Steemit Crypto Academy - Week 5 - Homework Post for @sapwood
Hello awesome people, how is everyone doing, hope everyone is doing great and having a splendid day. Super excited to be part of this amazing crypto lecture week and to partake on the courses. This is great as it is a positive way to add value to the community, and for me, it also great for improving our knowledge on topics on blockchain and crypto. This week’s topic covers the steemit blockchain… we all know that as far as blockchain social media is concerned, steemit still remains the first and the best.
Before we delve into the main topic for today which is about some important elements of the steemit blockchain, I will like to first give my opinion about the steem blockcain, so as to give a base for the main topics…
The steem blockchain
Steem or the steem blockchain is at its foundation is a social media blockchain platform that was founded in 2016. Steemit is the website or frontend user interface that operates on the steem blockchain for blogging activities and a platform for interacting with the steem blockchain. Also users earn rewards for blogging and sharing and curating contents on steemit and steem blockchain.
On steem there are basically 3 tokens; steem, SBD (Steem Dollars) and steem power. The steem token is simply the main token of the steem blockchain and can be powered up as steem power. It is tradable token and can be transferred to anywhere The SBD is a tradable token and can be transferred similar to sbd, however, it cannot be directly powered up as steem power and must be converted to steem before it can be powered up as steem power.
Steem power is an influence tokens for the steem blockchai, it is what gives users influence on the steem blockchain. With steem power, users can earn curation rewards by voting on contents on the steem blockchain. Steem power cannot be transferred or traded only through a process known as power down where the steem power will be converted to liquid steem. Steem power can be delegated to other users through delegation feature on steem. Steem uses what is known as proof of brain algorithm where the reward pool in the steem blockchain used to reward its users i.e the different aspects of the steem blockchain which are; the witnesses, content creators, curators, the steem DAO and holders of steem power.
What happens if you vote before "5 mins age of a post" & after "6 days 12 hrs age of post" in Steem Blockchain?
One of the best things about being a steem user is being able to have the freedom to create and curate contents on the steem blockchain. However, making the most of the time spent can be a great idea and that is where age of content and curation time comes into play. This is a subject not many people fully understand how it works. On the steem blockchain, the age of post and time of voting play a major role in how much curation rewards a user earns from curating contents.
What happens if a user votes on a post before 5 minutes of post age?... Voting on a post less than 5 minutes of the post age means that your curation reward will be reduced in relation to your steem power and voting power and the time of voting. This means that the lower the time from 4 minutes to 0 minute, the lower the curation reward. Voting on a post on 0 minutes gives away all your curation reward and returned to the reward pool, meaning you earn no curation reward from that post.
What happens if a user votes on a post after 6 days 12 hrs age of post?… Voting on a post that is 6 days 12hrs old, means that your vote value will be reduced and your curation reward will be reduced as well. As a post gets closer to the payout, your vote value on that post reduces as well as curation reward on that post.
How do I check how much reward of a post has returned to the reward pool in Steem Blockchain?
Checking on how much reward of a post has returned to the reward pool is straight forward and easy with an amazing tool called steemworld.
- To check, visit https://steemworld.org/@your-user-name ...
- Click on “Posts” tab
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- Select active to see a list of your active posts
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- Choose the post you want to evaluate
- Click on "Summary" tab
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- You can see that the payout returned is 0.00$ and 0.00%
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Under what circumstances can a curator can earn more than 100% upvote value as curation rewards
On steem, it is possible for a curator to earn more than 100% value as curation reward. For a curator to earn more than 100% upvote value as curation reward, the curator must be the first to discover the post and must have to vote on the post at exact 5 minutes. What this means is that, if the curator was the first to vote on the post at exact 5 minutes, and other whales curators vote on that post with large upvotes, then the first curator would earn more than 100% upvote value as curation reward.
Pick any random post you have voted in Steem Blockchain and indicate the time and position of your voting, what is the projected curation reward?
Looking at the analyses from steemworld, you can see that I upvoted a post by xpilar after 13h 3m 3s of post age with 100% upvote.
Time of voting - Voted after 13h 3m 3s
Position of vote - 60th
Projected curation reward - 0.005sp
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To view your vote position, click on the pie chart at the side of the account name. From the chart, my vote position on that post is 60th position.
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What is the role of curation in better content discovery in Steem Blockchain
On steem blockchain, curation is one of the major activities as well as content creation. Without curation, contents would not receive any reward… when a post content is voted by any user with steem power, the content receives reward that would payout after 7days. Content curation plays a very important role in content discovery…
Posts that receive a large upvotes values would be pushed up to trending page which makes the possible visible to many. Thereby increasing the chances of the post getting seen by many and also if the post is of high quality, the post would most likely receive more upvotes and more rewards.
The more votes a post receives on steem at the early age of the post, the more it moves up the ladder, making the post to be easily seen by other curators as well.
It is also important to vote on high quality contents thereby helping push the content up the list, making the content more and more visible to others to find.