CryptoAcademy Season 3 Beginner's Course - Homework post for task 1 : STEEM & TRONS by @paakow

in hive-108451 •  3 years ago 

Hello all proud Steemians,
My name is @paakow, a newcomer who has decided to join the SteemitCryptoAcademy just after meeting all the eligibility standards. I was desperate to join because I know I'll be able to learn alot here.
I am very grateful to @sapwood for his educative lecturing about the STEEM & TRONS. It was very interesting and comprehendable. In fact, I really enjoyed it alot.

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HOMEWORK TASK-1

Preferred question:

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?

WHAT IS PoB

The abbreviation PoB simply means Proof-of-brain. It is a concensus algorithm within a network where all users are given the privilege to publish and evaluate their own quality content using their own ideas and knowledge.

The author's content will then be rewarded by the curators after realizing it adds value to the Steem block chain by creating interesting material that will lure new members into the platform as well as keep the existing members engaged and entertained. Tokens are being distributed to the valuable content from the reward pool.

I also learnt from @sapwood that, the reward pool(65% of the total), the stake-weighed mechanism which is the Steem power, the collective intellect of the people when put all together is known as the Proof of Brain (PoB).

WHAT DOES CURATION MEAN TO YOU IN STEEM BLOCKCHAIN?

In Steem Blockchain, curation is the process of engaging with a post, reading and trying to comprehend the author's concept or what he or she is trying to mean in the content. The post is being judged by upvote or downvote to determine the quality and originality or bad content (plagiarised).

Curation uses half of the 65.0% reward pool set aside for content creators and curation 32.5% and it's effectiveness is determined by the quality of the Steem power you posses.

The reward you earn from curators is called curation rewards and it is automatically paid out in 100% SP after the payout in 7 days.

WHAT ARE THE BENEFITS OF BUILDING SP?

Practically, most of the steem power are obtained from rewards gained from quality and original content published and powering up.

Building your account SP has many advantages and some of them are listed below:

✓ Support: We can build our account steem power to support new members within the platform. This will ginger them to stay and do more on the platform.

✓ Build: Generally, it helps in building the Steem community.

✓ Reward: It helps you to gain more curation rewards. That is, holding a lot of SP helps you to gain more curation rewards.

✓ Hardwork: Holding a lot of SP shows how serious and hardworking a user is. This helps one to be recognized by many other users and also attracts followers

HOW DO YOU EXPLAIN SELF-UPVOTE AS A GOOD OR BAD SOCIAL BEHAVIOR AND WHY?

Self vote is the act where by a holding SP user or a user power up to vote his own work.
Everyone has the right to vote for others but upvoting your own posts, comments and replies are prohibited on the Steem blockchain because it devalues the entire network and also, it enables the author alone to gain from both the author's reward and curation reward, from which to me is considered as a total cheat.

Users with more holding SP should use that opportunity to vote for good and quality content instead, I think that will help in the Steem blockchain alot.

EXPLORE COINMARKETCAP.COM TO INDICATE RANK, STEEM PRICE, AND COINMARKETCAP OF STEEM (SCREENSHOT REQUIRED)?

STEP 1

To begin with, you need to visit the Coinmarketcap site, locate the search box and type in Steem as illustrated below,

Screenshot_20210708-200907.png

STEP 2

After searching the Steem, you can now clearly see Steem(STEEM ) and Steem Dollars(SBD) respectively. Click on the Steem(STEEM).

Screenshot_20210708-204744.png

STEP 3

After clicking on the Steem, the Steem chart will be displayed showing all the basic information for Steem on the Coinmarketcap. In order to reveal more information, click on 'more stat' to get full information about the Steem.

See the screenshots below,

Screenshot_20210708-210838.png

Screenshot_20210708-210914.png

From the two Coinmarketcap screenshots above , we can temporarily confirm that, the rank of Steem is 180 as at now but the Steem prices changed which was 0.3822 and 0.0383 respectively.

WHAT ARE THE DIFFERENT TOKENS DO YOU EARN BY SOCIALIZING IN STEEM BLOCKCHAIN?

There are four tokens within the Steem blockchain in which rewards are being recieved, they are;

✓ STEEM DOLLARS(SBD): It is a cryptocurrency which is more valuable on the external market.

✓ STEEM: It was created to reward quality and original content in the Steem blockchain.

✓ STEEM POWER: The conversion of STEEM into Steem power is known as powering up. When powering up, you invest your STEEMS in the blockchain.

✓ TRON(TRX): The TRX is directly proportional to SP. That is, 1:1 ratio.

CONCLUSION

I will like to thank professor @sapwood once again for this interesting and excellent lecture. In fact, I really enjoyed it. I think answering those questions has really helped me to be able to acquire alot and I don't know how I will forget this. I am so much grateful to you. ❤️🙏🏼

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Hi @paakow, Thank you for taking interest in the 1st Task of the Beginners Fixed Class. Your grades are as follows:

Assessment Aspects
Rating
Presentation/Use of Markdowns
1.5 / 2
Follow Rules and Guideline
2 / 2
Quality of Analysis
1 / 2
Clarity of Language
1/ 2
Originality
1.5 / 2
TOTAL
7

My Review dan Suggestions:

  • You complete the task.

  • Get used to putting your username watermark on every screenshot.

  • Bold writing that is considered important to be highlighted.

  • Learn more about the discussion, so you can add more information to your posts.

Thank you!

You are welcomed, @wahyunahrul

@steemcurator02, please check my homework task-1 for me.