Steemit Crypto Academy Contest / S5W3 - Understanding The Steem Blockchain.

in hive-108451 •  2 years ago  (edited)
Steemit, is a popular platform built upon the steem blockchain and therefore there is a need to understand the platform on which this Dapp functions, this brings us to season 5 week 3 of the steemit crypto academy, understanding the steem blockchain.

understanding the steem blockchain.pngimage created with canva

Explain The following terms, STEEM, SBD, SP and TRX

Steem - This is the basic liquid currency underlying the steem blockchain from which all other tokens derive their value. It can be transferred with ease and purchased and sold on exchanges.

Steem Dollars (SBD) - SBD or steem-backed dollars is a stable cryptocurrency built on the steem network which was originally pegged to the USD. It can be converted to steem and traded at any time

Steem power - This is also called staked steem. It is an internal currency that cannot be traded on external exchanges. Steem power can be converted back to liquid steem through a process called powering down.

TRX - The TRX token popularly known as TRON is one of the major currencies out there. This token was integrated into the steem ecosystem after its owner and CEO, Justin Sun acquired the steem blockchain two years ago. Through the integration, users have been able to earn additional rewards on the ecosystem.

image source

Explain The benefits of building one's SP in the steem blockchain
From the explanation of the term SP above, it could be understood that steem power on the blockchain functions as an influence. The higher the steem power of a user/node, the more the influence on the chain. This goes without saying, there are numerous positive inherent benefits to building one's SP on the blockchain and some of them include :



  • Those with higher SP are favored by the reward pool as stake-weighted steem or steem power largely influences the distribution of rewards, therefore by building one's SP, you would earn a larger share of curation rewards.

  • By building one's SP you can also actively participate in the governance of the ecosystem with adequate support.

  • Communities and startups: In order to successfully build a community on the ecosystem, influence is necessary to ensure the smooth running of the community, foster collaboration from other existing communities and effectively perform curating activities: the more steem power, the better.

Explain The Meaning Of Curation in steem Blockchain and also explain if self-voting is a good or bad practice on the steem Blockchain

Curation on the steem blockchain stretches far beyond just upvoting a post. For curation to be deemed as taken place, the following activities would have been performed.

A published post should have been read and its information adequately dissected.
When reading the post, sources of information should be verified.

  • Do they come from trustworthy sources?
  • is the information accurate?

If so, does the post contain any form of plagiarism or has it been spun or rewritten? In this case, action should be taken to alert the community of such practice. Lastly, is such a post harmful to the community or users? if so it should be flagged or adequately reported. Having done all this, if a user finds such a post to be valuable, they may go ahead to upvote the post as a means of showing support, and appreciation or to ensure the visibility of quality posts.
The entirety of such activities is regarded as curation in steem blockchain.

is self-voting a good or bad practice on the steem blockchain?

Having been a member of the steem blockchain for years. I've understood that the reward system is operated in a convergent linear manner. As a result of these reward system, users are given a reason to go out in search of such content they perceive as exceptional content in the process of curation so they can earn better curation rewards.
Also, the steem blockchain was brought about as a community to support content creators and writers alike and self-voting is a selfish act that is frowned upon on the blockchain as mass adoption of this practice eliminates the need for curation, community, and support which the blockchain thrives upon.

Voting window on the steem blockchain

To demonstrate how the voting window on the steem blockchain works, I'll be upvoting two different posts. One, older than seven days since published, and the other less than seven days, observing how the respective actions affect my voting mana.

I currently have voting mana of 94.08 as displayed on my steem world interface.

I have upvoted two posts with 100% of my voting power. The first post was 2 hours old and my voting mana before casting a vote was 94.08 as shown subsequently, after which it reduced to 92.30. However, my steem power is too low therefore it didn't visibly increase the profit that accrues to the post. But it is observed that this action decreased the voting mana.


image source


For the second task, I voted a post older than seven days and the following was observed.
My voting mana didn't reduce at all even though I did so with a 100% weight unlike in the previous demonstration and also the reward pool didn't get affected.

From the demonstration above, we observe that after seven days have elapsed from the creation of a post, maturity is reached and the post rewards are distributed between authors and curators. Therefore the voting window of a post is within seven days upon publication.


image source


Advantages and disadvantages of STEEM Blockchain

The respective advantages and disadvantages of the steem blockchain include

Advantages
  • The steem blockchain boasts a low-level user entry requirement allowing easy participation in the ecosystem.
  • The blockchain rewards users for their participation in the ecosystem.
  • It has housed dozens of decentralized applications beneficial to users.
  • Steem is lightning fast, boasting three seconds block time/transfer speed.
  • Zero fees for transfers.
Disadvantages
  • Proof of brain is partially dead
  • Vote bots have diminished the effectiveness of curation as sub-ecosystems on the blockchain are gravitating towards being governed by a spend money to get an upvote system.
  • The idea behind the creation of the system of becoming a haven for digital content and monetization of quality content is affected by trolls and vote bots.


Conclusion
The steemit crypto academy has been a major backbone in my knowledge of cryptos, economy and blockchains alike. Each tasks required adequate research on the part of the writer before completion and that helps a lot in understanding of various other ecosystems. Thanks for reading this publication.

I invite @josevas217, @sahmie, @drqamu and @simonnwigwe to give their two cents on this publication :)

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

if so it should be flagged or adequately reported

You are right to mention it under curation. Ideally such content creators must be warned before flagging or downvoting. If they don't refrain then it is wise to go ahead with punitive action for the well being of platforms.

understood that the reward system is operated in a convergent linear manner.

As per convergent linear reward system, if the input is low output will be lower. Self upvoted posts are usually of low quality and end up getting low rewards, so at the post payout, output in the form of curation rewards is lower which is neither beneficial for the self up voter nor for the community. Instead users can make use of votes on quality posts to earn better curation rewards.

Vote bots have diminished the effectivene

You have made an excellent point.

Good luck

Thanks for taking the time to leave a comment, your presence here is welcome

Greetings friend, a valuable and very complete content that you share with us today, the steem platform has many advantages that makes it very attractive for bloggers, and the best thing is that no commissions are paid. Success in the dynamic

Yes it’s not fee subscription based, it’s open to all for involvement. How wonderful :)

Hi doppley, the advantages you mention for me are very attractive and hard to beat.... How many users who would have never imagined to be involved in the world of cryptocurrencies, have not known that world thanks to Steemit, at least I am one of them.

Have a great day.

yes, @syllem. I stumbled upon steemit myself and just thought what in the reddit is going on here haha. I stuck around a little why and managed to surprise myself. Steemit is nice

Hey 👋 friend,

The steemit crypto academy has been a major backbone in my knowledge of cryptos, economy and blockchains alike. Each tasks required adequate research on the part of the writer before completion and that helps a lot in understanding of various other ecosystems. Thanks for reading this publication.

I am a leaving witness to this fact, before I joined steemit I was an illiterate especially when crypto topics are raised but today the opposite is the case as I now teach others about crypto currency and crypto trading. Steem has really taught me alot for free and I really glad because this knowledge are actually very expensive to get outside.

Thank you very much for sharing, please you can check my own entry here

wishing you success

exactly
to think i grumbled a bit when the crypto academy first began saying it was too tasking. I persevered and actually found out that in the process of doing the tasks my research were actually sticking and paving way for further knowledge in the cryptoverse.
Thanks for taking the time to comment @starchris, glad to have you here :)

Loading...

This post has been upvoted through steemcurator08. We support quality posts anywhere and with any tags.
Curated by: @chant