CRYPTOACADEMY WEEK 7, HOMEWORK TASK; LECTURE BY @sapwood || HOMEWORK DOME BY @xkool24 ||

Hi, great friends in steemitcryptoacademy, I'm glad to participate in week 7 HOMEWORK TASK by professor @sapwood. Without wasting much of our time, I want to start attempting all task below

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HOMEWORK TASK

(1) As most of the STEEM tokens will be minted in the next 10 years or so(on account of inflation), how important it is for you to build your SP in the next 10 years and build significant influence power in the form of SP? How difficult will it be to earn STEEM rewards after 2031? From 2021 to 2031 how many STEEM tokens are going to be minted(approx)? In which year the inflation and Block reward is likely to saturate(tentatively)?

Steem power also commonly known as Maximum Influencer truly represents the future of the steemit blockchain as regards who owns what determines the value of others in terms of curation. This is to say the more your SP in the community, the more your power influence too.

From the steemit reward pool, we can see that aside the 65% which that is alotted to the content creators & curators, another 15% is also rewarded to SP owners which do not need to execute any task before they are rewarded or claim this reward. This two different percentages places more value to the SP knowing that they get paid more for upvoting.

Just as narrated, aside from collecting this tokens between now and the next 10yrs which may likely experience a steep of stability at the level of virtual supply as Inflation rate keeps decreasing, SP would become the main influencer in the steemit blockchain as little or no token would be minted.

From the graphic from professor @sapwood, it means that during the next 10 years, theRebwoukd be approximately 320million steem to be minted in the blockchain present in the steemit ecosystem but after that, block rewards are going to show steep decline from 2031 upwards. So this is time everyone needs to take advantage to build all the steem power they want as possible because this would be extremely difficult to do after the projected 10yrs. For me I wont want to be caught in this circle of those hunting for SP.

At about 2037, both block rewards and inflation elevates would be saturated hence it will continue to align in same rate as seen in 2037. By then it would be difficult to earn steem rewards, making it a difficult period to earn rewards in the blockchain.

(image copied from Sapwood Lectures)

Looking at the image above, the estimated STEEM reward per block between now and 10 years time (2021-2031) is projected showing the steep decline in various variables. It is projected to be 2.866 STEEM reward at the moment, highest in the next couple of years (2024) to be 2.962 STEEM reward and the lowest to be experienced in 10years time (2031) which would be 2.276 STEEM reward per block.

From 2021 to 2031 how many STEEM tokens are going to be minted(approx)?
Also, the number of steem tokens to be minted from year 2021 to 2031 should be approximately 320million steem. From the image above, when you sum up the amount of new steem,.that should be approx 30steem too.

(2) Who is your recovery account in Steem, how do you check it(Hint- Steemscan), include screenshot(s)? In the case of any unforeseen event like hacking what information do you provide to the recovery account(or the trusted account) to initiate the recovery process?

(Screenshot of my recovery account)

Account recovery status can be checked using the steemscan.com/account/steemit username. Should in case I have any form of hacks in this regards, the image above shows that my recovery account indicated above is STEEMIT INC. This is so because I registered my account directly from the steemit blockchain, not passing through a third party site. I also have to present my keys to Steemit Inc by initiating this process which has a cycle age of 30days.

(3) How do you send an encrypted message(private message) to another peer in Steem Blockchain(include screenshot/process)? Which key is required to send a private message and which key is required to decrypt it? (Example/Screenshot)? Either send an encrypted memo-tag to exchange and send a private message to another user

Encrypted messages can be exchanged in steemit blockchain where the Master/Memo keys come into play in the function. When a sender initiates a message, this message is decrypted by using a special key # which automatically hides the message sent to the receiver.

While sending this message, I will use the small steem value to initiate it by adding 0.001steem in
the amount column.

Firstly, goto your steemit wallet account and login with your master key. After then click on the Dropbox attached to the Steem icon. Follow by clicking on Transfer

After this, a Dropbox pops out asking you to input the following;

• The receivers user account (example @tenguhatanga)
• The steem value (usually 0.001) to facilitate this process
• The message for the receiver which must be start with the # Special letter with space with the First typed word or number.

Then click on Ok, and the next box comes out asking you to confirm again by clicking on Ok. Since you're already logged in with your master key, it confirms the transaction immediately.

Thank you everyone for reading through. This is my entry professor @sapwood for week7 homework Task.

Cc: @steemcurator01, @steemcurator02, @steemitblog