Introduction

Hello steemians, am very happy to participate in this homework which is all about blockchain reward and in it we will have knowledge about mining,halving etc. I want to appreciate the prof for the wonderful and interesting lecture.

Question 1

In your own words, explain mining and block reward?

           Answer

Mining

To me, mining is one of the time taken activity in cryptocurrency. Though at first, I normally take mining has the introduction or development of new coin to circulate in the but there more to that.

Source

Mining is actually a process in which an individual known as miner, does the work of developing a ledger in blockchain. which is also an evidence of transactions that is being made in the blockchain.
It is also important to note that in mining we make use of proof of work system to able able to convince us that he actually put in his very best in mining.
It is normally done with a computer that has a very high power to be able to solve alot of problems mathematically and also solved it very fast.

Blockchain reward

Note no blockchain reward without a successful mining
Reward is all about an individual achievement in a particular aspect or field of life.
Blockchain reward to me is a word that follows mining because after putting in all your best to mine a blockchain, you deserve to be rewarded.

Source

And by all this, A blockchain reward is a gifts maybe inform of prize,token that is being given to miners who has successfully performed the process of mining of blockchain.
It is like a kind of appreciation or compensation for the achievement a miner get when he successfully take time and mine a coin to motivate him and the upcoming miners.
And by this will encourage other upcoming miners in putting in their best.
The more the computer used in mining is fast the faster the blockchain reward that the miner also get.

Question2

What do you understand by the Bitcoin Halving?

          Answer

Not Bitcoin halving without a successful mining that leads blockchain reward.
As I discussed earlier about blockchain reward which is a reward inform of prize or token that is being given to a miner who successfully mine a coin by doing all the mathematical problems with a big machine to make it fast.
Bitcoin halving, this is the spliting or dividing into the reward the miner get from successfully mining a coin.it is also an event that causes a a reduction to the rate that a successfully mine is being circulated in the market.
The last halving or spliting of bitcoin reward that was being performed was on the 11 of march, 2020.which splited the reward to be 6.25 BTC meaning the reward was originally 6.25BTC ×2 which is 12.5BTC before the division and reduction in circulation occur.
The bitcoin halving event is normally perform immediately after a total of 210,000 block is being mined by miners successfully and every four years.

Question 3

What are the effects of the Halving on miners?

            Answer

It has alot of effect to miner,imagine splitting what you suffered for year and someone will wake up and make a new policy to split it. Though it has bad effect but to others it make also has a good effect.
It bring about a drastic drop in the supply of bitcoin to trader.
I will be making used of example to explain this
Let us first consider that a block is mined successfully in the year 2000.
The miner of the block get rewarded
Then in the year 2004 which is roughly 4 year or lets say a total of 210,000 block was successfully mined in the years 2006, then the reward is divided.
This will cause alot of things as I said earlier which is dropping of the bitcoin supply and when this supply drop the will be more demand of it in the market and when more is demanded it increases the value of BTC.
It will also bring about the spliting of a miner achievement or reward.

Question 4

What is the current block height on the Bitcoin blockchain? How many more blocks before the next halving?(Screenshots and Full working)

            Answer

Source



Source

The height of the Bitcoin block in this screenshot taken is 696453
According to my explanation earlier in which i said that Bitcoin halving occur in every four years or when the miners successfully mine 210,000 blocks.
Here for another halving to occur it will be
Multiply 210,000blocks by the eatinated years 4 years and subtract it from the current height block.
Calculation
210,000 × 4 = 840,000
We now subtract it from the current height
810,000 - 696,453 =113,547blocks
And by this calculation above it means we have 113,547blocks before the next halving

Question 5

Do you think Steem’s inflation rate reduction can affect other coins? Why?

          Answer

To me ,steem inflation rate reduction can not affect other coin with the following point but first when we look at the white paper of steem which tells us that the inflation rate of Steem is supposed to be constantly be in a decrease state unlike other coin that has it own white paper which maybe stated differently.
And by this it means that the steem inflation rate reduction is only applicable to steem.
And we should also know that in every 250,000blocks of steem that is being mined the it will constantly be in a decrease state of 0.01% as it is written on the white paper.
So steem inflation rate reduction is only effective and affect only people that uses the steem blockchain.

Question 6

What is the current block height on the Steem blockchain? How many more blocks before the next 0.01% reduction?(Screenshots and Full working)

           Answer

Using steemscan site to view the block height

Source

The steem blockchain height in the screenshot as when homework is 56,489,389blocks.
Remember the inflation rate of steem declines or decreases by 0.01% at every 250,000blocks as explained earlier.

The current block height is 56,489,389blocks

The total number of reduction will be
56,489,389 / 250,000 = 225.9575

approximately 226(3 s. f)

To calculate the block height for the next reduction it will be

226 × 250,000 = 56,500,000

Therefore to calculate Number of blocks until next reduction it will be
56,500,000 - 56,489,389 = 10,611 Blocks.

Continuation of last week’s work:

What is the current value of BTC on the day you are performing this task? If you made a purchase of $2,500 then,
a.) how many satoshis would you have?
b.) what is the value of a satoshi for that day?
(Show full working and correct to 3 s.f)
(1 satoshi = 0.00000001 BTC)

        Answer 

Using coinmarketcap

Source

Current value when am doing this homework is $44,356.06
If $2500 is being purchased I will have
Calculation

1BTC = $44,356.06

YBTC = $2500
We cross multiply,we will have

YBTC($44,356.06) = 2500
TO FIND YBTC WE DIVIDE BOTH SIDE BY $44,356.06,WE WILL HAVE

YBTC= 2500 / 44,356.06

YBTC= 0.05636

Approximately 0.0564BTC(in 3s.f)

A)
Let the number of satoshi be represented by letter Z

1satoshi =0.00000001BTC

Z Satoshi= 0.056BTC
cross multiplying,
Y= 0.0564/0.00000001
=5,640,000satoshi
If I purchase BTC worth of $2500, I will have 5,640,000 Satoshi

B)
Using the price of the day this homework was perform

1 BTC = 44,356.06

1 satoshi = 0.00000001BTC

Therefore,
1 satoshi = 0.00000001 × 44,356.06

1 satoshi = $0.0004435606

Approximately $0.000444(3 s.f)

Question 2

WHAT IS THE VALUE OF BNB ON THE DAY YOU ARE PERFORMING THIS TASK? IF YOU MADE A PURCHASE OF $30 THEN,
A.) HOW MANY JAGERS WOULD YOU HAVE?
B.) WHAT IS THE VALUE OF A JAGER FOR THAT DAY?

         Answer

I will be using the coinmarketcap for BNB

Source

BNB value when I did this homework is $394.56
Purchasing $30 I will have
Calculation

Let us take w to represent the BNB amount

1BNB = $394.56

WBNB = $30

We do cross multiplication,we will have

WBNB(394.56) = 30

We divide both side by 394.56 to find w

WBNB = 30 / 394.56

WBNB = 0.076034

Approximately 0.0760BNB(3 s.f)

A)
Let letter P represent the jagers number

1 jager = 0.00000001BNB

P jagers = 0.0760BNB

To find P jager it will be

We cross multiply

P(0.00000001) = 0.0760

We divide both side by 0.00000001

P = 0.760 / 0.00000001

P = 7,600,000jagers

B)

We have 1jager as 0.00000001BNB

1BNB = $394.56

We multiply

1 jager = 0.00000001 × 394.56

1 jager = 0.0000039456

Which will approximately be 0.000000395(3 s.f)

for the day this homework was made, the value is 0.000000395(3 s.f)

conclusion

The lecture is really an interesting one, we were taught on blockchain reward, under this topic we were told that mining is not all about circulation of coin but there is more to it and after a miner successfully mine a coin he received a blockchain reward.After 210,000blocks have been mine or every four years the reward is being splited into half known as halving.
We were also being taught about the last lecture calculation to be sure that we are really conversant with it which was a thick but interesting one.
I want to thank prof @awesononso for the wonderful lecture.