Crypto Academy Season 3 Beginners' course - Homework Post for Task 1: STEEM & TRON I @farooq2923

Hello everyone. I hope you all are doing good and great. Today, i am going to do the task 1 for @sapwood which is about the Steem $ Tron. Let's begin

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I will explain now all currencies asked in question one by one. I will explain steem, SBD, TRX, Steem power and TRC10, TRC20 token and will show the difference between them.

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Steem

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Steem is the main currency of Steemit platform. On steemit platform, there are many contest which rewarded you in steems too. When you are rewarded by curators on steemit for your content, you are given some percentage of reward in form of steems. This coins can be converted into SBDs or any other currency. On steemit platform, the SP is very important. It actually show how strong your account is. You can raise your SP by converting the Steems into steem power.

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Steem Dollar or SBD

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SBD is the another main of steemit platform. You are rewarded with steem dollars by curator for your creative writings. You can change your SBDs into steem too. On steemit platform, the 1 SBD is equal to 1 Dollar. This is a volatile crypto currency whose value keep changing.

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Steem Power

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Steem power is not a liquid currency on steemit platform. It show how powerful you are on steemit. The more SP you have, the more powerful you will be. The person with higher SP can influence greatly by commenting, voting or downvoting the others post. When you are curated by curators, you are given some percentage of reward in form of Steem power too. You can raise your SP by converting the steems into Steem Power.

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TRX

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Tron is a blockchain with its own currency known as TRX. Many decentralized applications are created on this blockchain. All these applications do not need any central party for completion of task. The TRX also support creation of smart contracts. This blockchain was created in 2017 and associated with Steemit platform in 2020. Now whenever your are rewarded on steemit, you also get proportion of one TRX. One TRX= One SP.

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TRC10, TRC20 tokens:

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Both these are the token of TRon blockchain. They are use for different purpose. The Tron10 is usually use to perform the normal transaction. There is no concept of any virtual machine. But the Tron20 is different as Virtual machine is used for implementing these tokens. Smart contracts are used for implementation of TRC20 tokens by consuming the bandwidth and power.

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STEEM

To explore the STeem token on coinmarketcap.com, we first open the coinmarket cap and then search for Steem token.

The above screen short is taken from coinmarketcap. We can see that the Steem current value is market is 0.5399$. The Rank of Steem is 178 worldwide. If we talk about the market capitalization, this currency has $209,151,255 market cap. Trading volume of Steem is $20,417,815.44, Fully diluted market cap is $218,979,938 and circulating supply is 387,381,136.14 STEEM. The below is the graph of steem.

This coin is listed on many exchnage such as Huibi global. binance, Gate.io etc.

TRX

To explore the TRX, first go to the coinmarketcap. Then serahc for TRX and a new page will be open showing all the characteristics of TRX.

The market price of TRX is $0.08572. The market capitalization of this coin is $6,155,778,092 and fully diluted market cap is $8,645,152,803. Circulting supply of TRX is 71.66B TRX and market rank is 25.

The TRx is listed on many exchnage in which Huobi global, binnace, bithumb, Poloniex are top listed.

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I have account on multiple exchanges. I do the trading on many platforms but most commonly used for trading of STEEM and TRX are follow

• Binance
• Poloniex

I am familiar with many other exchanges but do trading mainly on these two. Both these allow the trading of TRX and steem. The trading is so easy and simple on both these exchanges. I also known many other exchnage on which the steem and tron are listed such as Huobi, etc. But some are not working in my country andsome i never have experince of trading. SO basically two main i used for trading the steem and tron both are Binance and poloniex. The transacttion fee is almost zero or very low on these platforms and transaction speed is high.

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Multiple exchange charge different amount as fee transaction. Some exchange allow the free transaction but some cut the dues. The transaction fee depend upon the transaction amount.

The steem is a coin which do not charge anything for transaction. There is no transaction fee. You can make the transaction of steem as much as you want without worring about the transaction fee.

TRX is also a coin with zero transaction fee but here we need bandwidth to perform the usual transaction in normal routine. But in case of smart contracts, both bandwidth and energy is require to perform transaction. The energy is obtained by freezing your some TRX tokens. If you do not freez your TRX tokens and perform transaction, then your TRX tokens will be cut as energy. The bigger the transaction, the higher the bandwidth and energy you need to burn to perform the transaction.

If i want to but the steems for TRX, then the following fee i need to pay to perform the transaction

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Whenever you want to perform the transaction of steems, you always ask for the username and memo. SO be very careful about the memo. If the memo change, you cannot perform the transaction. The memo should be same in order to transfer the steems using steem wallet. The memo is require to transfer the steems from one exchnage platform to other.

But if you are transferring your steems back from the exchange to your steem wallet, you do not need to use the memo.


Regard
@farooq2923

Thanks to
@sapwood