Hello @everyone! i hope you will be fine and good by the grace of Almighty Allah who is most merciful and kind to everyone.
Today i have attended the lecture of the prof @sapwood about the Steem Blockchain(Inflation, Recovery Account, Encrypted Message) The lecture is really very informative as a steemian one should know these things accurately and has the knowledge of these.
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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?
As we know that 15 % of all the steem tokens minted in the steem blockchain are rewarded to the SP holders. This is a definite reward which a SP holder can get without doing any extra action. You only have to stake Steem Power (SP) to get your 15% share.
So it is straightforward that if we have more SP then we will be able to get more reward without performing any single action. And this reward is automatically added to our wallet there is no need to claim it. You just have to stake steems in the form of the Steem Power and you will be able to get more share.
As it is a fact that inflation rate is decreasing 0.01% per 2.5 million blocks and resultantly the production of new steem tokens is also decreasing on the other hand. So if someone wants to get more profit then he must invest and earn Steem Power. If he does not get SP now then he will not be able to get more reward than others who get SP now.
The another important factor and benefit of building your SP is that you can control the blockchain. Yes by holding more SP you will be able to curate posts and it will in your control to promote anyone. And on the other hand you will get your curation reward. In this way you will be able to get more benefit in holding SP in next 10 years.
How difficult will it be to earn STEEM rewards after 2031?
In the beginning of the steem blockchain the inflation rate was very high as it was 9.5%. But the inflation rate is decreasing gradually all the time. It is decreasing with the rate of 0.01% every 8.68 days per 250,000 Blocks. It means as soon 250,000 blocks are formed then the inflation rate decreases by 0.01%. Due to this gradual decrease in the inflation rate the current inflation rate is 7.69%.
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An Overview About The Inflation Rate With Specific Time Interval
| Inflation Rate Decrease % | Time | Blocks |
|---|---|---|
| 0.01 % | 8.68 days | 250,000 |
| 0.0345 % | 30 Days | 864055.3 |
| 0.42% | 365 Days (1 Year) | 10512673 |
From this table anyone can easily get decreasing inflation rate per year as i have calculated it.
As from the above table we can see that inflation rate is decreasing 0.042% per year with 10512673 blocks.
Now we can easily calculate that in next 10 years the inflation rate will decrease by 4.2%. Similarly the production of the steem coins will also decrease by rate of 4.2% in next 10 years.
As a result it will be difficult to earn steems as compared to the current situation.
Currently block reward is 2.866 STEEM but this reward automatically will decrease with the decrease in the inflation rate and after 10 years it will become 2.276 STEEM per Block . So it will become very difficult to earn steems in next 10 years in 2031.
SourceThis decrease in the steem will go on and one time will occur when the steem reawrd per block will become constant. The estimated virtual supply of the steem in 2031 is about 685.011 Millions
So from these facts it is clear that after 10 years in 2031 to earn steem reward will not be as easy as it is currently. As the block reward is decreasing all the time and at last due to the decrease in the block reward the demand of STEEM will also increased and it will become very difficult to get steems then.
Total STEEM tokens Minted Between 2021 - 2031
Source
According to the given table STEEMS token minted between 2021 - 2031 can easily be calculated. So according to the table:
- Virtual Supply In March-2021- 391.8 Millions
- Virtual Supply In March- 2031- 685.0 Millions
Now
March-2031 Virtual Supply - March- 2021 Virtual Supply = STEEM tokens Minted Between 2021 - 2031
685.0-391.8=293.2
So 293.2 Million will be the new supply of STEEM tokens on account of inflation from 2021 to 2031. And this supply will decrease gradually in the coming years and at last this will become constant and saturated.
Who is your recovery account in Steem?
It is quite simple to find which is your recovery account. As it can be found from the steemscan. You have to got to https://steemscan.com/ then you have to search your
steem username by selecting your account you will see an interface like that as i have provided a screenshot.
Here we can see our account's recovery account. As i have highlighted that my recovery account is @steem. If any hacking or stealing occurs with my account then i have to contact to the @steem to recover my account.
I have to provide this information to recover my account:
- Previous keys/Password
- But this process is for the limited time which is about 30 days.
- After 30 days we cannot recover our account.
How do you send an encrypted message(private message) to another peer in Steem Blockchain?
First of all go to http://steemitwallet.com/. Login using your master password.
Click on the small "inverted triangle" located next to your STEEM or SBD balance.
Now select Transfer.
Enter the account username in the "To" field. We have to enter the lowest possible amount such as 0.001 STEEM to send a private message.
If we want to make a transfer to an exchange account and encrypt the memo tag then there is no limit in transferring your assets.
In the memo of transfer add # just before the message without any gap. Similarly, if we are sending a transfer to exchange and want to encrypt the memo tag then we can prefix the memo tag with #.
After this click on Next, then confirm whether the input is correct or not. If you are satisfied then proceed by pressing
OK.
I sent 0.001 STEEMS to @booming01 with the memo of #ASmallGift but as i am not Logged In with my private memo key i am unable to see that encrypted message in the memo. Similarly others also cannot see this private message but they can see the amount.
Now i have logged In with my private memo key and i can now see the private message.In this way we can easily send private messages with the transfer.
