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Hi steemians,
It is yet another episode in the engagement challenge and today I want to talk about the contest in week 3 of the challenge. We have been talking about blockchain technology recently and this time we are here to talk deeper about our beloved steemit blockchain. I will be discussing the topic under consideration by attempting the questions given below. Let's get started.
It is yet another episode in the engagement challenge and today I want to talk about the contest in week 3 of the challenge. We have been talking about blockchain technology recently and this time we are here to talk deeper about our beloved steemit blockchain. I will be discussing the topic under consideration by attempting the questions given below. Let's get started.
STEEM
This is the native token of the steem blockchain. It was launched alongside the steem blockchain in the year 2016. This is the token that can be transferred at any point in time either to another steem use account or to an exchange platform where it can be traded for other crypto tokens or fiat.
Steem is created anytime a new block is added to the blockchain. This newly minted steem is then distributed among witnesses, miners and content creators. The place value of the steem token in coinmareketcap.com as at the time of writing this article can be seen in the screenshot below.
Image fromcoinmarketcap.com
From the screenshot above, the steem token has the following information as presented in the table below.
| Rank | #254 |
|---|---|
| Price | $0.2344 |
| Market Cap | $92,557,195 |
| Circulating Supply | 394,951,699.00 Steem |
| Volume | $9,129,532 |
SBD
Steem Dollar (SBD) is another asset that is used on the steem blockchain which is also distributed to content creators by voting on their posts. The SBD is seen as a stablecoin whose values are initially designed to be pegged to US dollars. The main purpose of creating this token is to help in stabilizing the steem economy.
The SBD can be used to purchase steem in the internal market of the steem blockchain. Here conversions are done from SBD to steem and verse versa. The place value of the steem token in coinmareketcap.com as at the time of writing this article can be seen in the screenshot below.
Image fromcoinmarketcap.com
From the screenshot above, the SBD token has the following information as presented in the table below.
| Rank | #502 |
|---|---|
| Price | $2.34 |
| Market Cap | $27,473,384 |
| Circulating Supply | 11,718,298.68 SBD |
| Volume | $1,789,492 |
Steem Power (SP)
Steem power is the influence token that gives a user the power to vote on other people's posts and also earn a curation reward at the end. Steem power is steem that has been converted through the process known as power up. The reward for every curator comes majorly in this format.
Content creators get half of their reward in SP to help them build their accounts as well. Steem power can not be transferred directly to an exchange because it is like a locked token which needs to be unlocked through the process of powering down. This means that for you to transfer SP you have to convert it back to steem first.
SP can be transferred from one steemit user to another but it can not be transferred to an exchange. It takes about a month for your asset to completely power down as it divided itself into 4 and quarter drops every week.
Tron (TRX)
Tron is the native token of the Tron ecosystem which is also one of the rewards given to steemians both content creators and curators. It was integrated into the steem blockchain in the year 2020. The distribution of the TRX token was designed to be in the same ratio as that of the SP I.e a 1:1 ratio. This means that if I earn 20 SP, I should also have an additional 20 TRX.
Recently, a new announcement was made in this regard where the reward of TRX is to be halved I.e the distribution ratio will no longer be in the format of 1:1 but 1SP : 0.5TRX.
Image fromcoinmarketcap.com
From the screenshot above, the TRX token has the following information as presented in the table below.
| Rank | #15 |
|---|---|
| Price | $0.06443 |
| Market Cap | $5,944,421,007 |
| Circulating Supply | 92.27B TRX |
| Volume | $362,513,736 |
Steemit is a business of SP and that is the main reason why this club status initiative came into existence. There are lots of benefits attached to building one's SP and I will be discussing them below.
We are aware that to build steem power simply means to stake back the steem token you have earned into the steem blockchain pool. This will go a long way to improve the price of the steem token and also help the growth of the coin as well.
Voting Influence: SP is very important because those with high SP have more influence while voting in other people's posts. We have seen that steemians pray for SC01 or SC02 to visit their post always because anytime they do the vote is always appreciated. Once we can build ours so also people will pray always that we visit their posts.
Curation Reward: Another main reason why SP is important is that it helps the curator to accumulate lots of rewards without him or her publishing articles. The case of SC01 and SC02 is a clear example as they earn thousands of SP every day as curation rewards.
Participating in decision-making:SP helps people to be part of the decision-making in the steem blockchain. Just like we have shareholders in other businesses that must be part of the decision-making before the company can take any move, so also it is in the steem blockchain.
Being Independent:Having SP makes you independent because as I have said earlier, you need not write articles to get a reward all you need to do is vote on other people's article content and you earn your curation reward. More also, you can combine your SP with others and then support each other in that way the workload on the other curators will reduce.
Curation in the steem blockchain is a popular word which is familiar to most steemians. Though like others I thought curation was all about voting on content but in the long run, I discovered that curation goes beyond just voting on articles.
In my little experience and understanding, I have come to find out that curation is complete when a few criteria are checked about the post in question before voting on it. Recently, my work as a curator thought me that in other to curate an article, the post must be steemexclusive I.e plagiarism free, and it must not be using a bid bot because the content must be of value to receive upvotes.
When we say content should be of value we mean the content should be able to add something tangible to the blockchain and the readers of the articles as well. So if you check and see that the article is plagiarism free, it is not using a bid bot and it adds value to the blockchain then a vote can be given to it to complete the process of curation. Through a few others, things like club status can also be included to encourage steemians to help the blockchain grow.
Self-voting:This is the process of voting on your publication. The steemit platform is designed to use the proof of brain (PoB) standard which is a situation where the user reads your article and then sees that it meets all the criteria for curation before voting on it. The platform does not encourage self-voting because we are not supposed to be the judge of our content.
It is a very bad practice and should never be encouraged among steemians. Others should judge your content and give you the desired votes based on how they grade the content you have created or based on the value the content has added to them.
The voting window in the steem blockchain refers to the period when the post is still active and can be voted for to add value to the post payout before the post finally expires. In the steem blockchain, every post stays 7 days before it expires. There are timing when a user votes on a post, it adds complete value to the post whereas some other times, the reward goes back to the reward pool either a fraction of it or in full.
From the table below, the reward distribution in a post between 0 - 5 minutes is explained.
| Vote Time | Value to Post | Value back to pool |
|---|---|---|
| 5+ | 100 | 0 |
| 4 | 80 | 20 |
| 3 | 60 | 40 |
| 2 | 40 | 60 |
| 1 | 20 | 80 |
| 0 | 0 | 100 |
From the table above, votes that are made in less than 5 minutes of dropping publication don't give you a complete reward instead some of the rewards go back to the pool. In the same way, when a post is above 6 days and 12 hours it implies that the post payout is less than 12 hours, you don't get a 100% of the vote reward on the article, some of the vote % goes to the pool.
Recently, I experimented with this fact, I was voting using the SC06 account and one of my posts was less than 7 hours to payout, I decided to give a 100% upvote to that post which was supposed to have an added value of about $6.87 but the value added was $3.25, I was surprised but it was something that helped me to make more research as to this regards.
Example 1: Post Older than 7 days
Let's take a look at a post older than 7 days first. The post has already paid out and the detail of the post is that it paid out $10.48, my account was already at 98.64% before giving the 100% upvote. See the screenshots below.
Image fromsteemworld.org
Post before voting
After the upvote, no value was added to the post but something happened when I checked my voting mana. I saw a little increase from the initial thing I had before. My voting mana raised to 98.68% as you can see in the screenshot below.
Image fromsteemworld.org
Post after voting
Example 2: Active post under 7 days
Let's take a look at a post which is less than 7 days. The post is still active and the detail of the post is that it has $27.51 already, my account at the point is 98.95% before giving the 100% upvote. See the screenshots below.
Image fromsteemworld.org
Post before voting
After the upvote, some value was added to the post I.e the post increased from $27.51 to $27.76 and my voting mana decreased from 98.95% to 96.98%. See the screenshots below.
Image fromsteemworld.org
Post after voting
The advantages of the steem blockchain are as follows;
Steem blockchain rewards users who create quality articles.
Steem blockchain helps users to create quality and original content since every article is been checked regularly for abuse.
Steem blockchain teaches its users different things and subjects which makes them all-rounders.
Steem blockchain serves as an investment place where those with steem power earn a curation reward or when newly minted steem comes up they get some %.
Steem blockchain serves as an interaction avenue where people from all parts of the world meet to interact with each other.
The disadvantages of the steem blockchain are as follows;
Since only those with large stakes take part in the decision-making, those with low stakes are always at the mercy of the big stakes. Any decision taken up there can not be influenced by the lower stakes.
Votes are not guaranteed in the steem blockchain and that has made a lot of persons to complain bitterly almost every time. Though the curators are doing their best, it only takes an understanding writer to see it from that perspective.
Steem blockchain is the first of its kind. It is a content creation platform that came into the limelight in 2016. It rewards its users with different crypto assets such as steem, SP, Tron and SBD. Both authors and curators here earn something so therefore I see it as a win-win situation. The steem blockchain has developed an avenue for bloggers to learn and also earn and improve themselves.
You've got a free upvote from witness fuli.
Peace & Love!
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Thank you very much for given us much explanation about understanding of the steem blockchain. Thanks for sharing with us.
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Your article has been supported with a 50% upvote by @ripon0630 from Team 2 of the community curator program. We encourage you to keep producing quality content on Steem to enjoy more support from us and a likely spot in our weekly top 7.
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Thanks for the support @ripon0630
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That's correct . By self upvoting we tend to ignore the quality and vote posts over which community judgement and isolated judgement don't reach consensus and end up wasting voting Mana.
Good luck
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You have done well in explaining the steem blockchain, and I have gotten a better understanding on most of the steem concepts.
Like Independence being a benefit of building your steem power, as it will allow you to earn rewards from curation even without making post.
Thanks for sharing friend, and goodluck in this contest.
I will appreciate if you equally engage on Mine
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Hi simonnwigwe, I see you have detailed quite well the content requested for this contest, I also think this is a good place to invest, over time BTC and all solid cryptocurrencies do nothing but go up, but the difference is that here you can generate more steem as time goes on, either from voting rewards, curation rewards or APR for our SP, no matter how much the token is worth now, I think in the next bull market, it will be higher.
Much success.
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Hey 👋 brother,
This is really awesome as I can I have really benefited from this awesome attributes, despite the fact t I have just little steempower but I receive atleast 3 steempower weekly for curation of other quality articles on Steemit and I get rewarded, u must say this is really awesome and lovely.
Thank you very much for sharing, please you can check my own entry here
wishing you success
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Greetings @simonnwigwe , very valuable information you share with us in this publication, to understand much more of the steem blockchain, ideal for people with little knowledge on this subject. And certainly a big disadvantage is that the votes are not guaranteed which creates a lot of discontent, as there is a diversity of criteria to vote a publication, and it is not a standard. Success in the dynamics
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Greetings sir,
You have indeed shared very valuable information with us about your understanding of the steem blockchain in this publication, it is rich enough to teach people with little knowledge on this subject.
Good luck my friend.
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