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?
Most of the steems will be published within the next 10 years. The reason for this is the high rate of inflation. Inflation, which was 9.5% before, is now 7.69%. Because inflation falls by 0.01% after every 250,000 blocks. The inflation rate progresses as 7.68%, 7.67% and 7.66%. When the inflation rate is 0.95%, the inflation rate remains constant.
It is important to build up SP power over the next 10 years. Because after 2031 the prize pool is noticeably decreasing. Because there will be a decrease in the number of Steem to be produced due to inflation compared to previous years. For example, I'm currently receiving an authorship award. Sometimes I get a curator award, but little or nothing. If I increase my SP power in the next 10 years, I will also win a curator award. If I am both an author and a curator at that time, I will get 70% of the new steems to be produced. (37.5% authors, 37.5% curators, 15% SP holders)
How difficult will it be to earn STEEM rewards after 2031?
Currently, 2.86 steems are produced in 3 seconds.
new_steem = ((virtual_supply * current_inflation_rate) / (BLOCKS_PER_YEAR))
((391,804,970 * 7.692%) / (10,512,000)) = 2.86 STEEM
2.27 Steems will be produced in 3 seconds in 2031
((685,011,397 * 3.49%) / (10,512,000)) = 2.27 STEEM
In 2032, 2.06 Steem will be produced in 3 seconds.
((707,866,212 * 3.07%) / (10,512,000)) = 2.06 STEEM
In 2037, 0.72 Steem will be produced in 3 seconds.
((783,258,545 * 0.97%) / (10,512,000)) = 0.72 STEEM
As we can see in the table and as proved by mathematical operations, new steem production will be very difficult after 2031. The difficulty level will reach its fairly maximum in 2037.
2.86 / 2.27 = 1.25
Roughly speaking, new steem production in 2031 is 1.25 times more difficult than today.
2.86 / 0.72 = 3.97
New steem production in 2037 is 3.97 times more difficult than today.
From 2021 to 2031 how many STEEM tokens are going to be minted(approx)?
I will calculate according to the table prepared by the professor.
Virtual supply today: 391,804,970
I will calculate according to the table prepared by the teacher.
Virtual supply today: 391,804,970
Virtual supply in 2031: 685,011,397
Until 2031: 685,011,397-391,804,970 = 293,206,427
In which year the inflation and Block reward is likely to saturate(tentatively)?
When the inflation rate reaches 0.95%, the inflation rate is now saturated. The inflation rate remains constant at 0.95 %. The estimated inflation rate will be saturated in April 2037.
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?
https://steemscan.com/account/lopw
My recovery account is @steemhunt.
My recovery account is @steemhunt when I check it via Steemscan. An active project working on the steemblock chain. I constantly check whether it is active or not. If it loses its activity, I will replace the recovery account with a reliable and accessible one. If my password is changed by a hacker, I can recover the account via the recovery account. But I have 30 days. If I can't reach it within 30 days, I won't be able to use my account again.
In order to start the recovery process, I need to get the previous passwords to the trusted person.
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?
We can send a secret message to any of our friends or exchanges.
https://steemitwallet.com/@lopw/transfers
I log into the wallet.
I click on transfer where it says Steem or Steem Dollars.
I decide who I will send to, how many steem or sbd to send. If I don't have steem or sbd in my wallet, I can't do this.
Where it says Memo, I write # first. Then I write the secret message I want to send without any spaces.
I sent a secret message using my master password. The other party needs a master password or memo key to read the secret message.