Crypto Academy season 4 Beginners course - Task 2: Steem &Tron
Special thanks to @sapwood for the wonderful lecture below is my homework task.
what is PoB? What does curation mean to you in steem Blockchain? What are the benefits of building sp? How do you explain self-vote as a good or bad social behavior and why? Explore coinmarketcap.com to indicate rank, Steem price, and coinmarketcap of Steem(screenshots required)? What are the different tokens do you earn by socializing in steem Blockchain? How would you use your TRX earned in steem Blockchain to optimize earning in Tron ecosystem
What is PoB?
PoB known as Proof-of-Brain is the consensus mechanism on which the Steemit platform operates. In a very basic way, the PoB mechanism is a consensus mechanism that rewards users based on their wisdom (i.e. based on knowledge and intellect).
The Proof-of-Brain consensus mechanism functions in two basic ways:
- There is a pool of rewards that are provided as incentives to content creators and curators.
- There is a voting system that judges the intellectual worth of content based on the assessment of the crowd.
By adopting this approach, the Steem blockchain may distribute a large number of block rewards by employing human interaction as the mining mechanism, rather than electricity and hash detection, as most proof-of-work blockchains do.
What does curation mean to you in Steem Blockchain?
Curation, in very simple terms on the Steem blockchain means checking for content worthiness. It is all the efforts put in place by members of the Steemit community to ensure that content shared on the Steemit platform is good enough to be rewarded from the pool of rewards.
Curation usually involves all of the following and even more:
- Carefully perusing a shared content/post
- Checking for the validity of the content, i.e. whether it is accurate and trustworthy
- Validating the usefulness of the content to the Steemit community at large and to the immediate community on which it is shared.
- By employing the help of plagiarism checkers, curation also involves checking contents for plagiarism, as plagiarised contents are harmful and defeat the Proof-of-Brain approach.
- Voting the content to reflect one's opinion of the content – an upvote is usually done for worthwhile content, while a downvote is done for worthless content.
- Based on the worth of the content, a curator may also decide to share the content with his/her followers by resteeming.
What are the benefits of building SP?
SP which is Steem Power, Influence Power or the Stake-Weighted Mechanism, is an individual’s influence on the Steemit platform. The more SP an individual has, the more authority they have when they curate content.
Building SP is not solely beneficial for content curation, it also comes into play in the following areas:
- Participation in certain communities requires that an individual attain a certain amount of SP.
- Most contests on Steemit have an SP requirement.
- Several roles/positions on Steemit have an SP requirement as well.
SP is more than one's influence on Steemit, it is also a reflection of one’s level of commitment to the platform, as it grows over time with the sharing of quality and well-curated content.
How do you explain self-upvote as good or bad social behaviour & why?
Self-upvote is bad social behaviour. Here are some reasons why this behaviour is bad and unnecessary:
- Going by the Proof-of-Brain consensus mechanism on which the Steem blockchain operates, one’s content must be assessed and valued by other member’s (curators) on the Steemit platform and not by the author him/herself.
- Self-upvoting is usually likely to occur within a few minutes after a post is published, and most times within the 5-minute period in which a reverse auction is likely to occur. This consequently reduces the amount/value of reward the author should get from the content.
Explore Coinmarketcap.com to indicate rank, STEEM price, and coinmarketcap of STEEM (screenshot required)?
ID | Tag | Value |
---|---|---|
a | Rank | 173 |
b | Price | $0.7574 |
c | Market capitalization | $293,187,560 |
What are the different tokens do you earn by socializing in Steem Blockchain?
The tokens one earns by socializing on the Steem Blockchain are:
- STEEM
- SBD
- Tron
How would you use your TRON earned in Steem Blockchain to optimize earnings in TRON ecosystem?
There are several ways TRON earned on Steemit could be used to optimize earnings on the TRON ecosystem:
1. Staking: One can use their TRON earned on Steemit to optimize earnings on the TRON ecosystem by staking it in a mining pool. Staking simply implies using funds to support mining operations in a blockchain network. By staking TRON on a mining pool, one can accumulate profits over time. Common mining pools where TRON could be staked on include Sun.io and Ledger.com.
2. Voting and Governance: With a specific amount of TRON (usually significant), one can earn some level of authority on a blockchain that permits them to serve as Super Representatives (SRs). By being SRs, they receive some rewards.
Cc;
@stream4u
@sapwood
@awesononso
@reminiscence01
@dilchamo
@nane15
@sapwood @nane15 @dilchamo please review my assignment. Thanks
Alright, let me follow up with the Beginner tier professor.
Thank you.