Homework Task 7: Steem Blockchain(Inflation, Recovery Account, Encrypted Message) | lesson by @sapwood
Hello everyone. I am happy to be here again to learn from professors and in this one, I've learnt from professor @sapwood. The lecture from the professor was a great one and I will be attending to the task given at the end of the lecture.
How important it is to build SP in the next 10 years
The earning of Steem reward from the reward pool through the Proof of Brain on Steemit is still very easy at the moment and one of the ways to earn it is from creation of quality contents on Steemit and curating quality contents from others.
.png)
Basically, you can earn as an author and curator, and this amount altogether to give you good Steem rewards. Let's talk about the inflation of Steem blockchain, it is noted that the inflation rate decreases gradually after been set at 9.5% in 2016 and the more reduced the inflation is, the reduced the Steem rewards to be expected.
It is highly important to build the SP now and for the next 10 years when it is very easy to earn Steem reward from the reward pool.
How hard will it be earn Steem reward after 2031
As stated earlier that Steem reward is still easily earned at the moment and for the next ten years (2031) but it will be hard to earn Steem rewards after 2031 as the Steem being minted per block would have reduced greatly. Note that the present Steem tokens minted per block at the moment is 2.866 STEEM and which tends to reduce greatly after 2031. Then, users can't easily earn steem rewards again and for the purpose of powering up in that case, users have to buy Steem from other sources to power up on Steemit. I will be considering using professor @sapwood table where he showed the estimate of Steem blockchain in the next few years.
.png)
How many Steem Token will be minted between 2021 to 2031
In this part, I will be using the table provided above, to get the approximate amount of Steem tokens to be minted from 2021 to 2031, we will find the difference between the virtual supply of Steem in 2021 and 2031.
Estimation from the table shows;
2021 virtual supply = 391,804,970 STEEM
And for year 2031 virtual supply projected to be = 685,011,397. 3 STEEM
Now, we have; 685,011,397.3 STEEM - 391,804,970 STEEM = 293,206,427.3 STEEM
Therefore, the approximate value of Steem tokens that will be minted between 2021 - 2031 will be 293.3 STEEM.
When the Inflation and block rewards is likely to saturate
Remember I talked earlier that the inflation rate decreases gradually and it will stop reducing after reaching 0.95%. It is likely to hit the 0.95% in the year 2037 when the inflation and block reward tend to be saturated.
How to Find my Recovery Account
Knowing one's recovery account is important should in case there is a situation like hacking of one's account. The process of recovering the account will be done through one's recovery account and how do one find his/her recovery account? It is easily seen on steemscan.com and it is to be take note of, so you can know where to face if there are situations that force recovery of account. The steps are explained below.
- Go to steemscan.com/account/username.
- Example; steemscan.com/account/temitopef.
- The information is fetch easily as shown below.
My recovery account
My recovery account is Steemit Inc. as noted by the professor that you will have your recovery account to be Steemit Inc. if you create your Steem account on Steemit so as well my profile on steemscan.com revealed Steemit Inc. as my recovery account.
Information needed for my Account Recovery
I will need to provide my username and Master password/keys to Steemit Inc. within 30days of noticing frivolous activities on my account, to start the process of recovering my account.
How to Send Encrypted Message
Sending encrypted message on the Steem blockchain is very easy to do. Sometimes, you might want to convey a private message to another user on the Steem blockchain hiding the details from the public. The key used for this purpose is "#", put before the message or memo-tag without gap, in other words, prefixing the message or memo-tag with "#" key. I will show the procedures below.
Steps
- Login to my account with Master password on steemitwallet.com.
- Click the inverted triangle beside my Steem balance.
- Select transfer>>Receiver's username>>Amount>>Message with # prefix (without gap).
- Proceed to next>>Input Master password or Memo-key to continue>>hit OK.
- Then your encrypted message is successfully sent.
- Screenshots below.
Steem balance options
Select Transfer
Input details <---> Next
OK - Message sent
The message was successfully sent and the receiver needs his/her Master password or Memo key to decrypt the memo-tag. Take for instance, I accessed my wallet after login out and the memo-tag is completely hidden and that's how it will remain to all other users. It can only be visible to me and the receiver using his/her Master password or Memo key to decrypt the message.
Memo-tag hidden from the public
Conclusion
Now is the best time to build your SP by taking advantage of earning rewards from the reward pool as an author/curator, making quality contents and curating quality contents that add social values to the Steemit community amd remember to protect your account to the best of your ability. I am glad to have learned more about the Steem blockchain and thanks to the crypto professor @sapwood for his wonderful deeds to put this up, thank you sir.
Regards; Cc: @steemcurator01 , Cc: @steemcurator02 , Cc: @steemitblog , Cc: @sapwood
Sort: Trending
Loading...