Question- No. 1
What is PoB? What does curation mean to you in Steem Blockchain? What are the benefits of building SP? How do you explain self-upvote as a good or bad social behavior & why? Explore Coinmarketcap.com to indicate rank, STEEM price, and coinmarketcap of STEEM(screenshot required)? What are the different tokens do you earn by socializing in Steem Blockchain? How would you use your TRX earned in Steem Blockchain to optimize earning in the Tron ecosystem?
1. What is PoB?
The PoB is the short form of Proof-of-Brain which is a implement the Steem Blockchain set aside to reward genuine authors/authors, the reward is allocated from the reward pool. On the Steem blockchain, out of the total allocation in the reward pool, 65% is set aside for the reward of quality content creators and curators that gets involved in curating the content.
With PoB, quality contents from genuine authors creatively developed are curated having satisfied that the creator has properly utilized his or her wisdom, and rewards are allocated to the content based on the SP and voting weight of the curators. In short, the satisfaction of PoB comes from quality and genuine content of users, the curation (depending on the SP/Voting weight of curators), and reward allocation from the reward pool that incentivizes authors/curators.
2. What does Curation mean to you on Steem Blockchain?
Contrary to most people's belief thinking that voting is also referred to as curation, no, Curation goes beyond ordinary voting as there are other factors considered before curating a content. On the Steem blockchain, quality contents are being curated and upvoted to allocate reward to the author's work from the reward pool and this benefits the author/curators. The process starts from content from authors and the curators do the job of curation provided the following conditions are satisfied;
Find a Content
After the authors have done their part to create content, as a curator I will explore a community to find quality content from the authors as I begin my journey to get suitable content for curation.
Impact on the Community
Now that I have discovered content, I will examine the content to be sure that it's beneficial to the community at large and no harmful content is found therein that can corrupt the community members. And as a curator, I certify that the impact of the content on the community is great.
Originality
After I am satisfied with the impact of the content on the community, I will further examine the content to be sure it's an original piece of work from the author and not a copied work from another author entirely. In short, I will ensure the content is free from plagiarism and any borrowed parts or images are well referenced.
Upvote
At the point that the content has satisfied the earliest conditions, I will upvote the content which allocates reward to it based on the SP and voting weight used, then I will resteem the content in the quest to share with my followers, and this completes curation.
The processes above leads to more discovery of the content as it enables it to be visible to other community members who can actually benefit from it and curate the content as well, although, how discoverable it is depends on my SP and voting power used.
3. What are the benefits of building SP?
Now i'm divert your attention to the benefits of building one's SP but before that, Steem Power (SP) is a resource on the Steem blockchain that gives influence, in addition, 1 SP equals to 1 STEEM and it's important to know that SP is also STEEM, just that SP is seen to be Staked STEEM, and not transferable until it's powered down (the power down takes 4 weeks to complete) while STEEM is in a liquid state which makes it tradable and transferable at any desired time. Now to the benefits of building one's SP.
Vesting Token Reward from the Reward Pool
The reward pool constitutes reward allocation to authors/curators, witnesses, and some others, and 15% of the total rewards from the reward pool is allocated to the SP holders (vesting tokens holders) which serves as an interest on their vested tokens. The vesting rewards received by each holder are determined by the amount of staked tokens (SP) the user holds, with this it benefits one to build his or her SP to earn from the 15% reward allocation.
Curation Rewards
Steem Power gives more power over curation, so more SP means more curation power. The curator takes his or her share from the 65% reward allocation (authors/curators) from the reward pool when they curate content. The total reward on a post is shared at the ratio of 50:50 (i.e the curator gets 32.5% from the 65%) between the authors and curators, the share of a curator depends on their SP (the quantity of vested token they are holding) and weight of votes they applied to a content which means the curator with the biggest SP stand the chance of taking much of the curation reward on content, even assuming all curators used the same voting weight.
Participation in Governance and more Influence
The Steem blockchain uses witnesses to validate transactions and secure the Steem network. These witnesses are voted for by individuals on Steem to enter the rank because Steem uses the Delegated-Proof-of-Stake consensus mechanism, more SP means more voting power to vote for a witness. Also, more SP gives you more influence on the Steem blockchain, other users tend to regard you as one of the important users on Steem, and this draw many users to follow you which you can also use to build a strong social network on Steem.
Extra Earning Benefits
There is TRX (TRON) asset that comes with SP rewards at an almost equal proportion, if a curator gets more SP reward from curation due to his or her SP size then they would get more TRX rewards which makes curation rewards more appreciable.
4. How do you explain self-upvote as a good or bad social behavior & why?
The Self-upvote is a bad behavior on Steem as it doesn't satisfy the Proof-of-Brain and it should not be practiced nor encouraged. A self-upvote is typically about a user that upvotes his or her content. The Proof-of-Brain algorithm is seen to be coded with Convergence linear reward and self-upvote would keep content at the sub-linear zone which makes the content less discoverable. Let's see the factors that prove self-upvote is a bad practice;
When we talk abiut the tron To satisfy PoB, the curator must find content and certify that it is harmless, original and beneficial to the community but in self-upvote, the content creator decides on his or her own and that failed PoB.
The content would remain in the sub-linear zone because it is curated based on isolated judgment while others have nothing to say on it. It would have tended towards Linear reward to earn better reward if it's found worthy by many users who decided to curate it based on community judgment. Economically, self-upvote is poor.
It tarnishes PoB and it should be discouraged.
5. Explore Coinmarketcap.com to indicate rank, STEEM price, and coinmarketcap of STEEM(screenshot required)?
To answer this section of the task, I will be visiting the website https://coinmarketcap.com/. You can see the homepage of the website below and I will search for STEEM to see the details of the asset.
source
I have the access to the details about Steem now.
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From the images I uploaded earlier, the rank of steem by market capitalization at the moment is 198, price is $0.5334, market capitalization is $209,229,997.96 and circulating supply is 392,273,814 STEEM.
Manually calculating Steem market capitalization, Market Cap = Circulating supply * Price, 392,273,814 * $0.5334 = $209,238,852.39. My calculation is nearly the same with information on Coinmarketcap about the Market capitalization of Steem.
6. What are the different tokens do you earn by socializing in Steem Blockchain?
For socializing on Steem Blockchain, these are the tokens that can be earned; SBD (Steem Dollar), STEEM (also in SP), and TRX. The tokens earned at any point in time are dependent on what is called the debt ratio. I will show the breakdown below.
Curators' reward comes mainly in SP with TRX rewards since TRX is integrated. And author rewards can be;
If the debt ratio is below 9%, the author earns SBD and SP.
If the debt ratio is above 10%, the author earns STEEM and SP.
And if the debt ratio is between 9%, the author earns STEEM, SBD, and SP.
The author can choose how he or she wants to receive the reward either 50%/50% (50% in SBD and 50% in SP), 100% Power Up (100% SP reward) and the author can decide to decline reward. For every SP received by the author/curator, it is accompanied by TRX rewards.
7. How would you use your TRX earned in Steem Blockchain to optimize earning in the Tron ecosystem?
There are a number of ways to optimize my TRX earned in Steem Blockchain to optimize earning in the Tron ecosystem and I will be talking about some in this part;
Supply Reward
I can use my TRX earned in Steem Blockchain to supply on the Justlend market, Justlend lends the supply to users that needed TRX loan and I can earn some interest on it which is better than leaving it in my wallet.
Access to Loan
Supplying my assets on Justlend also qualifies me to borrow any asset of choice available on the borrowing market which can be used for the purpose for which I borrowed it. The amount I can borrow depends on my supply on the platform.
Staking Reward
I can also stake my earned TRX into any liquidity pool of choice to optimize my earning on the Tron ecosystem, the interest on my staking depends on the Annual percentage return of the pool I selected.
Participation in Governance
My TRX can also be used to participate in the governance of the Tron ecosystem as I can freeze my TRX to obtain voting power which can be used to vote for Super representatives on the Tron blockchain. Super representatives on Tron blockchain are likened to witnesses on the Steem blockchain, they also serve almost the same purpose and I earn voting rewards for voting for a Super representative which means I participated in the governance and earn at the same time.
Conclusion
In the PoB in this Steem blockchain combines the 65% allocation of reward from the reward pool to authors with quality content and curators for their work of curation on each content, SP used for curation and individual users' creativity. Users should not practice Self-upvote as it's bad and corrupts the Proof-of-Brain even the economical part of it is poor, and many other things were taught in this lecture which has added many things to me. I'm very happy to learn more about the STEEM and Tron blockchain again through the lecture of professor @sapwood, many thanks to the professor for the opportunity.
#club5050 😀
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