Hello all fellows of Steemit Crypto Academy . This is my home task submission post for dear sir @sapwood from India. I am very glad to read his post and I have cleared my all concepts which he put into his lecture. So, In this post I will try to put on the correctly accepted answers of the questions he has asked in this home work.

Let's start these questions in a line.

Definite Rewards:

The Vested Token Holders (SP Holders) are rewarded with 15%, the consensus witnesses are rewarded with 10% and the Steem DAO are rewarded with 10% of the total supply of newly minted STEEM tokens . This reward is known as Definite Reward which is actually 35% of the total of the new minted STEEM tokens.

The vested token holders are will recieve the 15% of the definite reward without performing function or playing any role.

Task-based Reward :

Besides the definite reward there is another reward pool which contains the rest 65 % of the newly minted STEEM tokens which is known as PoB Reward Pool. This reward is distributed among the content creators(authours) and the content curators(voters) according to the task they performed.

Question#01: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 the 15% of the total supply of newly formed/minted STEEM token is distributed among the Vest Token Holders (SP). So more will be the SP we have more the share we will get from the definite reward pool without performing any task . The reward amount is automatically transferred to our assests resent in the wallet.
As it is cleared that the inflation rate is decreasing with a constant rate of about 0.01% per 2.5 million blocks are formed. So the rate of inflation is depleting time to time and with a proper calculation it is known that the inflation rate in Steemit Blockchain is decresing about 0.42% anually.

Analysis:-

From all of the above conditions it is to be known that those who built up or grow up there effective vest token (SP) will be in the great benefit in the future after 10 years (2031).As we know that more will be the SP we hold , more will be the percentage of the newly minted STEEM tokens we will get. So it is better or even very best for us to built up our SP in the next 10 years ( till 2031) because after 2031 the inflation there will be a steep decline in new STEEM tokens. So after 2031 there will be a significant decrease in the amount of STEEM tokens.

Source from Prof.'s post

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

Source from Prof.'s post

As from this table it is known that the rate of inflation decreses from 2021 to 2031 and so on till 2037. It will saturates in 2037 at 0.95%. During this period, the maximum new STEEM minted till 2031 is 2.96 in 2024 and minimum is about 2.276 in 2031. The average mine of STEEM between these years is about 1.3 STEEM per year. So the total production/mine of STEEM token in these 10 years is 13680379 STEEM approximately. So the total mine of STEEM tokens is about 13680379 STEEM between the year 2021 to year 2031.

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 saturate and become constant at 0.70 STEEM per Block.

Question#02: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?

Account Recovery:

https://steemscan.com/account/steemlover63

Here you can see in this screenshot that my account recovery is @steemitinc as I have made my Steem account from Steemit. So that's why, my account recovery is @steemitinc. You can check your account recovery simply by following these steps.

• Go to Steem Scan
• Search your account name in the Search Index.
• Here in the Account Summary you can see the Profile box where you can easily find your account recovery.

In the case of any hacking or stealing of your account unfortunately, you can recover your account again by contacting with the account recovery. The account recovery agent can be any one and we can change the account recovery agent for our account if we think or believe that our account recovery agent is not active or reachable. In the case of account recovery you have to follow the folloing steps:

• You must know the previous master key/password to recover your account.
• In the case of the lost the previous password/key you cannot recover your account. You must need the previous password to complete the recovery of your account.
• The recovery of the account can take place only within the first 30 days of the havking/stealing of the account. After 30 days , you cannot recover your account.
• You have to provide the orevious 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?

Source

Encrypted Messeges:

Encrypted messeges are the messeges that are only visible to the sender and the recievers only.No public can see these messeges randomly. In Blockchains, all of the transactions and the messeges are visible to the public and without encrypting these messeges one can lose there importance if they are private. So in the Steemit Blockchain one can send the private(encrypted) messeges in the memo portion of the transaction menu by using the Master Key/ password. And to decrypt it either the Master password or the Memo key is needed.

=> You can send the encrypted messeges to the other peer on the Blockchain and as well as the encrypted memo tags while transferring the amount to the designed exchanges.

How to send the encrypted messeges:

One can send the encryped messeges to the counterpart by following these simple steps:

• Go to the Steem Wallet and login your wallet account by providing the Master Key.

• Click on the down arrow showing next to the STEEM or SBD value.

• Click on the Transfer option in the pop-up menu.

• Here you have to fill out the all boxes. As I have no SBD because I have transferred whole of them yesterday so my SBD are zero. But this is just an example.

• To encrypt the messege or tag just put the "#" symbol before the text or number without spacing between in .
• Click on Next and then just click on OK.

So following these steps you can send an encryped messege ot tag to the others. To decrypt the messeges, just login to wallet with your Master or Memo key and in this way you can see the encryped messege which is visible to you only but not to the public.

So that's all about today's home work. Hopefully all of you will like my this post.
Special mentioning dear sir @sapwood here for visiting and reviewing my home task.

Respected Mentions:

@steemcurator01
@steemcurator02
@steemitblog

Regards: @steemlover63

Steem on !