Steem cryptoacademy week 7:- home work post for @sapwood:-
Home work post for @sapwood professor
Author:- @prakhar9675
The Home work given by @sapwood was very interesting. Let's get started
(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)?
As we know that in steem blockchain, now in every 3 second a new block is created. And after every 2,50,000 blocks, inflation rate is reduced by 0.01%
So according to this, after every 8.68 days, inflation rate is reduced by 0.01%
And now the inflation rate is 7.68 percentage.
And when the inflation rate is lower than 0.95 percentage, this will no longer decrease and will remain constant.
So after when the inflation rate will be equator lower than 0.95%, inflation rate will be constant or saturated.
And according to calculations, this will be achieved in April 2037 and inflation rate will be constant.
And now a days, every second 2.88 new steem are created. And due to decrease in inflation rate, the rate of creation will be decreased too. And at the time when the inflation rate will be constant, this rate will be 0.708. This means after every 0.708 second a new steem will be created.
And the number of generated steem in a fixed time period will be decreased to 24.58 this means the total generated steem will be less than one third to the steem generated today(this year)
So with time the number of generated steem will be less, and with time the number of users on steem plateform will be increased then it will be very difficult to get anyone to get reward. For this your content should be unique.
(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?
I don't have any recovery account till now. But I am thinking about this. But as of now I don't have recovery account. And when I tried to use the https://steemscan.com/account/prakhar9675 this wasn't showing anything. It was just loading and loading. I waited for it but nothing happened..
But in case of hacking, and to recover my account, I have saved my all of keys in the form of a pdf at many places like telegram, and Google drive as both of them are cloud based services. It is safe and easy to recover them and also I have saved them offline in my phone..
And if your account is hacked them using your master key you can recover your account.
But there are certain conditions for this to be happened..
- You should remember your password
- You should do it within 30 days. After 30 days, your old password will not work to recover your account.
(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?
Yes we can send encrypted message to anyone on steemit blockchain. For this, your wallet will be used.
- Open your wallet and log in into this using your password..
- after this, click on steem section.
- After this click on transfer.
- Write the user name in the section to
- Enter amount
- In the memo section put # and then write your message without any space and then click on next..
And then put your password and then it will be done.
For example in the given photo I am sending hello to my friend @rishabh99946.
So this is all from my side.