Tron Ecosystem - Steemit Crypto Academy Season 5 - Homework Post for Task 1
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What are the different dApps in the Tron ecosystem that you are 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? .
Good day to all my fellow steemians around the world, it’s @loverboy10 again and It really feels good to be back after weeks of examinations and stress in school, although it was all worth it. today we will be discussing about the vast and rich Tron ecosystem.
Let’s learn...
Q1 What are the different dApps in the Tron ecosystem that you are familiar with?
TRON is a very big and vast blockchain ecosystem developed by blockchain developers and innovators around the world , it accepts and uses the simple philosophy of “decentralize the web” for secure and safe transactions.
This vast platform was created and developed in the year 2017 by JUSTIN SUN. Under this project , a lot of other platforms exists such as steemit, BitTorrent and Tron wallet.
Tron is a decentralized , safe and secure network that supports user peer to peer type of networking and interaction.
This are some of the products listed on the Tron eco system.
- Decentralized applications such as Dapps
- Public chain
- Wallet client
All this products helps in stabilizing the ecosystem, as they are all inter related.
A lot of feature characterizes the Tron public chain such as ;
- Dapps running and utilization
- stake and vote for gain
- Asset transferring
- Token asset issuing
The Tron blockchain functions and operates in a totally decentralized atmosphere or environment, this important factor makes it one of the secure and safest ecosystem for users to make transactions. Here the development of new data doesn’t depend on anybody or group therefore it’s data can never be compromised by the elements of cryptography.
Like I said earlier the main aim of the Tron ecosystem is to “decentralize the web” with pencils concentration on the issue of how consumers and users consume or make use of their content.
Known to be a fast and efficient network , Tron is able to control and execute a whooping 2000 transactions Within just a second. It also holds the position as one of the cheapest and easiest networks to send and receive tokens.
It can also be used in gaming platforms.
Other networks on this platform includes;
This is a decentralized blockchain blogging platform that rewards users according to proof of brain contents.
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It was developed in the year 2016 by two individuals namely Ned Scott & Dan Laimer, they then organized a collaboration with Justin sun, giving users the ability to earn in Tron on the platform.
On steemit , the amount of votes a user gets in one particular post determines the amount of reward he/she will get after 7 days of the post, either in steem, steem power(Sp) or Tron so users are always advices to participate in upvoting.
Users on the steemit platform with high influence due to their steem power(sp) have better opportunity of earning more and when they upvote any post the reward from the reward pool increases significantly.
This is a decentralized blockchain network and broad community under Tron , it functions and operate under the consensus protocols of the smart contract technology.
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It is a vast platform that allows for interaction between users , concerning personal or business transactions.
On this platform it is quite a very difficult task for content creators and users to change or edit their content.
forsage was developed in the year 2020 on the Ethereum (ETH) blockchain , on the 6th of February precisely , it’s a decentralized community that helps users accumulate ethereum.
From its inception the developers and creators of this vast platform were unknown.
But in the year 2020 June 6th the Philippines SEC revealed LADO OKHOTNIKOV as the founder and developer.
It is a “matrix cycler program”.
Forsake is simply a type of pyramid scheme under the Ethereum blockchain.
Transactions done here are simply authenticated on the Tron blockchain, as the platform is fully transparent , fair and secure. The forsage is divided into three distinctive programs namely
- 3X
- 4X
- The gold.
Just swap is simply a TRON-based decentralized exchange protocol for exchanges between TRC20 tokens.
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It can also be referred to as An automated liquidity platform , which allows for the exchange of TRC20 token as mentioned above.
It was developed by JUST, which has the main responsibility of developing DeFi protocols.
This platform was officially unveiled in August 2020 , with the sole responsibility of stabilizing and developing the defi system.
One of the main function of this decentralized network is just to add and replace liquidity on the tokens , it is also utilized as an application under Defi for staking and exchanging of any cryptocurrency.
Q2 What are the uses of DeFi applications like Justswap, JustLend, and Sun.io?
First of all , what is decentralized finance?.
Decentralized finance can be defined as simply a financial network or ecosystem in which there isn’t any central authority anywhere. it is any platform built or developed on infrastructure and resources which operates on cryptocurrencies like the Ethereum blockchain and also runs on the basis of smart contracts.
It performs fully automated tasks without the need for any intermediary.
Defi applications include the following;
- Justswap
- Justlend
- Sun.io.
Let’s start with justswap;
Like I explained earlier, justswap is a decentralized Tron based liquidity platform or network which allows users to exchange and swap The TRC20 token in a very safe and decentralized process.
Source
It wasn’t launched and developed by “JUST” , a platform with the sole responsibility of development and creation of DeFi Applications.
It is used by users to remove and swap liquidity on tokens and it can also be used as a DeFi Application for exchange of crypto currency.
Some examples include;
- USDT/TRX
- JST/TRX
- BTC/TRX
- SUN/TRX
One peculiar component of this network is that all charges on transactions goes directly to the liquidity providers and developers rather than the protocol itself.
This isn’t a rich network built on the simple bases or give and take , it is a decentralized and secure network that utilizes the peer to peer system of operation.
It works like a bank, the lenders give out their assets to users willing to borrow and pay back with a given interest rate only in this case the loan is given out as cryptocurrency.
This process is done in a decentralized and secure
Environment or network, therefore the financial history of users cannot be easily accessed. The platform give the users the ability to interact and exchange about 13 different tokens.
This platform is rich and very useful to users as it allows them use their tokens as collateral to receive stable coins.
This is a decentralized blockchain network used by users to stake and exchange tokens .
Because of the scalability issues of ethereum, Tron created and developed Sun.io with the sole purpose and function of improving liquidity and help yield farmers.
Like others mentioned above sun.io functions and operates with smart contract . It allows for regular mining and miners are given the liberty to stake different tokens such as ;
- Usdt
- Wink
- Just
- trx
Q3 How can you optimize mining rewards by staking TRX and other TRC20 tokens in sun.io . With examples
First of all a user must have a Tron wallet that isn’t able to connect to Tron Dapps for example the Tron link wallet.
- First of all a user has to download the application ( Tron link wallet ) using his App Store either for android phones or iOS.
Image from Google play store
- For the second process the user has to log into the @sun.io website , next select connect to wallet.
- for users who already have the app for metaled on their device just select discover and input Sun.io.
- Once logged in with the users current Tron address , he/she will now be given the liberty and ability to use the different facilities and resources of sun.io like ;locking/liquidity pools , Staking of tokens e.t.c .
Screenshot from Tron-link pro connected to @sun.io
If I was asked for an advise I will always suggest that it is advisable to stake Trx in little or medium quantities, this help save one earn more Tron after a short period of 18 to 28 days depending on the limit of the stake.
In conclusion I want to say that this is a very educative course and I enjoyed every minute I spent on, it has broadened my understanding of the various Dapps under the Tron ecosystem, which comprises of different decentralized applications that run on a smart contract basis.
They simply means that there is no need for any intermediary to function. It allows for simple and stake and exchange various tokens.
Lastly I want to say a big thank you professor @sapwood for this highly educative assignment.