Crypto Academy Season 5 Beginners' course - Task 2: STEEM & TRON
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Assalam-o-Alaikum to all the Steemit fellows!
There are three tasks that are mentioned in the professor's post and I am going to discuss task number 01. So happy reading!
Question
(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? How would you use your TRX earned in Steem Blockchain to optimize earning in the Tron ecosystem?
Brain test is a kind of Consensus algorithm That is important to people that are sharing or publishing their original and valuable content on the steemit platform. It is the way to reward the original and creative content that is free from plagiarism because plagiarised content is strictly prohibited on this platform and creative content and knowledge-based are supported.
The user is rewarded in the proper in the steemit blockchain like other blockchains. These rewards are followed by the Content Creators, Curators, Witnesses, Steem DAO, and the Sp Holders. The content creators and curators get 65% of the total volume of the rewards. In this way, the wisdom workers find the creative content that is essential or beneficial to the blockchain, and the content is rewarded then.
The stake-weighted mechanism is the system of upvoting and downvoting any content. If you have more Sp then your upvote will gain you more curation rewards and in this way, you will get rewards from your upvoted post.
It is said that PoB is the collection of stake-weighted mechanisms, Wisdom of people, and reward pool system.
As we know that Steem is a decentralized blockchain that rewards its users with different tokens like Steem, Steem Dollar (SBD) , Steem Power (SP, and TRX(TRON) tokens. The term curation reward means a reward that a curator gets by voting a post, actually by utilizing his Steem Power(SP). The more will be the SP, the more will be the curation reward one will get.
There are two types of rewards in the blockchain.
- Definite Rewards:
The Vested Token Holders (SP Holders) are rewarded with 15%, the consensus witnesses are rewarded with 10% and the Steem DAO are rewarded with 10% of the total supply of newly minted STEEM tokens. This reward is known as Definite Reward which is actually 35% of the total of the new-minted STEEM tokens.
The vested token holders are will receive the 15% of the definite reward without performing a function or playing any role.
- Task-based Reward:
Besides the definite reward, there is another reward pool that contains the rest 65 % of the newly minted STEEM tokens which is known as the PoB Reward Pool. This reward is distributed among the content creators(authors) and the content curators(voters) according to the task they performed. When a curator votes a post he utilizes his Sp and his vote brings a worth. When the respective post payout, then he gets a reward according to his vote worth which is actually called the Curation Reward.
The curation of a post plays a very important role in the discovery of quality content. Finding out, exploring, and organizing all curated content give rise to Content Discovery. The more effective will be the post the more will the development of the account as well as the community.
The better and the quality content is curated well and comes to the trending list of the Steemit Blockchain. The number of curators also affects the efficiency of the post as well as the community.
Steem Power is basically the influence power of the users in the Steemit blockchain. More will the SP a user owns, more will be its importance in the blockchain and influence over the other users of the blockchain. Now, I am going to discuss the advantages of Steem Power.
Steem Power(SP) is the sign of authority in the Steemit platform. More SP (Steem Power) we have, more will be our importance in the Steemit ecosystem.
Steem Power (SP) increases the worth of the upvotes. More the SP you own more will be the value of your upvote to any of the posts.
More than 125 Steem Power(SP) is the basic requirement of the Steemit Crypto Academy. As a new user joins the Steemit, he owns 16 or 17 SP which is not enough to join the Steemit Crypto Academy. If someone wants to join the Crypto Academy then first he would have to power up the STEEM tokens into the Steem Power (SP).
More SP will allow earning more curation rewards from a post and in this way one can make his future better at the Steem blockchain.
You can earn a better curation reward if you have more SP in your Steemit Wallet. In this way, SP is the only thing to make our future safe at the Steemit platform.
The term self upvoting means to upvote your own post by your own by utilizing your own SP as input. More the SP you may have, the more will be the reward you may get. There are many social and economical disadvantages and disbenefits of self-upvoting. Self upvoting is just like same as selfishness and ignorance. Self voters are the people which want to increase their worth leaving behind to think about the worth and importance of others. They are just like the men who think only about their benefits and ignore the others.
Self-upvoting also has many disadvantages from an economical point of view. The self-upvoted contents always remain at the bottom of the graph between the output and input.
When the organization developed the convergent linear reward f(x)=x^2/(x+1) system till then to now the self upvoters are at a disadvantage. This function discourages the people who self-upvote their own posts to use their SP as a source of the fame, importance, and trend of their posts. In the past, when there was the superlinear and the linear function of the reward curve, people get benefits by self-upvoting. But now there is no such chance of abuse of your own inputs in the seek of better outputs.
Yes, we can gain better curation rewards by visiting the other posts, upvoting them, encouraging them, and utilizing our SP there to earn better curation rewards instead of self upvoting.
We can use https://coinmarketcap.com/ for exploring a coin and a token and to seek basic information about any of the coins. Here is the coinmarketcap of the Steem token.
As we can see in the above screenshot:-
| Current Price | $0.2308 |
|---|---|
| Current Rank (according to market capitalization) | 304 |
| Market Capitalization | $237,195,135 |
| Fully Diluted Market | $247,809,196 |
| Current Volume | $18,929,680 |
| Current Circulating Supply | 392,580,008.44 STEEM |
Now, we will calculate the coinmarketcap of the Steem token. So, have a look.
Coinmarketcap of Steem= Price of Steem*Circulating Supply of Steem
Coinmarketcap of Steem= $0.6047 * 392,580,008.44 STEEM
Coinmarketcap of Steem= 237393131.104 $
Steem:
Steem token is the basic and the main token of the Steem blockchain which can be exchanged and transferred anywhere at any piece of time. The coinmarketcap of the Steem is shown in the screenshot below.
Steem Dollar(SBD):
SBD or Steem Dollar is also a token that one can earn on the Steemit blockchain. The reward of the post is actually in the SBD which is then converted into Steem easily through the Steem exchange. Here is the coinmarketcap of the Steem Dollar (SBD).
TRX(TRON):
TRX which is the native currency of the TRON blockchain can also be earned on the Steemit platform by performing activities like posting, commenting, voting, witnesses, and other activities on the blockchain. Here is the coinmarketcap of the TRX token.
Recently, the Steemit blockchain has collaborated with the TRON ecosystem and the users of the Steem get the TRX token at the ratio of 1:1 of their curated post. Suppose, a person gets a vote of 20 SBD and he can get 10 TRX from this post as the rest of it will be distributed by the Proof of Brain mechanism to the curators.
In this way, the Steemit users can improve their earning average by utilizing these TRX tokens. You can also use these TRX tokens for trading purposes. So, that's all about the benefits of the TRX tokens.
PLAGIARISM DETECTED.
@sapwood
@endingplagiarism
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Sir, I have fixed it. Please have a look now.