Hi all, In this today lecture from @sapwood I learn how to recover our hacked account, how to send an encrypted message to other steemians and how inflation working in the steem blockchain.

So happy to learn more details about the steem blockchain, before I don't know this much details. Day by day I learn more and more details about my favourite steem platform.

Question Number 1:-

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)?

Answering this question is very hard for me before. But after reading your lecture I understand now.

After reading your lecture what I understand is as, like bitcoin halving, steem blockchain also had to halve.

Due to this halving steem production get reduced so we get less supply due to this for earning steem rewards becomes very hard. But it is good for maintaining a good steem price.

In December 2016 inflation rate is around 9.5%, at present, it is around 7.692%. Like that it inflation decreasing.

Means every year we get 0.5% inflation. After 10 years we get 9.5% *10 = 0.95%.

This means after 10 years this inflation reduces to 0.95%.In my opinion, around 2026, we reach this inflation.

Because this inflation start at 2016 , 9.5%, every year 0.5% means on 2026 it reach 0.95%.

So for curating, the publication also we earn very few rewards. So how much is possible we earn this 10 years only, then after it becomes very hard to earn here.

So now we focus on building our steem power as much as possible because soon we see a big jump of steem price so possible to get a good profit from it.

After 2031,steem inflation reaches 2.5% - 2.33% so here we get very less newly minted steem here. So our free earn rewards also become very low. So not possible to earn more rewards here as like 2021 to 2030.

Question Number 2:-

Who is your recovery account in Steem, how do you check it(Hint- Steemscan), include a 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 this platform, if we lose our private keys not possible to recover. But they give one more opportunity to recover our account but very hard to recover.

For this first, we need to know who is our recovery, for knowing these details you may go steemscan for knowing those.

So now I check my account for this I go steam can.

https://steemscan.com/account/lavanyalakshman

Here we check all my account details and my recovery too.

Here my recovery is steemit inc. I don't change any , so default we all account having steemit inc. As recovery.

For recovering our hacked account we need to provide our previous keys . Possible to recover before 30 days after hacking, not possible to recover after 30 days.

It is a very complicated process so store your keys safely.

Question Number 3:-

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?

In blockchain all information open to all but for sharing sensitive information we can use this process.

Here only the sender and receiver can see that message but other users not possible to watch those. So like those messages, we knew them as encrypted messages.

For sending those encrypted messages, first, we need to log in to your steem wallet. For this, we need a Master or owner key is enough. But for sending encrypted messages you must log in with your master key.

Then on selecting steem/sbd choose Transfer Tab there.

Now you get like this window.

To address give the account name, whose you need to send sensitive information.

In the MEMO field type your message on putting '#' first, but don't keep and space, then only it converts to the encrypted message.

Like this, we can send a secret message to other steemians very easily.

Conclusion:-

In this today lecture, I learn how inflation working here, why it difficult to earn more rewards on the steem platform after 10 years. Then I learn who is my recovery and how I send encrypted messages to other authors in the steem blockchain.

Hope I give my best for my homework task.

Thanks for Reading My Post.