Homework task 7 by professor @sapwood steem blockchain

Hi there, here with another class task by professor @sapwood thanks to @steemitblog for such an interesting initiative to keep users up to date with current crypto space hot topics.

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)?

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?

There is no doubt that for #steemitians users to benefit maximum from the #steemit blockchain there is a need for us to build our reputation starting from this moment.

I will make a simple instance as parents we drive joy when we see our children excel in what they do it's our job to nature them from a young age and see them become independent in near future, no parent would want to see their kids revolving in a constant circle for several years without moving forward.

Being on the steemit blockchain will require much effort and discipline steemit being the parent blockchain introduced #SP which can make users #reputation increase on the platform as our SP grows in number so does our reputation building and having more SP means more income and upvote gain will be drive from content published by an author.
Also building as our SP increases our voting power on the platform increase, with more SP comes more voting power.

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From the chart above is seen there is a continuous decrease in reward as the year runs out so does the SP reward declining proportionally.

How difficult will it be to earn STEEM rewards after 2031

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It is noted from the inflation chart as the runs out proportionally the rate at which steem reward will be awarded to users will be reduced by 0.01% daily and by 0.42% yearly, approximately in 10 years it will be difficult to earn high steem rewards as we do now since saturation point of steem reward allocation will be reduced to a minimum.

In which year the inflation and Block reward is likely to saturate(tentatively)?

Approximately in the year 2037 when the block inflation will reach saturation by decreasing to 0.95% the block reward will likely be reduced.

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?

To get my steem recovery account I used the URL https://steemworld.org/@mccoy02
where I clicked on account details to see my recovery account.
Since I signed up using steemit blockchain my account recovery is "steem"

In other to initiate the recovery process of a lost/hack account I will provide my recovery account with my previous account key/password.

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?

Sending encrypted messages can as well be decrypted by only the receiver for this purpose a sender might be interested in sending a message that he wouldn't like to share with other users so using the encryption messaging method will be the best option.
Here the sender will need his master password to get his encrypted message sent using # sign without space on the other hand the receiver will need his master password and memo key in other to decrypt the receiver's message.

Here is the method
Sign in to your steemit wallet.

Go to your drop-down box on the wallet and click on it.

Click on transfer.

Get the correct receiver address with the amount you are sending.
And input all details correctly.

From the memo, the option put the # without space.

Click okay and continue.

Once the receiver gets my transaction he will need to decrypt my message using his master/memo key.

In summary, I will say this lecture is very important for all steemitains to see the need why building their SP is very important because in few years to come accumulation of steem reward can be a bit hard.