Hello steemit cryptonians, greetings to you all and hope your day is going on well?. I am really excited to take part in the steemit cryptoacademy beginners course. First on the list is on STEEM & TRON which was well explained by our honorable professor @sapwood. Lot has been learnt from your lectures, much thankful to you.
I went through your lectures and I am here to show my understanding in the course by taking part in your task. It is three different question which we are to answer just one. I think I will best explain question 1 so that is what I am going for. Please hope you like it and happy with my homework submission.
Now to our questions at hand;
(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?
What is PoB?
The first thing that comes in mind when we talk of Proof of Brain is the Reward Pool, and it is like a basin where newly minted tokens can be stored. It is accumulated at a particular inflation rate per every 3 seconds on the steemit blockchain.
There are percentages allocated to some particular group of people. We can refer to them as beneficiaries of the Reward Pool. Lets take a look at this beneficiaries and the percentage share they have.
| BENEFICIARY | PERCENTAGE SHARE |
|---|---|
| SP HOLDERS | 15 % |
| WITNESSES | 10% |
| STEEM PROPOSAL SYSTEM | 10 % |
| CONTENT CREATORS | 65 % |
The above beneficiaries help in the distribution of the minted tokens, that is when Proof Of Brain comes into the scene. The quality of your content will determine how much you will be getting out of the reward pool. So basically your wisdom level is accessed upon when you create a content on the steemit ecosytem. The beneficiaries have the power to determine how much your content deserves from the total reward pool. This is because steemit is a blockchain social media and decentralized for that matter.
What does curation mean to you in Steem Blockchain?
Curation is when an author create content and it is being accessed by reading it. After you are done reading it, you check on how true what the content is and give comment or thought on it. You further decide to upvote or downvote the content depending on your assessment. You can also re-steem it to let others also have a feel of the content if you think it is beneficial to them.
What are the benefits of building SP ?
SP is the abbreviation for Steem Power . Steem power is obtained when we convert our steem to it. Steem power shows or gives an individual the power to vote. For example if one has a steem power of 500 he or she can give an appreciable vote of 0.1 when voted at a 100% depending on the rise and fall of steem. Steem power is so important because it maintains the value of steem. Steem power is a way of investing into steem. Building more steem power will add more value to the steemit ecosystem. Steem values starts to incresae when ever there is more steem power on the steemit blockchain. There for it is very important to accumulate more steem power.
How do you explain self-upvote as a good or bad social behavior & why?
Self upvote I will say is not a good practice. This is because you are given the opportunity to access other content creators and reward them. Mind you, when you upvote other creators you earn curation rewards so there is no need to upvote yourself again. Also i will say its a cheat and selfish thing to do simply because you will curate your post and get curation reward on that same post you curated. Which makes a double earning of reward which you could have shared with a fellow curator.
Explore Coinmarketcap.com to indicate rank, STEEM price, and coinmarketcap of STEEM(screenshot required)?
Coinmarketcap is one of the leading site in the world when you talk of cryptocurrencies. It gives vital information of a particular cryptocurrencies in real time. This helps crypto investors when to make a move in the crypto world.
Mostly coins listed on coinmarketcap are genuine and good for investment. Our own native coin is listed on coinmarketcap and below is a screenshot of the rank and other vital information of the coin. But before that lets take a look at steps to access this information on the coinmarketcap. They are below;
- STEP 1 . Open your web browser and type www,coinmarketcap.com and then click on enter.
- This is what will display after that, showing all the various coins ranking from 1 to the bottom.
- Click on the search box and enter steem to display it.
- Finally we have all the information about steem, Currently steem is ranked #184, with a price of 0.6089.
The marketcap = circulating supply * Price Of The Coin
Marketcap of steem = 0.6089*387707903
Marketcap Of Steem = $236,072,262( rough estimate)
What are the different tokens do you earn by socializing in Steem Blockchain?
Steemit rewards its members through three different tokens. They are the Steem, Tronx and Steem Backed Dollar(SBD)..
Steem is the native coin of steemit blockchain. It can be converted into steem power so i will say steem and steem power are the same. The two are one thing but has a different name depending on state it founds itself. So when you power up steem we have steem power and when you you power down stem power we have steem.
Steem Backed Dollar(SBD); it is one of the most value asset on the steemit blockchain. It comes as curation reward along side the steem power and the tronx. It can not be transferred to other exchange exchange platforms or wallet but can be transfered from one steemit account to the other. So for you to make transfer to other exchange, you need first convert it into steem. That way you can transfer to other exchanges.
Tronx is one token used to reward steemians; it is a native coin of the Tron Blockchain Technology. It is a coin that has the capacity of 2,000 Transfer P Second unlike btc which can only handle 6 transaction per second, as well as ethereum has up to 25 per second.
There was an integration in the year 2020, February and On 2nd December 2020 where this partnership allowed creators to earn on 1 STEEM POWER : 1 TRX basis. It has been so since then.
Thanks to prof @sapwood for such an amazing lectures, much has been learnt from this class. I am also happy to have taken part in your homework task. Hope you liked it, Thanks once again.
Thank you....
You've got a free upvote from witness fuli.
Peace & Love!
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