Crypto Academy Season 4 Beginners' course - Task 2: STEEM & TRON @sonofremi

in SteemitCryptoAcademy3 months ago (edited)

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 you earn by socializing in Steem Blockchain?

How would you use your TRX earned in Steem Blockchain to optimize earning in the Tron ecosystem?

20211031_083611_0000.jpg

Image from Canva

What is PoB?

PoB is said to be a set of tokens that is allocated to the making of content and curation. The voting is done based on quality of content and rewards are distributed and also redisturbed from the reward pool. In blockchain platforms like steemit, originality is valued and plagiarism is highly frowned upon. When a vote is given to a post, there is a particular amount of token that comes from the reward pool and is shared between the author and curator. It is described as stake-weighed Mechanism (SP) that allows a user to vote(distribute) and downvote(redistribute) rewards from the reward pool. It determines the amount of influence a user has on the Steemit blockchain.

images (22).jpeg
Source

What does curation mean to you in Steem Blockchain? What are the benefits of building SP?

Curation is the act of allocating a reward to a post that has been found to be quality and intriguing. Curation reduces the curators voting power therefore it is advised that it is given to quality posts. When a post is curated, a reward is attached to the post and it's withdrawn from the reward pool, when a post is downvoted the particular reward is redisturbed and nothing would be allocated to the user from the reward pool. An upvote gives 32.5% of the rewards to the author and later the rest is shared to the curator. In curation, the time the post is posted determines the amount of reward obtained. When an author posts a post and it's voted before 5 minutes, the author receives less than 100%. The user is also rewarded Tron in the order of (1 STEEM:1 TRX ), meaning that any steem earned would be equal to the amount of tron earned.

TimeCuration RewardReward in Pool
The exact time of posting0%100%
1 minute20%80%
2 minutes40%60%
3 minutes60%40%
4 minutes80%20%
5 minutes or more100%0%

images (12).png
Source

How do we curate?

There is a specific way we are supposed to curate content;

  • Find a post of quality and informative.
  • Check the type of grammar just in a post
  • Check if the post was plagiarized or not
  • If the content speaks to you as a reader then upvote or distribute from the reward pool.
  • Use the comment icon to leave a meaningful comment
  • The repost/resteem the content in your blog for your followers to be able to enjoy the content and also vote and comment.

Benefits of Building SP?

Steemit is a blockchain that rewards users based on originality and authenticity of content, it was made by Ned Scott on July 4th of 2016. Stake Weighted Mechanism (SP) is said to

STEEM POWER increases at an APR of approximately 3.20%, subject to blockchain variance.

Users of the steemit platform have some terms that they use everyday as a member of Steemit, they include Delegations, Stake Weighted Mechanism (SP), Upvote and Downvote.

Delegation

This is a loan given to run a new account on the blockchain, it is not added to the total SP value but indicated in brackets as if it is a loan from someone else.

Upvote

Means distribution from reward pool and Downvote means redisturbed from the reward pool, rewards are sent back to the reward pool, the amount redisturbed depends on the reputation of whosoever is applying the Downvote.

Screenshot_20211101-074759_Chrome.jpg
* Image from steemitwallet.com.com *

Steem Weighted Mechanism

Your SP is the amount of influence you have in the blockchain, it affects curation rewards you receive for creating posts. An account can't be run without SP, you need approximately 5SP for your account to valid on Steemit blockchain, that is why a total of 15SP is delegated from the Steem board to run the new account and sometimes the delegation returns to the delegatee. As a user of the steemit platform is advised not to power down, as seen as an exploitation in the steemit blockchain as mentioned steem power is your influence, therefore losing SP reduces your influence. In some communities its is hard to be relevant or post a valid post, for instance Cryptoacademy requires a sum of 150 STEEM and a reputation of 50 to run the introductory course on this community.

Screenshot_20211101-074935_Chrome.jpg
* Image from steemitwallet.com.com *

Benefits of Building Steem

1.Increase of influence on the steemit blockchain: every steemit account has a reputation that indicates the volume and quality of activities a user has performed on steemit.

2.Increase of curation rewards from the reward pool: People of higher SP and high reputation receive more from curation than other users.

3.Increase of Following: Steemit is also a social media blockchain in the sense that people can follow each other on the platform, therefore a higher SP can get you followers that love to engage with your content and be able to connect with them through your blog.

4.Increase of Voting Power: When the user of higher SP votes on a post that will allocate a specific amount of reward from the reward pool to the post being voted. But the voters are also cautioned to vote on a maximum of 8 posts per day as voting reduces voting mana, thus voting mana also recharges 20% each day. Every 100% vote takes 20% of voting mana.

How do you explain self-upvote as a good or bad social behavior & why?

Self vote is self appreciation for a content that belongs to you. It is seen as bad behaviour because any content is supposed to be appreciated by other members of the blockchain. For instance in posting a picture on social media you are not supposed to like your own picture, it is your own picture, therefore it should be allowed to be seen and recognised by other people.

download (1).png
Source

As a new member of the Steemit blockchain it is advised not to self vote because it reduces the amount of people that would interact with the post and also reduces the curation rewards. It reduces curation rewards, in the steemit blockchain everyone is given a percentage of their Steem power, there a person with only 1% SP will constantly receive just 1% from the reward pool and others with 50% will earn 50%, this would affect redistribution from the reward pool. It also attaches downvote, self voting is an act frowned upon therefore others wiĺl downvote your post causing redistribution to reward pool and causing the person not to earn from original content.

Explore Coinmarketcap.com to indicate rank, STEEM price, and coinmarketcap of STEEM(screenshot required)?

  • On opening the site Source click on the search icon on the top right of your screen if you're using a smartphone.

Screenshot_20211101-053826.jpg
* Image from Coinmarketcap.com *

  • Type Steem and you would see Steem and Steem dollar appear as clearly seen below.

Screenshot_20211101-053854.jpg

* Image from Coinmarketcap.com *

  • Beside the Steem logo we see the rank of Steem as #278 among the first three hundred listed cryptocurrency.

Screenshot_20211101-054008.jpg

* Image from Coinmarketcap.com *

  • Below we can see the current price of the steem token in my local currency called naria.

Screenshot_20211101-054337.jpg

* Image from Coinmarketcap.com *

  • Below we can see the statistics of the steem coin, as seen the Market Cap is at 95.38BN NGN, and circulating amount as 392.72M NGN as seen below.

Screenshot_20211101-055215.jpg

* Image from Coinmarketcap.com *

What are the different tokens you earn by socializing in Steem Blockchain?

Steem is a token created by Ned Scott that is based on the Steemit blockchain, this token is used as a means of payment and transaction of any kind on steemit. This token is given as reward for creating original and proof of brain content on the steemit blockchain. Steem is a token that is used in running steemit. Steem users can access their steem token by assessing their wallets with their Private active keys. On opening a steemit account it is important to save all the keys that are given to a new user.

images (23).jpeg
Source

However, it is not only steem that can be earned from the steemit blockchain. We also have Tron, Tron is a decentralized open-source blockchain based operating system (OS). It is run on proof of stake and uses different consensus mechanisms. Tron is equivalent to the amount of steem an author earns from creating content in a ratio (1Steem: 1 Tron). The owner of Tron Justin Sun also bought Steemit, but he tried a hostile takeover that resulted in the branching out and forming of the Source

The Tron account from steemit is run with a set of keys that are specifically for the tron account exclusively, therefore it is advised to guard your keys to prevent any form of loss.

Steem Dollars (SBD):

Is a stable-value token that can be traded in the market for steen that can now be transferred to other accounts on the steemit platform. This token is significantly higher than steem based on the stability in price of the token, it is valued at approximately $7. When an account is set to 50/50 earning the reward is shared and earned in SBD and Steem Power.

Steem Power:

STEEM POWER increases at an APR of approximately 3.20%, subject to blockchain variance.

The Steem power is earned by creating content on Steemit and it determines the amount of influence a particular user has on the steem blockchain. When a post is set on 7days power up, the account only earns Steem power.

How would you use your TRX earned in Steem Blockchain to optimize earning in the Tron ecosystem?

The tron account can be optimised by linking the tron account with a tron link wallet thus allowing one to send and receive tron.Thus using tron always allows on to use the Dapp that are available on Tron like the Justswap and the Tron token can also be staked. Staking means using crypto holding to get additional rewards. The Tron token can also be swapped for other crytocurrency like TRY and BTC.

Conclusion

I would like to thank Professor @sapwood for this wonderful assignment, i have learnt the usefulness of Steem and Tron.

Sort:  
Loading...

Coin Marketplace

STEEM 0.40
TRX 0.07
JST 0.054
BTC 42293.60
ETH 3232.24
BNB 472.69
SBD 4.86