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

in SteemitCryptoAcademy3 years ago


787DBC35-96EB-4301-938B-512FBB2F301F.jpeg

Blockchain technology has revolutionized the world since its introduction into the technology world. One of the fast-developing blockchains is the Tron blockchain.

This is my homework post for Task one(1) which is Tron Ecosystem, answering question three(3)

rule 1.PNG

Questions

rule 1.PNG

3) Perform a STEEM and TRX transfer(micro amount) to Poloniex exchange? What are the different markets available for TRX and STEEM to trade in Poloniex? Perform a small trade in either TRX or STEEM in Poloniex? What is the withdrawal fee if you withdraw TRX, STEEM, and TRC20 USDT in Poloniex? How cost-effective is TRC20 USDT as compared to ERC20 USDT? Make a comparison of TRC 20 USDT withdrawal fees with other major exchanges?

rule 1.PNG

Perform a STEEM and TRX transfer(micro amount) to Poloniex exchange?

rule 1.PNG

To make a transfer of STEEM or TRX to anywhere, be it a wallet, exchange platform, or anything, one needs a depositing address.


Depositing STEEM to Poloniex from steemit


To make the transfer, I first go to Poloniex:

  • Navigate to Wallet


    B68BC43D-688F-4600-8471-3DB183E93043.png

  • Choose the symbol bellow


    18CBC7BA-1EA1-407C-8555-C0F99B3FB48E.png

  • Choose Deposit


    4B0DA5DD-67A1-4009-967A-5CE4F5EDBDF0.png

  • Search and choose STEEM


    IMG_2632.PNG

Copy the Deposit Address and Memo, NB, The Memo is very important for a successful deposit.

On Steemit, log into your steemit wallet and to go transfer STEEM.
It is important to note that, this is a STEEM transfer and not SBD transfer.

  • Paste the Username(Address) and Memo at their respective places.

    4A633EAB-8CA7-49CB-9183-9C48D63D1BDB.png
  • Tap Next

    17DD326E-B521-495C-98BB-41A4CF818250.png
  • Confirm transaction

    535BB7A3-9479-46D6-B1C2-0F3C677BD0F2.png
  • Transaction successful at Poloniex

    722FDBF2-3267-42EF-B11A-4E741AE6BA5C.jpeg

Depositing Tron to Poloniex from steemit


To deposit Tron, we need a depositing address.
We follow the same steps as we did to get the STEEM depositing address to get our Tron Depositing address.

We go to transfer TRX and;

  • Depositing address


    8B829293-DF78-4458-A8BB-8D621F6D3374.jpeg

  • Paste the depositing Address, write the amount, and tap on Next


    F0FB6365-4262-4C27-8ACF-EA3A35EE6DCC.png

  • Confirm the transaction


    1DF27538-D1F2-4162-A0D6-88EDDBB7E3D4.png

  • Transaction successful on Poloniex


    IMG_2668.PNG

rule 1.PNG

What are the different markets available for TRX and STEEM to trade in Poloniex?

rule 1.PNG

There are variously available on the Poloniex platform for various cryptocurrencies, the simplest way to get the various markets available for particular crypto is to choose it on the wallet page.


Markets available for TRX to trade in Poloniex?


Markets available for Tron are:

  • TRX/BTC: Tron and Bitcoin pair
  • TRX/USDCTron and USD Coin pair
  • TRX/USDJ
  • TRX/USDT: Tron and Tether pair

20211108_091600.jpg


Markets available for STEEM to trade in Poloniex?


Markets available for Tron are:

  • STEEM/BTC: STEEM and Bitcoin pair.
  • STEEM/TRX: STEEM and Tron pair.
  • STEEM/USDT: STEEM and Tether pair.


IMG_2671.jpg

rule 1.PNG

Perform a small trade in either TRX or STEEM in Poloniex?

rule 1.PNG

To make a trade with STEEM, we go to Spot under the Poloniex Market.

  • I’m to trade STEEM FOR USDT, so I search and choose it (STEEM/USDT)


    6C7CDD46-B611-4096-971B-6485818B173F.png

  • I tap on Trade

    6AD21BD8-8EB7-433A-9A6C-DEAFB7A58CCB.png

  • I go to Sell, I then specify the amount of STEEM I want to sell for USDT (in my case 2STEEM)and tap on Sell STEEM


    7191AFF7-75E2-411B-9EAC-B934266533B9.png

  • I confirm the transaction


    514B60DE-B2E4-4B31-B394-36F17B8D738D.png

  • Open orders


    IMG_2720.PNG

  • Transaction successful


    6B396885-B1FC-4E61-88E6-AB1DF671A190.jpeg

rule 1.PNG

What is the withdrawal fee if you withdraw TRX, STEEM, and TRC20 USDT in Poloniex?

rule 1.PNG

Withdrawal fees on The Poloniex platform can be found on the withdrawal page of any token.

Withdrawal fees for Tron = 0.0TRX


IMG_2754.PNG

Withdrawal fees for STEEM = 0.0STEEM


IMG_2755.PNG

Withdrawal fees for USDT = 0.0USDT


IMG_2756.PNG

rule 1.PNG

How cost-effective is TRC20 USDT as compared to ERC20 USDT?

rule 1.PNG

TRC20 Is a very good network when it comes to transferring USDT, it's fast and the fees are low compared to other networks. TRC20 can be said to be faster than the popular ERC20 and has a lower cost than it.


553E7500-163F-49A7-90A4-FC26C6BDB025.png

There are even exchange platforms like Poloniex which doesn’t charge fees for transferring USDT through the TRC20 network.

rule 1.PNG

Make a comparison of TRC 20 USDT withdrawal fees with other major exchanges?

rule 1.PNG

I choose to make comparison with Binance, Huobi, And KuCoin.

I go to the withdrawal page of USDT on all the platforms mentioned above and compare the prices.

  • Binance

    IMG_2765.PNG
    The fees for TRC20 USDT is 1.00USDT
  • Huobi

    IMG_2766.PNG
    The fees for TRC20 USDT is 1.00USDT
  • KuCoin

    IMG_2767.PNG
    The fees for TRC20 USDT is 1.00USDT

From the above, we can see that the fee for the above Exchange platforms is 1USDT, however, the fee for the Poloniex is 0USDT.


rule 1.PNG

Conclusion

rule 1.PNG

The Tron network makes a lot of things very easy, from speed to cost and accessibility.

All in all, it is a good network to use if you’re transferring funds. The Poloniex platform is a platform that makes accessibility one of its aims and gives a low fee for its users.

Cc:-

@nane15