Tron Ecosystem - Steemit Crypto Academy Season 5 - Homework Post for Task 1 by @ubongudofot
QUESTION TWO (2)
What are the different dApps in the Tron ecosystem are you familiar with? What are the uses of DeFi applications like Justswap, JustLend, and Sun.io? How can you optimize mining rewards by staking TRX and other TRC20 tokens in Sun.io? Examples?
INTRODUCTION
TRON ECOSYSTEM
The Tron blockchain is a program that is created and stored on a blockchain that runs mostly when a predetermined condition is met or simply put, a smart-contract-based platform that was established in 2017 by JUSTIN SUN. Currently, Tron is considered as the most cost-friendly or more affordable and higher throughput network since its outset. But then, the most interesting part of this great blockchain is that it operates in a decentralized network condition which can be certain that the Creation and storage of its data possibly do not depend on some specialized set of group, individuals, or organizations, thereby making it even more secured.
However, it will interest you to know that there are lots of other products that are linked in the TRON ecosystem which includes the Decentralized application shorten as (dApps), Public chain and wallet clients, etc. These supported applications are related and are responsible for the stability of this robust entire ecosystem.
Before answering the first task question, I want to throw more light on some of the terms I used in the above introduction since we would see much of them in the latter part of my content.
Blockchain:
Blockchain can be defined as a system of storing information in such a way that makes it not easy to be compromised or impossible to alter or cheat the system. Here, transactions are done digitally and duplicated after which it is distributed across the entire network of computer systems on the blockchain.
Decentralized application (dApp):
These are applications that are created in a digital format and work on a blockchain or peer-to-peer network of numerous computers instead of operating on one. It, therefore, means such applications are controlled by different and separate groups, which makes it even more reliable and secure.
Public chain:
This is also a decentralized platform that can be accessed by everyone. This means that anyone can join, anyone can make input to the network, be it reading, be it writing, be it auditing on the public blockchain network.
Please follow along as I answer my task question below:
WHAT ARE THE DIFFERENT dAPPS IN THE TRON ECOSYSTEM THAT YOU ARE FAMILIAR WITH?
Among the one thousand (1000) dApps in the system both the functioning and those that are still under development, I will like to talk about only three of them which includes;
- Steemit
- CryptKitties
- BitTorrent
STEEMIT
Steemit is a blockchain social media decentralized application that was launched in 2016 where users earn more steem which is its cryptocurrency for posting quality content. Users also get rewards in steem Dollar and Tron(TRX) all at a blow known as payout in seven days from the day it was posted. In steemit, votes count a lot and that is why Steem power is relevant for all users in other to vote others. Steemit accommodates over one million registered users worldwide. I am proud to be one of the users, I have no regret. The official site can be accessed using:https://steemit.com/.
CRYPTKITTIES
Cryptokitties is one of the biggest blockchain games in Ethereum with over a million users created in the year 2017 by Dapper Labs, it happens to be one of the first blockchain games. In this game platform, the game players have the task of buying, collecting, breeding, and also selling virtual cats. This blockchain game can be found on the coin market cap making it a decentralized application (DApp). The official site can be accessed using:https://www.cryptokitties.co/.
BITTORENT
Today, BitTorrent is one of the biggest file-sharing bank platforms on the internet that is patronized by over two billion users, founded in 2004 by Bram cohen, it can be accessible in any part of the world. Justin Sun who also owns Tron had expressed interest to purchase BitTorrent in 2018 which he later did. but before then BitTorrent was on the module of "free for all" which by then didn’t have many users but as it gets its popularity it later changed its model to "for-profit" to set a native token – BTT. BitTorrent is one of the most easily used dApp on the blockchain, of which I am also a beneficiary. Presently there are about two million users’ wallets and can also be found on the coin market cap. The Official Site can be accessed using:https://www.bittorrent.com/.
WHAT ARE THE USES OF DeFi APPLICATION LIKE JUSTSWAP, JUSTLEND, AND SUN.IO?
Before talking about DeFi Applications like Justwap, Justlend, and Sun.io, let’s get a little clue about DeFi Application.
DeFi Application stands for Decentralized Finance Application in full where Numerous transactional activities like transferring, Trading, lending, and borrowing of cryptocurrencies, can be carried out easily.
Now the Uses of:
JUSTSWAP:
JustSwap is a decentralized financial system in the digital world that uses USDJ stable coin., it is easily accessible by anyone around the globe. This decentralized financial system can be used for swapping of tokens using TRX TRC20 tokens, it can be used for pooling in tokens, lending, and tracking of tokens. It updates users of mining schedules in phases. Cryptocurrencies like: USDC, USDT, TUSD, USDJ, JST, BTT can be found in Justswap. Just recently, the name was changed from JustSwap to SunSwap.
JUSTLEND:
Justlend is a decentralized finance application that allows users to borrow tokens while earning interest at a very low trading cost. Meanwhile, the borrowed token can be collateralized with the token available in the registered user's wallet. This decentralized finance application provides a very high-speed but lower-cost decentralized lending protocol that can be accessed by anyone around the globe.
However, JustLend welcome smart contracts for USDJ, JST, SUN, USDT, WIN, WBTT, BTC, TRX, SUNOLD, ETH, TUSD, USDC, and NFT.
Image designed by me using Pixalab to illustrate Justlend Smart Contract
SUN.IO
sun.io is also one of the Decentralized finance platforms in the Tron ecosystem. Created by Justin Sun in 2018. Sun.io is designed to assist in the development of decentralized finance on a blockchain network like TRON, And it happens to be one of the first platforms ever that is used to perform tasks like swapping stable coins on Tron. It can run on TRON’s TRC-20 token standard very well. This makes it stand out and very useful.
HOW TO OPTIMIZE MINING REWARDS BY STAKING TRX AND OTHER TRC20 TOKENS ON SUN. IO? EXAMPLES?
Earlier on I talked about Tron's ecosystem, it will interest you to know that Tron also has its official blockchain wallet, which is known as Tron link.
To optimize mining rewards by staking TRX and other TRC20 tokens in sun.io, some steps need to be followed and they are as follows:
First Process:
First, Search and Download the Tron link application into your device, depending on which device you are using. If it is Android, you can get it on the google play store, if your device is an iPhone, you can get it on the apple store. Or better still you follow this link, choose your device and install the right one.
Second process:
log in to https://sun.io/#/stake, then connect your Tronlink pro wallet but first, Copy your Tron link from your steemit keys, because you will need it during the process of linking. Once that is done, it will be easy to optimize or to stake and swap tokens. Tap on "connect to wallet", then click on Tronlink wallet if you have already installed it on your device.
Tronlink Pro Wallet
Connectng to sun.io
CONCLUSION
At this point, I won't say that Studying Tron Ecosystem is all that easy, It is not easy, but I will say, it is worth learning at least for all steemians if possible people who have not joined steemit yet. And with the little knowledge I have gathered from the @sapwood lecture about Tron Ecosystem, and the research I have done so far, I can do a lot with dApps on Tron Ecosystem, I can sort for the benefits and I can swap stable coins. I understand how it works. I want to say a very big thank you to you @sapwood and @fredquantum
for this extensive and well-detailed lecture.
Below is the link to all my achievement task posts
Achievement 1 2 3 4
Kind Regards.