Hello crypto lovers, in this post I want to complete the Crypto Academy Season 3 Beginners' course - Task 1 about: Steem and Tron, which was supervised by professor @sapwood from India. Here I choose question number 2 to research and write answers, here are the questions:
(2) 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?
Difference between SP, STEEM, SBD and TRX, TRX 10, TRC20
Steem:- This is a liquid token on the steemit platform that we can freeze into STEEM POWER so that our steemit account has more influence in the community with more voting weight based on the amount of SP we have, we can also exchange STEEM into SBD and other cryptocurrencies. There are a number of exchange sites that support steem exchange, for example poloniex, binance, etc.
SBD:- An abbreviation of steem dollar, this is a token specifically designed to reward authors, initially sbd was designed to have a stable price equivalent to 1 dollar, but in the process sbd became a more valuable token with a current price of $7. Just like steem, it is also a liquid token that we can exchange into steem, usdt, and other cryptocurrencies on several trading sites.
STEEM POWER:- It is a frozen token which is the benchmark for how much influence we have in the steem community, the more SP we have, the greater the amount of voting weight we have. We can withdraw SP by power down, which will then enter our Steem wallet. Authors will also get SP and SBD rewards (liquid and frozen) in all their posts.
Difference:- Steem is a liquid token that we can trade directly (no influence on the steem network), while steem power is a frozen token that requires a power down process first before we can trade (have an influence on the steem network), while sbd is a liquid token that specifically for paying authors and designed to have a higher price on steem.
TRX:- Or Tronix is TRON's main token, initially this token was created on the ETHEREUM smart contract but moved to tron's own network. This token is created to reward content on the blockchain, namely by exchanging TRX with other tokens but requires Bandwidth.
TRC10:- This is a technical standard token that we can create ourselves without requiring special skills, with 1024 TRX in the wallet and through a few steps in Tronscan we will be able to create TRX10. Many of the scammers do this to create ICOs or other scams.
TRC20:- Almost the same as TRX10 because it is also a technical standard token, it is a support for Ethereum smart contracts which allows us to port Ethereum contracts to TRON. If on Ethereum we can create an ERC20 standard token, and on Binance BEP-20, then on the Tron network it is TRC20.
Explore Coinmarketcap.com to indicate the rank, and circulating supply of STEEM and TRX?
On coinmarketcap we can see all the details about steem, in the screenshot above we can see supply circulation, trading volume, steem rankings, steem prices, and much more.
- Circulating supply: 387,975,517.70 STEEM
- Volume: $13,952,246
- Price: $0.4787
- Rank: 172
In contrast to steem, the details about the TRX token are more stretched. Very large trading volume, better rank even though the price is cheaper than steem but many users like and hodl TRX, here is the complete data:
- Circulating supply: 71.66B
- Volume 24h: $835,827,074
- Price: $0.06312
- Rank: 26
- Max Supply: 100,850,743,812, TRX has a mineable amount of supply whereas steem does not.
Which exchange are you familiar with where both STEEM and TRX are listed?
If TRX is listed on almost all exchanges it is not the case with steem, there are many exchange sites that I know but do not have an account. I have a poloniex and binance exchange account (I just registered a few week ago), and I prefer binance for now because of its full features and easy interface.
Does it cost any fee for transacting STEEM and TRX?
There are few, the amount is so small it is almost imperceptible. This is very different from other coins such as btc and eth which have very large fees, there are only a few coins in cryptocurrency that do not have large fees including TRX and steem.
We can see that the fee for TRX withdrawal is only 1 TRX. For deposits there is no fee at all and this also applies to other coins, the fee only applies to withdrawals and it is very small depending on the exchange platform, although there are some exchange sites that charge higher fees such as hotbit (5 TRX), and smaller ones such as poloniex ( 0.01 TRX).
For steem, almost all exchanges charge a fee of 0.01 steem, this is a very small amount. So we can conclude that TRX and STEEM only require a very small fee for withdrawals.
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?
It is very important, even this is mandatory because if we send steem from steemitwallet to the exchange site without using a memo, we can be sure that our steem will be lost forever, meaning that steem will never enter our exchange account.
Memo is an important part when transferring steem to the Exchanges site, this is to find out which account to send steem, memo is the address we are going to, if there is no address then we will get lost.
Unlike the transfer of steem to our steemitwallet, because this does not require a memo at all. As I mentioned earlier we need an address to go to, when transferring to the Exchanges site the memo becomes a steem address. Meanwhile, when making a steem withdrawal/steem transfer from the exchange site to the steemitwallet, the steemit account name is the address to be addressed.
Steem and TRX are two different tokens but they are both cryptocurrencies and to provide rewards to their users. Steem runs on its own network whereas TRX does too.
The prices of the two are also different, but only require a small fee to make a withdrawal. Sending TRX does not require a memo because it already has its own and different address, while sending steem creates a memo if we transfer it to the Exchanges site.
I want to thank all the professors who taught me more about blockchain and cryptocurrencies, a big thank you to all of you.