Crypto academy season4||Beginner's course||Homework post for Task2:[steem &Tron]by @dibie

dibie (62)Beginner[2,3,4,5,6,7,8]in SteemitCryptoAcademy • 3 years ago (edited)

Homework Task-2

(1) 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 coinmarketcap 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 Tron ecosystem?

(2) Explain the difference between [SP, STEEM, SBD] & [TRX, TRC10, TRC20 tokens](with examples)? Explore Coinmarketcap.com to indicate the rank, coinmarketcap, and circulating supply of STEEM and TRX? Which exchange are you familiar with where both STEEM and TRX are listed? Does it cost any fee for transacting STEEM and TRX? How important is the use of Memo while transferring STEEM from Steemitwallet to an Exchange wallet, do you essentially need a similar memo for transferring STEEM from Exchange wallet to your Steemit wallet? What are the different ways to optimize mining rewards using TRX in Tron Ecosystem?

(3) Difference between isolated judgment & Community judgment in Curation? What is the general voting window in Steem Blockchain? Please vote a post that is older than 7 days and tell us your experience, does it consume your VP, does it produce any monetary value? What is the difference between 50% SBD/50% SP payout and 100% power up? Suppose your VP is 90%, if you upvote with 100% voting weight, what will be the VP after voting?(Note-Before voting a post check the VP status in Steemworld.org, take a screenshot, and take another screenshot after voting)? As you are earning TRX rewards on a 1SP:1 TRX ratio, how would you like to utilize your TRX rewards to further optimize your earning potential?

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WHAT IS PROOF OF BRAIN

Proof of brain otherwise known as [POB] is a mechanism utilised on the steem blockchain which guarantee the proper and effective distribution of reward on the steemit platform.

It can be interpreted as the amount of knowledge, thought and uniqueness an author expresses in an article or The originality that a writer exhibits in a publication. The curators then serve as judge to scrutinize every bit of information and then vote the publication if it is genuine or call the attention of the community where it was posted to such post if the content is plagiarized.

Proof of brain is also the combination of reward pool,wisdom of the people and stake- weight mechanism SP which allows user to distribute (vote) and redistribute (downvote)rewards from the reward pool.

The more steem power SP a user possess is the more influence power a user has to distribute and redistribute reward.
We can equally say POB is a yardstick In measuring or determining if a content is good or bad.

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WHAT DOES CURATION MEANS TO YOU IN STEEM BLOCKCHAIN

Curation in steem blockchain is the distribution of rewards to contents that are deem fit ,free of PLAGIARISM and original and contents that expresses knowledge and intelligence that can benefit people which are posted on the steemit platform since steemit is a decentralized blogging platform.

As a user,you can curate a post or content by:

•Reading a post

•Rigorously scrutinizing the source used in the content and originality of the content.

•Determine if the post add value to one's life.

•Leave your opinion in form of comment or reply.

•Indicate or call the attention of the community where the content was posted if you suspect the post or content to be plagiarized.

•Upvote if you think the post is worth it.

•Resteem post for your followers to see and gain from the content.

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BENEFITS OF BUILDING STEEM POWER
Steem power is the amount of influence a user possess in the steem blockchain.
Like I made mentioned above,the more steem power a user has is the more influence power the user has to distribute rewards.

These are some of the benefits of building steem power.

•The higher the steem power a user has is the higher the vote weight and value of a user account.

•it affects the distribution and redistribution of reward.

•it gives a user the opportunity to build community with a specific purpose and with that you can support users that joins the community.

•The higher the steem power is the higher the Curation rewards that will be received after payout.

•steem power is also a long time investment, because you are staking up your crypto in form of SP.

the list goes on and on.

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HOW DO YOU EXPLAIN SELF-UPVOTE AS A GOOD OR BAD THING??WHY

Self upvote is the upvoting of one's content by oneself . Personally,I think it is a bad thing to do. The sole purpose of proof of brain and Curation is for others to go through your post and determine the credibility of your content and then vote,not the other way round. An author should not be the one to give accolades to him or herself,the audience who are to read your publication should be the ones to do that.

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EXPLORE THE COINMARKET.COM TO INDICATE RANK,PRICE & COINMARKETCAP OF STEEM
To explore the coinmarket you need to visit the website www.coinmarket.com.
Then you input "steem" in the search box and then the result will pop up like this

From the above screenshot,you can see that the rank of steem is 185,steem price is $0.6492 to USD
for better illustration,I will be tabulating it:

information	result
Crypto currency	steem
Rank	185
Price	$0.6492
market cap.	$251,626,659

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DIFFERENT TOKENS EARN BY SOCIALIZING On STEEM BLOCKCHAIN

Source
Since steemit is a decentralized blogging platform where articles and contents are posted..There are rewards that user receive for posting content on the blockchain.

The reward comes in form of tokens namely
• SBD
•Steem power SP
•TRON "TRX"
•Steem
and they are normally paid after 7days when a post is mature.
let me butress more about this tokens

•SBD :

SBD also known as steem dollars is one of the token earn by socializing on the steem blockchain.

It can be traded with steem and can be transferred to other user account for exchange. it can equally be converted to steem. As at today a steem dollar can be exchanged for 11.816 steem.

.
•Steem power SP:

Steem power SP is the amount of influence a user possess on the steemblockchain. You can power up steem to become steem power. It is a way of staking your steem for future purpose. You can power down your steem power to have your steem back.it is mainly recieved as Curation reward.

.
•Steem:

_{Shutterstock image}

Steem is the main token earn on the steem blockchain by socializing on it.it is the currency for the platform and can be traded for steem dollars and use to power up to boost ones influence on the blockchain.

.
•Tron "TRX":

_{Shutterstock image}

TRX is the native token of Tron and it is earn by socializing on the steemblockchain.It was integrated into the steemit platform on the 2nd of December 2020. so a user earn 1Trx for every 1Sp earn on the steemit platform (ratio1:1). but steem and Tron operate under two different blockchain.

.
[NB]

The Curation reward or token earn by the curators on the steem blockchain is mainly Steem power SP but an author can earn all token depending on the debt ratio after payout.

here is my little table expressing this:

Author (debt ratio)	Reward
below 9%	SBD+SP
above 10%	steem+SP
between 9% and 10%	steem+SBD+Sp

I know you might be wondering why I never included TRX among the token earned in my little table. Well,the answer is not far fetched.Like I made mentioned before,For every 1SP earned in the Steem blockchain,1TRX is earned also..that is the idea! ratio 1:1.

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How would you use your TRX earning on the steem blockchain to optimize earning
in Tron ecosystem

You can optimize your TRX earning by transferring your earned TRX token from the steem blockchain to your Tronlink wallet which serves as a link to the Tron ecosystem.

•Tronlink which enables users to interact with DApps like justswap in which a user can contribute to the pool and earn reward is a way of optimizing earning in Tron ecosystem.

•You can also stake tron and earn reward. since staking is a way of earning through holding certain crypto currency and allowing the blockchain put it to work.

•You can as well freeze it. freezing which is the locking of one's crypto for a period of time making it unable for one to trade or sell it until it is unfrozen. This will protect the crypto from volatility.

By doing all these,you are optimizing your earning on Tron ecosystem.

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CONCLUSION

I must commend the effort of professor sapwood for this wonderful and eye opening lecture. Attempting this questions and reading through this task2 post has made me understand what POB really means and what Curation on the steem blockchain is all about. And for the token earned:Steem power represent influence/governance,Steem is the blockchain token,SBD is the spending reward.

thanks for reading 🤗

cc:@sapwood

#academys4-intro02 #cryptoacademy #tron #steem #nigeria #steemexclusive