Crypto Academy / Season 3 / Week 1 - Homework Post for @yousafharoonkhan | Trust wallet,Binance Smart chain & How to Swap & Stake cake coin on Decentralized Pancake Swap exchange with Trust Wallet || Part 1

Introduction

It's that precious time to appear at the academy again from the seasoned crypto professors. It's been a great week so far and this time, I've attended a lecture presented by professor @yousafharoonkhan where the professor lectured on Trust Wallet, Binance Smart Chain, and how to use the decentralized exchanges for swapping and liquidity providing. I will use this piece of article to attend the task as given by the professor.

1. What is a Trust Wallet? How to find and install it from google play store to mobile phone? How to create a new wallet on trust wallet? Explain the details of each step with the help of screenshot.

What is the Trust Wallet?

Trust Wallet is a mobile/web cryptocurrency wallet and a multi-chain wallet that is used for the storage of cryptocurrency assets such as the ERC20 & ERC721 (Ethereum blockchain-based), BEP2 (Binance Smart Chain) tokens and other blockchain network tokens, the numbers of the blockchain network supported by Trust Wallet amounts up to 40. Speaking of popular crypto wallets in the crypto ecosystem, Trust Wallet is among the list of the top crypto wallets and it started operation in the year 2017.

Going further, Trust Wallet is a decentralized and open-source crypto wallet that is used for the storage of crypto assets securely, this wallet supports thousands of Ethereum blockchain-based, Binance Smart Chain tokens and other blockchain network tokens. Trust wallet falls under the category of Hot crypto wallets which can also be regarded as Web 3.0 wallet because of the incorporation of Decentralized Applications that enable users to interact with other DApps to perform transactions of choice, for example, Swapping and Liquidity providing through the wallet.

In addition, Trust Wallet being a decentralized crypto wallet is non-custodial such that users have access to Private keys/Mnemonic key of their wallets and can be backed up on other device at ease, anytime of choice. Users have total control over their assets in the Trust Wallet with no third party involvement in any of their transactions in the wallet because it is fully decentralized.

How to find and install it from google play store to mobile phone?

The first to step to installing Trust Wallet is visiting the Google Play Store. Search for the phrase Trust Wallet, click Install and select Open to launch the wallet after successful installation.

Now that I have launched the wallet, on the landing interface, I clicked Create a new wallet and on the next interface, I agreed to Privacy Policy and Terms of Service and clicked the Continue button. Screenshots below.

The backup process begins and on this interface, I clicked the ticked the box to confirm that I understand that if I lose the backup words, I won't have access to my assets again the clicked the Continue button.

On the next interface, the 12 backup words was revealed so I write them down and clicked continue button. On the next page, I inserted the 12 backup words in the right order and clicked the Done button. The backup was complete and the wallet was created successfully, such that I clicked the done. Screenshot below.

My new Trust Wallet account was successfully set up. See the screenshot below.

_{My wallet is ready}

The steps above completes the installation and creation of a new Trust Wallet account.

2. What is Binance Smart Chain (BSC)? How to add its extension application in google chrome? How to create a new wallet on BSC? Explain the details of each step with the help of screenshot..

What is Binance Smart Chain?

Binance Smart Chain is the blockchain network that is designed to be compatible with smart contracts and as such, it allows the smooth running of smart contracts-based networks and applications. This innovation is credited to the Binance exchange who are the inventor and the network works identically with the Binance Chain (BC) which is the native chain of the Binance exchange.

Knowing that Binance Chain began operation in the year 2019, the incorporation of the Binance Smart Chain makes both networks to work in parallel to each other. Basic distinctive difference between Binance Chain and Binance Smart Chain is that, Binance Smart Chain is designed to support smart contracts-based applications which enable developers to put up their code together to build DApps that would run smoothly on the Binance Smart Chain. Examples of Binance Smart Tokens are; Binance Coin (BNB & BNB Smart Chain), BUSD, DAI, CAKE, GRT, 1INCH, BAKE and numerous others.

In addition, Binance Smart Chain is designed for fast, decentralized and cost-effective transactions on the network and this Chain employs the Proof of Stake (PoS) consensus algorithm to validate transactions and secure the network. And it's high scalability (can handle large number of transactions) attribute is a great innovation of the chain and the technology is Cross-chain such that it allows easy transactions from the Chain to other blockchain network at low transaction fees.

How to Add the Binance Smart Chain Chrome Extension?

To add the Binance Smart Chain Chrome extension, the process starts from visiting the website www.binance.org/en/. I selected Chrome from the list of supported browser under wallet.

_{Screenshot from www.binance.org/en/}

Then, on the next interface, I selected Add to Chrome. And a prompt popped up for the extension then I clicked Add extension

_{Screenshot from www.binance.org/en/}

The extension was successfully added.

_{Screenshot from www.binance.org/en/}

How to create a new wallet on Binance Smart Chain?

I clicked on the Binance Smart Chain extension that was added at the top of the page then clicked on Create wallet on the wallet extension new page. On the next interface, I clicked Generate Seed Phrase.

Now, I am required to create a new password so I created a strong password that has the combination of letters (uppercase and lowercase), numbers and characters, and I confirmed the password the password them clicked Continue. It's time to start Backup, I wrote down the Backup seed phrase and clicked continue. Screenshots below.

On the next backup interface, I inserted the 3rd, 4th and 10th backup seed phrase' words into the designated fields.

My new Binance Smart Chain wallet was created successfully.

_{Binance Smart Chain wallet created}

The above steps completes the process of creating a new Binance Smart Chain wallet using the BSC chrome extension.

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)

How to deposit any BNB (BEP20 )coin from the Binance Exchange to Trust Wallet or Binance Smart chain?

For this part of the task, I will depositing BNB (Smart Chain) from my Binance exchange into the Trust Wallet and the steps involved would be shown below.

First thing is to launch my Trust Wallet and select Smart Chain (BNB) wallet. On the next interface, I selected Receive to fetch the deposit address.

The address was revealed and I clicked Copy to copy the address.

_{Tap Copy}

Now, I opened my Binance App and from the homepage, I selected wallets and on the next interface, I selected the BNB wallet. And clicked on withdrawal.

On the withdrawal page, I pasted my Trust Wallet address, selected the BEP20 network. I inputted the amount I wanted to withdraw which is all, so I selected Max and that's 0.02914 (~8.77 USD) and the transaction fee is 0.0005 BNB, and clicked withdrawal. I supplied the code sent to my mobile number and email address, and the transaction was submitted.

In a few seconds, The transaction was successful.

_{Transaction successful on Binance}

Let's take a look on the transaction in the destination wallet (Trust Wallet).

See the transaction details below as gotten from https://bscscan.com/tx/0xf941792373a21539f0cb7c76c3d97ae7aca43f1d22b3f8e9a8928ceaa422a0e5/

_{Transaction details from bscscan.com/}

For transaction verification purpose, the list below contains the accounts involved in the transaction above.

Funding wallet (Binance: Hot wallet 7)- 0xe2fc31f816a9b94326492132018c3aecc4a93ae1

Destination wallet (Trust Wallet)- 0x7ff739e6440b4618efeb8ec4e544d4ff153787ec

Transaction hash- 0xf941792373a21539f0cb7c76c3d97ae7aca43f1d22b3f8e9a8928ceaa422a0e5

How to link Trust Wallet to Binance Smart Chain?

The first step to linking Trust Wallet to Binance Smart Chain starts from opening the Binance Smart Chain wallet. Clicked the 3 dots in from of my account, from the list of options, I selected Export Private Key.

On the next interface, I entered my password to confirm the action amd clicked Next.

The private key was revealed and I clicked Copy icon then close it.

_{My Binance Smart Chain private key}

The next step is now to launch the Trust Wallet, then I switched to Settings.

On the next interface, I selected the addition icon (+) and on the next page, I selected I already have a wallet.

Then, I selected Smart Chain from the list and on the next interface, I switched to Private key. I pasted my Binance Smart Chain private key, named it and clicked Import.

The Binance Smart Chain was imported successfully and I clicked done.

See the picture of the Binance Smart Chain wallet on my Trust Wallet's list of wallets.

_{Binance Smart Chain imported to Trust Wallet}

For reference purpose, my Binance Smart Chain address is; 0x7f4488C5f1d2793cf3B405B5650cCA4342e37f57.

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.

What is PancakeSwap Exchange?

PancakeSwap is a decentralized exchange that offers cryptocurrency swapping and host liquidity pool for users to stake their assets into and earn exchange fees as a liquidity provider. PancakeSwap as a decentralized exchange offer users the independence of transaction such that there is no involvement of third parties in transactions done on the exchange.

PancakeSwap is deployed on smart contracts and built on the Binance Smart Chain such that all activities done on the exchange is carried out through Smart contracts. The technology for quoting prices on PancakeSwap is the AMM (Automated Market Maker) which utilizes the funds supplied into the liquidity pool by the liquidity providers.

In addition, PancakeSwap can be accessed through the DApps incorporated into crypto wallets to carry out desired transactions such as swapping and liquidity providing as based on smart contracts. The native token of the PancakeSwap exchange is CAKE which is currently trading at a price of 13.45 USD and maintaining the 37th position by market capitalization ranking. See the screenshot of PancakeSwap native coin below.

_{Screenshot from https://coinmarketcap.com/currencies/pancakeswap/}

How to link PancakeSwap exchange to Trust Wallet?

The process starts from launching my Trust Wallet and selected DApps at the bottom of the page and insert pancakeswap.finance/ into the address bar to visit.

On the landing page of PancakeSwap, I selected Connect button at the top of the page then selected Trust Wallet as the wallet I am connecting to the decentralized exchange.

The next step is that I changed the Ethereum network to Smart Chain by clicking the icon at the top of the page to effect the switch.

_{Switch to Smart Chain}

I was able to connect PancakeSwap to Trust Wallet successfully.

_{PancakeSwap connected to Trust Wallet}

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)

I will be swapping my Smart Chain (BNB) coin for CAKE on PancakeSwap using my Trust Wallet and also followed by staking my CAKE asset into the liquidity pool. The steps involved are as follows.

How to Swap on PancakeSwap using the Trust Wallet?

I launched my Trust Wallet and navigated to DApps, type in pancakeswap.finance/ to visit.

On the landing page of PancakeSwap, I selected the menu bar by the top-left of the page and having connected my wallet, I selected Exchange from the options.

Now, I have the swap page such that I am swapping my BNB coin for Cake. So I selected CAKE as the destination coin from Select currency, input the amount of BNB (0.007 BNB) for 0.152767 CAKE then clicked Swap.

And I confirmed the transaction.

The transaction was successful. Now, I have the CAKE in my Trust Wallet.

_{CAKE in my Trust Wallet}

The transaction above is a smart contract triggered one and this is the transaction hash; https://bscscan.com/tx/0xa778992ac72199c356fa90f31a351ca78deec1d8562fd7bb8d017ed6ecad87bc/

How to stake CAKE on PancakeSwap?

The process starts by visiting pancakeswap.finance/ and on the landing page I selected the Menu button and selected Pools because I am staking.

Then I chose the Auto CAKE syrup pool with 105.97% APY, click on Enable and approve the enabling.

Now, I clicked the Stake button and on the next page, I entered Max as my staking total (0.152767 CAKE). And I confirmed the transaction.

The CAKE staking was successful.

_{CAKE staked}

The transaction above is a smart contract triggered one and this is the transaction hash; https://bscscan.com/tx/0x5ae6f5e0107244af86c297912bcf5186328d1b95d4bbc154c8f2dddbe58d8e18/

Conclusion

In conclusion, the decentralized finance (DeFi) world is becoming more relevant and that has given users in the crypto ecosystem to make transactions independently without the involvement of third parties by simply interacting with DApps. In addition, users earn passive income through staking as they serve as liquidity providers.

Speaking of the Binance Smart Chain, it has brought the DeFi world closer to users in the crypto ecosystem with its decentralization technology, compatibilty with smart contracts, high scalability, cross-chain and low transaction fees amongst others. Thanks to professor @yousafharoonkhan for this wonderful lecture. Thank you, all.

Cc: @yousafharoonkhan

Written by;
@fredquantum

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yousafharoonkhan (75) · 4 years ago

Respected first thank you very much for taking interest in SteemitCryptoAcademy
Season 3 | intermediate course class week 1

Criteria	Calculation out of 2	remarks
Presentation/quality	1.7	thank you very much for taking participate in intermediate class course
Originality	2/2
Compliance with Topic	1.5
Clarity of Language	2
Quality of Analysis	2
*Grand total*	*9.4*	looking good

thank you very much for taking interest in this class

$0.00

fredquantum (76) · 4 years ago

Thanks for the review professor.

emmanuel-malume (67) · 4 years ago

Your assignment was honestly very good but can you teach me how you resize ur screenshots please
I like their sizes

Hello @emmanuel-malume. Thanks for appreciating this piece. For the alignment of the images to the left/right used in this article, the syntax used follows;

< div class = "pull-left">For the image you want on the left, Upload the image here!< /div>

< div class = "pull-right">For the image you want on the right, upload the image here!< /div>

I hope this helps.

I mean size of screenshots

Bro, have you tried the syntax yet? You requested for it and that's exactly what the solution is. You should try it first. I didn't resize the images, I put them side by side and by do doing, the size gets reduced. So lay your hands on it and see the outcome.