Crypto Academy Season 3 Beginners' Course - Homework Post for Task 1: Steem and Tron
(1) 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?
Proof-of-Brain (PoB)
PoB is a methodology that is used in the distribution of rewards to authors and curators on the Steemit blockchain. Authors have to create good content with 100% originality in order to stand a chance of receiving rewards. Curators (other users) would upvote the content accordingly. In the case of contents that go against the rule of originality, downvotes would be offered inorder to return the rewards to the reward pool. This is what the Proof-of-Brain is all about.
Content creators and authors receive 65% of the reward pool. The author gets 50% of this share, while the other 50% is shared between the curators in proportion to their individual Steem Power (SP) as at the time they offered their votes.
What Curation Means to Me in Steem Blockchain
Steemit users have the ability to vote on quality posts. This is what is known as curation. Let's take "Mr A" as an example. Mr A is a Steemit user. He goes through the platform and reads people's posts. If Mr A likes a post, he'll offer an upvote to the post. This upvote would have a value which would pay out after 7 days has elapsed since the creation of that post.
Curation benefits both the content creators and the curators. The value of the vote given would depend on the amount of Steem Power that the curator owns, his Voting Mama, and the time of voting in respect to when the content was created.
In a situation where a content is not original and contains plagiarized work, a downvote would be offer by a curator(s) inorder to return the rewards back to the reward pool. The weight of the downvote also depends on the amount of SP and the voting Mana of the curator.
Curation helps to maintain the integrity of the blockchain by making sure that only quality posts receive rewards.
Benefits of Building SP
Whenever someone new joins Steemit, they are advised to grow their Steem Power and avoid powering down. Most of them usually don't understand the reason behind this advice. Building SP is very beneficial in so many ways and here are some reasons why:
SP affects one's influence in a community. People with a great amount of SP usually have a high influence in a community.
Building SP would improve one's voting power.
High SP also implies a high percentage in curation rewards. This means that if someone has high SP, they would receive a great share of curation rewards after the post payout.
Building your SP would attract attention. Most users usually follow accounts with great amount of SP. This brings more attention to one's posts.
Setting a post to 100% SP rewards is very advantageous because of the integration of Tron into the Steemit platform. TRX rewards are received in the ratio of 1SP:1TRX. Building SP helps in the accumulation of TRX as rewards.
Self Upvote
Many users in the Steemit blockchain have the habit of upvoting their own contents. This is wrong in so many ways. First of all, it eliminates the PoB mechanism. This mechanism entails that other users (excluding the author) would offer upvotes as reward for a content after determining it's quality. When an author upvotes his contents, the idea of the PoB is eliminated.
Whales can misuse their power through self upvotes. Because they have a great amount of SP, they would upvote their own contents and receive both the author and curator rewards. This would not help in the growth of communities.
In a different perspective, some users are fond of self upvotes because their contents don't receive attention. The self upvote would be a means to an end in this scenario.
Nevertheless, self upvote is a bad behavior and should not be encouraged.
Coinmarketcap Analysis of Steem
The image is the analysis of Steem on Coinmarketcap. The information gotten from the site are as follows:
| Property | Description |
|---|---|
| Price | $0.2013 |
| Market Cap | $79,050,443 |
| Rank | 227 |
| Circulatory Supply | 392,751,442.78 STEEM |
| Total Supply | 409,725,537 STEEM |
| All-time High | $8.57 |
| All-time Low | $0.06919 |
Tokens that are Earned on the Steem Blockchain
On the Steemit blockchain, authors can earn Steem, SBD, Steem Power, and TRX as rewards.
- An author earns SBD + SP if the debt ratio is below 9% (this is the current situation).
- An author earns STEEM + SP if the debt ratio is above 10%.
- An author earns STEEM + SBD + SP if the debt ratio is between 9% and 10%.
Debt Ratio is the ratio of the market cap of SBD to the market cap of STEEM.
TRX is earned in the ratio of 1SP:1TRX. This means that the amount of TRX earned is always equal to the amount of SP earned.
Curators only receive SP as rewards.
Conclusion
Steemit is a wonder platform for generating income. In addition to this, it improves the creative ability of users and helps promote originality. I joined Steemit because of the money it pays, but I've come to enjoy the entire process and not just the money alone. With Steemit, blogging has been a wonderful experience.