@normalguy Daily Question Challenge | What is Steemit ?

in #life3 years ago (edited)

Hi there my fellow steemians ! I, @normalguy was now here to to bring you the latest mission in my steemit journey.

Welcome to the @normalguy's Daily Question Challenge

What is it all About?

The @normalguy's Daily Question Challenge was a mission to @normalguy answering a series of questions, it may be about the steemit community, may be about the current issues, but it will be more about the author itself.

Everyday random questions will be answered by @normalguy, also to ensure the consistency of the challenge, post will be posted in advance to the date. As of the moment @normalguy have answered 8 daily questions and was being scheduled to be published every 10:30 pm -
Philippine Time - using the @esteemapp application.

I encourage all of the other #steemians to join the contest, just include the #dailyquestion to one of your tags so that I can somehow resteem your post and give you an upvote (though my upvote was not really worthy yet). I hope this challenge will soon became big and give us the opportunity to bring contents on the steemit community

Also @normalguy was planning to keep this challenge as long as possible - so this challenge will be the @normalguy's Daily Question Challenge - September Issue

So for the @normalguy's Daily Question Challenge - September Issue the first Question will be about the community itself, about Steemit

Despite of knowing that there are a bunch of published posts about the Steemit Community, I @normalguy still wants to share to you what is Steemit

What is Steemit?

Hmmmmm definitely this is a social media platform where you can earn money, this definitely was the definition of the most new comers in the community. I indeed was guily with this reasoning 7 - 8 months ago.I only see the community as an opportunity to earn money Peace ! ! ! 👌👌 Steemit kinda feels like the normal social media we are using today, however this platform indeed rewards you for you posts and comments through some monetary tokens called Steem and Steem Dollar.

According to Wikipedia steemit is a free blogging social networking website that uses Steem blockchain - based rewards platform for its publishers. The company, Steemit Inc. was founded by Ned Scott or @ned together with the creator of BitShares and EOS, Dan Larimer.

What does Steemit Offer?

The Steemit Community primarily offers all the publishers Steem and Steem Dollar Tokens which are tradable for other crypto-currency such as bitcoin, litecoin, etherium and many other more types of tokens. Publishers and users obtain Steem and Steem Dollars for every posts and comments that was been upvoted. Upvotes are similar to the Facebook's Like feature, each of these upvotes on published comments and or posts will give authors the monetary rewards in term of Steem or Steem Dollar tokens.

Each users will be given the chance to upvote or curate posts and comments, however curating and or upvoting are being influenced by the amount of Steem Power the voter had. Accounts having high Steem Power brings higher reward value.

  • Steem - is the fundamental unit of account in the Steemit Community and the Steem blockchain, values of other units in the community such as Steem Power and Steem Dollar was been derived to this token.

  • Steem Dollar - this are the units that was being rewards to users in exchange of their posts and comments that was being upvoted or curated. However as of today, the token that was being rewarded to the users are Steem

  • Steem Power - this is the token which symbolizes the power an account have inside the steemit community, this also show the value of an account's upvote in the community. Having a high number of Steem Power will give your upvotes higher value, also if an account have no Steem Power at all, upvoting features of the account will be disabled. Steem Power was also been influenced by the Voting Power, which definitely limits the number of times a voter can upvote if not a voter can surely slaughter the steemit community rewarding all the publishers Steem or Steem Dollar tokens.The more Steem Power you have, the more influence you have and many users will follow you.

    • Voting Power - are being used to limit a voter's number of upvotes. It determines a user's share in the reward pool, every upvotes that was being cast uses a certain percentage of voting power. Once the voting power of a user reaches zero, he/she cannot cast another upvote. Voting Power also recharges too long, just 20% per day was being recharged to an account's voting power.
  • Author Rewards

Posts that was being upvoted will get the payout 7 days after the post was being published. Depending on the selected rewards will be the post's author reward.

Publishing contents give the user's three option

 * Decline Payout grants the user to decline payout in his/her post, the reward will remain in the reward pool and will be distributed to other users.
 * 50% Steem Dollar and 50% Steem Power grants the user to have the 50% of his rewards powered up in his/her account and the other 50% will be converted to Steem Dollar
 * Power Up 100% grants the user to power up all of his posts's reward in terms of Steem Power.
  • Curation Rewards

As I've mentioned above user's can obtain Steem and Steem Dollars by publishing posts and contents - that was being upvoted - however users can also obtain rewards by not publishing contents. How is it Possible? As I've said Steem Power was also a token that symbolizes the power of an steemit account, a TOKEN.

Steem Power being a token means it also have monetary value, in fact Steem Power and Steem values are the same. Steem are tokens that can be converted to another currency such as bitcoin right away, however Steem Power are the power of your account and must stay in your account. To make money or convert using your Steem Power a user must first power down, powering down is the the process of en cashing your Steem Power to Steem. Powering down will return your Steem Power as Steem in over a period of 13 weeks via paying our 13 times, the first payment will be one week after the power down is initiated. This ensure that users don't just cash out their Steem Power by powering down and quickly left the community hanging in a collapsing state.

Going back, the another way of getting rewards was by the means of Curating. It was the process of upvoting posts and contents in the steemit community. By upvoting, curators or those who upvotes contents will recieve the post's 25% payout in terms of Steem Power.

How is Steemit.com Secure?

I remember the first rule I have read in starting your steemit account

Do not lose your Password ! ! !

Steemit have this unique feature in it's access, the PERMISSION LEVELS. Every account in the steemit community have four (5) security levels: Posting Key, Active Key, Owner Key and Memo Key

  • Active Key - was used to make transfers and place orders in the internal market.

  • Posting Key - was used for posting and voting. It should be different from the active and owner keys.

  • Owner Key - was the password that was given to you, this was the highest security level of your steemit account which can perform all the activities inside the Steemit Community. It's also serve as your Master Key or Password which is required to change other keys

  • Memo Key - which has no function yet but may in the future be used to decrypt your private data like direct messages.

I highly recommend to use the Keys depending on their needs, if you are using new devices just to make posts and will not perform any transactions like transferring Steem or Steem Dollar better use the posting key.

I used to open my steemit account in random places and devices like computer shops but I always ensure that I only use my posting key. Transactions that deals in transferring funds was being made in my personal computer at home

There are some ways to retrieve passwords in the Steemit Community
but I don't recomment you to became careless about your password. This way's might work and retrive your account,
however it might also not work and end up in losing your account

Sources :

So that's it, my first entry in my @normalguy's Daily Question Challenge
See you tommorow for the second entry !!!

Hi there, I am just a normal guy living in this world and trying to somehow make myself not be forgotten. To know more about me feel free to click here

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You have a minor misspelling in the following sentence:

By upvoting, curators or those who upvotes contents will recieve the post's 25% payout in terms of Steem Power.
It should be receive instead of recieve.