Crypto Academy Week 7 Homework Post for [@sapwood]

---

Hello..!!
My Dear Friends,
This is @eh-shohag from 🇧🇩Bangladesh

---

source

(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)?

Per STEEM presents per SP. More the SP more would be our steem power to distribute the reward pool in this platform. Since inflation is decreasing & virtual supply of STEEM is increasing day by day. That's why the steem power (influence token) will be added gradually lower to SP from our post payout & curation. But it will be little easy till 2031. As per study this chapter, it will be hard after 2031. So it is high time to build up SP as much as possible.

source

The chapter has been mentioned that inflation in decreasing according to blocks. We can see that it is decreasing at a rate of 0.01% per 250000 blocks. If we express it in day basis, the 0.01% will be droped each 8.68 (approx). Because of increasing virtual supply the inflation rate is declining gradually which is 0.42% per year.

The STEEM tokens that will be minted from 2021 to 2031 is the difference of virtual supply of 2021 & 2031. The virtual supply of 2021 is 391804970 & 2031 is 685011397. The difference is (391804970-685011397)= 293206427 which is approximately 293.20 millions. These tokens will be minted over the next 10 years. Let's see yearly minted number in the first 10 years, 293.2/10=29.32 millions per year will be minted.

In 2036, the virtual supply is 774.02 millions. And in 2031 is 685.01 millions. Inner 5 years, the mean per rate is (774.02-685.01)/5=17.80 millions approximately. 17.8 millions steem tokens will be minted per year over this 5 years. The difference of virtual supply between 2036 & 2037 is 9.23 millions. So from 2037, it is going to saturate again (17.8-9.23)=8.57 millions approximately per year.

(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?

At first I went to visit https://steemscan.com & searched my name @eh-shohag. The below interface was showed :

It shows us voting power, upvote value, effective SP, balance of STEEM, balance of SBD & account SP.

The above picture showed me about my profile, wallet & savings. The main purpose was to visit the site searching my recovery account. My recovery account name is @steemhunt. He is active now in this platform. If I face any hacking issues or trouble, I must have to recovery my account through him. Poin to be noted that if someone's recovery account is inactive in this platform, he must have to change his recovery account immediately. 30 days can be taken to recovery our account. To see the process I clicked on the 2nd rectangular part in the picture. Let's see the process.

• After coming at https://steemworld.org/@eh-shohag first we have to click on "Account Details". Then we can see the "Change Recovery Account". To change the account we have to click for initiating the next step.

• For example, if we want to change our recovery account, we have to set the recovery account such as @steem, @justyy & others who are active now. Fix the name & click on "ok". Here is part of witness.

---

• To finalize the process we require the "Private Owner Key or Master Password". Now we have to enter the key & click on "ok". 30 days will be taken to change the account.

(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?

There is a way to send an encrypted message (personal message) to another peer in this blockchain. For this, we have to add a # before memo without any space between # & memo. Before sending we need our Private Owner Key or Master Password. My experience is showed as follows :

---

• I wanted to send the encrypted message "checking" & it is noticeable that there in no gap between # & checking. For whom I sent the message, he can see this message by using his memo key or master password. Others persons can see only the transferred amount not memo.

• Here I can see this encrypted message using memo key but I can't also see using posting key.

• Notice that others can't see the encrypted message.

Conclusion

From the above discussion we can see that it's a proper time to build up our SP. In future, it will be hard after 2031. Another point is that we must check our recovery account whether he is active or inactive. If he is inactive, we must have to change the recovery account immediately. Otherwise, we may have to face some troubles such as hacking issue.

In gratitude I would like to thank @sapwood for disclosing the informative chapter. Thanks a lot.

Cc :
@steemitblog
@steemcurator02
@sapwood