Introduction

Hello Steemians,

Welcome to another week in the Steemit crypto academy. I attended the lecture by the crypto professor @sapwood as the professor based his teachings on Steem Blockchain(Inflation, Recovery Account, Encrypted Message). This blog is my homework task after the completion of the lesson.

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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)?

According to a study, earning a Steem reward in 10 years will be hard a bit as Steem tends to be slightly scarce thereby leading to high demand for the STEEM token. As we know the 15% of the total supply of newly formed/minted STEEM token is distributed among the Vest Token Holders (SP). The more SP we have the more share we will get from the definite reward pool without performing any task.

Recall that according to the professor lecture, rewards are distributed in the steel blockchain in this manner, 10% of the newly minted Steem tokens goes to the consensus witnesses while 15% goes to Vested token holders (i.e SP Holders) and 10% to Steem DAO. The remaining 65% goes to the reward pool invented by the Proof of Brain (PoB), to reward authors for their social activity and curators for curating high-quality posts. The inflation rate on the Steem blockchain was set to 9.5% in December 2016 and inflation decreases by 0.01% with 250,000 blocks created on the Steem blockchain.

After proper calculations and projections, it is known that the estimated Block Reward in the year 2031 will be 2.276 STEEM per block.

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So, this will be very difficult to earn STEEM rewards easily in the years after 2031 as much of the percentage of the newly formed STEEM tokens will also be shared with the Vest Token Holders (SP). We can see that STEEM reward per block has been greatly reduced and that shows how tedious it would be to earn STEEM reward in the year 2031 upward.

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With the projection provided by the professor, in the year 2037 (March), the inflation and block reward tend to be saturated when the inflation rate must have hit the set 0.95% with no further decrease. In the year 2037, the decrease in the inflation rate will become constant temporarily and saturates at this point. So from the year 2037 to onward, the Block Reward/mine of STEEM is also likely to be saturated and become constant at 0.70 STEEM per Block.

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?

In the case of an unforeseen circumstance, it is important to know one’s recovery account on the Steem blockchain. My recovery account on Steem can be accessed on steemscan.com and I will be exploring steemscan.com.

Visit Steemscan.com/account/simonnwigwe

My recovery account- Steemit Inc.

From the above, my recovery account is Steemit inc. because I directly created the account on Steemit.
For the process of account recovery, I have to present my keys/password to Steemit Inc. and I must initiate the process of account recovery within 30 days of any occurrence that warrants account recovery. You have to provide the previous password/key to the account recovery and the recovery agent would recover your account within 30 days max.

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?

Encrypted messages are the messages that are only visible to the sender and the receivers only.No public can see these messages randomly. The encrypted message can be sent on the Steem blockchain such that the sender needs the Master password to get the encrypted messages sent also, the receiver would be needing a Master password/Memo key to decrypt the message sent. The special key used for this purpose is # followed by the message with no spacing between the # key and the message.

Below are steps showing how to go about sending an encrypted message.

• Login to Steemwallet.com with my Master password.

• Select the drop-down button beside my Steem account.

• Select Transfer

• Input the destination wallet >> Amount >> Memo tag prefixed with # >> Next.

• Initiate the transaction with the Master password or Memo
  key >> Ok.

Transaction successful, now let's check for the output of the transaction.

Transfer details- Visible

The above screenshot shows my transaction memo tag visible to me. Let's the see other one using my posting key to log in.

Transfer details- Hidden

The above shows the transaction memo tag hidden when my wallet was accessed anonymously such that the receiver needs to access the details using his master password or memo key. That is the power of sending an encrypted message to hide special information from the public.

Conclusion

In conclusion, users on Steemit should take advantage of this time to build their SP for the future now that STEEM is still easily acquired in preparation for the slight tightness of acquisition that would be experienced in some years time. With no doubt, this lecture has brought me closer to the Steem Blockchain and I am very glad to be part of this lecture, thanks to professor @sapwood for this powerful teaching and I wish you more strength, professor. So that's all about today's homework. Hopefully, all of you will like this post.

Special Regards;
Cc: @steemcurator01
Cc: @steemcurator02
Cc: @steemitblog
Cc: @sapwood
Cc: @trafalgar