STEEM CRYPTO ACADEMY WEEK 7 HOMEWORK POST FOR [@sapwood] ; BY @azizulhassan
task
(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)?
this is really important to build your SP specially after the year 2031 it will be really hard for anyone to get new steam but there are still ways in which you can get s team for certain percentage of reward and you must have a certain amount of sp
Content writers
Curators
Witnesses
Steem dao
Vested token holdes
Now we have to focus on the last one is I said but I had to write this to give you an idea for those who don't understand so vested token holders are steam holder specifically or SP holders
The newly mined steam tokens are distributed among all beneficiaries 35% of the distribution is definite and the other 65% is distributed among Task-based like proof of brain
Now let's see who receives how much
the witness receive 10%
Bested token holders or sp holders Receive 15%
Steem DAO Receive 10%
Now if you are vested token holder or steem power holder like if you have power then 15% of the Will be added to your stake AutomaticallyAccording to your vested funds
Let me try to explain it in easy words so suppose if you have SP 5000 then you will definitely get your share According to your sp size from the 15% New supply And you don't have to do anything to get your share said it will be automatically added to your STAKE
That's why you must have to hold a significant amount of SP or vested token in the upcoming years
How difficult will it be to earn STEEM rewards after 2031
If you do the projection of virtual supply you will find that after 2031 the steem reward will reduce There will be a decline after 10 years in this steam reward so if there is no reward generation it means it will be really hard to make more steam The reduction in block reward effect There will be no easy earning of steam after 2031 and because of that there will be a higher demand of steem coin of course if there is no supply come Indian it will affect the price greatly sweet is a really good if you keep your steam
how many STEEM tokens are going to be minted(approx)
Well to be honest I am not that good it mathematics and formula so it will be really hard for me to answer this question I am sorry and I will try to run it with time now with the shortage of time I am doing this homework in the upcoming days I will learn it from my friend
n which year the inflation and Block reward is likely to saturate(tentatively)?
According to the lecture I have noticed that virtual Supply is constantly e Rising Account of inflation In the upcoming 15 years but it will slow down after the year 2037 Is the inflation saturate at 0.95 percent
from the lecture I got to know that the There will be a decline in the block reward For the next five years after 2031 until 2037 After 2037 The block reward is is likely to saturate at 0.70 steam per block
(2) Who is your recovery account in Steem, how do you check it(Hint- Steemscan), include screenshot(s)?
my recovery account is steemit
https://steemscan.com/account/azizulhassan
As you can see in the screenshot set my recovery account is @steemit Set is because I created this account using the steemit the fact you have created your account from some other service then your recovery account might be changed in a while I will show you how to check your recovery account
Go to Steem Scan
search you account username in the search box
after that you will get the summary of your steemit account there you can see your recovery account
you can change it anytime if you dont know the acount which is set to your recovery account i will suggest to change it
step 1
step 2
step 3
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?
in case of hacking or Stealing of your account you can recover it by contacting the recovery account The recovery account can be anyone and we can always change it anytime anywhere if you think that the recovery account is not active or you don't believe that account then you can always change it and you should change it in that case
In case of your account recovery you will have to follow a few simple steps a few things will be required
1 You must know the previous master key or password to recover your account
2 In case of losing your previous master key and password there is no way to recover your account it is gone forever to complete the recovery process you need that
3 To recover your account you will have to do it in the first 30 days of your hacking of your account or stealing of your account after 30 days you can't do it
4 You will have to provide the correct password and the recovery process will take 30 days maximum
(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?
Being a public blockchain everything in this platform is public but you can send an encrypted message to another person aur another account using your wallet for this you must have to have your private key because you are going to do a transaction and with that you will send a message as well in memo
In order to send an encrypted message to your counterpart, you need to prefix the message with "#"(without any gap in between) You can also encrypt the memo tag while you make a transfer to the designated exchange. You just need to prefix the memo tag with "#". The sender and receiver can see the decrypted message using Master Password or Memo Key.
How to send the encrypted messeges:
goto steemwallet login with your master passwords
then you can see steem you can do this with steem and with sbd as well its on you i will do it with steem click on the transfer button
pop up window will apeear their just fill all the info like whom you want to send the amount or message
and in the last you can see there is memo in that you can type your message to encrypt the message just put # before the message without any gap in between
afer that just click on the next and then verfy the info if its corect click on send
you are done
step 1step 4
now you can see i am login into my account and i can see the message only when i login with memo key
here you can see this is the account i send my message to and you cant see it as public we can see it only the sender and the reciever can see the encrypted message