Crypto Academy / Season 3 / Week 1 - Homework Post for professor @yousafharoonkhan: Trust Wallet, Binance Smart Chain and How to Swap & Stake Cake Coin on the Decentralized PancakeSwap Exchange with Trust Wallet

INTRODUCTION
Hello steemians, its a great honor to take part in the season 3 lessons on #SteemiCryptoAcademy. Below is my assignment submission and I hope you would enjoy it.

Question 1. What is a Trust Wallet? How to find and install it from google play store to mobile phone? How to create a new wallet on Trust wallet? Explain the details of each step with the help of screenshots.

TRUST WALLET
Trust Wallet is a secure, decentralized, and anonymous open-source wallet application designed to store more than 20,000 different Ethereum-based tokens. It has been widely used by users since its launch in November 2017. Trust Wallet Provides a fully verified security system for sending, receiving, and storing digital assets. With Trust Wallet, you have complete control over the private key stored only on your device. Similarly, Trust Wallet enables its users to earn interest in their cryptocurrencies, play blockchain games, and also have access to the latest DApp and DeFi platforms.

As we all know about the fluctuations in the crypto markets determine the price/value of assets in a given time (a day, weeks) before its trends (uptrend or downtrends). So, it's required for every investor or trader to quickly have access to their funds and withdraw them when things go south (when the “composite man” manipulates the market to eliminate the small investors). Due to this Trust Wallet has developed a mobile phone application for its users to manage their coins and tokens without stress.

Trust Wallet also includes an integrated Web3 browser that you can use to transparently and securely explore distributed Internet applications (Dapps). Since blockchain is a complex new technology, you can rely on Trust DApp Marketplace to guide you through it. This is the place for decentralized applications that meets strict quality and safety standards and is optimized for best performance.

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ADVANTAGES OF TRUST WALLET
1.It's Decentralized
Trust Wallet is a decentralized wallet, which means you can control your private keys and ultimately have complete
freedom over your cryptocurrencies. More importantly, no one can access your cryptocurrency/funds. Trust Wallet cannot move or see the number of cryptocurrencies you have stored in it.

2.Trust Wallet is free to use
The use of Trust Wallet is completely free. You can download the application without paying, and there are no hidden fees. Of course, as with any blockchain product, you will need to pay network transaction fees and similar fees, but the Trust Wallet team will try to reduce the fees for you, and they will never charge a penny.

3.Staking
Trust Wallet allows its users to stake on multiple cryptocurrencies to earn more funds, some of the supported currencies including Tezos, Tron, Cosmos, and Algorand.

4.Its Dapp browser
Decentralized applications (DApps) are becoming a new member of the cryptocurrency field. You can use them for many purposes, such as borrowing your cryptocurrency to earn more! Trust Wallet on Android has a built-in DApp browser, so you can directly interact with DApps. In your wallet, this makes it easier for you to use and manage your favorite DApps. You can also explore new DApps and discover new features!

DISADVANTAGES OF TRUST WALLET

1. Trust wallet is only available for mobile phones with no computer or browser access.

2. Less secure as compared to hardware wallets (keeping/storing private keys on physical devices).

3. Absence of hierarchical deterministic wallet.

4. Trust wallet has no 2-factor authentication.

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HOW TO INSTALL TRUST WALLET FROM GOOGLE PLAYSTORE TO MOBILE PHONE?

In other to install the Trust Wallet app on your mobile device, you are firstly required to;

1. Open the Google Playstore application on your device or you can open any browser of your choice and search for “Download Trust Wallet” and click on the Google Playstore link to initiate the installation process.

2. Now, click on install to start downloading (it would automatically be installed, once the download is complete).

3. Click on open to launch the Trust Wallet application.

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CREATING A WALLET ON TRUST WALLET

As seen from the above screenshot, click on “CREATE A NEW WALLET” to create a Trust Wallet.

Accept Trust Wallet Terms of Service and Privacy Policy by “checking” the box provided and clicking on “CONTINUE”

“Check” the box in the next page as well to allow you receive 12 words that would allow you to access your wallet. Click on “CONTINUE” (screenshot of this step is not allowed by Trust wallet)

It's required for you to keep your recovery words safe by writing them down on a sheet of paper and hiding them or by simply uploading them somewhere safe. Click on "copy" (a screenshot of this particular step is not allowed, so kindly follow the procedures correctly).

My wallet has successfully been created. Click on “DONE”

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You can also choose to “push notifications” to receive outgoing and incoming transactions by clicking on “ENABLE”

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Question 2. What is Binance Smart Chain (BSC)? How to add its extension application in google chrome? How to create a new wallet on BSC? Explain the details of each step with the help of screenshots.

BINANCE SMART CHAIN
Binance Smart Chain is an environment that aims to reduce the costs of transactions of Funds and also allows the creation of decentralized applications (Dapps) and other DeFi products. It was introduced in September 2020, just after the Binance Chain was unveiled. BSC implements Ethereum Virtual Machine which enables it to launch Ethereum Based applications.

HOW TO ADD BINANCE SMART CHAIN APPLICATION EXTENSION IN GOOGLE CHROME AND ALSO CREATE A WALLET

1. Open Chrome browser on your PC and search for the Binance Smart Chain Chrome extension.

2. Click on the link as shown in the screenshot to direct you to the Binance Chain platform.

3. Now, click on “Add to Chrome” and select “Add extension” (Wait for a few minutes, and your BSC extension will be added successfully).

4. As seen, the Binance Chain extension has been added successfully.

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HOW TO CREATE A NEW BSC WALLET?

On your Chrome browser, locate the extension icon and click on it to select Binance Chain Wallet.

Click on “Create wallet”.

From the create wallet environment, choose a preferable method to generate and send a secret mnemonic phrase to you (please keep the phrases safe, because you will need them to log in to your wallet in certain cases).

Enter and confirm a user password to complete the process.

My Binance Smart Chain wallet has been created successfully.

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)

HOW TO DEPOSIT ANY BNB (BEP20) COIN TO BSC FROM BINANCE EXCHANGE?

Before any transaction of this form can be done from Binance exchange to Binance Smart chain, you need to first make sure that you have a BNB coin available in your Binance account. Knowing this in mind let's now proceed with the processes involved.

Since the Binance Smart chain extension has already been added to your chrome browser, simply click on the extension icon and select Binance Chain wallet.

On the BSC platform, locate the BNB token and click on it.

Now, click on receive and copy the address provided after entering your password.

After completing the above processes, log in to your Binance exchange account.

click on "wallet" and Select "Fiat and Spot" from the drop-down options.

On the Fiat and Spot environment, search for your BEP20 token in this case BNB, and click on "withdraw".

Paste the address you copied earlier from your BSC account into the address space provided (don’t worry about the network type, it will automatically appear after you have pasted the address).

Enter the amount of BNB coins you want to withdraw and click on “Withdraw

From the above screenshot, you can clearly see that I don’t have any amount in my BNB account to complete the transaction process but please follow the above steps correctly and you are good to go.

LINKING TRUST WALLET TO YOUR BINANCE SMART CHAIN WALLET
The process is very simple, all you need to do is;

Open your Binance Smart chain wallet and click on the 3dots as shown in the screenshot below and select “Export Private Key”

Enter your user password and click on “Next”

Copy the Private Key (would be using it to log in to your Trust Wallet account).

Launch your Trust wallet application on your device and click on “settings”

Select “wallets”.

Locate the + sign just at the right upper corner and click on it to add a new wallet.

Click on “I already have an account” to proceed.

Select “Smart Chain” from the options provided.

On the new Smart Chain environment, you can choose to use your Smart Chain phrase or address by simply selecting from the options provided (sorry a screenshot of this particular step is not allowed by Trust wallet). Paste the address you copied earlier from your Smart Chain wallet and Click on “Import" to finalize the process.

I have successfully linked my Smart Chin wallet to my Trust wallet.

Question 4. What is PancakeSwap Exchange? How To Link Pancakeswap exchange with Trust Wallet or Binance Smart exchange? Explain the details of each step with the help of screenshots.

PANCAKESWAP EXCHANGE
PancakeSwap is a decentralized exchange launched in September 2020. It's an automatic market maker using liquidity pools (permissionless) that runs on behalf of BSC. Pancakeswap allows its users thus; investors and traders to exchange/swap BEP20 tokens (BNB, ALPHA, e.tc ) fast and secure. The liquidity pools we are talking about here contain Funds deposited by the users to receive LP (Liquidity Provider) which is used to reclaim a portion of their trading fees and shares. PancakeSwap is becoming more and more popular because it solves many problems that have plagued the industry so far. Through innovative methods and a commitment to safety, PancakeSwap was developed as a viable alternative to Uniswap, which is the current leader in DEX and DeFi.

HOW TO LINK PANCAKESWAP WALLET TO TRUST WALLET

Open your Trust Wallet application and click on the Dapps icon.

Search or scroll down and click on PancakeSwap and select “CONNECT”.

You can see that I have successfully connected PancakeSwap to my Trust Wallet.

Question 5. How to Swap & Stake cake coin on Decentralized Pancake Swap exchange with Trust Wallet or BSC? Explain the details of each step with the help of screenshots. ( transaction should be confirmed)

HOW TO SWAP AND STAKE ON PANCAKESWAP EXCHANGE WITH TRUST WALLET

To Swap and Stake on PancakeSwap, you are required to log in to your Trust Wallet account first.

Click on the Dapps icon and select PancakeSwap.

On the PancakeSwap platform, locate the three parallel lines just at the left upper corner and click on them.

From the drop-down options, select “Exchange”.

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Now, to begin with, the exchange process, select the type of BEP20 Coin you want to Swap.

Click on “select a currency” to choose your preferred token from the drop-down options (in this case CAKE).

Enter the amount you wish to Swap and click on “APPROVE”.

Confirm your Swap and you are good to go.

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Unfortunately for me, I couldn’t provide a screenshot for step 7 and 8 due to insufficient balance and I am really sorry for that. But please follows the steps and your Swap will be done successfully.

STEPS INVOLVED IN STAKING COINS ON PANCAKESWAP.

On the PancakeSwap platform, click on the 3 parallel lines at the left upper corner and select pools.

From the list of CAKES provided, choose your desired one and click on the APY drop-down button.

Click on Stake and enter the amount you want to stake.(I could not provide a screenshot because of insufficient balance)

Now, Confirm and approve transaction (it’s very simple right?)

CONCLUSION
I really enjoyed taking part in this lecture although it took me like forever to finish. THANK YOU very much @yousafharoonkhan for such a wonderful lecture and also very sorry for not providing some of the screenshots due to insufficient balance.

wallet address= 0x10079e91ed53be7A754C0010c9cc3602eE490794