QUESTIONS
(1) What is PoB? What does curation mean to you in Steem Blockchain? What are the benefits of building SP? How do you explain self-upvote as a good or bad social behavior & why? Explore Coinmarketcap.com to indicate rank, STEEM price, and coinmarketcap of STEEM(screenshot required)? What are the different tokens do you earn by socializing in Steem Blockchain? How would you use your TRX earned in Steem Blockchain to optimize earning in Tron ecosystem?
INTRODUCTION
From my understanding I can say that Steem
Blockchain operates with an open source blockchain in which all steem transactions are been permanently recorded,
All the transaction made in steem blockchain are documented in blocks, and it's been chained to a standing or existing blocks, for that reason it's system appears to be open or transparent, steem owns a (DAPP) Decentralized application named {steemit},
And in steemit authors are been paid with steem, steem backed dollars which is [SBD], and Tron {TRX}, For creating a great quality content, curators or voters also earn rewards
due to the fact that they dispense rewards through the given reward pool and they also accumulate steempower.
Q1; What is PoB?
Proof-of-Brain is the full name of {PoB} and it's a hardware in the Steem blockchain,
which is being built or constructed to reward content creators {author}, all the rewards is been distributed through the reward pool. In the system of steem blockchain, apart from the total distribution on the reward pool, upto 65% are reserved for the authors or content creators who creates quality content, and also curators who curates the content will also gain their own percentage,
With the proof of brain, all genuine great quality content made by the authors are been voted or curated, due to the fact that he or she applied their knowledge on the contents, however the rewards or awards are been distributed to the post according to accounts steem power and also the curators voting weight, to finalise it, the proff of brain (PoB)
Was actually from the user ability to create genuine content with his or her brain, {relying on the steem power, and they dispense rewards through the given reward pool, which incentivizes curators and authors,
Q2. What does Curation mean to you on Steem Blockchain?
Curation is defined as the means through which the curators allocates rewards through the reward pool direct to the authors who creates great genuine quality content on steemit, Well, According to the Steem blockchain, good contents are being upvoted or curated to dispense reward to the writer's post through the reward pool. And this also benefits the both parties which is the authors and the curators,
Moreover, its very necessary to know that curation is not all about voting or curating or allocating rewards to the authors.
Curation on it well explanation, requires a curator to go through a content or reading the content, he or she also checks whether the post is plagiarised or unique, if the content is plagiarism they can flag it, they can also reply to the content by dropping a comment, then after verifying weather the post is good be post in the platform, they will upvote the contents, and if the post was copied or plagiarised it won't be curated,
in the steemit platform when a publish is voted or curated, the value delivered through the curator to the writer relies upon the quantity of stake which is the (SP) which is in the curators account, the bigger the curators SteemPower,the bigger the value of the votes or reward he allocate to the writer.
lets say for instance with someone effective (SP) of 500.77 steem power, you possibly can only allocate $0.01 when the curator curates a punish with complete weight.When i changed my (SP) steempower to $5,000,000SP I may vote at $172.38 with complete weight.The both parties indicates that the higher the (SP),the bigger the voting value. that's how it works.
Q3. What are the benefits of building SP?
I wanna tell us how it can benefit us when we build our (SP), however before going to that,
(SP) or steempower is a useful aid in the Steem blockchain which gives or offers influence, to go further, one steempower is equal to one Steem, its very necessary to understand that steempower is likewise to Steem, simply that steempower is what we stake to earn more rewards, and this (SP) is not transferable till the owner powers it down, normally it takes one month or four weeks for the power down to complete, While the (STEEM) is in a normal state, the owner can trade or transfer it any time they wish,
let's check the benefits of building our SteemPower,
Q3a] Vesting or commending Token Reward through Reward Pool
The award pool compose rewards distribution to curators and authors,
some others and witness, and 15 percent of the entire rewards through the reward pool will be distributed to those who holds steempower, it comes as an interest in their commanded tokens, the amount of staked tokens (SP) a holder occupied determines the amount of vesting rewards he or she will receive. with this method it can benefit a user to build their steempower so as to earn the 15 percent reward distribution.
Q3b] Increased Voting Power:
When a user owns a bigger steempower, the curating weight will be also higher, and the user can curate a content with a better value of votes, like I said earlier from the beginning, an account that owns 5,000,000SP obtains a bigger voting weight that can vote up to $172.38, contrasted to the small I used as an example that owns 500.77steempower, and it votes $0.0.
Q3c] Increased Curation Reward:
When a curator votes a content, half of the rewards or valus goes back the curator, and this is known as curation reward.
Curation rewards relies on the real voting weight of an account, the more SP you have, the more rewards you receive. Let's make it understandable, if I curate a post and it appears $20 on the writers post, actually it means that half of this rewards which is $10
Will come to me as the curator and the other $10 will be there for the author, however if my steempower can vote $0.10, with that I can only get $0.05 as the curators rewards, yeah that's it, like I said earlier, the bigger the steempower the bigger the reward,
Q3d: Creating a Community:
With the help of huge amount of steempower, a user can create a Community in the steemit platform, then with the help of this steempower, he or she can support authors post in the community,
Q3e: Supporting the Community:
Having steempower can help a user to assist the community due to the fact that the voting weight of the steempower which the community owns would be bigger, so the writer will be motivated to create good quality contents in the community,
Imagine when a community has no SteemPower on their account, actually it can support any post, however if the community has 5,000,000SP this will go a long way in community, members will be supported,
Finally, having much steempower makes a user to obtain more SPand TRX, and the user also get high number followers,
Q4: What is Self Voting
Like I said earlier, when a user curate a post, 50% percent of the rewards will go to the writer then the other 50 for the curator,
But when I vote my own post, it actually mean that I will earn 100% percent from the reward, at the same time, I'm earning from the curator and author, rewards, I must say that this act is a selfish act.
Like I said, Self Voting is the situation where by a user upvotes his or her own post. and earn or gain the both 👉 curation and the authors rewards.
Remember, that curation requires a curator to go through a content or reading the content, he or she also checks whether the post is plagiarised or unique, they can also reply to the content by dropping a comment,
However in terms of self voting, the curator or the user will not go through all necessary requirements, this can make the user to upvote poor content, please we should try and avoid such act, because that's a selfish character,
Q5: Exploring the Coinmarketcap
For me to explore the Coinmarketcap I have to visit their site which is www.coinmarketcap.com
From the screenshot I made above, you can see a couple of cryptocurrency, with their prices and their rankings, including the trading volume, market capitalization, supply etc, as you can clearly see that bitcoin is ranked as no one, on the coinmarketcap,
So far me find some information about steem, I had to click on the search icon, the input the word STEEM,
We can see all the necessary information on Steem currently, its data includes, market capitalization, supply.trading volume , here is all the details you need to know about Steem,👇
- Rank #296 )
- STEEM PRICE: $0.6298
- LOW RATE: :$0.614
- HIGH RATE:$0.6545)
- MARKET CAP: $247,463,801
- FULLY DILUTED MARKET CAP: $258,810,060
- The VOLUME: $39,950,905
- The VOLUME/MARKET CAP: 0.1608
- The CIRCULATING SUPPLY: 392,541,975.82 STEEM
- The TOTAL SUPPLY: 409,497,208
With that analysis, you can clearly see that the rank of steem is #296, and also the price which is $0.6298, its market capitalization is
$247,463,801, then the day trading volume is
$39,950,905, steem can be trade on the binance Exchange, poloniex and roqqu etc.
Q6: Different Tokens Earned on the Steem Blockchain
We have three legit tokens which we users receive as a reward in the steemit platform, here is three of them👇
- STEEMPOWER : {SP}
- STEEM
- STEEM BACKED DOLLARS : {SBD}
+TRON :{TRX}
STEEMPOWER : {SP}
Steempower is a form of investment in steemit, you stake you steem to earn more rewards, if you pocess enough steempower you can support authors and you still earn your steempower,
Ways to Earn SteemPower
a user can accumulates steempower from his her good quality content, this is known as authors rewards. on the other hand a user can also earn steempower from voting good quality contents, this is know as curation rewards, when a user set his or her post 100% , they accumulate more steempower than when it's been set 50%,
STEEM :
steem is the main currency on the steem blockchain network, steem can be store in a blockchain wallet, in order to make massive income in the future, ( investment ) steem can be transfer from one user to another withina second, a user accumulates more steem when he or she participate on communities contest,
STEEM BACKED DOLLARS : {SBD}
SBD, Which we know as steemdollars is another token from the steemit platform, a user can earn SBD through swapping his or her steem to SBD, a user also receives SBD from his or her post, we can accumulate steemdollars by setting our post to {50% SBD/50% SP}.
TRON(TRX) :
Wea also earn Tron in the steemit platform,
When ever we earn SP we also earn tron,
Example, if we receive 10 steempowers we also get 10 trons.
CONCLUSION :
Steem Blockchain operates with an open source blockchain in which all steem transactions are been permanently recorded,
steem owns a (DAPP) Decentralized application named {steemit},
And in steemit authors are been paid with steem, steem backed dollars which is [SBD], and Tron {TRX}, For creating a great quality content,
Special regards to professor @sapwood for this lecture,
#club5050 😀
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