Hello, everyone at the Steemit crypto academy. It’s another precious
time to come and learn at the crypto academy and this time, I was privileged to learn from the crypto professor
@sapwood where the professor continued with the Steem Blockchain. There is a task associated with the lecture and I will be presenting that in this piece.
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)?
Source
It is very important to first get the governance protocol adopted in the
Steem blockchain which is DPoS (Delegated Proof of Stake) that has 20 witnesses plus 1 backup witness that are responsible for the creation, signing transactions and security of the network. According to study, to earn Steem reward in 10 years time will be hard a bit as Steem tends to be slightly scarce thereby leading to high demand for the STEEM token.
Why? Let’s get to the basis of how rewards are distributed
on the Steem blockchain, 10% of the newly minted Steem tokens goes to the consensuswitnesses while 15% goes to Vested token holders (i.e SP Holders) and 10% to Steem DAO. The remaining 65% goes to the reward pool invented by the Proof of Brain, to reward authors for their social activity and curators for curating high quality posts. The inflation rate on the Steem blockchain was set to 9.5% in December 2016 and inflation decreases by 0.01% with 250,000 blocks created on the Steem blockchain.
The study through various calculations from the professor shows that inflation rate is being decreased by 0.42% yearly which will continually decrease till it reach 0.95% where there will be no further decrease in the inflation rate and as inflation rate decreases so as the new minted STEEM tokens would be. It is very important that every user should try all their best to build individual Steem Power (SP) now that it’s still easy to earn Steem from the reward pool as Steem reward earning in ten years time will be not be as easy as of the moment as Steem tends to be scarce and this further increases the demand for Steem and also strengthen its value in the cryptocurrency ecosystem. As for me, I will try my possible best to gather enough SP for myself through creating quality contents and STEEM investment.
How hard it would be to Earn STEEM rewards after 2031
Gradually, the inflation will be getting reduced and as such that the Steem reward per block gets reduced steadily, from the professor’s estimate- the current new steem tokens produced per block of the inflation account is 2.866 STEEM and it’s projected to be reduced to 2.276 STEEM reward per block in the year 2031 when the inflation rate would have been reduced to 3.49%. We can see that STEEM reward per block has been greatly reduced and that shows how tedious it would be to earn STEEM reward in the year 2031 upward. The image below shows the projection of how much new STEEM token will be minted in the next coming years as given by professor
@sapwood.
Source.
From the above, it is seen that the estimate STEEM reward per block
between now and 10 years time (2021-2031) is projected to be- 2.866 STEEM reward at the
moment, highest in the next ten years (2024) to be 2.962 STEEM reward and the lowest to be
experienced in ten years time (2031) would be 2.276 STEEM reward per block.
I will like to show the mathematical expression of how the present
STEEM reward per block was projected, using the formula- ( (Virtual supply X Current_inflation_rate) / Blocks_per_year) ).
As simplified by the professor, the current inflation rate = 7.692% , Blocks per year = 10,512,000 Blocks.
I will perform the technicality to get the current virtual supply to be used for the calculation from steemworld.org.
- Steemworld.org >> Market Info >> Locate the Virtual Supply
Market info button
STEEM Virtual Supply
As at the time I checked, the current total virtual supply = 391,359,030 STEEM
Appling the formula- New Steem minted per block = ( (391, 359, 030 X 7.692%)/(10,512,000) = 2.864.
From the above the current new STEEM minted per Block ~ 2.864 STEEM.
Let's talked about the estimate of STEEM tokens that would be minted between 2021 - 2031.
From the table provided by the professor;
The estimated virtual supply in the year 2031 = 685,011,397.3 STEEM
While the current virtual supply = 391,359,030 (As gotten from steemworld.org)
Now let's find the difference;
685,011,397.3 - 391,359,030 = 293,652,367.3 STEEM.
Such that the amount of new steem to be minted between 2021-2031 = 293,652,367.3 STEEM ~ 293.7 Million.
With the projection provided by the professor, in the year 2037
(March) the inflation and block reward tend to be saturated when the inflation rate must have hit the set 0.95% with no further decrease.
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?
In a case of an unforeseen circumstance, it is important to know one’s recovery account on the Steem blockchain. My recovery account on Steem can be accessed on the steemscan.com and I will be exploring the steemscan.com.
- Visit Steemscan.com/account/fredquantum
My recovery account- Steemit Inc.
From the above, my recovery account is Steemit inc. because I
directly created the account on Steemit.
For the process of account recovery, I have to present my
keys/password to Steemit Inc. and I must initiate the process of account recovery within 30 days of any occurrence that warrants account recovery.
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?
Encrypted message can be sent on the Steem blockchain such that the sender needs the Master password to get the encrypted messages sent aso as well the receiver would be needing a Master password/Memo key to decrypt the message sent. The special key used for this purpose is # followed by the message with no spacing between the # key and the message.
I will be showing the steps on how to go about sending encrypted message below.
- Login to Steemwallet.com with my Master password.
- Select the drop-down button beside my Steem account.
My Steem balance
Transfer
- Input the destination wallet >> Amount >> Memo tag prefixed with # >> Next.
Transfer details
- Initiate the transaction with the Master password or Memo
key >> Ok.
Transaction successful, now let's check for the output of the transaction.
Transfer details- Visible
The above screenshot shows my transaction memo tag visible to me. Let's the see other one below.
Transfer details- Hidden
The above shows the transaction memo tag hidden when my wallet was accessed anonymously such that the receiver needs to access the details using his master password or memo key. That is the power of sending an encrypted message to hide special information from the public.
In conclusion, It is advisable for users on Steemit to take advantage of this time to build their SP for the future now that STEEM is still easily acquired in preparation for the slight tightness of acquisition that would be experienced in some years time. With no doubt, this lecture has brought me closer to the Steem Blockchain and I am very glad to be part of this lecture, thanks to professor
@sapwood for this powerful teaching and I wish you more strength, professor.
Special Regards;
Cc: @steemcurator01
Cc: @steemcurator02
Cc: @steemitblog
Cc: @sapwood
