Steemit Crypto Academy | Summary for Season 3 Week 8 | Blockchain Rewards

And that’s a wrap!

The final week of season 3 comes to an end and successfully too. From the 15th of August to the 21st of August, we handled the topic Blockchain Rewards with the following sub topics;

• Mining
• Block Rewards
• Inflation and Bitcoin Halving
• Effects of The Halving
• Steem Inflation Rate
• Calculations

Statistics

There were a total of 96 entries under the tag #awesononso-s3week8. The distribution is given below;

Reference

• Plagiarized is for posts with spun content.
• Below average is for scores below 5.
• Average is for scores within 5 and 5.9.
• Good is for scores within 6, 7 and 8.
• Excellent is for scores within 9 and 10.
• Invalid is for posts from users who do not qualify to perform the tasks.

Rating	Excellent	Good	Average	Below Average	Invalid Entries	Plagiarised contents
Frequency	15	51	11	18	0	1

Mean - 6.39

Corrections

In this section of the summary I would highlight some areas I felt were a problem to the students.

Mining:
Mining does not just have to do with coins alone. We have to understand that blocks are mined in the blockchain after transactions have been verified and the right hash has been found. The coins are the rewards. Even after all the 21 million bitcoins are in circulation, blocks will still be mined because there would still be transactions on the blockchain.

The Halving:
One misconception I noticed is that some students explained the halving as an event where the block rewards are divided into two and the miners get half. The halving does not imply a division of the rewards but a reduction. There’s a difference between a division and a reduction.

Steem’s Inflation rate:
Steem’s inflation rates does not necessarily affect other. The simple reason is that Steem does not have a huge Market dominance.

Calculations
The students did good on the calculations of the blocks remaining till Bitcoin’s next halving.

---

Blocks on the Steem blockchain are created every 3 seconds which is really fast. In the lesson, I mentioned that the next halving at that time would be at block 56,500,000. However, during the week, that block height was exceeded but some students did not notice that.

Considering the value on the screenshot, the calculation would be as follows;

Current block height = 56,389,933 blocks
To find number of reductions so far:
56,617,643/250,000 = 226.47

There have been 226 reductions so far.

Take the next whole number to calculate the block height for the next reduction:
Block height for next reduction = 227 x 250,000
= 56,750,000 blocks.

∴ Number of blocks until next reduction = 56,750,000 - 56,617,643
=132,357 Blocks.

---

a.) To calculate the number of satoshis for $2,500;

Number of Bitcoins = 2,500/50,297.77
= 0.0497039928 bitcoins.

1 satoshi = 0.00000001 bitcoins

Number of satoshis
= 0.049703992841035 / 0.00000001
= 4,970,399.28
= 4,970,000 satoshis to 3 significant figures.

b.) Value it one satoshi
= 50,297.77 x 0.00000001
= $0.0005029777
= $0.000503 to 3 significant figures.

---

a.) To calculate the number of jagers for $30;

Number of BNB = 30/501.47
= 0.0598241171 BNB.

1 jager = 0.00000001 BNB

Number of jagers
= 0.0598241171 / 0.00000001
= 5,982,411.71 jagers
= 5,980,000 jagers to 3 significant figures.

b.) Value of one jager
= 501.47 x 0.00000001
= $0.0000050147
= $0.00000501 to 3 significant figures.

Observations

Creativity and expression: There was a general improvement on creativity levels. The students were mostly able to express themselves in their own way.

Calculations: A little more job needs to be done to improve the overall calculation accuracy.

Arrangement and markdown use: There was also a general improvement on the markdown use. However, there are some cases that need to be improved.

Top 3 Students

After checking all the tasks carefully, I have picked the top 3 students for this past week.

The top 3 for the week are;

User	Task Link
@abanksforever	Link
@josegma96	Link
@nachomolina2	Link

Well done to everyone who has put in the effort this week and this season. It was a pleasure serving this season.

Thank you!