both steem and sbd, whereas most other exchanges just allow me to trade steem.

As we all know, all exchange sites benefit from fees for each transaction we do, and Bittrex and Poloniex are no exception, charging a fee for each transaction we make to trade steem and trx as well as make withdrawals.

A fee of roughly 0.01 steem will be paid to make a steem withdrawal from bittrex to steemitwallet, and 1 TRX will be charged to make a TRX withdrawal. The poloniex platform, on the other hand, simply charges 0.01 TRX for each TRX withdrawal and 0.01 steem for each steem withdrawal.

We immediately get the message when we write bittrex as the recipient of the steem or sbd that we will transfer. For your steemit platform exchange transfer, you must include a memo. This means that using memos to send steem to all exchange accounts is required. This is no longer how important it is, but it is required because memos are the primary address for sending steem to all exchange accounts; if there is no address (memo), steem will never arrive at our exchange account.

Meanwhile, transferring steem from an exchange account to a steemitwallet does not necessitate the usage of a memo; we can create a note or leave it blank without filling it out because this is an optional step. This means that when moving steem from an exchange account to a steemitwallet, the memo isn't necessary because the steemit account name is already listed as a steem recipient for the delivery address.

Thank you to all of the lecturers that devote their time and energy to instilling fresh crypto knowledge in us every week.

Cc :

Professor:
@reminiscence01
@awesononso
@nane15
@dilchamo