Crypto Academy Season 3 Beginners' course - Homework Task 1: STEEM & TRON - My Entry

Hello, fellow Steemit users. In his post, our professor has explained the first beginner course very aptly. I am very delighted to present the homework task that I have prepared for him.

My assignment is focused on the first part of the questions that were offered. The questions of the first part are as follows -

• 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?

Now, I will begin with my post.

What is PoB?

Ideally, there are two forms of interpretaions of POB. One is Proof of Burn and the other one is Proof of Brain. Proof f Burn is initiated by Blockchain as a consensus algorithm and its main purpose is to make sure that all the nodes reach an agreement regarding the valid and true state considering the blockchain network. However, Proof of Brain is basically for reward generation. Here, the algorithm in discussion is the PRoof of Brain. It was solely designed for the Steemit platform.

Unlike other social media platforms, POB is designed and implemented only on Steemit. One might not receive any form of rewards on other social media platforms, despite any amount of hard work they put in working on that platform. However, it is different on Steemit. Here, the Proof of Burn mechanism ensures that the creators and authors who work diligently are rewarded with tokens.

POB is ideally a task-based mechanism. For the rewards, the user must perform certain tasks which involve creating posts that are engaging, plagiarized free, monotonous, the user must engage in cheerful comment interaction, should help in content discoveries, and curation and replies. The content is curated and rewarded with token rewards. The 'upvote' approach is utilized in deriving the rewards. It is quite similar to the 'like' feature in other social media platforms. However here, the amount of reward that the user will receive depends on the percentage of the stake weighted.

What does curation mean to you in Steem Blockchain?

Steemit is a platform which encourages its users to stay active and engage more by rewarding them with tokens. The process which concerns this rewarding mechanism is termed curation. The rewards gained through curation are of the following two types -

• Curation rewards - These rewards are received by the person who participates in upvoting the posts of another user through curation. Many users combine their stake and upvote a post. During the payout of the post, the awards that are visible on it are distributed 50-50. 50% of these rewards go to the curators. And this 50% is distributed amongst the curators on the basis of their stake weightage.

• Author rewards - As mentioned above, the remaining 50% of the rewards go to the author in the form of various takens. The authors of those posts are rewarded which are good, plagiarised-free, and have decent engaging in the comments section. This motivates many authors to produce valuable content.

What are the benefits of building SP?

The various benefits of building SP are as follows -

• SP refers mainly to the influence power. It is therefore acknowledged that the more the SP, the more is the influence power of the user.
• The curation rewards that a user receives are based on the stake weightage of their SP.
• The users with higher SP are always favoured by the reward mechanism.
• Community building is also ensured by holding SP for a long time.
• As we know now of the Steem-TRX integration which enables us to earn TRX as well now. This TRX reward is earned proportionally to SP, meaning in a ratio of 1 SP : 1 TRX.

One can build SP through the following ways -

• Powering up Steem and converting it to SP.
• Putting your posts on 100% power up.

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

I consider self-upvote as a bad behavior depicted on this platform. A person who upvotes his own post meddles with the content discoveries. That person is escaping the opportunity of being judges by the other creators in regards to whether their post deserves that much upvote or not. Quality of content creation is very important and it must be checked before being curated.

Such self- curated posts fall under the sub-linear zone and hence much upvoting or providing any huge rewards on them is not encouraged. This is because the convergent linear reward system encourages the users to navigate through the Steemit blockchain in search of meaningful content, and also engaging in the comments section to voice their opinions. This helps in discovering better content.

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

As it is visible from above the rank of The Steem cryptocurrency, the market rank of Steem at the time of my writing this post is 197. The price at this time is $0.2251. The market capitalization is of $90 million with a decrease of 10.99%.

The all-time high and low within a 24 hour supply recently is $0.2564 and $0.2207 respectively. The market dominance of Steem at the time of writing this post is 0.01%. The trading volume is $2 million at the time and it has fallen by 20.91%.

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

There are three different types of tokens that a user can earn through Steemit -

• Steem -

  This is the fundamental cryptocurrency of the Steemit blockchain. The Steem Power (SP) that a user collects can be powered down and converted to Steem. The power-down works in a way that only o quarter of the total SP will be converted to Steem in a week. This Steem earned then can be used for trading and one can even transfer it to some other wallet. Through this Steem a person can purchase their desirable things after converting this Steem to their respective currencies.

• SBD -

  The other token that is awarded is SBD or Steem Dollars. It is affected by the purchasing power of the US Dollar. It is traded a lot and is also a lot scalable. It is valued as the US Dollar.

• TRX (Tron) -

  The Steemit platform has undergone an integration with Tron which has enabled the users to earn Tron as well. Steem and Tron were valued at an equal ratio of 1 Steem : 1 TRX. This simply means that for every Steem awarded, the user receives a Tron as well.

CONCLUSION

I would like to conclude by saying that I really enjoyed preparing this homework task for professor @sapwood. I learnt a lot about the Steemit blockchain. I leant about the value of SP and the procedure followed for upvoting a post and receiving the rewards. The various types of rewards that are rewarded on Steemit are very motivating for the authors to produce better posts. I hope our professor likes my homework post.

Thank You.