Crypto academy week 7 || homework post for @sapwood || Steem Blockchain(Inflation, Recovery Account, Encrypted Message)
Its another week lecture, kudos to our lecturer @sapwood . Thank you for making all classes easy for us, here is my submission this week
Steem coin image
(1) As most of the STEEM tokens will be minted in the next 10 years or so(on account of inflation), how important it is for you to build your SP in the next 10 years and build significant influence power in the form of SP? How difficult will it be to earn STEEM rewards after 2031? From 2021 to 2031 how many STEEM tokens are going to be minted(approx)? In which year the inflation and Block reward is likely to saturate(tentatively)?
IMPORANT OF BUILDING STEEM POWER IN THE NEXT 10 YEARS
Whenever I am privileged to introduce steemit to my friends, I let them understand what steem power mean. I always tell them that their steem power will always determine their reputation and when we talk about reputation it worth building.
Although I always let them know as well that steem power is another currency on Steemit, but yet this is what increases the users’ account voting power.
Now, it is important to build someone steem power now to be a reputable user in future since steem is entering limelight soon
So, it is important to build stem power as it will be hard to earn steem in the future to come
DIFFICULTY IN EARNING STEEM IN FUTURE (>2031)
2031 to this present year is ten years, bitcoin is one of the coins that should have teach many people lessons, at start bitcoin was worth $0, this was 2009 that was its very first year of existence, the following year bitcoin's price didn't go beyond $1, now we all know what bitcoin worth is and how hard it is to get compared to 2010 . Bitcoin was around $3,793 when it reached 10th year of existence.
Steemit as well is entering limelight soon as i said earlier, so everyone should be ready to get it before the price become
APPROXIMATION OF STEEM TO BE MINTED FROM 2021 TO 2031
@sapwood lecture
From the above image given in the class, it clearly shows that the inflation rate of steem will be decreasing and as the inflation rate keep decreasing the rate of new steem will be decreasing
Now, we can calculate the approximation of steem to be minted between now and 2031 by subtracting the present virtual supply i.e 391,804,970 from the virtual supply of 2031 which is 685,011,397.3
So the approximation of the tokens to be minted between 2021 and 2031 will be equal to 293,206,427.3.
(2) Who is your recovery account in Steem, how do you check it(Hint- Steemscan), include screenshot(s)? In the case of any unforeseen event like hacking what information do you provide to the recovery account(or the trusted account) to initiate the recovery process?
HOW TO KNOW MY RECOVERY ACCOUNT ON STEEM
To know my recovery account, I visited https://steemscan.com/account/timileyin988, and the image below is showing my recovery account including some other details.
https://steemscan.com/account/timileyin988My recovery account is steemit inc.
HOW TO RECOVER MY ACCOUNT ON STEEM
To recover a lost account, user will need to present his/her keys the recovery account and the user must initiate the process of account recovery within 30 days of any occurrence, only that can warrants account recovery.
(3) How do you send an encrypted message(private message) to another peer in Steem Blockchain(include screenshot/process)? Which key is required to send a private message and which key is required to decrypt it? (Example/Screenshot)? Either send an encrypted memo-tag to exchange and send a private message to another user?
Here I logged in to my wallet with my ideal key, after this my steem wallet showed and I clicked on my steem balance. blow are the pictures of the steps taken
@sapwood
@steemcurator01
@steemcurator02
@steemitblog
