Intro

In Today's post i am going to talk about Inflation, Recovery Account, Encrypted Message of Steem Blockchain. This is a submission to the homework task from @sapwood week 7 in SteemitCryptoAcademy. For knowing details i have to go through the 5th lesson as well as i have missed that lesson. With 5th and 7th lesson, i have got some tremendous information about steem blockchain rewarding basic which i was looking for. Thanks Professor @sapwood.

Inflation

I just want to talk about the importance of taking SP for upcoming years. for doing so I just want to show some statistics and formulas to understand how how the steam circulation will be low after 10 years.

Reward distribution by steem Blockchain:

• Witnesses = 10%
• HP Holders = 15%
• Steem DAO = 10%
• Author = ½ of 65%
• Curator = ½ of 65%
  Total = 100%

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There is another formula of distributing author and curator reward depending upon timing of voter. I don't want to go to details of it. You can check that here

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Block Timing

• No of Witness = There are (20+1) withnesses. First 20 and a backup witness.
• Per Block TIme = 3 sec
• So Block Round = 21*3 = 63 sec
• So, Total Block per year = 10,512,000

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Relationship among Inflation Rate, Virtual Supply, Steem and SBD Ratio, and New Steem Per Block

Item	Relationship	Item	Comment
Inflation Rate	Inversely Proportional	Block Production (This is fixed with time)	Inflation rate will decrease over time
New Steem Per Block	Directly Proportional	Inflation Rate	So, Less steem will generate with time passing
New Steem Per Block	Directly Proportional	Virtual Supply (It will increase with new steem and SBD generation)	So, greater number of steem will generate with time passing
Virtual Supply	Directly Proportional	Steem and SBD ratio	Steem to SBD ratio has an impact on virtual suppy as well

From Table of Relationship, we can summerize, For the reverse impact of Virtual supply and Inflation rate, The New Steem Per Block will increase for next couple of years, and after that it will reduce continuously as Inflation rate will reduce continuously. Inflation Rate was set 9.5% in Dec, 2016. It will surely be 0.95% by 2031 and after that flat rate of 0.95% and so on.
So, in that time, New steem per block will be less, So supply of new steem will be low. Ultimately The Steem holders will have influence more. So, Surely due to the change in mode of Steem supply (scarcity), Steem will be demandable.

For this reason, I have plan to stake at least 25% of my earning upto next ten years. After 10 ten years with certain SP, anyone can go to moon or even mars. Its really important to have a good amount of HP to influence more in that time of priceless Steem.

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Total Steem Generation By Next 10 Years (Approx)

How much SP will you stake by 2031 that's upto you, but i gonna accumulate.

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Account Recovery

Blockchain is developed in such way that its secured enough compare with other websites. But still there are some chances to the password be stolen. As it is it is centralised so your password will not be stored anywhere. In that case you don't have options to personally talk with the owner or responsible person about the recovery of your account in case of any kind of situation like losing your password or been hacked. In that case, you need to have recovery account preset. Which one is your recovery account can check from hereby replacing my username by yours.

**Fig: My Recovery Account
If your account recovery is from untrusted sources you can immediately change it to the best recovery option like Steemit.com and here you need to be more careful about your keys. You must save a copy of your master password, key and owner keu in safe place. If you lose your these passwords then it will be very much difficult for you to recover your account and sometimes it will be impossible.
So, keep in mind about two things

• Set the Recovery account trusted
• Keep Strong Backup of your mentioned keys

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Encrypted Message

While Transection, we normally don't like to share the memo in public. In that case we can decrypt our memo message into code so that others can not read my message. So, here is such option in steem. Initially i have no idea about what to do with memo key, now its clear to me. This task can be done by memo key.

• This can be done pretty simply by prefix the message or memo with "#" (No space after #)
• To View the message there will be need of master password or memo key
• Login with memo key at least or master password

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So, Its pretty simple. Here i am showing simple screenshot of steps. While transfer or message, you can simply do so. And your message will be then like a key, nothing written to the mass users. But the receiver will be able to encrypt with his/her master key or memo key.

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Final Words

Learning the basics and proper information is always fun to me. I would like to learn something new all the time. I am thankful to #steemcryptoacademy for this innitiative. Personally i want to thank again to @sapwood for 7th and 5th lecture specially. These two was very useful to me as i was looking for such information.

Thank You for Stopping BY.

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I would like to welcome

@steemitblog
@steemcurator01
@steemcurator02
to visit my post

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This Post is Plagiarism Free

Who I am

I am a lecturer of Textile Engineering and ex-banker. I love to share my thoughts and ideas through blogging so that anyone can be benefited from my effort. I write on Textiles, Online Money Making, Agriculture, Technology and random topics. Capturing Nature and Playing Cricket is my hobby. I am always a learner and wants to learn from all of you in this #steem community and chain.

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