Crypto Academy Week 7 - Homework Post for [@sapwood]

How important it is for you to build your SP in the next ten years;

Before looking at the next 10years, it important to build your steem power on the steem blockchain. Looking at the next ten years, it very important to start looking at the inflation rate. Given that the inflation rate decreases at every 2.5 million blocks created. This reduction of 0.01% is in about 8.68 days. This constantly decreasing the value of the inflation rate by about 0.42% a year.

As we are counting into the next ten years, t will be much more difficult to get a STEEM reward. Getting into the ten years, steemians who have accumulated and build their steem power will be the winners (Professor words). The difficulty in the next ten years to acquired steem token is the more reason to build STEEM Power now.

From 2021 to 2031 how many STEEM tokens are going to be minted(approx)

Blocks per Year = 10,512,000 Blocks
Current Inflation Rate in 2021 = 7.692%

Virtual supply of 2021 is 391,804,970
Virtual supply of 2031 is 685,011,397.3

inflation rate reduced
250,000 Blocks = 0.01%

1 year = 10,512,000/250,000= 0.42%

2021 to 2031 = 10yrs

1 year = 0.42%
10 years = 0.42*10 = 4.2%

Current Inflation Ratein in 2031 = 7.692% - 4.2% = 3.492%

• New STEEM tokens being minted per Block

new_steem in 2021 = ( ( virtual_supply * current_inflation_rate ) / (BLOCKS_PER_YEAR ) )
=>( ( 391,804,970 * 7.692 ) / (250,000 ) ) = 2.866 STEEM

new_steem in 2031 = ( ( virtual_supply * current_inflation_rate ) / (BLOCKS_PER_YEAR ) )
=>( ( 685,011,397.3 * 3.492 ) / (250,000 ) ) = 2.276 STEEM

STEEM tokens minted = 2.866 - 2.276 = 0.59 STEEM

Checking your recovery account

Giving that hackers can't be eliminated from the internet. It is important to have a means of recovering your account. As of now, I have not set any account yet as my recovery account. So my account is solely on the default recovery which is the steemit platform. How did I know about it?
I carefully follow the professor hint by the link [https://steemscan.com/account/fombae]. Here I could find a summary of my account Voting Power, Upvote Value, Effective SP, Balance (STEEM), Balance (SBD), Account SP, and Account Value

Well Knowing your recovery account is the first step in case your account is hacked. Next, You must know the previous keys/Password for your account. Lastly, make sure to start the process of recovery within the first 30 days of your account been hacked.

Send an encrypted message on the steem blockchain

Well, I heard one time from a friend that it was possible to send private messages on the steem blockchain. I had never tried, neither did I even want to because I was scared since I had to use my master key. Today I will be giving my first try at sending a private message.

1 open my wallet https://steemitwallet.com/@fombae/transfers
2 Click on the steem (dropdown)

3 Click transfer
Click Next

Click Ok
Note: This will only go through if you are login in with your master key

Here is my notification, you can't see the message.

Screenshot My wallet

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Screenshot My counterpart wallet

Note: I cant see the message I sent. So for me to read the message, I log in with my Memo key. Now I can read the message.

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Screenshot after login with Memo key

This is my entry on this homework task @sapwood.