CRYPTO ACADEMY SEASON 3 BEGINNER'S COURSE-HOMEWORK POST, TASK 1 FOR PROF@sapwood, STEEM AND TRON BY @emyekanem
Greetings wonderful professors and steemians. Below is my task:
WHAT IS PoB? WHAT DOES CURATION MEAN TO YOU IN THE STEEM BLOCKCHAIN? WHAT ARE THE BENEFITS OF BUILDING SP? HOW DO YOU EXPLAIN SELF UPVOTE AS A GOOD OR BAD SOCIAL BEHAVIOR AND WHY? EXPLORE COINMARKETCAP.COM TO INDICATE RANK, STEEM PRICE AND COINMARKETCAP OF STEEM(SCREENSHOT REQUIRED)? WHAT ARE THE DIFFERENT TOKENS YOU EARN BY SOCIALIZING IN STEEMIT BLOCKCHAIN?
PoB is an abbreviation for Proof of Brain. It is a system of issuing rewards to content creators, who are known as authors and content curators. Steemit platform really makes use of this system. It rewards it's users for creating quality contents and by curating. On steemit, users can earn rewards by being an author or by being a curator or by being both. When I say being an author, I mean being able to unleash mind-blowing contents, contents that captivates and interest the mind and contents that promotes the blockchain.
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PoB
The curator on the other hand is one who finds these created contents interesting and worthy of an upvote. He also decides on the percentage of upvote he thinks the author deserves to receive depending on his voting and steem power.
The rewards are usually shared thus;
A reward pool of 65% is usually allocated to the authors and curators. The authors take 50% which will payout as SBD(Steem Back Dollar), SP(Steem Power) and Tron(Trx). The curators gets 50% also which payout as SP(Steem Power) after 7days.
Curation in the steem blockchain is a very good and interesting way of rewarding quality contents. It is a way of giving out votes to post created by authors on the steem blockchain. The people who carry out this task of curating are known as curators. It is of great reward to both the curator and the author when the post pays out at 7days. Curation on the steem blockchain can be done in two ways, upvoting and downvoting.
Post that gets upvoted by curators are ones that are deserving, deserving in the sense that it follows the rules and instructions of the blockchain by being of quality and plagiarism free. Post which do not follow the rules of the blockchain or rules of creating a post, gets downvoted or ain't voted at all. And when this happens, they stand a chance of not getting any reward after payout.
The value of an upvote or downvote is influenced by the amount of Steem power(SP) owned by a curator or the percentage of the voting Mana.
There are various importance of building steem power
HIGH REWARDS: First and foremost, building SP gives one a great chance of getting higher rewards.
HIGH VOTING POWER: The higher ones steem power(sp) is, the higher the voting power.
COMMUNITY CREATION: People who build their SP can also create communities to curate and support people.
POPULARITY: Building ones steem power makes one popular, where other users in the steem blockchain will always love to follow and mention them.
Self-upvote is a way of curating one's self . People do this whenever their post are not visited or curated by curator that has influence in the blockchain. I was fond of doing this a lot. I get really upset and discouraged after sitting my ass down for a long time to make sure I deliver or come up with a quality post and at the end of it got nothing. So, I decided to upvote myself even though my steem power as at that time was not rewarding. Later on, I came to realize that self-upvote was a bad social behavior.
Self upvote should be discouraged because it does not help in the growth and development of the platform or blockchain. An author who upvotes his or her content leads to the abolishment of the Proof of Brain(PoB) mechanism.
Having explored the coinmarketcap.com, below are the informations I found about steemit:
| STEEM | DATA |
|---|---|
| 1) RANK | 184 |
| 2) STEEM PRICE | $0.5779 |
| 3) MARKETCAP | $2,085,735,705,438 |
Steemit blockchain is a platform that reward its users with four(4) kinds of token namely,
- STEEM
- STEEM POWER(SP)
- STEEM BACK DOLLAR (SBD)
- TRON(TRX)
STEEM TOKEN is one of the tokens earned on the steemit platform. There are usually given out to users as gift from participating in contest(s) in a particular community.
STEEM POWER(SP): This is one which is earned from a curated post. Post which usually pay out as SP are either set to 50% or 100% payout. They can also be obtained through powering up steem. A high steem power adds value to a person's post.
STEEM BACK DOLLAR (SBD): SBD is also gotten by engaging in a community and getting upvoted by an influential person or a whale/dolphin.
TRON(TRX): Tron is also one of the tokens earned on the steemit platform. It is gotten along side the SP in the ratio, 1trx:1sp.
The steemit platform is one which reward its users for creating quality and spam free contents on the blockchain. Thank you Prof. @sapwood for adding more to my already existing knowledge about steemit.
Best Regards:
Prof. @sapwood
Prof. @awesononso
