STEEM & TRON - Steemit Crypto Academy Season 4 - Homework Post for Task 2 by @abdu.navi03
Hello everyone how're you all? I am back with a new assignment for beginners which is Task 02. This beginner assignment post is for professor @sapwood.
In this lecture, we got some Intro about STEEM and TRON.
This picture is edited by my mobile's default app.
The question which we have to discuss in this task is;
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 coin market cap 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?
POB, Proof of Brain is actually a rewarding system and it is also built one Steem network.
Steem is a type of social media blockchain network, in which or where the users are provided with SBD or Steem for making quality content and in this process Proof of Brain helps because it is the system by which the reward is distributed to the users in the blockchain network.
This mechanism is designed to ensure that posts that are regarded to be of high quality by other network users are rewarded for their creator's efforts. The quality of the posts is determined by a variety of elements, including originality and lack of plagiarism, inventiveness, wisdom, grammatical accuracy, the aesthetic value of presenting style, and overall value derived from the post.
The Steemit platform aspires to create a community that compensates artists for their efforts in creating high-quality material while also allowing them to easily monetize it, thanks to the proof-of-brain reward structure. This is all maintained by the efficiency provided by Proof of Brain.
Tokens in the proof-of-brain system only circulate as a result of rewards granted to a post by network users. A voting method is used to assign rewards. This voting mechanism allows network participants to choose which material is of high quality, value, and merits reward. Curators are participants who vote on content.
Because it is a Blockchain-based social media platform, it is inherently decentralized, relying on the sense of the crowd (independent insights) to determine what is good and what is harmful material.
Also, it must be kept in mind that the proof-of-Brain system is stake-weighted. This means that the amount of reward a network participant can receive or send from or to another is determined by the amount of money they put into the network by staking their own cryptocurrency.
STEEM tokens are staked on the Steemit platform to generate Steem Power (SP), which represents their investment in the network. The more steem power a user has, the more influence they have over the network's reward distribution, as well as the greater their gains.
Curation on the steem blockchain entails individuals or members on the network reviewing the content and material of another participant and confirming that the content is of high quality and/or value. This is similar to how members of a centralized social media platform "like" or "upvote" other people's work based on how much they loved or found it beneficial. That is, other platform participants decide on the "quality" and/or "evaluability" of posts. Curators are those who vote on posts, and they are rewarded for sifting through high-quality content.
These curators on Steemit look for things like originality, innovative new ideas and look for plagiarism, usefulness, inventiveness, and other factors that influence a post's quality. They essentially ensure the platform's post quality.
The process of curation is accomplished through upvoting (for high-quality content) or downvoting (for low-quality information). Upvoting splits the rewards from the reward pool 50/50 between the author and the curator. The post's pay raises as a result of this. Downvoting causes the prize pool to be redistributed. This lowers the post-payout amount.
As previously stated, the proof-of-brain reward system is a stake-weighted system, with members' stake in the network being referred to as steem power, or SP. Users can exchange STEEM money for SP or earn SP by writing high-quality posts. Some of the advantages of increasing one's SP amounts are as follows:
On Steemit, one's level of influence is determined by the amount of SP they have. As a result, more SP equals more influence on Steemit.
Because of the Steemit/Tron interaction, users can earn TRX on Steemit in a 1:1 ratio to SP. As a result, the higher one's SP, the more TRX prizes one can get.
When it comes to prize distribution from the reward pool, having more SP gives you an advantage in receiving rewards.
Users with a large amount of SP can also form communities and support other platform users through them.
The more SP a user has, the more awards from the reward pool they can assign to their favorite content creators.
When someone upvotes their own post, they are basically curating their own content.
A self upvote, in my opinion, can be good or negative, depending on the motivation and situation. For example, on traditional centralized social media, like one's own postings and reblogging/retweeting/reposting them is considered normal, and even beneficial at times.
Of course, when a content creator creates and socializes or publishes work that they are happy with and confident in, they may want to show their pride and confidence by upvoting it. This isn't a horrible reason.
However, when someone starts upvoting their own articles with the intention of raising their earnings by using their own vote owing to their high Steem strength, this is when it becomes a problem.
To get information about steem, Visit coinmarketcap.com
- On the right top, there is a search bar. Search for Steem.
- Here you can get all the informations related to STEEM
From the above image, we can see the following information:
- Rank: #297
- Price: $0.6118
- Market Cap: $240,078,035
There is also important information such as the 24 hour low and high, fully diluted market cap, 24 hour volume, circulating supply, and much more.
Note: All the above information are at the time of writing, and are subject to change with time.
By networking on the steem blockchain, you can earn four different sorts of cryptocurrency tokens. STEEM, SP, SBD, and TRX are the four cryptocurrencies.
STEEM:
This is the steem blockchain's native cryptocurrency, which can be earned by participating in community contests and challenges. The winners of these contests and challenges are rewarded with STEEM. STEEM can be traded and transferred to other users on the steemit marketplace and other exchanges. It is the blockchain's most essential token.
SBD:
This token can be obtained by posting and converted into STEEM. It was designed to look like the US Dollar at first, but currently trades at a higher rate. It was developed to keep the Steemit ecosystem's economics stable.
STEEM POWER (SP) :
Steem Power can be gained by posting or obtained by converting one STEEM coin. It serves as a stake in the steemit community, and it may be utilised to boost one's influence and voting power on the site. SP can also be "delegated" to another user in order to assist them in their platform development.
Powering up is the process of turning STEEM to SP, and it happens quickly. It is also possible to convert Steem Power into liquid STEEM tokens, albeit this process takes roughly 4 weeks.
TRX:
In addition, depending on how much SP one has, one can receive TRX as part of their post rewards. It is automatically put into the user's TronLink wallet and can be exchanged or staked in the Tron ecosystem.
Content creators on the Steem blockchain now earn TRX at a 1:1 ratio to their SP thanks to the integration of the Steem blockchain and the Tron ecosystem. As a result, the more SP you have, the more Tron prizes you will receive. These TRX tokens are deposited into the user's TronLink wallet, where they can be traded on other exchanges or staked for passive income within the ecosystem.
Personally, I'd rather stake my TRX in Tron Power so that I can participate in governance while also earning passive income.
Steem is a form of social media blockchain network in which users are rewarded with SBD or Steem in exchange for creating high-quality content, and Proof of Brain plays a role in this process because it is the way through which the reward is divided to the users in the blockchain network.
The Steemit platform is a one-of-a-kind blockchain programme that allows users to earn money by publishing high-quality content and interacting with the content of other users.
At last, I would like to pay thanks to Professor @sapwood for this interesting lecture and for providing this basic information about cryptocurrency and the technique of Cryptography.
So that's it. That's the end of my lecture. I hope you enjoyed reading my assignment and were able to grasp the basics of my lecture.
THANK YOU
ps: all the pictures have been sourced accordingly. The grammar was checked from grammarly.com while the markdowns have been done according to the Markdown Styling Guide.
Cc;
kindly requesting teacher @nane15 for her review on my assignment.
regards,
@abdu.navi03
Excellent work
#club5050 😀
#club5050