Crypto Academy Season 3 Beginners' course - Task 1: STEEM & TRON || HOMEWORK POST FOR @sapwood by

Hello wonderful and prof,it is a great pleasure to be part of this wonderful community and take part in the task 1, am amicablepeace and will attempt question 1. Once again I thank prof @sapwood for the lecture which is al about the rewards we earn in producing quality content.

Question 1

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?

          Answer

SP(STEEM POWER)

This is a part of reward that is being earned by both the curator and the author, the curator earn sp by curating a content that the author post which must be plagiarized free and interesting. The steem power reward is being claimed by the curator and author 7 days after the post is made.

The steem power makes a steemians influential and popular because the more the steem power someone has the more influential he or she is. Anyone with high sp as always mostly followed by authors and also a ag by Community in order to benefit from them.

Source
It is true that powering up your steem to steem power is one of the best investment in steemit platform.

In order for individual to get steem power he or she must produce a quality and plagiarized free post and after the author post is being rewarded by the curator, you will have the reward and you can also earn it by powering up steem to steem power, you can also power up everything thing in the reward (100% power up)



And for the curator he or she is going to receive 50% of the steem power that is paid out after 7days




STEEM




This is a cryptocurrency in the steemit platform that is gotten in form of reward from competition(contest) and making quality content.


Source

We also earn it when we power down our steem power



You can also trade with it in any cryptocurrency exchange platform and purchase it there too with fiat currency.


Source





STEEM DOLLAR




From the name steem dollar, it actually means a dollar that is being used in steemit platform and is gotten when the author makes a quality content and is being upvoted by the curator such as steemcurator account(steemcurator 02). It has higher value compared to steem. It also take a period of 7days to be claimed after the post is been made.




TRON(Trx)




Trx is an abbreviation of tron, it is a cryptocurrency that was founded in the year 2017 by justin sun, it is also a reward in steemit platform. The tron blockchain became part of steemit platform in the year 2020, it can be traded and purchase in the cryptocurrency market. In steemit 1 so is equivalent to 1 tron.




TRC-10

TRC means tron request comment, and is used as smart contract. It is a token under the tron blockchain and does not make use of the tron virtual machine(TVM) and the TRC-10 also implement token




TRC-20

It is a token under the tron blockchain and makes use of the tron virtual machine unlike TRC-10 and it is also better than TRC-10. It also issues out token with the tron network.

Explore Coinmarketcap.com to indicate the rank, coinmarketcap, and circulating supply of STEEM and TRX?

       Answer

First of all you visit the coinmarketcap
For STEEM

Source

From the screenshoot, STEEM is been currently ranked #180.

Steem also has a
a market capitalization of $228,742.583.

Total trading volume of $16,064,419 as at the last 24hrs.

The circulating supply is 387,609,232.77STEEM.

Total supply Is 404,583,327STEEM.

The reward steem current price when doing this homework and from the screenshot is $0.5901

For Tron
First of all you visit the coinmarketcap


Source

Tron ranked #26 as when this homework was done.

It also has a market capitalization of $6,128,406,994 when doing the homework

Total trading volume of tron in the last 24hrs is $1,134,485,015 when doing the task

The circulating supply is 71.66B TRX when I was doing the task

Total supply 100,850,743,812 TRX respectively.
Tron is current price is $0.08571 as at when I was done doing the homework and in the screenshot above.

Does it cost any fee for transacting STEEM and TRX?

   Answer

No
To me it doesn't cost me anything when I am transacting my steem or tron to someone but after doing finding I observe that in binance exchange the charge a little amount of 0.01 steem in performing transaction.

HOW IMPORTANT IS THE USE OF MEMO WHILES TRANSFERRING STEEM FROM STEEMITWALLET TO AN EXCHANGE WALLET

      Answer

Memo is very essential in transferring steem because we make use of it to confirm the ownership and identification of wallet from different users. Before we can transfer steem to other exchange wallet the will request of username and memo and if you make any mistake in the memo you will automatically lose your token or send it to another person.so you have to be careful and confirm It again and again to avoid losses.

DO YOU ESSENTIALLY NEED A SIMILAR MEMO FOR TRANSFERRING STEEM FROM EXCHANGE WALLET TO YOUR STEEMIT WALLET

    Answer

No
You don't use any memo to transfer steem from any exchange to your steemwallet, all that will be required from you will be the username and the steem amount.

conclusion

Am really grateful for the wonderful lecture by @sapwood which was all about steem I now clearly know about how important memo is in transacting STEEM and the difference between the rewards.