Steemit Crypto Academy | Homework Task 7 For @sapwood; Steem inflation and Reward pool ; Account recovery, Sending encrypted messages.

magmuz (61)Beginner[1,2,3,4,5,6,7,8,9,10]in SteemitCryptoAcademy • 3 years ago

Let me begin by thanking @sapwood , our professor by making understand the working of steem blockchain. Looking at these chapters, i realized that, i knew nothing about this Platform. It is because of our professor, i am slowly getting to know the platform well. So let's do homework.

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)?

It is very important to build our steem power in next 10 years because building steem power thereafter is very difficult.
screenshot (35).png
^{Image taken from sapwood lesson 7 post}

Looking at above image, we can see the two curves, the upper curve as labelled is of inflation rate and lower curve is of block rewards. We can see block rewards curve is somewhat flat berween 2021 - 2031. Therafter we can see sharp decline in reward pool. Decline in reward can be understood this way, we are getting curation rewards when we vote on some post. It means as years progreas, reward pool decreases, so the same upvote value which we have today won't yield equal rewards but rewards will be much lesser than today. So it becomes important to build our steem power as much as possible. Saturation of reward pool and inflation rate as seen in graph will occur in 2037.(approx).

2021 to 2031 steem tokens minted

To calculate total new steem tokens minted between these 10 years, let's look at virtual supply

In March 2021, virtual supply is equal to 391.8 Million tokens.

In March 2031, virtual supply would be
685.0 Million tokens.

New token can be calculated by subtracting the above two entities. So
685.0 - 391.8 = 293.2 Million tokens.

So 293.2 Million new STEEM tokens will be minted from 2021 to 2031.

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?

My recovery account is steemit. Inc. I have opened this account through steemit official website.

To check my recovery account, i did below mentioned steps.

Go to steemscan. com , here is interface
Than i searched for my account from search bar at top left. Below details were seen.
Here i saw my recovery account

To initiate recovery account, we need to provide user name and the most recent Master/owner key . And one thing to keep in mind is that recoveey request has to be made within 30days of hacking. After 30 days recovery can't be done. If one complies by all these conditions, than the built-in recovery mechanism will begin process of recovery. Once done, new master/owner key will be generated to operate the accout.

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?

Message can be sent in following simple steps.

Go to steemit wallet.
With the help of master key, login to your wallet. The different token details will appear.
Click on steem and following menu will appear.

Cleck on transfer and on next page fill details like, to whom you want to send, amount of steem token, and in memo section, type # followed by your message without any gap.

Click next and confirm transaction by clicking OK.
Next step is to complete sending encrypted message by making use of MASTER key.
To decrypt the message MEMO key has to be used.

One should be extra vigilant while making use of master key and it should be only used when necessary because frequent use of master key may lead to it's compromise and then that means your account is compromised.