Crypto Academy Season 3 Beginners' course - Homework Post for Task 1: STEEM & TRON| by @meniya
Hello cryptoacademy world
Nice to be back here. Thanks to @sapwood for an interesting lecture this week. I have really understood alot about Steemit and its tokens.
(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?
▪︎WHAT IS PoB?
Proof of Brain(POB) is a type of algorithm harnassed in Steemit to reward the work of a content creator. As every good and quality post based on an individual understanding is being rewarded, in other words PoB is an incentive for good post. The reward is being distributed between the content creators and curators in a 50%/50% ratio on every post, which pays out after 7days of posting the content. In total 65% of reward goes to creators and curators, 10% goes to Witnesses, 15% to Vested SP, and 10% to Steem DAO.
In all, PoB is a combination of rewarding the wisdom of individuals, and rewarding quality posts and encouraging the distribution and redistribution of votes(stake-weight) by users of Steemit.
▪︎What does curation mean to you in Steem Blockchain?
To me, I'll say curation is a very crucial responsibility carried out by curators in steemit platform. Curation involves processes that leads to rewards of good content in the Steemit community. Curation involves reading a post and cross-checking the originality of a post, and determing if a post adds value or not to the Steemit community. Curation also involves checking out for plagiarism from contents posted here and if a post is found guilty of plagiarism a curator alerts the community of such act.
When good and quality contents are produced and posted here, it gets curated and upvoted in turn rewarding the content creators and curators. Through curation in steemit Blockchain valuable contents are resteemed, so other members of the steemiz community gets to see the post too.
▪︎What are the benefits of building SP?
Steem Power(SP) indicates the power or influence level of each member in steemit Blockchain. Every good posts in steemit is being rewarded with SBD, TRX and SP.
It is of utmost important as a user to grow your STEEM POWER, because as you build your SP, the more privileged you become to exercise better power and number of votes. Which is to say, the higher your SP, the greater the rewards you obtain through the healings reward
Some of the benefits of building SP are;
•INFLUENCE
With a high SP level in Steemit, a user's gains more power and influence in the community, as the user has more sax over the constitution and maintenance of this Blockchain as a decentralized system. With an increase SP a member can influence the content of other users , as you are able to curate their works. You can also influence the distribution of PoB in the community.
•VOTING POWER
Users with increase SP is entitled to greater voting power when curating a content.
•GREATER REWARD
Having a high SP entitles you to earn 10% of the total reward pool and also a greater reward power when curating contents of 32.5% of the reward pool.
•INCREASE VALUE
Building up your SP adds value to your own account in steemit and to the community at large.
How do you explain self-upvote as a good or bad social behavior & why?
Self-upvote simply means rewarding your own post yourself. From my own opinion self-upvote is a bad social behavior.
Upvoting your post yourself will do you no good, as you won’t know if you did a good writeup and you doesn't tell if you are improving in your content creation.
Self-upvoting limits the distribution of rewards in the community and can cause a bridge in interaction in the community, whereas Steemit is a community that brings people together.
Self-upvote is a bad social behavior that can lead to crumbling of a community, instead of building it.
▪︎Explore Coinmarketcap.com to indicate rank, STEEM price, and coinmarketcap of STEEM (screenshot required)?
When exploring Coinmarketcap.com for STEEM, first search for Coinmarketcap.com on browser and click on coinmarketcap.com.
It takes you to the main page of coinmarketcap.com, search for STEEM with the search word
Click on STEEM icon to get the full details of STEEM in the crypto market
Screenshots of STEEM on coinmarketcap.com
From the screenshots above as at the time of writing this post;
•STEEM coin ranks: 274
•STEEM price: $0.2255
•Market cap: $90,605,804.65
What are the different tokens you earn by socializing in Steem Blockchain?
When you socializing on STEEMIT Blockchain, after posting good content you get rewarded with four tokens, namely;
•STEEM
This is main token of Steemit, it is the liquid cryptocurrency of this Blockchain. This token is tradeable and exchangeable in crypto market.
•STEEM POWER(SP)
Is another token also earned when socializing im steemit platform, it represents you have on the platform. The more SP you earn the more power and influence you have.
•STEEM DOLLAR(SBD)
This token is also earned here, it is also tradeable in crypto market and can be transferred into STEEM AND SP.
•TRON(TRX)
Also a token earned in this Blockchain. We get rewarded with TRX by sharing good content and commenting on people's post.
As a curator in steemit, you are being rewarded with SP and an equivalent ratio of TRX. Authors socializing in Steem Blockchain get rewarded with these tokens depending on the options tgey opt for, you can either earn 50%SP + 50% SBD, 100% Power Up or decline to choose from it
CONCLUSION
PoB is a reward to user's who post good, quality and original post of a content creator and in turn curators get rewarded too. SP is the influence level of a user's in steemit Blockchain, the more SP you have the more power and influence you have in the community. Building your SP can make you a whale in Steemit community and crypto-world at large. The more quality post you make on this platform the more tokens you earn.
Cc:
@sapwood