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 1by @roma078

I’m glad to be part of this class and hopefully I do as I expected

let’s get started…

Question 1

What is a Trust Wallet?

Trust Wallet is a cryptocurreny wallet which is owned by binance. It is a decentralised digital wallet that was acquired by binance in 2018 as their official Wallet. Trust wallet allows it users to send, receive and store so many cryto assets. Aside that it also allows users to view real time coin prices,swap for other coins, you can also purchase cryptocurrency through banks and visa cards and alot more. This features of trust wallet makes a lot of people think its an exchange. it is fused with features of an exchange.

Trust wallet is safe and secure. Trust wallet generate 12 word unique code which a user needs to write down each word in the right order and store it in many different secured places out of the internet scene. and more to that there is an extra security check with passcode and touch ID or face ID. All this makes a user feels confortable navigating the wallet. Users needs to be aware of phishing thats why you need to try to avoid clicking on unnecessary links.

Creating an account of trust wallet, no need of personal information is required unless you contact them to solve a particular problem for you. Its a free app and does not require user to pay before having access. Its a simple app or site that is easy to store and manage our cryptocurrencies in a vast variety of them.

Trust wallet is accessible on playstore and App store thus on android and apple respectively. I am using an apple phone to which its space is about 36.7mb on the App store.

• TO begin with, i will head to my App store to get it downloaded and installed
  

• launch and click on create a new wallet
  

• A 12 word passcode will be generated for you to be kept in safe place out of the internet securely. click on continue
  

• now verify the spaces in order to confirm you have backed your worded passcode

• Now your account has been successfully created and ready for use.
  

It is very important to save your backup phrases on a multiple secured places out of the internet. imagine having thousands worth of bitcoin and you have no way to get back access to it. with this passcode it will be easily for you to access it back and running. Millions has been saved.

Question 2

What is Binance Smart Chain?
Binanace smart chian is a blockchain system that was introduced in april 2019. Its focus was to help enhance decentralised trading. it is used to receive, store and send cryptocurrencies. it can also be used to buy crypto with fiat. It is the home for the Binance Coin. it allows exchanges or swaps between tokens.

How To Add Extension to Google Chrome

• I will need to download the setup, which i will get to google and search

• Click on add to chrome
  

• on the pop up menu click on add extension to be able to add your Binance Chian Wallet to chrome extension
  

• IN this case we are want to create a new account. so we click on create wallet
  

• we are asked to create a strong password that we wont have to forget
  

• See phrase will be generated for you to save it securely
  

• Another option will appear for you to confirm you saved you seed phases
  

• Your account is successfully added
  

Question 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)

• launch your BSC extension you added to your chrome
  

• Click on the BNB
  

• Click on Receive
  

• Copy the Binance Public address through which you will receive your tokens from the binance exchange.
  

• From my binance exchange, I spot traded USDT for BNB.

• Click on withdraw
  

• Click on continue then go through the verification processes from you gmail and phone number
  

• 0.0195BNB has been successfully transfered from my binance exchange to my BSC
  

How to link the Trust wallet to the binance smart chain?

• log into your Binance Chain wallet.
  

• Export your private key.
  

• Enter your password
  

• Retrieve your private key and save it for you will need it to link your trust wallet
  

• Now open your trust wallet and go to the setting sign just beneath your app
  

• Go to wallets
  

• Click on the plus + sign to create new one
  

• click on i already have an account
  

• Input your private key
  

• Now click on import
  

• your account has been successfully linked to your trust wallet
  

Question 4

How To Link Pancakeswap exchange with Trust Wallet or Binance Smart exchange?

• Navigate to https://pancakeswap.finance/ and click connect
  

• select 'Binance Chain Wallet' and click on connect
  

• Pancake swap is now successfully linked to your Binance Chain Wallet
  

QUESTION 5

PancakeSwap exchange which we all know from my above writing is a decentralized exchange which allows swapping and staking. Just like i connected my Binance Chain wallet to my pancake swap exchange, here I will be using the Binance Chain wallet to access the PancakeSwap exchange. For better understanding, i will do swap first.

• Lets open and log in to our pancake swap through https://pancakeswap.finance/. Lets make sure BSC is still connected.
  

• click on the Trade and Exchange sections on the left.
  

• i will swap my BNB from my BSC for USDT. And also indicating the amount to be transferred
  

• Confirm the transaction from your BSC wallet. A gas fee of 0.000812665 BNB will is charged.
  

• Transaction is completed and token has been swapped
  

• it has reflected in my Binance Chain wallet. I have 5.3315 BNB now in my wallet.
  

Staking on the PancakeSwap exchange
I will be staking BNB and CAKE on the PancakeSwap exchange.

• Go to https://pancakeswap.finance/
  

• Go to "Pools".
  

• Then I click on "Auto Cake".
  

• Go to enable
  

• Confirm from your BSC wallet
  

• click on stake
  

• Click on confirm
  

• confirm from your BSC wallet
  

• my transaction was successful.
  

CONCLUSION
All most everything I learnt today is new or I have added to what I know. The practical aspect of the assignment really stress us out but then is the best way to understand it very well. I am always ready to learn from your class @yousafharoonkhan