Homework Task
(1) As most of the STEEM tokens will be minted in the next 10 years or so(on account of inflation), how important it is for you to build your SP in the next 10 years and build significant influence power in the form of SP? How difficult will it be to earn STEEM rewards after 2031? From 2021 to 2031 how many STEEM tokens are going to be minted(approx)? In which year the inflation and Block reward is likely to saturate(tentatively)?
(2) Who is your recovery account in Steem, how do you check it(Hint- Steemscan), include screenshot(s)? In the case of any unforeseen event like hacking what information do you provide to the recovery account(or the trusted account) to initiate the recovery process?
(3) How do you send an encrypted message(private message) to another peer in Steem Blockchain(include screenshot/process)? Which key is required to send a private message and which key is required to decrypt it? (Example/Screenshot)? Either send an encrypted memo-tag to exchange and send a private message to another user?
Most importantly we must know that the governance protocol adopted in the Steem blockchain which is known as the DPoS that's made up of 20 witnesses which include only 1 backup witness which is responsible creation, signing transactions and for the security of this network.
To the research made, to earn Steem reward in the next 10 years will be some how difficult because Steem will be some how scarce,this will definitely bring about the high demand for STEEM token.
According to the protocol of how rewards are been shared on Steem blockchain,just about 10% of the newly minted Steem tokens given to the consensuswitnesses, also about 15% will be given to the Vested token holders and 10% go to the Steem DAO while the remaining part which is 65% move on to the reward pool which is done by the Proof of Brain in order to reward the content curators and the curators for curating a good posts.
Although the rate of inflation on this Steem blockchain was atualy 9.5% in December 2016. More also this inflation was decreased by 0.01% which bring about the creation of 250,000 on this blockchain (Steem blockchain).
It is known that the inflation will gradually reduced and by this the Steem reward per block will also be reduced , from what the professor estimated in the class, the new steem tokens produced per block of the inflation account is 2.866 STEEM and this will also reduce to 2.276 STEEM reward per block by year 2031,by then the inflation will be totally reduced to 3.49%.
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Who is your recovery account in Steem, how do you check it(Hint- Steemscan), include screenshot(s)? In the case of any unforeseen event like hacking what information do you provide to the recovery account(or the trusted account) to initiate the recovery process?
My recovery account on the steem can be done through the steemscan in which I will be explaining with screen shots.
My recovery account is through smove.
For my account recovery to be done, I have to present my keys/password to Smove and I must initiate the process of account recovery within 30 days which us the limit for account recovery.
How do you send an encrypted message(private message) to another peer in Steem Blockchain(include screenshot/process)? Which key is required to send a private message and which key is required to decrypt it? (Example/Screenshot)? Either send an encrypted memo-tag to exchange and send a private message to another user?
Encrypted message(private message)can be send on the steem blockchain in which the sender and the receiver will be needing their master key in other to complete the process.
The key used in this purpose is # which is followed by the message which must not have any space in between the message and #.
Firstly login to Steempeak wallet with the Master password.
Select send on the the steem token
Input the destination wallet
Initiate the transaction with the Master password
Successful transaction
On this wise receiver also have to access it by the use of his master key.
Conclusion
It is very important for all Steemit to make good use of this time to acquire much sp because it will be very difficult to get in some years to come.
Thanks for reading.
Best regards
Cc: @steemcurator01
Cc: @steemcurator02