Thank you for attending the lecture in Steemit-Crypto-Academy & doing the homework task-7.
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)
Not, 70%.
The PoB reward pool amounts to 65% of the total reward pool (32.5% for the authors and 32.5% for the curators).
Roughly speaking, new steem production in 2031 is 1.25 times more difficult than today.
That's correct. And the difficulty level is increasing with each passing year, but the visible impact we can see only after 2031 when the inflation rate and subsequent Block rewards begin to drop significantly.
New steem production in 2037 is 3.97 times more difficult than today.
Almost 4 times harder as compared to 2021!
Virtual supply today: 391,804,970
Virtual supply in 2031: 685,011,397
Until 2031: 685,011,397-391,804,970 = 293,206,427
That's correct.
What would be the implication of the reduction in inflation rate and subsequent Block rewards?
Please refer to this table. I have made this calculation on the basis of reducing inflation rate(0.01% every 250,000 blocks or in other words, 0.01% reduction at every 8.68 days). I have extracted the YoY figure for simplification.
We have already established that 293.2 Million will be the new supply of STEEM tokens on account of inflation from 2021 to 2031.
The average rate of new STEEM being minted per year in the first 10 years= 29.3 Million per year
March- 2036- 774.02 Millions
The average rate per year(from 2031-2036)= 17.8 Million.
The average rate from 2037 is further going to reduce to 8.64 Million
Implication:-
The current reward pool size is 29.3 Million per year with a total virtual supply of 391 Million.
2021- SP to exercise is less(as the virtual supply is only 391 Million), and the reward pool is more- 29.3 Million per year
2031- SP to exercise will be more (because the virtual supply will be more- 685 Million), and the reward pool will be less- 17.8 Million
Let's say the upvote value now is X, [Reward Pool per year= 29.3 Million, Virtual Supply=391 Million)
In 2032, the size of the Reward Pool will be 17.8 Million and the virtual supply will be 685 Million.
So the Upvote value will be X (17.8/29.3)= 0.6 X. So on account of inflation rate only it will be reduced by 40%, if we further consider the virtual supply it will be even lower than this value. Because with a virtual supply of 685 Million, the SP in effect will be more than what it is now(with a supply of 391 Million).
I sent a secret message using my master password. The other party needs a master password or memo key to read the secret message.
That's correct.
Ideally, it should be the Memo Key to encrypt or decrypt the message. But at the moment it is not fully implemented yet. So for the time being, you can send an encrypted message using the Master Password and decrypt it using Memo Key/Master Password.
However, I would suggest not to send an encrypted message for fun. If it is really a requirement for you then only you should carry out this operation. The point is that you should avoid using a highly sensitive key like Master Password, and that should be kept safe, offline. Frequent use of Master Key should be avoided.
Thank you.
Homework Task -7 successfully accomplished.
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