Steemit Crypto Academy – Season 3 - Week 2 - Post for @stream4u by @abu78
Greetings to all and sundry on this noble platform, I am here once again to write and submit my homework task post assigned by prof @stream4u. It is my pleasure to have participated in this class. Before I commence, I would like to use this opportunity and say a very big thank you to prof @stream4u for such a wonderful lecture. I really enjoyed the lesson and it was interesting and understandable. Without much ado, I would like to go into the main agenda of this article.
1.What Is Coinmarketcap.com? (Minimum 80 words needed)
Coinmarketcap.com(CMC) is a crypto coin website that was founded by Brandon Chez in May 2013. It is now the world's leading tracking cryptocurrencies website in the crypto market. Coinmarketcap.com provides numerous information about the crypto market on its platform. Coinmarketcap.com was acquired by Binance in the year 2020 by Binance Capital Management. These two companies have been working independently despite their acquisition and they do not influence each other.
Coinmarketcap.com currently provides numerous information on more than 5000 coins. It also posses about 300 cryptocurrency exchanges on its platform. Coinmarketcap.com has special features including, portfolio management, watchlist, NFT market, etc on their platform that makes it easier for its users to access their website. Also, coinmarketcap.com provides the interface for users to check various assets of a coin, including price, volume, market capitalization, ranks, circulating supply, and Maximum Supply.
2.How Coinmarketcap.com useful for Crypto User/Trader? (Minimum 100 Words needed, the screenshot will be addon according to the mentioned information, make sure to tag yourself in your screenshot)
I would like to make some exploration on the coinmarketcap.com platform that makes the website very useful to a trader.
Watchlist
The watchlist feature is one of the most useful tools for a trader. This feature enables the trader to have track of the assets they possess or wish to buy in the future. This feature helps traders easily identify their interest assets and updates the asset's price every second. With the watchlist feature, one is not needed again to search for his/her favorite coin but rather moves straight to the watchlist and there we go. The watchlist also makes it easier for traders to access their favorite coins any time of the day. I have a watchlist and I would like to indicate that here.
Portfolio
Secondly, I would like us to look at the portfolio feature on the coinmarketcap.com platform and how it benefits the trader. The portfolio helps traders to have a track of the investments they have done on crypto assets. The portfolio gives detailed information concerning the rise and fall of the price of the assets they have invested in. It helps traders to be more organized in trading. It also helps traders to detect if they are making a loss or making profits.
Price
This feature enables traders to have access to the current price of each crypto asset in the coin market. Coinmarketcap.com uses the average prices of assets from the various exchange platforms in order to provide traders with accurate prices. The coinmarketcap.com alerts traders wherever there is a price change in any of the assets.
Market Capitalization
The market capitalization feature on coinmarketcap.com is also one of the useful features for traders. Market capitalization provides information about the value of every crypto asset that has been mined. Simply, put it indicates the number of each crypto asset that is circulating per price unit in the crypto market.
Trading Volume
Another feature of coinmarketcap.com that helps traders is the trading volume feature. This feature provides information on the trading volume of the various crypto assets on the platform within 24 hours time range. This feature again helps traders to have obvious knowledge about the volume of any asset within 24 hours in the crypto market before investing in such a currency.
Charts
Lastly, I would like us to look at the chart feature and its benefits to traders. This feature provides accurate and live charts of crypto assets to traders. They provide a visual representation of an asset thereby giving traders the insight to predict the future movement or trend of the asset in the crypto market.
3.Explain the Individual Page for each Crypto Coin on CoinMarketCap. (Minimum 150 words needed with the screenshot according to the mentioned information, make sure tag user self in your screenshot)
The individual page provides a bunch of information on each crypto asset on a single page.
The various individual pages on coinmarketcap.com that I would like us to look at includes the following; Overview, Market, Historical Data, News, Socials, Ratings, Analysis, and Price Estimates. I would be using the Bitcoin page to explore each of them.
Overview
The overview category provides detailed information about the behavior of the crypto asset over a period of time in the crypto market. It also includes the rank of the asset, the volume, the circulating supply, and the market capitalization of the asset. This feature also provides a summary of the history of the crypto asset.
Market
This category includes the list of all exchanges that a particular currency can be found including the trading pairs. Bitcoin currency has more than 500 trading pairs in different exchanges.
Historical Data
This feature indicates the open, close, high, and low price of assets including the volume and market capitalization of the asset for each day.
News
This feature displays news concerning the chosen currency. Below is the latest news for Bitcoin.
Socials
This feature displays the coin's appearance on social media platforms such as Twitter, Facebook, Reddit, etc.
Ratings
This feature displays the behavior of the cryptocurrency including the health status of the crypto asset in the crypto market. Three factors are being considered in this feature that is, Developer behavior, User activity, and Market Maturity.
Analysis
This feature provides all the statistical data of the crypto asset. This feature help trader to indicate the position of assets at a specific given time. It helps traders to determine the bullish and bearish period in the crypto market.
Price Estimates
This feature helps in estimating the future price of the asset for the next 6 months. This is really an important feature to traders in trading.
4.Explain in detail any 5, what are the CORE Features and Sub Features available on Coinmarketcap.com? (Any 5 including Core & Sub Feature, Do Not Include Block Explorer & Uniswap Feature, minimum 250 words needed with the screenshot according to the mentioned information, make sure to tag yourself in your screenshot)
There are 8 core features on the coinmarketcap.com website with about more than 25 sub-features. I would explain the following 5 features; converter, exchanges, calenders, Interest, and Mobile app.
1.Converter
The converter can be found under the product feature. It functions as a calculator that converts main cryptocurrencies to popular fiat currencies. The main pairs are linked together in the converter. There are about 60 pairs present on the converter which can be quickly converted from crypto to fiat. It also converts precious metals to cryptos. e.g. from gold to crypto.
2.Mobile app
This feature is a user-friendly interface that possesses all the web features.
Some of the features include the following;
- Security - It has a default privacy mode and an app lock to help protect data on the app.
- Live Price Updates - This feature updates the price of the asset by auto-refresh function.
- iOS and Android widgets - It helps users to add widgets to their mobile screens so as to easily check the updates of assets.
- Multiple languages - this feature helps to provide information in 10 different languages.
- Syn between platforms - this feature allows data to be synchronized between the web applications and the mobile applications automatically.
3.Exchanges
This feature has four sub-features under it, and they include; Spot, Derivative, Dex, and Lending.
- Spot: There are 307 spot exchanges available on coinmarketcap.com
- Derivative:There are 37 exchanges that provide derivative trading facilities on the coinmarketcap.com website.
- Dex: There are 76 decentralized exchanges on the website.
- lending: There are 3 exchanges that provide lending on the coinmarketcap.com website.
The above sub-features do not only provide the list of the exchanges but also include information such as average liquidity, weekly visits, markets, number of currencies in the exchange, fiat currencies supported by the exchange, and also the volume. Coinmarketcap.com rates each exchange using the following factors; average liquidity, volume, confidence, and Web Traffic Factor.
4.Calendars
This core feature has three sub-features and they include,** ICO calendar, Free airdrops, Events Calendars. Let's look at each;
ICO Calendar
This feature displays all ICO Calendars listed in order of date. This feature also has three categories that are; Ongoing ICOs, Upcoming ICOs, and ended ICOs. There are currently 7 ongoing ICOs, 19 upcoming ICOs, and 297 ended ICOs on the list.
Free airdrops
This feature also gives the same information just as the ICO that is Ongoing, Upcoming and ended airdrops. There are currently 13 Ongoing airdrops, 1 upcoming airdrop, and 100 ended airdrops on the list.
Events Calendars
This feature gives the list of major events in the crypto and blockchain networks. The events are categorized as follows; Release, exchange, AMA, Airdrop, All events, Tokenomics, Forks/Swap, Partnership, Community, etc.
There are about 100 events on the list in all categories for the following month.
5.Interest
This feature is also found under the Products section. It is here that interest is earned in crypto. This feature list all assets that can earn interest in any exchange. There are about 60 crypto assets and 10 platforms where different interests can be earned on assets.
5.This is for your self-research and studies, How or when Coinmarketcap.com decides to list a Coin? (This is for your own study and research, you can explain as per your findings but it should be in your own words and not from a direct source and provide a link for it)
There are three principles involved in making decisions on how to list crypto assets Credibility, Verification, and Methodology.
Per my research on how crypto assets are listed the following criteria are supposed to be met;
- The process begins online and the coin is expected to alert everything in order for the process to begin.
- A complete and well-structured information must be provided by an application
- The application should be submitted in a correct format such as submitting asset listing through the add new asset option.
+The information should be true and free from any false or misleading so as to prevent any inadmissible submission of the information.
2.Again, the following criteria should be shown by the asset for listing.
- A peer-to-peer technology in the case of transactions must be available.
- There should be a medium of communication
- There should be an active website available for the crypto asset.
- There should be leverage cryptography and also a consensus algorithm for the assets.
- The asset should be traded publicly or must be present on one exchange platform.
3.This is where checking out of Data submission begins.
- checking out of the trading volume began in the market to verify how the crypto asset is functioning.
- Trustworthiness of the team of the crypto asset
- Also the duration of the crypto asset in the market is determined and known.
4.Lastly, the coinmaeketcap.com listing begins and the following types of the listing is briefly explained here.
Inactive listing: This type of listing involves projects that aren't been traded actively on any of the exchange platforms on coinmarketcap.com. These projects can be reactivated only when the active trading commences on any two exchanges listed on the coinmarketcap.com website.
Unverified listing: This type of listing refers to simple projects that aren't been verified by the coinmarketcap.com website. They do display when we search them but they haven't been verified yet by the coinmarketcap.com website.
Tracking Listing: This type of listing involves proh=jetcs that satisfy all the criteria and also satisfy the checking out process.
6.This is for your self-research and studies, How or when Coinmarketcap.com decides to list Exchange? (This is for your own study and research, you can explain as per your findings but it should be in your own words and not from a direct source and provide a link for it)
The listing of exchanges on the coinmarketcap.com website is somehow similar to that of the listing of assets, ut there are some differences and I would enumerate them here;
An exchange is not qualified to be on the list if it's not active for a period of 6 days.
A working website and a trading volume must be available on an exchange platform and including API data as well.
There must be a medium of communication existing between the exchange and the developers of coinmarketcap.com
The API endpoint summary in the previous 24 hours must include the price of the asset
Traders must be given the freedom to place orders in the order book in the case of a centralized exchange.
The transactions performed within the exchange should be transparent so that users can have a view of what is going on in the exchange platform.
7.What is the purpose of the Uniswap feature on the Coinmarketcap.com site and how a trader can use it? (Minimum 100 words needed with the screenshot according to the mentioned information, make sure to tag yourself in your screenshot)
Uniswap is a decentralized exchange that provides its users the chance to make swapping of ERC-20 tokens without the involvement of any third party. This means that transactions occur on this platform without the engagement of any central authority. Uniswap can be located on the coinmarketcap.com website and it functions as a medium of allowing users to swap ERC-20 tokens on the platform without any third party. It is a user-friendly platform that does not require any verification.
The steps below indicate how to use the Uniswap and also connect a wallet to it;
- First of click on the Swap icon on the left bottom of the coinmarketcap.com interface.
- Click on connect wallet
- Select your choice of wallet to add from the list, I will be adding MetaMask wallet.
- Click on Connect to confirm wallect connection
- I then went ahead to swap USDT for 1INCH as indicated below.
- I then entered the amount of USDT to swap for 1INCH (10) but I do not have enough USDT balance to perform the swap but I will demonstrate that in the screenshot below.
- The equivalency of 10 USDT is calculated automatically and I would have to click on the swap.
8.What is Blockchain Explorer? What Information available under Blockchain Explorer? How many Blockchain Explorer available on Coinmarketcap.com & How it helps users? If you are using any one of the Blockchain from the available list then show with the screenshot how you will use this feature? (Minimum 120 words needed with the screenshot according to the mentioned information, make sure to tag yourself in your screenshot)
The Blockchain Explorer
Blockchain explorer is a software that utilizes the blockchain nodes in the collection of data from the blockchain and then places it in a well-structured manner for easy accessibility. The blockchain explorer makes use of the API alongside the nodes from the blockchain to perform this kind of task. They also help in making it very easy in searching for information about transactions on the blockchain network.
Infromations available on Blockchain Explorer
There are a lot of information available on the blockchain explorer software that benefits traders in their day to day activities and I would enumerate them in the following points below;
- The Price
- Type of Transaction
- Number of daily transactions
- Latest Blocks
- Transaction Volume
- Hash rate
- Transaction value
The number of Blockchain explorers available on coinmarketcap.com and its benefits to their users.
There are four blockchain explorers available on the coinmarketcap.com website and they include; Bitcoin, Ethereum, Litecoin, and Binance coin.
These explorers mentioned above aid traders to acquire the necessary information needed to help in their daily crypto activities. It also helps miners in confirmation of blocks as to whether they have won. Traders again use this explorer in finding information regarding transaction fees.
I would be making exploration on Ethereum coin below in the following steps
- First of all, Click on Products and select Blockchain explorer.
- click on the Blockchain explorer and select Ethereum.
- I then click on the three dots indicated to open a sub-menu
- This sub-menu includes View Blocks, View Transactions, and View Market Data.
- I first clicked on View Blocks to see information regarding the Block height, block address, number of transactions, etc.
- I then clicked on view transactions and there was no list of current transactions were shown including the date, time, fee, type, etc.
9.CONCLUSION. (Explain in your words that how was your overall experience and understanding of Coinmarketcap.com?)
I have been using this coinmarkecap.com website including the app but I never knew there were many more important features in it until after this lesson that I got to know. I have actually understood more features about coinmarketcap.com today after completing this task. I used to utilize coinmarketcap.com for monitoring only assets on my watchlist, but today I have got to realize that it's not only for watchlist but also creating portfolios, reading crypto news, blockchain explorer, and many more.
After accomplishing this task, I have gained much experience in exploring more important features such as ratings, analysis, calendars, exchanges, markets, converters, socials, news, etc, and their benefits to traders. I boldly affirm that I have understood most of the features of the coinmarketcap.com website now and I shall make use of them subsequently.
I would like to say a very big thank you to professor @stream4u for such a wonderful lecture and I wish for his convenience in his work. I am looking forward to participating his subsequent class. Thank you all for reading and passing by my post.
Hi @abu78
Thank you for joining The Steemit Crypto Academy Courses and participated in the Homework Task.
Your Homework Task verification has been done by @Stream4u, hope you have enjoyed and learned something new.
Thank You.
@stream4u
Crypto Professors : Steemit Crypto Academy
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