Crypto Academy Season 3 Beginners' course - Homework Post for professor @sapwood - Task 1: [STEEM & TRON]
Question
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?
Proof-of-Brain (PoB)
The proof-of-brain is the consensus algorithm and reward scheme adopted within the Steem Blockchain that comprise of the reward pool, stake weighted mechanism, and knowledge of the users. The combination of these three elements gives structure to the basis of Steem Blockchain. I will explain in detail below:
Reward Pool
The reward pool is a collection of newly mined Steem tokens with the blockchain. The reward pool is shared, where about 65% of the reward is given to authors and curators within the Steem Blockchain as rewards for their contents and curations.
Stake weighted mechanism
The weighted stake exerts the influence of users within the Blockchain. This is represented in terms of Steem power (SP) which is in a ratio of 1:1 with the Steem Token. Ideally, having a high Steem power number means that the user has more influence. This cuts across voting on content, earning rewards from the reward pool, etc. This implies that a content with up-votes from a high influence account is likely to earn more rewards depending on the percentage voted.
User Knowledge
The user knowledge is the individual ability of users to read and determine good or bad content, and voting according to their arrived judgment. This also facilitates the active campaign against plagiarism within the Steem blockchain, through content reading by curators.
What does curation mean to you in Steem Blockchain?
Curation in Steem Blockchain
Curation in Steem blockchain involves the necessary processes of reading and voting a post. This is done through reading to verify the post's originality, if the post is plagiarism-free, curators that agree Up-votes the post, But if a curator finds plagiarized contents in a post, a Down-vote is voted. A down-vote can affect the author's reputation within the Steem blockchain.
Next, is proofreading to dictate errors and ensuring that the post writing structure follows the required guild lines within the Steem blockchain like the use of markdowns, etc, and determining the percentage to be voted on the post.
Curators of a post can also Resteem the post to further share the post, this allows for other users of the blockchain to read the post.
What are the benefits of building SP?
Building Steem Power (SP)
Some of the benefits of building SP includes the following:
Accumulating Steem power (SP) greatly benefits Steem network users, this is because Steem power increases the user's influence within the blockchain. Users with high influence contribute largely to the growth of the network and in turn earn higher rewards as a result of that.
For rewards and curations, users with high Steem power vote weights are high and their stake in the curation reward is high as well.
Building Steem power also allows users to actively influence the activities of the Blockchain like in instances of witness selection. A witness with many high Steem power delegates tends to remain a witness.
How do you explain self-upvote as a good or bad social behavior & why
Self-Upvote
Self upvote occurs when authors up-vote posts they created with the Steem blockchain. In clear judgment, it is considered a bad social behavior. The consensus algorithm used within the Steem blockchain proof-of-brain (PoB) was adopted to allow other participants within the blockchain to verify the originality of the content created, and also indicate if the content is good or bad through votes.
Authors voting their content reflect greed and pride in their personal traits. This is similar to self-appraisal, over time this often results in greed effect.
Explore Coinmarketcap.com to indicate rank, STEEM price, and coinmarketcap of STEEM
Coimmarketcap is a cryptocurrency-based information website that ranks cryptocurrencies according to various criteria, showing vital information about various crypto assets, like market cap, total supply, price, etc.
To explore Coimmarketcap, first, visit Coimmarketcap.com and search for Steem. Based on the search result, Steem Token is ranked number 185, and its current price is $0.5733.
Steem has a market capitalization of $222,196,476 and Steem traded volume in the last 24 hours is $10,763,919. There are about 387,580,634.55 STEEM tokens in circulation and a total supply of 404,554,729 STEEM.
What are the different tokens do you earn by socializing in Steem Blockchain?
Payable rewards in Steem Blockchain are three and are thus explained:
STEEM and Steem Power (SP)
The Steem token is the native token of the Steem blockchain. It is listed on many exchanges like Binance, Huobi global, etc. And it is mostly traded against major tokens like Ethereum and Bitcoin. Steem's current price against the US Dollar is $0.5733.
Steem power is measured in a ratio of 1SP: 1STEEM, this allows users to purchase Steem token and power up their Steem power, this increases their influence within the Blockchain.
SBD
The Steem Dollar is another integrated token within the Steem blockchain. Steem dollar was created to stabilize the Steem blockchain value, its value was aimed to be pegged at dollar values, and the current price of Steem Dollar is $7.88
Tron (TRX)
Tron is another token affiliated with the Steem blockchain. Tron (TRX) was recently integrated into the Blockchain with a ratio of 1SP: 1TRX. It is listed on many exchanges and is traded against other cryptocurrencies.
Conclusion
The Steem Blockchain is a content creation platform that rewards creativity, originality, uniqueness, and dye research using the proof-of-brain consensus algorithm. Content creation and curation are open to any user within the Blockchain. Rewards like SBD, SP, TRX are earned for creating good and quality content within the blockchain.
Thank you for reading.
Hi @ebubennah, Thank you for taking interest in the 1st Task of the Beginners Fixed Class. Your grades are as follows:
My Review and Suggestions:
You have completed the task.
You structure your article writing very well.
There is still some grammar that is still wrong.
Vary headers and sub-headers to make them look more attractive.
Use numbered lists, bullet lists, etc to highlight important points.
Thank you!