STEEM & TRON - Steemit Crypto Academy Season 4 - Homework Post for Task 2
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~INTRODUCTION~
Good day Steemians!
This is my entry for Task 2 of the Steemit Crypto Academy Season 4 Beginner's Course on STEEM & TRON. I will be answering Question 1 of the homework task.
(1) What is PoB? What does curation mean to you in Steem Blockchain? What are the benefits of building SP? How do you explain self-upvote as a good or bad social behavior & why? Explore Coinmarketcap.com to indicate rank, STEEM price, and coinmarketcap of STEEM(screenshot required)? What are the different tokens do you earn by socializing in Steem Blockchain? How would you use your TRX earned in Steem Blockchain to optimize earning in Tron ecosystem?
What is PoB?
Proof-of-Brain or PoB is the reward system built into the Steem blockchain.
Steemit is a social media blockchain network, which rewards its users based on the value and quality of their content, and proof-of-brain is the system designed to assign those rewards to participants on the blockchain network.
This system is built to ensure that posts which are deemed quality posts, by other participants of the network, are rewarded for their creator's efforts put into making the posts. The quality of the posts is dependent on a number of factors including, but not limited to, originality & lack of plagiarism, creativity, wisdom, grammatical correctness, aesthetic value of presentation style, and the general value gotten from the post.
The Steemit platform aims to build a community which rewards creators for their efforts put into creating quality content, and allows them to monetize this content easily, and this is achieved through the proof-of-brain reward system.
How does it work?
With the proof-of-brain system, tokens only enter into circulation through rewards assigned to a post from participants on the network. Rewards are assigned through a voting system. This voting system allows fellow participants on the network judge what content is quality, of value, and worth rewarding. Participants who vote on content are termed curators.
It is also important to note that the proof-of-brain system is a stake-weighted system. This implies that the level of reward a participant on the network can receive, or give, from, or to another, is dependent on their investment into the network through the staking of their own cryptocurrencies.
On the Steemit platform, STEEM coins are staked to produce Steem Power (SP), which is their investment in the network. The higher the amount of steem power held by an individual on the network, the higher their influence on reward distribution in the network, as well as the higher their gains.
What does curation mean to you in Steem Blockchain?
Curation on the steem blockchain involves participants on the blockchain going through the content of another participant on the network, and ensuring that the posted content is quality and/or valuable content. This is the same as regular centralized social media, where members of the platform "like" or "upvote" people's content based on how much they enjoyed it, or found it useful. That is to say, the "quality" and/or "valuability" of posts is up to other platform participants to decide. Those who vote on posts are termed curators, and the curators are also given rewards for screening quality content.
On Steemit, these curators majorly check for things like originality & plagiarism, usefulness, creativity, and other things that determine the quality of a post. They essentially ensure the quality of posts on the platform.
Curation is done through upvoting (for good quality) or downvoting (for low quality) of content. Upvoting distributes rewards from the reward pool, between the author and the curator, in a 50/50 ratio. This increases the payout for the post. Downvoting redistributes rewards in the reward pool. This reduces the post payout.
What are the benefits of building SP?
As mentioned earlier, the proof-of-brain reward system is a stake weighted system, and this stake which participants have in the network is referred to as steem power, SP. Users can convert their STEEM coins into SP or earn SP from making quality posts. Here are some of the benefits of building one's SP amounts:
- The amount of SP one possesses on Steemit determines their level of influence on the platform. So, greater amount of SP = greater influence on Steemit.
- With a larger amount of SP, one has a greater advantage in receiving rewards, when it comes to reward distribution from the reward pool.
- The greater the amount of SP one has, the more rewards they can assign to their favourite content creators from the reward pool.
- Due to the Steemit/Tron integration, one also earns TRX on Steemit as a reward in a ratio of 1:1 to SP. Hence, the greater one's SP amount, the more TRX rewards they can receive.
- High amount of SP also enables users to build communities, and support other platform participants through them.
How do you explain self-upvote as a good or bad social behavior & why?
Self upvoting is when an individual upvotes their own post, essentially curating their own content.
In my opinion, a self upvote can be good or bad, dependent on motive and context. For example on regular centralised social media one can like one's own posts, and reblog/retweet/repost it, and this is seen as normal, and even good sometimes.
Of course when a content creator, creates and publishes their work which they are proud of, and confident in, they may wish to express that confidence by upvoting their own content. This is not a bad motive.
However, when one begins to upvote their own posts with the motive of increasing their earnings with their own vote due to their high steem power stake, then this is bad and should be highly frowned upon.
In general however, on steemit, because it is a platform that functions via user engagement and interaction, it is unadvisable for a user to upvote his or her own posts. This is due to the fact that the system of reward distribution capitalises on staked cryptocurrency, and as such an individual can take advantage of this to stake cryptocurrency and use it to gather more cryptocurrency from the reward pool.
Explore Coinmarketcap.com to indicate rank, STEEM price, and coinmarketcap of STEEM(screenshot required)?
To do this:
- Go to CoinMarketCap.
- Search for STEEM on the search bar at the top right corner and click on it.
- The information on STEEM shows up.
From the above image, we can see the following information:
- Rank: #198
- Price: $0.6017
- Market Cap: $253,933,911
Other important information we can see there include the 24 hour low and high, the fully diluted market cap, 24 hour volume, circulating supply, and much more.
Note: All the above information are at the time of writing, and are subject to change with time.
What are the different tokens do you earn by socializing in Steem Blockchain?
There are four different types of cryptocurrency tokens that can be earned by socializing on the steem blockchain. These are STEEM, SP, SBD and TRX.
STEEM: This is the native cryptocurrency of the steem blockchain, and it is gotten by interacting in community contests and challenges. In these contests and challenges, the winners are rewarded with STEEM. STEEM can be traded on the steemit marketplace, as well as other exchanges, and transferred to other users. It is the most important token of the blockchain.
SP: Steem Power can be earned through posting and can also be gotten through the conversion of one STEEM coins. It functions as a stake in the steemit community, and is used to increase one's influence and voting power within the platform. SP can also be "delegated" to another user to help them grow in the platform.
The process of converting STEEM to SP is known as Powering up, and it is done instantly. One can also Power down the Steem Power into liquid STEEM tokens, although this takes about 4 weeks to complete.SBD: This token can be earned through posting and it can also be converted into STEEM. It was initially created to mimic the US Dollar, but now trades at a higher value than it. It was created to stabilize the economy of the Steemit ecosystem
TRX: One also earns TRX as part of their post rewards, dependent on how much SP one has. It is deposited directly into the users TronLink wallet, and can be traded or staked in the Tron ecosystem.
How would you use your TRX earned in Steem Blockchain to optimize earning in Tron ecosystem?
With the integration of the Steem blockchain and the Tron ecosystem, content creators on the steem blockchain now earn TRX at a 1:1 ratio to their SP. This implies that the more SP you have the more Tron rewards you get. These TRX tokens are deposited into the user,s TronLink wallet, and can from there be transferred to other exchanges for trading, or staked within the ecosystem for passive income.
Personally, I will prefer to stake my TRX as Tron Power, in order to be able to participate in governance, as well as earn passive income.
~CONCLUSION~
The Steemit platform is an innovative use of the blockchain technology, where one can earn through posting quality content and interacting with other users and their content. One can earn in STEEM, SP, SBD, and TRX. Thanks for reading through!
-IamEl the ModestPoet
N/B: All pictures not cited, were designed by me using Canva, powerpoint, or gotten from the respective websites.
