Hi everyone,
I have decided to participate to the Cryptoacademy Season 3 Beginners' course - Task 1: STEEM & TRON. Following @sapwood's guidelines in his beautiful lesson, I decided to give answers to these questions:
(2) 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?
First of all, I will start by defining these terms before delving into the differences. However, it is expected of us to know that, steemit is a platform that allows you to write and earn. Steemit came into existence in 2016. So I will explain steem, SP, and SBD.
Steem
Steem is the most basic currency on the steemit platform in return for a post made. At the end of every post in steemit, the platform rewards with steem. Steem allows us to increase our steem power and SBD can be converted to steem.
SBD
This means steem dollar. SBD is also another currency that is found on the steemit platform and its worth, is more higher than steem
Steemit produces SBD currency. The more SBD accumulated, the more steem you will have and the higher the price of steem, the more SBD that is gotten.
SP
My steempower currently is 220
This means steemit power. Steem power is the act of powering up steem. The more SP you have, the more influence your account will be in the steemit platform. Usually, when an account is created newly, steemit gives the user 15SP by default, which can be increased. SP is increased by posting or powering up some steem. When your SP is high, the value of your vote will increase so much. There are two basic ways to power up:
i. Setting a post to 100% power up instead of 50%
By clicking on advance setting on the post page
Set it to 100% and save.
ii. By powering up steems
Go towallet and click on the drop down of steemit
Click on power up.
Difference between STEEM SBD and SP(Steem Power)
The basic currency of steemit is the steem coin. SBD is the coin which we can convert to steem coin. Whilst steem power is a steem when we power up. SP strengthens our account whereby half of the money we get from the post goes to steempower.
TRX, TRC10, TRC20 tokens
TRX (TRON)
TRX is also known as TRON.TRX recently part of Steemit wherein the system allows a user to get the equivalent steem he or she gets in Tron. For instance,if I earn 10 steem,it therefore means that, I will earn 10 Tron.
TRC-20
TRC-20 is used for smart contract on the TRON blockchain to implement tokens with tron. It is better than TRC-10.
TRC-10
TRC-10 is a technical token standard which gives support to the TRON blockchain.
Differences between TRX TRC-10 and TRC-20
Tron is serves as the main and primary token in TRX. TRC-20 token works in TRX and is better than TRC-10. TRC-10 has1000 times lower transaction fee than TRC-20
Browse Coinmarketcap.com to show you the ranking, coinmarketcap and circulating supply of STEEM and TRX?
STEEM
From the screenshot above,steem has a selling price of $0.608,Rank of 188, market cap of $2,216,728,049,376, volume for 24 hours is $124,132,439,976, for circulating supply is 387,705,232 steem.
Tron
From the screenshot above, the Tron price is $0.1001, rank is 25, market cap is $2,216,728,049,376 and 24hours volume is $124,132,439,976.
Which exchange are you familiar with where both STEEM and TRX are listed?
In my opinion, the one I'm familiar with is binance. Although, there are others like,Huobi,poloniex etc
They are all the same, and they are very reliable.
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?
Steem
when transferring steem to an exchange, an address and memo will be required. This is because, the memo is used to identify a wallet. For instance, when you want to put steem from bianace exchange in steemit wallet, a memo with an address will be required and where there is no memo and address,no transaction will be done.
Thanks so much for reading through my entry.
Thank you sir @sapwood