Hi guys,
Its really a pleasure to me to be part of this last course for this season. Season 3 is coming to an end and I have really learnt a whole lot since this very season started. Today the professor in the person of @awesononso based his lecture on Blockchain Rewards. After attending his lecture I am here to present my assignment task.

Question 1: In your own words, explain mining and block reward.

MINING

Before this very time, when the word mining is mentioned, what comes to my mind is digging up a place so as to get something from there. The gold mining is a scenario that always struck my mind anytime the word mining is mentioned. Well in crypto currency, mining is seen as both getting new coins and also varying transaction by miners in the blockchain. All transaction that are verified by the miners are then added to the blockchain ledger.

BLOCK REWARD

The reward that are given to miners after they have successfully mined the blocks is known as the block reward. This block reward comes in form of new bitcoin. Since the miners are much that are carrying out the mining process, the reward is only given to person who is able to calculate the transaction verification.

Question 2: What do you understand by the Bitcoin Halving?

The word Bitcoin halving occurs every four years that is it is done in 4 years interval. Within this four years it is expected that a total number of 210, 000 blocks should have been successfully mined. When ever this event occur the number of bitcoin in circulation will be cut down or divided into 2.

In 2009, which happens to be the year where bitcoin started the block reward for bitcoin was initially 50BTC, immediately after it's halving the block reward was divided into two the next block reward became 25BTC. It continued that way till this moment when the last halving was carried out and the current block reward now is 6.25BTC.

The essence of this halving is to reduce the number of bitcoin in circulation that is to control inflation in the case of bitcoin.

Question 3: What are the effects of the Halving on miners?

Miners get rewarded using new bitcoin.
Halving help to reduce inflation
Halving helps miners accumulate more coins.
Halving has much impact on crypto currency.

Question 4: What is the current block height on the Bitcoin blockchain? How many more blocks before the next halving?(Screenshots and Full working)

The screenshot above shows the block height of Bitcoin as at the time when I am performing this task.

Bitcoin halves every 210,000 blocks. The next halving would be the 4th. Putting these into consideration we have;

Block height for the next halving = 210,000 x 4
= 840,000
Current block height = 696,385 blocks

∴ Number of Blocks until the next halving = 840,000 - 696,385

=143,615 Blocks.

Question 5: Do you think Steem’s inflation rate reduction can affect other coins? Why?

Based on my little understanding, Steem inflation rate reduction can not affect other coins. The reason for this answer is simple. Considering the fact that Steem is not a major coins and due to the fact that is not a major coin it's inflation rate reduction can not affect other coins. Now it is important to mention here that if it happens on a major coin like bitcoin then every other coin will be affected. Here I think only steem users will feel the effect.

Question 6: What is the current block height on the Steem blockchain? How many more blocks before the next 0.01% reduction?(Screenshots and Full working)

The screenshot above shows the block height of Steem as at the time when I am performing this task.

The Steem inflation rate reduces by 0.01% every 250,000 blocks.

Current block height = 56,474,171 blocks

To find number of reductions so far:
56,474,171/250,000 = 225.89

approximately = 226

This implies that there have been 225 reductions so far.

Take the next whole number to calculate the block height for the next reduction:

Block height for next reduction = 226 x 250,000
= 56,500,000

∴ Number of blocks until next reduction = 56,500,000 - 56,474,171

=25,829 Blocks.

Continuation of last week’s work

Question 1: What is the current value of BTC on the day you are performing this task? If you made a purchase of $2,500 then,

a.) how many satoshis would you have?

b.) what is the value of a satoshi for that day?
(Show full working and correct to 3 s.f)
(1 satoshi = 0.00000001 BTC)

SOLUTION

(a)

GIVEN

1satoshi =1/100000000

1BTC = $45,405.53

There for;

1satoshi = 1/100000000 × 1BTC

1satoshi = $1/100000000 × $45,405.53

1satoshi = $0.0004540553

If I made a purchase of $2500 then

$0.0004540553 * $2500 = $1.13513825 Satoshi

∴ I will have $1.14 (to 3 s.f) Satoshi

(b)

1 Satoshi = $0.000454 (to 3 s.f)

1 Satoshi = $0.000000001 BTC

Question 2: What is the current value of BNB on the day you are performing this task? If you made a purchase of $30 then,

a.) how many Jagers would you have?

b.) what is the value of a Jager for that day?
(Show full working and correct to 3 s.f)
(1 jager = 0.00000001 BNB)

SOLUTION

(a)

GIVEN

1 jager =1/100000000

1BNB = $401.65

There for;

1 jager = 1/100000000 × 1BNB

1 jager = $1/100000000 × $401.65

1 jager = $0.0000040165

If I made a purchase of $30 then

$0.0000040165 * $30 = $0.000120495 jager

∴ I will have $0.000120 (to 3 s.f) jager

(b)

1 jager = $0.00000402 (to 3 s.f)

1 jager = $0.000000001 BNB

CONCLUSION

In conclusion, the blockchain reward as we have earlier discussed is given to miners who have outstandingly perform their work efficiently. As the professor said during his lecture, it is actually not a waste of time to mine as there is a reward attached to it. I have also learnt from this class that in other to reduce inflation, the halving method is set into the blockchain.

Sincerely I have really learnt a lot in this class, so I want to specially appreciate the professor on the person of @awesononso for such an amazing lecture.

Steemit Crypto Academy [Beginners' Level] | Season 3 Week 8 | Blockchain Rewards