Steemit Crypto Academy | Homework Task 7 For @sapwood; Steem inflation ; account recovery, encrypted/decrypt messages.

drqamu (74)Beginner[1,2,3,4,5,6,7,8,9,10]in SteemitCryptoAcademy • 3 years ago

This is my submission for homework task set by @sapwood for week 7 . Let's go straight away to the 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)?

Steem power as the name implies truly represents your power or influence in the steam community.Everyone would like to have influence on the steemit community , for that one must have significant power. More power means more influence.

As we can see in the graph above that, block rewards are going to remain more or less flat ( with slight difference inbetween ) , it means that during next 10 years, there won't be any significant decline or increase in block rewards but after that as seen in the graph , block rewards are going to show steep decline. So one must take advantage of above projected reward curve to build as much steem power as possible because thereafter it is going to be extremely difficult for steemit users to build steem power. And than by about 2037, block rewards and inflation rates are going to saturate which means that , it will continue at the same rate at which it will be in 2037. As mentioned above , by 2037 it will be difficult to earn steem rewards , so we should understand , that level of difficulty will continue thereafter.

Steem tokens minted in next 10 years

source

No. of new steem tokens minted per year = No. of blocks produced in a year multipliplied by No. of new steem tokens minted per block

Blocks per Year= 10,512,000 Blocks.

As no. of blocks per year is fixed. This multiplication factor Will remain same.

Year	new steem per block	New steem per year
2021	2.866	30127392
2022	2.92	30695040
2023	2.953	31041936
2024	2.962	31136544
2025	2.947	30978884
2026	2.905	30537360
2027	2.836	29812032
2028	2.737	28771344
2029	2.611	27445832
2030	2.461	25870032
2031	2.276	23925312
Total	=	820341708

So the total number of steem tokens produced from 2021 to 2031 is summation of tokens produced in these years and that amounts to 820341708.

(2) Who is your recovery account in Steem, how do you check it(Hint- Steemscan), include screenshot(s)? 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?

My recovery account is steem.Inc as i have opened account via steemit website.
To check recovery account.

Go to steemscan. com. Following interface is seen.

As seen above , at top left corner, just right to the menu, a search bar is provided , where you have to type your steem account name . I made a search for drqamu and found my account.

Than i clicked on my account and found details as below

Under profile section, recovery account is seen as below.

Steemit account recovery.

To recover your account, you need to provide your username and your new public owner key to your recovery account owner. So before recovery account owner can make recovery request, one whose account is to be recovered, will have to generate new public owner key from key generator tool on steemworld. Be careful to provide only new public owner key and not your master/private keys.

(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?

Login to your steemit wallet using master key. Than click on steem token. A drop down menu will appear. Click on transfer as shown below. .

Enter the name of user to whom you want to send an encrypted message and than enter the amount of steem (say 0.001) , next in the memo section, enter # and your message without any space between # and the first word of the message. Click next.