Crypto Academy Season 3 Beginners' course - Homework Post for Task 1 STEEM & TRON

Proof of brain, or PoB, is a native concept on the Steem ecosystem. It was created with one simple goal in mind: to provide a way for users to support content creators and curators without relying on ad revenue.

Proof of brain is a simple concept that anyone can get behind. First, the content creator posts their content on the Steem blockchain. If they want to receive funding from proof of brain, then they need to consistently upvote other content creators who post on the same subject that they have posted about. This is meant to display expertise and strict attention to detail in the subjects that are posted about. The more upvotes the content creator gives to other content creators in relation to his or her own posts, the more money he or she will be rewarded with proof of brain tokens.

The Steem blockchain is not only a peer-to-peer transaction system but also a social media platform which functions as a decentralized form of community building. One of the assignments that token holders are able to complete is the process of curating content. The act of curating content consists of upvoting, or flagging a post by adding your own commentary and then sharing it within an online community. This is an important way for members to reward those who contribute high quality articles and posts within this particular blockchain network, while also providing valuable feedback that ultimately benefits the original author for future articles they may post.

Since the original introduction of the Steem blockchain, curation has been an important process. Due to the unique structure of steemit.com, it is necessary that people rely on other users for guidance and critiques in order to allow everyone to benefit from this social media platform. Curators are in charge of voting on content within the block chain and sharing their opinion with readers who may not be knowledgeable about blockchain technology or who want further background information on a certain author's work.

"SP" – Steem Power is a key metric that helps define influence on the Steem Blockchain. A user having more SP has many advantage over the other users. these advantages include:

1. Voting power, where SP will allow to vote on posts and comments.
2. Getting rewards for curating content such as upvotes and resteems which in turn can translate into earnings for the SP holder.
3. It doesn't cost anything to build your Steem Power.
4. You get rewarded with crypto instead of fiat currencies which is much more stable than fiat currency value fluctuations like USD or EURO
5. More visibility on the platform if you have more SP
6. More voting power over other users' content which in return translates into better exposure, promo's views etc.
7. Having a larger number of followers increases the chances of a good reply from the curators, which in turn translates into better exposure and direct payouts.
8. Being able to participate in valuable discussions on your particular stream, which often leads to business opportunities and connections that can make the user's life easier.

One of the hallmarks of hierarchical communities is that the community is governed by a set of rules. These rules govern how things are done and what behavior will be rewarded or punished. For example, in most communities, if you are rude to others, you will end up with fewer friends than if you were polite to them. Steemit has been built as a decentralized community that doesn’t use traditional hierarchical social structures like “followers” or “friends”. Instead, the Steemit platform uses curation rewards to fund content and recognize the value that any individual puts into the platform. The idea is that if users contribute, they will be rewarded for their efforts whereas those who don’t contribute will find themselves not earning any rewards. The intent of this approach is to create a balanced ecosystem that values engagement and contribution while also providing an incentive for people to create content. However, there are instances when this reward system doesn’t work as intended due to the way it has been designed. For example, in some cases, when a person having a bigger influence on the Steemit will vote themselves up. Critics of this situation will say that it is a breach of trust with the user and perhaps ruin their reputation. This is an important topic to understand because self-upvote can be a positive or negative behavior, however there are more factors to consider when analyzing its intention, result and consequences. Let’s remember that Steemit rewards content creators for curating high quality content rather than simply for creating it. This means that someone may have more influence than they actually create, as long as they are active on the platform and reward other people for their efforts by voting them up. So, Self voting is a bad social behavior in that sense.

Rank of STEEM

STEEM is ranked 183 here. Source

STEEM price

Current STEEM price is $0.5822, 0.00001194 BTC or 0.0001817 ETH

Source

Coin market Cap

The market cap of a cryptocurrency is determined by multiplying its current price by the total amount of tokens in circulation. This is often confused with the more broad metric of "total supply" which factors in all tokens that have been mined but not yet spent. For instance, bitcoin's market cap is currently around $3 billion while its total supply amounts to approximately 18 million BTC (estimated at ~$8 billion).

On 29th august 2021, STEEM's market cap is currently at $225,452,470 USD with a circulating supply of 387,632,084.41 STEEM and a total supply of 404,606,178.

Source

The Steem Blockchain is a new way of blogging. It offers you the option to earn tokens for socializing, and you can also use this currency to power up your posts or create a team account. Bloggers on Steem are rewarded by the community with four types of digital tokens: STEEM and SP (Steem Power), SBD and TRX. Let's discuss these in detail.

STEEM:

The most popular and basic token on SteemBlockchain is STEEM. It is a cryptocurrency that can be traded in the open market. Since it is permissionless, anyone can create an account and start blogging instantly on Steemit.com or Busy.org using it. Unlike TRX, SBD or SP, STEEM does not have mining (proof of work) period associated with it. It can be transferred from one account to another instantaneously and you can trade it on the open markets. Similarly, one can also convert STEEMs to SBDs.

SP:

Steem Power or SP is a token that you earn by blogging or curating content. It is similar to the concept of karma points in Reddit, but here it is awarded in the form of tokens for posting and curating good content. Consider an analogy with real life: if you have more money in your bank account, you can afford better things and if you get good grades in school, you will graduate with a high GPA (Steem Power).

SBD:

Steem Dollars or SBD is a cryptocurrency that enables you to make micro-payments to other users after they have posted on your blog. It has been created to ensure users get paid for their posts, and those who don't have the ability to create an account can also use SBDs.

TRX:

Steem (like Bitcoin) and TRXY, the token for Steemit are called "Tron" which is named after a science fiction movie. The cryptocurrency is a minter's reward in the form of TRX in your account. You can trade them on exchanges at any given time. However, TRX being created daily by holders dedicated to the project will ensure it remains decentralized.