Crypto Academy Week 7 Homework Post for @sapwood

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.

This week our professor @sapwood Steem Blockchain(Inflation, Recovery Account, Encrypted Message) if you want to read our professor article click this link any way let's dive into this week task.

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Source

(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)?

In the cryptocurrency world we all know as time goes by minting of tokens grow higher so it will continue to be more difficult to earn steem proportional to the reward earn back from the reward pool as a result of the inflation thereby creating a need to build your Steem Power in duration for the next 10 years or 11 years so as to build significant influence power.

for example, the average rate of the steem being minted per year is 10 million in around the first ten years. Doing the mathematics, it will give you 100 million that is multiplying 10 million steem per year with the number of years.

image.png

As we know At every 250,000 Blocks, the inflation rate drops by 0.01%, which is roughly 8.68 days.

Now as you can see in the image above in the month of March - 2030 is = 659.50 Millions
Doing the calculations, from the year of 2025 to 2030( 5 Years), doing the maths again 659-514=145 million(in 5 years)

If you noticed very well, the Average new supply of the steem per year drop tremendously from the picture you can see that in 2025 it was 2.945 million steem produced then in 2030 it reduced to 2.465 million steem.

Now to let me explain it from a newbie side of view:

for example let say you are having an upvote value of $1 in the year of 2025 with the 2.9 million new supply of steem as done in the calculations above, as it continues to go and as the year continue to go, it will continue to reduce as the year in 2030, it will be 2.4 million supply and not only that it will even further continue to reduce from 2031 onwards.

So if you have understand what I am trying to explain above then if you are smart enough you will know that you need to be accumulating more steempower that is if you want to keep earning one dollar because as time flies then the supply of jewelry steem reduce but if your SP keep growing and steem gets scarce then they will be high demand and increase in the price of steem.

(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?

In other to explain this properly I will be using screenshots from steemworld.org.
Like the image above once you logged in steemworld.org then click the dashboard icon.

Screenshot_20210328-115215.png

After it is done loading then you look for account details and click it.

Screenshot_20210328-115155.png

It should show you the recovery account.

Screenshot_20210328-115020.png

If you lost your account that is the account you are going to use to recover your account and if you want to change the account you can click the change recovery account button.

(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?

The best way to send a private massage is steem is to you need to prefix the message with # that's without gap in between.

For example
Massage: #hello

Same thing can be done to the memo also to encrypt the memo message

That above is an example of the format encrypted message

Sending an encrypted key can be done with the steps below as you can see in the screenshot below

Firstly long into your wallet then click tranfer on steem or sbd.

Screenshot_20210328-121149.png

Then fill in the details and click next then click OK.

Screenshot_20210328-121409.png

Note that to send the message you will be sacrificing some of your steem and you must prefix the message with # without any space in the middle.

Conclusion
With this information I will be a better st demi an that I was yesterday anyway thanks for reading guys.

Best regards

Cc: @steemcurator01
Cc: @steemcurator02

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