## Steemit Crypto Academy [Beginners' Level] | Season 3 Week 8 | Blockchain Rewards

in SteemitCryptoAcademy • 3 years ago (edited)
I am fine by the grace of ALLAH Almighty and I hope you are all well and well Thanks for the hard work. I will write my assignment on the topic of blockchain rewards lectured by assign @awesononso. And I hope you like this assignment of mine, so let's get started.


In your own words, explain mining and block reward?

Mining

Today we will talk about mining. What is actually called mining is actually called cryptocurrency mining. Now before we understand about mining, we need to understand what cryptocurrency is. You may know but those who don't know will know about it in detail inshallah. Now the question arises what is bitcoin so let me tell you about it that it is also cryptocurrency which is our cryptocurrency. digital or virtual which is included in our wallet in which we have money. It is also a kind of currency that we store inside our wallet. cryptocurrency is not in physical form but in digital form now We will talk about mining. For example, I am. I have to put some money from my wallet into someone else's wallet. happens.

Block rewards

Now we are going to talk about the payment of crypto set from this network of block rewards to a minor or verifier who creates a new block and adds it to the blockchain and in return for this rewards the whole process is called block rewards. Gone and I hope you got all the information about block rewards.

What do you understand by the Bitcoin Halving?

Today we are going to talk about bitcoin halving, what is it really that gets the reward of the blog? Now the thing to think about is why this reward is halved and when it happens when a blog is mine. If it does, it gets 12.5 bitcoins and it can be a company. Now when you mine a blog, you get 12.5 bitcoins, whereas before you got 25 bitcoins, and even before that, you get 50 bitcoins. Now the question arises that when is bitcoin halving, then it happens after every 210000 for which there is a time limit of four years, ten feet calculation and the second bitcoin halving is on 420000 blog and the third is. After 630000 blogs but now it is also a matter of mind that this is the number of blogs, who defines it, miners and developers define it, no, when bitcoin was made, then an Indian man said that four It defines itself years later.

What are the effects of the Halving on miners?

1). Miners are awarded new bitcoins.

2). Half of the other cryptocurrencies have a huge impact, especially when it comes to bitcoins.

3). Miners can collect coins when they are half done.

What is the current block height on the Bitcoin blockchain? How many more blocks before the next halving?(Screenshots and Full working)

The current block height of bitcoin blockchain is 696211.


source

Halving happens at Every 210,000 block
For the past 3years = 210,000 × 3 = 630000
Current block =696211
Current block - past 3 years block
696211 - 630000 = 66211
To get the remaining blocks for another halve to happen
210,000 -66211 = 2033789
We have 2033789 blocks to complete 210000 before another halving comes up and the next bitcoin halves is likely to come up 2024.

Do you think Steem’s inflation rate reduction can affect other coins? Why?

Now I will talk about whether bitcoin will have any effect if it affects other currencies or not. Since steam is not a big coin like bitcoin, bitcoin is so powerful that the other coin to control it, if bitcoin inflation. When money goes up or down, it is used to affect other coins, but when steam inflation goes down, it doesn't really have an effect, it can only affect the STEEM user. You must have gotten the explanation you wanted from him.

What is the current block height on the Steem blockchain? How many more blocks before the next 0.01% reduction?(Screenshots and Full working)



Source
The current block height STEEM is 56,441,208.
To get how many more blocks before next reduction .
Steem inflation rate reduces by 0.01% every 250,000 blocks.
225 reduction have been done so far on the steemit blockchain
To know the number of block height for the next reduction
250,000 ×226 =56,50,0000
Therefore,
56,441,208-56,50,000=50791208

50791208 is the number of blocks to next reduction.

What is the current value of BTC on the day you are performing this task? If you made a purchase of $2500 then,

a.) how many satoshis would you have?
b.) what is the value of a satoshi for that day?
(Show full working and correct to 3 s.f)
(1 satoshi = 0.00000001 BTC)

Solve

IMG-20210817-WA0003.jpg

a) current price of BTC =$46,849,12
amount of purchased BTC=$2500
1 satoshi = $0.00046043
$0.00046043 × 2500= 1.151075
Therefore,we have 1.151 3s.f satoshi.

b) 1 satoshi = $0.000460
1 satoshi = 0.00000001 BTC

What is the current value of BNB on the day you are performing this task? If you made a purchase of $25 then,

a.) how many Jagers would you have?
b.) what is the value of a Jager for that day?
(Show full working and correct to 3 s.f)
(1 jager = 0.00000001 BNB)

solve


IMG-20210817-WA0035.jpg

The current price of BNB is $429.52

BNB purchased=$30
1 jager = $0.0000002
Amount of jager made

$0.0000002 × $30= 0.00000006(jager)
$30= 0.002(jager)

b)1 jager = $0.0000002
1 jager = 0.00000001 BNB

Result

The Blockchain Reward is a reward given to miners for successfully incorporating verified transactions into ledger (blockchain).
Miners have to put a lot of effort into solving mathematical calculations
In order to reduce the amount of inflation, half of the bitcoin (BTC) is used on the blockchain, which is why corrupt traders always expect the bitcoin to be half.
Thank youvery much Professor @awesononso for this wonderful lecture .

#awesononso-s3week8 #cryptoacademy #steemalive #steemitbog #steemitexclusive #pakistan
3 years ago in SteemitCryptoAcademy by
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     3 years ago 

    You have gone far in crypto academy,i love to be your friend n@azeem22 so that i will improve in the course, thank you for accepting my friend request

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       3 years ago 

      Welcome

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