Terra (Luna) Blockchain - Crypto Academy /S5w4 - Homework Post for @pelon53

Hi Professor @pelon53 I am @ononiwujoel one of your students in Crypto Academy and a member of the steemit platform and this is my homework submission post from your lecture Terra (Luna) Blockchain

1.- What is Terra Station? Explore Terra Station on the web, Download the wallet and connect the wallet to Terra Station. Screenshots required.

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Terra Station is the official Terra network platform. This platform is a decentralized project built in the Terra network and can be used to manage all types of native crypto tokens that also run on the Terra blockchain for activities like staking, swapping assets, Yield farming, participation in governance and voting.

Terra Station is also the official Terra network mobile wallet and can engage all the native tokens of Terra network. Terra Station also connects this wallet to DeFi applications and platforms running on the Terra blockchain.
This wallet is decentralized and non-custodial so it fully owned and controlled by users who are in charge of the protection of their keys and seed phrase through which operations can be carried out with the wallet.

Terra Station also has a Web extension wallet for browsers just like the metamask wallet extension which allow users to access the wallet on their PCs same way they would with the mobile wallet.

Download the wallet and connect the wallet to Terra Station.

Terra Station wallet for mobile can be downloaded from Google play. Just visit googleplay app and search for Terra Station

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Open the app and click on get started

Click on New Wallet

You'll be given a new seed phrase and you will create a new password for your account after which it is now fully set up

Connect wallet to Terra Station

We can connect the newly created Terra Station wallet by visiting the platform at https://station.terra.money/ and this will take us the Terra Station platform.

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Click on the connect button

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Click on mobile Wallet

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Click on Allow button

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Wallet is now connected to Terra Station platform.

Exploring Terra Station platform

Exploring the Terra Station platform from this page is quite easy. The screenshot above already shows us the homepage of the platform, we can scroll down to see information like Luna price, tax rate, issuance, community pool, Staking ratio, transaction volume, Staking returns, tax rewards and total accounts.
Now we can click on the drop down menu at the top right corner of the page the access other options in the platform

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I'll be exploring the functions in the platform one after the other

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• click on Wallet and we'll be directed to my wallet where I can see my native tokens. As we can see here I don't have any asset yet on Terra Station.

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• on the *NFT page we can see that I'm yet to add tokens to my account.

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• Next is Staking we can also see that I'm yet to own stakes in the platform. Staking gives users more power to vote and participate in the governance of the network.

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• on the swap page we can swap Luna, UST and other native tokens on Terra network

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• The Governance section is where all voting and proposals in the network takes place. Here proposals are made which are then voted whether or not they'll go on it not.

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2.- Explain Anchor Protocol, explore the application and connect the Terra Station wallet. Show screenshots.

Anchor Protocol is a successful project built on the Terra network. It was officially launched in March this year by Terraform Lab and has grown into a successful adventure. This platform is a savings protocol with where users can carry out diverse trade activities like lending and borrowing tokens amid other functions.
Anchor has a good earning potential for users who can either lend out their stable tokens like Luna, UST or even ANC to power the platform and then earn incentives. The borrowers on the other just need to show their stable tokens as collateral to borrow assets.

There is also Yield farming in this platform, so liquidity providers can make good profits by staking their assets and then receive their own percentage of rewards from the returns.

Anchor protocol also has it's native coin the ANC which is used as the general means of payment and other activities on the platform.

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Exploring Anchor Protocol

We can quickly do this by visiting Anchor Protocol page on https://www.anchorprotocol.com/, this will take us to the homepage of the platform

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Now we can clisk on the drop down menu at the top right corner of the page to connect to our Terra Station wallet

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Having connected my Terra Station wallet to the Anchor protocol platform I can now go on with exploring starting with the Dashboard section.

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The next section is the My Page section which contains personal information on assets and engagement so far on the platform

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Next is the Earn section which includes details on issuance coverage and interest

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Next is the Borrow section

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Next is the Bond section

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Last section is for Governance

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3.- Explain Mirror Protocol, connect Terra Station and explore the Mirror Protocol application. Show screenshots.

Mirror Protocol is more versatile DeFi project also built on the Terra blockchain. These project is more versatile because it does not only engage crypto coins and tokens but also supports other financial assets. Mirror protocol functions by making it possible for users to trade and engage assets on the platform called Mirror Assets or mAssets. These mAssets are obtained by minting of tokens by users. Mirror protocol is also a fully decentralized platform and users are in full control of their assets and choices.

Mirror Protocol has its own native coin called MIR which is used as means of payment and value system on the platform.

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To connect Mirror Protocol to your Terra Station wallet we have to visit the page https://mirrorprotocol.app/ and then click on connect to do this, following the steps below

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First section is Trade which shows a List of available financial assets on the platform

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Next section we'll look at is the Farm section. This is where all staking and trade entries are made for long and short positions to earn profits in MIR.

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Next is the Governance section. This is where all voting and participation in governance of the platform is done. We can see options to Join forum and Create poll on the first screenshot.

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Finally we look at the My Page section which shows information on my assets and expected rewards.

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4.- What is the Terra bridge? Explain, show screenshots.

Terra network is not an island kind of blockchain but has a way of interacting with other networks to cross exchange compatible assets.
Terra bridge is the medium through which the Terra blockchain achieves this possibility. This bridge serves as an access through which assets can be transferred into and from Terra network to other independent blockchains like Telos, Ethereum, BSC etc.

To explore this Terra bridge we can engage via the site https://bridge.terra.money/ which will take us to the bridge. We can then click on connect wallet at the top right corner of the page to connect our Terra Station wallet

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5.- Explain how it works and what the Terra Stablecoin are.

The crypto market has been faced with the problem of high volatility which makes it difficult to ascertain the price of assets within a long period of time since it keeps changing. This is the major reason we have the Terra Stablecoin.

The Terra Stablecoin also known as Terra USD (UST) is a Stablecoin in the sense that it has a very low volatility and as such can be used as standard for exchange and price valuation. This coin is tied to the US dollar price which is carefully maintained so that even after a period of time it remains the same.

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Another Stablecoin worth taking note of on Terra network is the Luna coin. This coin is widely used in the Terra network as a means of payment for activities on the platform and also for staking and other functions. It also has a low volatility and as such can be used as a standard of exchange

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6.- You have 1,500 USD and you want to transform it into UST. Explain in detail and take the price of the updated LUNA token.

This is very easy to understand. Now like we noted in the last question, the price of TERRA USD is pegged at $1 at all times so we'll take into consideration the current price of Luna token with which we can the calculate what can be obtained.

The price of Luna during this assignment is $58.97

The price of UST is $1, therefore $1500 is equivalent to 1500 UST tokens

Hence we divide this: 1500/58.97 = 25.436

Therefore we have 25.436 Luna tokens

7.- Now you have those 1,500 USD and you want to make a profit, since 1 UST = 1.07 USD. Explain in detail and take the price of the updated LUNA token.

Now we already have $1500

If we calculate 1 UST as $1.07
then 1500 x 1.07 = 1605.

If we subtract the original $1500
then 1605 - 1500 = 105.
So we already have an extra 105 USD

Let's Continue:
1605 / 58.97 = 27.21 Luna tokens.

If we then swap the Luna tokens back to USD
then 27.21 x 58.97 = 1604.5 USD.

Conclusion

Terra Network from what we have learnt so far in the assignment is an independent growing ecosystem of its own with good potentials which will likely make it grow much more than what we are seeing today. Terra network focuses on engaging stablecoins and as such making the network more stable with reduced volatility as compared to other blockchains.
Terra network also has a number of projects and protocols running on its blockchain and it is also connected to many DeFi applications and platforms.
Before now I had no idea of the Terra Station or other Terra network based platforms discussed I the lecture so it was a great time for me.

Cc: Professor @pelon53