Crypto Academy Week 7 - Homework Post for @sapwood

okoyeamaka11 (59)mutedin SteemitCryptoAcademy • 4 years ago (edited)

Hello every one welcome to another homework task post for @sapwood one crypto professor, this is week 7 now which is one month and 3 weeks and i have learnt a lot by participating in this tasks and i hope you have too.

After I read the lecture from the professor I saw the assignment were he told us to do the following.

(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)?

It is important to build up your SP because the more SP you have the bigger presence you pose in the community for example if your account has a large amount of SP more that another person anything you do will always come first.

From the steemit reward pool, we can see that aside the 65% which that is alotted to the content creators & curators, another 15% is also rewarded to SP owners which do not need to execute any task before they are rewarded or claim this reward. This two different percentages places more value to the SP knowing that they get paid more for upvoting.

In the next 10yrs only those with more SP will be identified just like youtube only those with 1000 subscribers and 4000 hours watch time are verified to be rewarded the same thing is going to happen to Steemit because every year the amount of new steem created are reducing and as Inflation rate keeps decreasing, SP would become the main influencer in the steemit blockchain as little or no token would be minted.

In steem At every 250,000 Blocks, the inflation rate drops by 0.01%, as you can see in the image above which is roughly 8.68 days.

Calculation
Let's do the calculation the month of March - 2035 is = 761 million
Doing the calculations, from the year of 2021 to 2035( 10 Years), doing the maths 761-391 =370 million in 10 years

And If you notice in the picture just look at it above you will see that inflation rate and new steem is decreasing as the year goes by so if you play it smart then you should building up your SP now because according my what the professor wrote, I noticed that steem is becoming more and scarce every year because of the minting that means as the year goes by reward in steam gets smaller and smaller.

(2) 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?

If you want to check who your recovering account is then you can use the following site which are steemscan.com and steemworld.org, in this post i will be using steemworld.org because it is more easy.

(My screenshot)

So firstly sign in your account in steemworld.org which you must do with your posting key then after you must have log in then click the dashboard as you can see in the image above.

Look for the account details button then click it and it will show your recovering account and if you want to change your account recovery use the button below.

After clicking that button you will see s blank space were you fill in the space with the account.

Note: the most recent key(master password/owner key) and you have to provide within 30 days(of the hacking event).

(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?

Sending messages in steemit is not the same like sending an encrypted one so if you want to send one use this tutorial below.

Firstly you have to know that when sending an encrypted message you will have to prefix it with # and don't give space in the middle of your text as you can see below.