Crypto Academy Season 3 Beginners' course - Task 1: STEEM & TRON By @uzoma24

in SteemitCryptoAcademy3 years ago (edited)

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Hello everyone, how are you, I hope you doing great? Am very glad to participate in this class by @sapwood after the break.
I will be attempting number 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 do you earn by socializing in Steem Blockchain?


What is PoB?

PoB in full means Proof of Brain. In steem, there is a pool of rewards that is 65% of the total rewards belonging to PoB. This 65% is shared between the curators and the author of any post equally (50:50).

Note: the authors are the content creators while the curators are the voters.

Proof of Brain therefore, is the combination of content creation, reward pool and the voting system.

Content creation:- this is the aspect of the steemit ecosystem where participants create original contents void of plagiarisim while the rest read, vote(curate) comment and re-steem.

Reward Pool:- Reward pool is an aspect of steemit block chain from which tokens are distributed to valuable contents created by users of the platform.

Voting System:- this leverages on the wisdom of the crowd to assess the values of content created and distribute tokens to them in form of votes.


What does curation mean to you in Steem Blockchain?

In Steemit Blockchain, curation means a process of reading through the content created by another user of the steemit platform, leaving a meaningful comment as to what you think about the post, re-steem the post if you so desire, and vote. While you do all these, you will check if the author observed the Markdown Styling Guide and if the post is original or plagiarized. These factors will determine the percentage of your total voting strength you should allocate to the post. Bellow is a a picture I took with my phone where I tried to describe on paper the whole process of curation.

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Bellow is a screenshot that shows that you have the ability to allocate any percentage of your vote to any post according to how good you consider it. Then, after the post expires and pays out in seven days, you earn curators rewardb as a curator which is 50% of your vote to the post.

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What are the benefits of building SP?

SP means steem power.
In-between liquid steem, steem power, Steem Dollar and Tron which are the the coins we earn on Steemit, the one that gives us relevance in the steemit block chain is steem power.

Bellow are the benefits of powering up our Steem;

  • Steem that are powered up can only be withdrawn after it is powered down. When It's powered down, it drops 4 time in 7 days intervals this therefore discourages withdrawal and therefore, encourages long term retention.
  • When you power up, your steem it is more secured from attack of hackers.
  • some percentage of steem is also shared equally amongst steem power holders.
  • when you hold a very large steem power, it helps you explore the opportunity of delegating a certain part of your steem Power to various curatial trails and earn there-of.
  • It helps you gain more popularity and get more people to follow you since people will always try to attract your attention towards their posts (by tagging you to this post)for possible up-vote.
  • it will it will help you earn more curatial rewards which is 50% of your up-vote on any post.
  • it will also help you earn some percentage of votes as a witness.

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

Self vote is when an author up-votes his own post. It is not a good habit and should be condemned and discouraged in the Steemit ecosystem.
Self voting is a sort of self appraisal which does not allow other curator to discover good contents. Moreso, it is a bad social behavior since it doesn't encourage proof of Brain which is an essential part of the steemit ecosystem and it doesn't encourage others participants too which in turn discourages socializing.

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

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From the first screenshot above, steem price is $0.2438.
Market Cap is $97.833M while (Circled in black)
Rank is 195 (Circled in Black)


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

There are four different tokens I earn on Steemit, they are the following as represented in the table below

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S/nTokensExplanation
1.Liquid Steemthe liquid Steem is the fundamental token of steemit. It is volatile in this form and can easily be exchanged for another currency or traded for Fiat currency
2.Steem DollarsThis is a sort of a debt instrument pegged at 1:1 with the US Dollar. According to the white paper, by holding a steem dollar, you are effectively lending the community the value of a dollar which in turn encourages growth. This token is traded actively in 5 different markets with a current supply of 8,043,767.991. It can be traded for Fiat currency or for steem or other crypto currencies
3.Steem Powerthis is steem that have been invested into the network as equity. It is invested by converting it from liquid form to a more secured form known as steem power, through the process known as power up. It determines ones level of stake in the steem block chain. This means that the more steem power you hold the more influential you can because on the block chain. Steem power can also be converted to liquid Steen through a process know
4.TronSince the management of steemit had the business understanding with Justin Sun who happens to be the CEO of Tron coin, every steemit user now earns in steem and Tron. Though the value of Tron is low now, but it has potentials to grow and it have added immensely to the growth of steem world wide. Tron can be traded for any other crypto currency or Fiat currencies

CONCLUSION

In conclusion, steemit is the fastest growing decentralized social media block chain platform, where users can earn in steem, steem dollars, steem power and Tron. Since the alliance with Tron, the platform have grown even more and users have more options.

I want to cease this opportunity to appreciate our able Professor, @sapwood for this great lecture. I did benefit from it.

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Wow this is awesome, thanks for sharing

 3 years ago 

@emyprince thank You

 3 years ago 

@sapwood kindly review my assignment.
Thank You

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