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RE: Ask Me Anything About Steemit Wednesday (AMAWED) Exclusively For Newbies #2. Join Us From 10.30 AM (CET) Today.

in #redfishpillar • 7 years ago (edited)

Welcome to AMAWED, @prettycynthia! Thank you for posing your question. @eurogee has responded very brilliantly. To reiterate what he stated, the best way a minnow can contribute to the growth of steemit is marketing steemit, using your creative ideas and projects too, if you possess the skills to manage one or more.

@maryfavour

7 years ago in #redfishpillar by
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     7 years ago (edited)

    Thanks ma. I have been doing my part if that's the case. But i face this challenge each time i preach the steemit gospel.."they always ask where the money come from"..you know plenty Nigerians have fallen victim to some fraudulent ponzi or the other and that mentality of anything internet being a ponzi is a big problem. Immediately i talk to anyone about steemit the question i always find difficult to answer is "where the money comes from question.

    What's the best possible way to explain this to a person with the dullest brain? Thanks

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     7 years ago (edited)

    You are most welcome, @prettycythia. I understand most of the issues with ponzi schemes and the reason why many Nigerians now ask, where does the money come from. I am going to begin by stating that none of the cryptocurrencies are really money. They are cryptographic tokens that people value and that value is what is exchanged for fiat currency(government approved currency) e.g Nigeria Naira (NGN). That said. I will go ahead to paste an excerpt from the recent steemit bluepaper, page 2 below

    The Rewards Pool (“Where do the tokens come from?”)
    One of the most innovative (and most misunderstood) aspects of the Steem blockchain is the
    “Rewards Pool” from which tokens are distributed to valuable content creators. In order to understand
    what the Rewards Pool is, one first needs to understand that tokens are produced differently
    in DPoS blockchains than they are in PoW blockchains. In traditional PoW blockchains, tokens
    are produced regularly but randomly distributed to the people whose machines are performing
    work (“miners”).
    Different from PoW-only cryptocurrencies, tokens in Steem are generated at a fixed rate of one
    block every three seconds. These tokens get distributed to various actors in the system based
    on the defined rules of the blockchain. These actors, such as content creators, witnesses, and
    curators, compete in specialized ways for the tokens. Unlike the traditional PoW means of
    distribution, where miners are competing over raw computing power, the actors in the Steem
    network are incentivized to compete in ways that add value to the network.
    The rate that new tokens are generated was set to 9.5% per year starting in December 2016,
    and decreases at a rate of 0.01% every 250,000 blocks, or about 0.5% per year. The inflation
    will continue decreasing at this rate until it reaches 0.95%, after a period of approximately 20.5
    years.
    Of the supply of new tokens created by the Steem blockchain every year, 75% of those tokens
    compose the “rewards pool” which are distributed to content creators and content curators.
    15% are distributed to vested token holders, and 10% are distributed to Witnesses, the block
    producers cooperating inside Steem’s DPoS consensus protocol.

    @maryfavour for @redfishpillar project

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     7 years ago (edited)

    wow!! your work here is really wonderful. thanks for giving me these answers...you are my future witness lol. You are beautiful too (in Mayorkun's voice)

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     7 years ago 

    thanks for giving me these answers...you are my future witness lol.

    Future witness...I'm not a geek. Thanks for the complement, dear. I wish I knew who Mayorkun is. Lol!

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