Crypto Academy Season 3 Beginners' Course- Task 1: STEEM & TRON by @iloveakuma 18/08/2021

Explain the difference between [SP, STEEM, SBD] & [TRX, TRC10, TRC20 tokens](with examples)? Explore Coinmarketcap.com to indicate the rank, coinmarketcap, and circulating supply of STEEM and TRX? Which exchange are you familiar with where both STEEM and TRX are listed? Does it cost any fee for transacting STEEM and TRX? How important is the use of Memo while transferring STEEM from Steemitwallet to an Exchange wallet, do you essentially need a similar memo for transferring STEEM from Exchange wallet to your Steemit wallet?

Good day to all members of this wonderful community. I'm happy today because I will be presenting my Task 1 #academy-intro01 of steem's crypto Academy #cryptoacademy Beginners' Course. I thank @sapwood for the lectures, they were very understandable.

Explaining The Differences

STEEM POWER (SP)

In my own words, I'd simply say steem power is influence. I'd also say that, steem power is authority. You earn steem power when you create good content. SP, is the influence token which gives an individual more control over posts which he/she makes. SP also helps us receive curation rewards from the system. The more SP I have, the more access I have on Steemit, and the more voting power (Curation) I also have.

SP can be converted to STEEM via a process known as powering down. This process takes 4 weeks to complete.

You can equally delegate SP to someone on the Blockchain, so as to help that person build a reputation. This is because the person will receive votes for his/her good content. However, the Delegator still maintains ownership of the SP.

You can increase your SP by writing articles frequently. Make sure that the articles are of high quality, so that they can attract upvotes. You can also increase your SP by buying it.

The more SP you have, the more you earn from Curation rewards. Having a high SP also allows you to vote the witness in charge of the steemit Blockchain network.

Below is a screenshot of my wallet. I have been able to raise my SP up to 134 steem. As you can see below, no one is currently delegating SP to me, neither am i delegating SP to any account.

^{Screenshot of my wallet}

STEEM

STEEM is the basic currency of the steemit Blockchain Wich is earned via your PoB (proof of brain). Proof of brain mainly talks about originality and creativity in your content. You can earn steem from posting high quality content, commenting and upvoting. STEEM is a tradable token so you can transfer or withdraw whenever you wish.
STEEM can also be converted to SP via a process known as powering up.

Below is a screenshot of my wallet. I current have 0.000 STEEM because I powered up all my STEEM.

STEEM DOLLARS (SBD)

Personally, this is my favourite token. STEEM DOLLARS, are tradable tokens you earn from your posts. These rewards are paid out to your wallet in dollars, and can be withdrawn at any time. They can also be transferred, or if you wish, you may convert it to STEEM.

TRON (TRX)

This is another token earned by users of the steemit Blockchain. TRX tokens are earned out of your proof of brain which means an individual must creating good quality content. Your TRON account receives TRX rewards.
You can download a TRON wallet and transfer your tokens there. You equally have the possibilty of freezing it, or voting it out for more strength in the TRON ecosystem.

Below is a screenshot of my wallet,and the TRX token which I have been able to accumulate.

TRC 10 and TRC 20 TOKENS

TRC (Tron Request Comments) developed by steemit Blockchain has 2 types namely; TRC 10 & TRC 20.
They both function differently. TRC 10 tokens does not need Tron Virtual Machine to process, meanwhile TRC 20 needs it. TRC 20 are smart contract implementation.

Explore Coinmarketcap.com to indicate the rank, coinmarketcap, and circulating supply of STEEM and TRX?

STEEM

Edited image from Coin Market cap

Rank ~ 183
Coin Market Cap ~ $205,829,701
Circulating supply ~ 386,356,013.27 STEEM

TRON (TRX)

Edited image from Coin Market cap

Rank ~ 25
Coin Market Cap~ $6,104,563,447
Circulating supply~ 71.66B TRX

Which exchange are you familiar with where both STEEM and TRX are listed?

I am quite familiar with Binance, as I have even bought steem there a few times.

Does it cost any fee for transacting STEEM and TRX?

Yes, it usually costs a little money when you want to exchange your STEEM or TRON to your local currency. But this amount is very small as it is usually for the transaction gas fee and maintanance.
However, the amount of the fee will depend on how much you want to transact.

How important is the use of Memo while transferring STEEM from Steemitwallet to an Exchange wallet?

Before answering this question, it is absolutely important to first of all understand what a memo is. A memo, explains the reason why a transaction is being made on the Blockchain. It could be a simple phrase like "power up". This memo enables the adequate auditing of your account.
A memo is obviously important because of security reasons. The Blockchain, will like to know that it is indeed the account owner who is making the transaction.

Do you essentially need a similar memo for transferring STEEM from Exchange wallet to your Steemit wallet?

The answer to this question is NO! it is not needed. This is because you are transferring from your Exchange wallet to your steemit wallet.
What you'll need, is your password key used to create that account, and account details of the exchanger

Thanks for reading....