Steemit Crypto Academy Season 5 Beginners' Course - Homework Post For Task 2 by@habdallah
1.What is PoB? What does curation mean to you in steem blockchain? What are the benefits of building steempower? How do you explain self-upvote as a good or bad social behaviour and why? Explore coinmarketcap.com to indicate the rank, steem price, and coinmarketcap of steem (screenshots required)? What are the different tokens you can earn by socializing on steem blockchain? How will you use your TRX earned in steem blockchain to optimize earning in tron ecosystem?
Proof of brain is what is being abbreviated as PoB. It is mainly used for the distribution or sharing of author's and curator's reward on the steemit blockchain platform.
Steem blockchain reward is mianly based on the originality of the content, quality, and consistency on the platform.
The price reward is basically divided into 2 which is 50%/50% between the curators and the author. The curators share is mainly given in steem power(SP).
Authors are expected to produce works that will result into the direct audience and at the same time empty of plagiarism, so as to standoff and embrace from readers followed by appreciation from the reader to the author.
What is PoB?
PoB is known as or the abbreviation of proof of brain.
I will like to throw light on few things before I proceed.
As we all know, steemit is the decentralized application for steem where negotiations are stored.
Authors are expected to provide works that will impact into the direct audience and at the same time void of plagiarism, so as to stalemate espousal from readers followed by appreciation from the reader to the author.
What curation means to me;
Curation in steem blockchain is simply the act or process of upvoting a content or article produced by a writer. The curation is the reward the writer gains from the platform for producing a good and presentable article. Its also a form of reward used to motivate the writer. The motivation will encourage or give the writer the ability to always produce a good work, and also to make sure that there is no plagiarism.
It is expected of a reader to report any post that fails to abide by the rules of this great platform for proper downvoting.
Curation can be simplified as a profitable activity, in the sense that when a user curates a post, he is rewarded, and the curator also receives a reward. This reward is known as curation rewards.
Here is the benefits of building SP:
Steempower can be said to be main driving force of your account that keeps your account growing and going. Without your steempower you are likely not able to perform any crucial activity on the steemit platform. Like posting and other activities on the community.
Steempower is simply the driving force of a users account. That is what keeps you going. Therefore, the higher your steempower, the higher your recognition.
The benefits of building SP include:
Also building up your steempower amplifies the steempower of a user. The increment of the steempower of a user results in higher increment of your voting value or reward.
Votes from steemians with higher SP has higher value. Which is as a result of their higher accumulation of steem power.
Building SP plays a vital role in increasing the tron reward of an account. For any SP earned, there is a reciprocal TRX earned. So, the higher the SP, the higher the TRX earned.
A user has the opportunity to supoort other authors by upvoting their post if he has enough SP accumulated.
Building and holding more SP can give a user the opportunity to create a community and support authors in the community by voting them.
In conclusion, the benefits of building and holding more SP is very important and we shouldn't look down on that. We need to hold more SP for a better experience in the steem platform.
Self voting;
Self voting is described as a process where by a user makes a post and curates the post the post he has made. Here the user is said to be both the author and the curator thereby receiving all the rewards (author rewards and curator rewards).
This self voting is against the ethics of steemit in the sense that it portrays self centeredness. That is it is not accepted on the steemit platform.
One of the complications of self voting is the negligence of proper scrutiny or rewiew of a post or work. Since the curator is the author he won't take into cognisance the flaws in the writing thereby encouraging plagiarism.
Exploring coinmarketcap.com for steem
Coinmarketcap is one of the best sites where a user or trader can go to for authentic information about a particular cryptocurrency.
It provides the user with : ranking, price, supply, volume, and other necessary informations about a coin.
Here are the few simple steps to take while exploring coinmarketcap.
Step 1: Type into your search url https://coinmarketcap.com and wait for the homepage to open.
The above was the front page of coinmarketcap website after i opened it. It shows all cryptocurrencies available on the website. It showed 16308 cryptocurrencies which is currently available on the coinmarketcap. 451 exchanges and $2,257,630,511,14324 market cap.
I typed in steem in the search engine so as to be able to see it details at the current market.
Above was the results of steem at the moment
| Info | Result |
|---|---|
| Crypto | steem |
| Price | $0.4593 |
| Rank | 329 |
| Marketcap | $2,252,395,038,149 |
| Volume | $31,360,485.22 |
| Supply | 394,951,699 |
Diffrrent tokens earned by socializing on steemit.
Socializing on steemit entails the privilege to learn, earn, teach and meet new people on the steemit platform. You will get to read other authors publications appreciate their works by commenting and curating as they can also do likewise to you.
Tokens you can earn socializing on steemit includes:
Steem
As we all know steem is the primary token of steemit platform.
It is gained by authors for making plagiarism free posts, participating in contests or also for securing a price on steemit.
Steem can be transfered from a user to another in the process of p2p, or to a wallet or exchange.
Steem dollar (SBD)
The full meaning of SBD is steem back dollar. It is also earn on steemit.
SBD is earned when a user places a post at (50% SP/50% SBD) payout. SBD is transferable and also tradable for steem in the steem market section of your wallet.
Steempower is one of the tokens earned on steemit platform.
The difference between steempower and steem is that it is not liquid but they have the same value.
Steem and steempower are interchangable in a process called powerup/powerdown.
Author reward is the steem power and author gets for making a plagiarism free post, while curation reward is the steempower one makes from voting.
-Tron (TRX) tron is one of the popular cryptocurrencies. It is earned on steemit too. The ratio of tron earning to SP is 1:1 i.e for every 10 SP there is a corresponding 10 TRX.
TRX can be traded holding to the fact that it is liquid.
How i will use TRX earned in steem blockchain to optimize my earning potential Tron ecosystem.
As i earlier stated above, your TRX earnings corresponds with SP earning. Therefore the more the SP earned, the more the TRX earned.
The tron i earned on steemit is channeled to my trust wallet which optimizes my chances of gaining on the tron ecosystem by:
Staking
I can stake my trx and recieve rewards for doing that. I can also trade my trx for other tokens too.
I also get rewarded for freezing my tron on tron ecosystem.
In a nut shell, steemit is a platform that helps authors and curators to earn rewarda for the good work they have produced. It ia also important to power up your steem so as to help you earn more with your SP.