Crypto Academy Beginners' Course Task 1: Steem And Tron
Today I want to join the #steemitcryptoacademy community and do 6 basic tasks. I took task 1 with question number 2 to work on.
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?
Steem Power is steem that is staked on the steemit platform so that we have an influence when voting on the posts we like. The more SP you have, the more influence we have on the steemit platform. SP is obtained from curation and also results from posting rewards published in the steem community. We can also add SP by powering up from the steem we have, SP is frozen, meaning we can't sell it immediately but must go through the power down process first before it can be traded on Exchanges.
Steem is a cryptocurrency from the Steemit platform that can be directly traded on several exchange platforms because it is not frozen, in the process the SP that is powered down will become steem and can be traded. Actually, steem and steem power are no different, it's just that SP is steem that is frozen/stake so that we have an influence on the steemit platform while steem is the result of SP that has been thawed or has not been frozen, it is still liquid.
SBD is a cryptocurrency specially created by the steemit team to reward authors who publish their writings on the steemit platform. The basic idea of making SBD is to have a stable price with the dollar, but in reality the price of SBD is even more expensive and difficult to predict. SBD can also be exchanged into steem or other cryptocurrencies, as far as I know only bittrex and upbit have registered sbd to traded.
TRX is the main coin of the Tron network, there is a difference between a coin and a token and TRX is an official cryptocurrency coin residing on the tron network created to reward content creators around the world. At first TRX was created using the Ethereum network, namely ERC-20 but over time TRX migrated to its own blockchain network called the Tron network. The Tron blockchain network also offers smart contracts for anyone who wants to create new tokens using the Tron network called TRC-10 and TRC-20.
TRC-10 is a token residing on the TRON network, TRC-10 can be created by anyone to do ICO by paying 1,024 TRX. To create TRC-10 is also very simple because it does not require a programming language, we only need to write the token name, capitalization, token exchange rate with TRX. TRC-10 transactions are carried out peer-to-peer through Tronscan, there is no fee to be incurred to make TRC-10 transactions because TRC-10 transactions use bandwidth that can be obtained for free. The creators of the TRC-10 token are expected to replace it with the TRC-20 token upon the launch of the main system.
TRC-20 is a technical standard token that can be created on the Tron network, the TRC-20 was created to implement tokens with a TRON Virtual Machine (TVM) that is fully compatible with Ethereum's ERC-20. TRC-20 requires programming skills to create it, people who want to create TRC-20 token have to write a coding script and start running it. People who have written ERC-20 scripts on the Ethereum network can copy and move them to the TRC-20 because TRC-20 and ERC20 have the same functionality and are compatible.
Circulating Supply: 387,693,049.09 STEEM
Rank: 186
Circulating Supply: 71.66B TRX
Rank: 25
There are many exchanges that can be used to trade steem, but I only have a bittrex and poloniex exchange account. I use bittrex because it can trade steem and sbd, whereas most other exchange sites can only trade steem.
Actually, I'm not very familiar with poloniex because I just opened an account about a week ago. I was curious about the features offered by the poloniex exchange platform so I signed up for it, while the bittrex account I have used several times so I am very familiar with all the features that I can access in it.
As we know that all exchange sites take profit of fees for every transaction we make, Bittrex and Poloniex are no exception because they also charge a fee for every transaction we make to trade steem and trx and also to make withdrawals.
To make a steem withdrawal from bittrex to steemitwallet then we will be charged a fee of around 0.01 steem, and 1 TRX to make a TRX withdrawal. While the poloniex platform only takes a fee of 0.01 TRX for every TRX withdrawal that we make, and 0.01 steem to make a steem withdrawal.
When we write the name of bittrex as the recipient of the steem or sbd that we will transfer, we immediately get the message You must include a memo for your exchange transfer from the steemit platform. This indicates that the use of memos to transfer steem to all exchange accounts is mandatory, this is no longer how important but it is mandatory to use memos because memos are the main address for sending steem to all exchange accounts, if there is no address (memo) then steem will never arrived at our exchange account.
Meanwhile, to make a withdrawal / transfer of steem from an exchange account to a steemitwallet does not require a memo at all, we can write a memo or leave it blank without filling it because this is optional. This means that the memo is not important when transferring steem from the exchange account to the steemitwallet because the steemit account name is already listed for the delivery address as a steem recipient.
Thank you to all the professors who spend their time and energy teaching us new knowledge about crypto every week. Sincerely for all professors and students of steemitcryptoacademy.
Cc:
Professor:
@reminiscence01
@awesononso
@lenonmc21
And also to other professors that I didn't mention.
Hello @agus-kamil, I’m glad you participated in the 1st task of the Beginner’s class at the Steemit Crypto Academy. Your grades in this task are as follows:
Observations:
Steem power is not steem. Steem power is an influence token on Steemit platform.
Recommendation / Feedback:
Thank you for submitting your homework. task 1. We hope to see the rest of your submissions.