Crypto Academy Season 4 Beginner's Course Task 2: Steem AndTrons
What is poB? What does curation mean to you in Steem blockchain? What are the benefits of building sp? How do you explain self-upvote as a good or bad social behavior & why? Explore coinmarketcap to indicate rank, STEEM price, and coinmarketcap of Steem (screenshot required)? What are the different tokens do you earn by socializing in Steem blockchain?
PoB What Is It
Well Steem is a social media platform which is incentivized by allowing users interact with themselves and earn in return. Steem is built on blockchain and allows it's users to earn based on the value they provide to the steemit network. The platform provides users with a platform where they can post curated contents and gets paid for this contents.
One very important part of steemit is the fact that unlike other social media platform it is built on a blockchain which means it is completely decentralized and is simply powered by the wisdom of its users who creates quality content which is the authors and the curators who discern if a content is going or bad before curating this post.
Steem has a reward structure opon which the rewards are strictly distributed. Of all the newly minted coins the vested token holders(Sp Holders) receive 15% while the Steem DAO receive 10% and the witnesses receive 10% also of the total reward pool then the remaining 65% is being distributed to the authors and curators.
So proof of brain in steemit blockchain is more of being this various factors together, the reward pool consisting of the authors and curators who contribute immensely in the blockchain, the Sp holders and the brain or wisdom of its users all contribute in proof of brain in the Steem ecosystem.
What Does Curation Mean
Curation is simply the act of using our stake weighted power(SP) to upvote quality and creative contents on the Steem blockchain.
Before Curation takes place usually is after one must have thorough gone through a post to ascertain its value to the Steem blockchain, the quality of said post and how it impacts its audience whether positively or negatively. For a post to be curated it must impressed on the mind of the curator as quality post. When one goes through this post and finds it to be quality contents free from plagiarism he could then exercise his stake weighted power by upvoting the post this is what curation really entails on the Steem blockchain.
Benefits Of Building Sp
Well the higher our sp the higher the influence we will have on the steemit blockchain. High sp or building of our sp actually comes with a lot of benefits infact i do believe that to even enjoy the full potential of this our platform will really do need to build up our sp as it is vital and even help to boost our followers on steemit.
It is of good note also that the stake weighted power (sp holders) actually receive 15% of the reward distribution pool on steemit which is to say of the newly minted coins 15% goes to those who actually invest in their steem power and has bigger sp.
Also those with higher sp can share in the PoB by carefully exercising their stake weighted power in upvoting quality contents which will also ensure they take part in the 65% reward distribution between authors and curators in what will be a 32.5% reward to them which is only achieved through building of our steem power.
Also when posts do pay out let's say we set our post payout to 100% Sp because of the trx integration on the steemit blockchain which ensures will earn trx on a 1:1 ratio with sp it will give us a higher chance of earning ever more reward by accumulating more trx which we could choose to also trade and use for Powerup up as well.
To me i believe if steemit was to be a game then to be successful or progress even to higher levels the key is simply in building our sp as this will also command more attention is given to us on the blockchain and gives us more chances of our quality contents being curated. The rule of the game is to build our sp it is vital for our longevity on the blockchain this i firmly believe.
Self-Upvote Good Or Bad Social Behavior
Steemit is a social media platform that is being run by the brain of all it's user who contribute immensely to the growth of the community. When we make quality contents we want to be upvoted at the same time it is only proper that we should also share in upvoting the quality contents of others.
Now when instead of taking part in the PoB by searching for good contents to upvote we instead use our stake weighted power to rather upvote our own post that is not a good social behavior i believe. This is supposed to be an interactive community in every aspect decentralized in all regards, true being so we can virtually do what ever we want but that selfish attitude goes against everything this community and decentralization stands for, because for instance if those with much sp only choose to upvote their self how then will others grow in the blockchain and how will the whole platform flourish, it won't be good i believe. People with small sp like me who are young in this blockchain whose vote can't really amount to much will grow tired of our contents not being curated.
So personally i know we all are free and can choose how to best exercise our stake weighted power but actually feels it will be for the good of the community if we use it to curate the post of others instead of upvoting our own post as we would still earn in curation reward, that is my personal take.
I Explored coinmarketcap
As the homework requires i explore coinmarketcap and determine what the present price of Steem is in the market.
Well i went to coinmarketcap and according to the data available to me from there as of when i visited coinmarketcap i saw that the price of Steem is at $0.6518 and was ranked at #283 with a market cap of $255,429,094 and a 24 hour volume of about $92,079,590 this was the information i got as of when i visited coinmarketcap. I could only hope it continues moving up from here on out.
Tokens We Earn On Steem Blockchain
Well when our post is curated it usually takes 7 days for bothe the author and curators to claim reward from the post payout. And the way this post payout is, is arranged in such a way that we can or are paid out in 3 different tokens such as the SBD(Steem dollar),SP(stake weighted power), Steem(steemit blockchain native token), and also based on the integration of trx on the blockchain we also earn a 1:1 sp ratio of trx from our post payout. So this all makes up the different tokens we earn from socializing on the steemit blockchain.
Conclusion
The steemit platform is a wonderful one indeed as it helps to make it's users be creative and also offers us many community we can actually post on depending on our area of interest. It also encourages us by rewarding us actually who makes up the PoB so for this reason i feel that this platform is one of a kind and any other platform doing such would only be because steem blockchain have shown them how it is done first and it will always remain the very first decentralized social media platform which is being run on blockchain technology.