Tron Ecosystem - Steemit Crypto Academy Season 4 - Homework Post for Task 1

TRON Network

Tron is a Decentralized network which is founded by justin sun in 2017, it works for the Decentralisation of digital platforms, tron network has it's own cryptocurrency which is called TRX(Tron), tron is working for the Decentralized entertainment system which provide greater performance to the user at a very low cost unlike ethereum which charge a lot of gas fees.

TRON(TRX) coin

^{TRON(TRX) on coingecko}

• Market Cap: $7,404,397,744
• 24 Hour Trading Vol: $1,947,111,635
• Circulating Supply: 71,660,220,128
• Total Supply: 100,850,743,812

QUESTION 1:

ANSWER 1:

This is information of my Level 2 Verified account of poloniex.

First of all let's transfer TRX to our poloniex wallet.
We are transfering TRX from TronLink wallet to
Step 1: As we are transfering our asset to poloniex then we need to gather our deposit address of TRC20 TRX as we need to transfer it from Tronlink wallet.

Deposit address (TRC20): THbugyKUzyxViH2aXjBY9CMvxUNXYe7edP

Step 2: Open your Tron Link wallet and select TRX and click the send button and then enter the reciving address and amount and click the send button.

Step 3: Now we need to sign the transaction.

Step 4: Now wait for the transaction to be done and once it's done it will get reflected into your polonies deposite history as well as we can see this transaction on tronscan.

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Now let's transfer steem to our poloniex wallet.
Step 1: As we are transfering steem to our poloniex wallet we need to gather the address and memo as our deposit address.

Address: poloniex
Memo: fbiwGeXRrU

Step 2: Let's begin with our steemit wallet, once we login into our Steemit wallet now click trnsfer from the drop down menu of steem token.

Step 3: Now fill the fields with the amount, address and memo for your deposit account and click next.

Step 4: Now on the next screen we need to confirm the transfer.

Step 5: Once our transaction is completed we can see that it will get reflected in our poloniex wallet.

Step 6: Now we can see our transaction over stemscan which is a steem blockchain explorer.

QUESTION 2:

ANSWER 2:

The market available for TRX on poloniex are as follows:

The market available for STEEM on poloniex are as follows:

QUESTION 3:

ANSWER 3:

Let's trade the pair STEEM/TRX, here we will buy STEEM in exchange of TRX.

Step 1: First go to the Market of STEEM/TRX and in the order section select limit order and enter the amount of TRX you want to exchange in exchange of STEEM and enter the price of STEEM/TRX at which you want to buy STEEM.

Step 2: A popup will be shown once your limit order get fullfilled and your TRX will get converted into STEEM .

Step 3: You can see this order into your trade order history.

QUESTION 4:

ANSWER 4:

Let's see the withdrawl fees of TRX:

The withdrawl fees for TRX is 0.01 TRX.

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Let's see the withdrawl fees of STEEM:

The withdrawl fees for STEEM is 0.01 STEEM.

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Let's see the withdrawl fees of TRC20 USDT:

The withdrawl fees for TRC20 USDT is 0 USDT.

QUESTION 5:

ANSWER 5:

Let's see the withdrawl fees of TRC20 USDT:

The withdrawl fees of TRC 20 USDT is 0 USDT.

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Let's see the withdrawl fees of ERC20 USDT:

The withdrawl fees of ERC 20 USDT is 111.97611 USDT.

The TRC20 USDT is 111.97611 USDT cheaper than ERC20 USDT.

QUESTION 6:

ANSWER 6:

Binance Exchange withdrawl fees:

KuCoin Exchange withdrawl fees:

Withdrawl Fees

Poloniex TRC20 USDT withdrawl fees : 0 USDT
Binance TRC20 USDT withdrawl fees: 1 USDT
KuCoin TRC20 withdrawl fees: 1 USDT

The blockchain is designed for the digital Decentralized entertainment systems, It's native cryptocurrency is called Tron(TRX) and the tokens over Tron blockchain are TRC20, it offers greater performance at a cheap cost.

During this lecture I demonstrated how we can transfer our STEEM and TRX to our poloniex wallet and performed a trade in the pair STEEM/TRX where we sell our TRX in exchange of STEEM, we discovered the market available for the token STEEM and TRX, we compared withdrawal fees of STEEM, TRX and TRC20 USDT and then we compare the withdrawal fees of TRC20 USDT and ERC20 USDT and saw that how cheap is the TRC20 withdrawals are, in the end we compared the withdrawal fees of TRC 20 USDT offered by different cryptocurrency exchanges.