STEEM & TRON - Steemit Crypto Academy Season 5 - Homework Post for Task 2 by @yakeen20
Introduction
Question:-
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.com to indicate rank, STEEM price, and coinmarket.cap of STEEM(screenshot required)? What are the different tokens do you earn by socializing in Steem Blockchain? How would you use your TRX earned in Steem Blockchain to optimize earning in the Tron ecosystem?
What is Proof of Brain
Proof of Brain refers to the curation and approval of contents of articles or the distribution of rewards to both authors and curators on steemit blockchain. Proof of Brain helps administrators to identify quality content on the blockchain network and rewards them accordingly. This means that proof of brain rewards authors with respect to the worth of their content produced. The Proof of brain in steemit blockchain is totally different from its consensus algorithm that is the DPoS (Delegated Proof of Stake). These rewards are being taken from what we call the reward pool.
The Proof of Brain rewards authors with digital currency and on steemit it is the steem currency and SBD currency. Also, steem power is another reward that authors on steemit blockchain also gain when they write quality content. With the steem power on can earn through the curation rewards and also through powering up with your steem. This steem power aids users to Upvote and also downvote on other users' content. More steem power that a user possesses means that, that person has much influence on the distribution of rewards.
The Reward pool contains newly minted tokens on the blockchain that are obtained from the work of the miners of Proof of Work (PoW). Steem started to mint new tokens at an annual inflation rate of 9.5% from the Steem whitepaper project. This rate decreases at a rate of 0.01% per 250,000 blocks which is similar to a 0.5% per year decrease. The reward pool is distributed in the following percentage:
Authors & Curators (PoB) are rewarded - 65%
Witnesses are rewarded with 10%
Steem Power holders are rewarded with 15%
Steem DAO rewarded with 10%.
What does curation mean to you?
Curation to my point of view, I would say that it refers to the rewarding of authors for producing quality content on the blockchain. Curation can be simply put as the upvoting or downvoting of the author's content. Before curation is carried on the following criteria are taken into consideration:
The content is read carefully to make sure it makes sense.
The content is also examined to find out its originality
The content is again reviewed to check whether it goes or follows the rules and regulations of the community.
The content is also checked for any plagiarized text in the post. (This is very important especially on steemit platform).
Also, the content is examined to see whether the content of the post adds value or is useful to the community members.
The post is then upvoted when all the five points above are in order.
The post can also be resteem for the benefit of others or followers.
Also, when the post is found of plagiarized content or any abusive text it is being downvoted and the post is flagged in the community where even the user can be muted from the community.
Following all these points above is what is termed as curation on steemit blockchain.
What are the benefits of building SP?
SP known as STEEM POWER is one of the rewards in the reward pool that an author earns when they produce quality content and it's being curated. Steem Power is what influences curation and the higher the Steem Power the higher the influence of curation. This means that the higher the steem power the higher amount of content one can curate. Steem power can also be increased by a user by powering up the account with steem.
Steem Power refers to the power that a user possesses in influencing other users' content through upvoting and downvoting as well. Higher steem power is very necessary when it comes to creating a community on steemit because you need to have higher steem power in order to upvote content of members in your community for they produce quality posts in your community. Also, holding steem power is very necessary in some communities such as the Steemit Crypto Academy community where one is required to have a certain minimum amount of steem power in order to participate in the community homework given by the professors
How do you explain self-upvote as a good or bad social behavior and why?
Self-upvoting as the name suggests refers to the situation whereby a user upvotes his or her own content in order to aim both curation and author rewards. Self-upvoting per se is not a good social behavior to inculcate as your habit. It is a bad social behavior because there are other users with low steem power who can't influence the contents of others. Users with high steem power must upvote quality content of others so as to earn curation rewards from them.
Also, self-upvotes violate the idea of the Proof-of- Brain whereby it defiles the concept of curator and author reward. It is much better to curate or upvote the content of others so as to earn curation rewards from their articles. Also, upvoting on others' post implies the quality and significance of the content which tend to encourage the user to produce more quality content. Abstaining from self-upvote and promoting the upvote of others' content would help build a social relationship between users on the blockchain network.
Explore Coinmarketcap.com to indicate rank, STEEM price, on the coinmarketcap of STEEM
Step 1:- First of all, we would visit the coinmarket.cap website.
Step 2:- From the search tab, we would search STEEM currency and click on it to open the STEEM data.
Step 3:- From the STEEM data interface we can find all the following data including the current price, the rank, the market volume, etc. This can be seen from the screenshot taken below.
Statistical Analysis of the STEEM Currency at the time of writing this article.
| Data | Statistics |
|---|---|
| Current Price | 0.7174 |
| Rank | 198 |
| Market Capitalization | $281,397,178 |
| Fully Diluted Market Cap. | $293,563,715 |
| Volume 24h | $44,738,273 |
| Circulating Supply | 392,242,979.24 STEEM |
What are the different tokens to earn by socializing in the steem blockchain?
The steam blockchain rewards its users with four different tokens which include the following;
- STEEM
- STEEM POWER
- STEEM Dollars (SBDs)
- Tron (TRX).
STEEM Token
The STEEM token is the main token earned on steemit blockchain through upvotes received from curators. It should be noted that rewards are being awarded SBDs which are then converted into the STEEM token in the market. These STEEM tokens are can be used in trading other currencies on different exchange platforms such as Binance, Houbi, Kraken, Poloniex, Bittrex, Gate.io, etc.
STEEM POWER (SP)
STEEM POWER (SP) is generally the power or the influence that a user has upon other users' content or post. STEEM POWER is earned inclusively with the SBDs paid out of one's post when being curated. STEEM POWER can also be earned through the upvotes of curators from the reward pool. Users earn 50% SP and 50% of SBD token but can also be set to 100% SP where the user's post is paid with SP without SBDs. 1 SP is equivalent to 1 STEEM.
STEEM DOLLARS
STEEM DOLLARS (SBDs) is also one of the tokens that are earned from the author's content on steem blockchain. SBDs are earned from 50% of the rewards of the author's post. Steem Dollars are converted into Steem tokens which are later traded on the exchange platforms for fiat currencies.
TRON (TRX)
Tron is an additional token or a native token that is earned on steemit blockchain as a bonus token. Tron tokens are transferred into ones' TronLink wallet. Tron can equally be transferred to exchange platforms which can equally be traded for other currencies as well.
How would you use your TRX earned in steem blockchain to optimize earning in Tron Ecosystem?
The Tron token is earned similarly just like that of the SP on the steemit blockchain platform. It is earned from the upvotes that authors earn for producing quality content or articles. These Tron's (TRX) are stored or kept in the TronLink Wallet which serves as the official wallet for the TRON ecosystem.
To optimize your TRX earned on steemit blockchain one can do so by selecting a mining pool from the Defi applications such as Sun.io and staking liquidity provider tokens (LP) in order to earn SUN tokens or mining rewards from the platform. Furthermore, one can optimize TRX tokens earned on steem blockchain by swapping the TRX tokens for other tokens using the JustSwap platform from the Defi applications on TronLink Wallet. Moreover, one can buy collateral tokens and also borrow other available tokens on Justlend platform from the Defi applications on TronLink Wallet.
Conclusion
To conclude with I would like to briefly summarize what we have done so far in this article. First of all, we looked at the concept of the Proof of Brain (PoB) and how it functions. We also discussed what curation is on steem blockchain. We further went on and discussed the benefits or importance of building your Steem Power and why it is necessary to build your SP.
Moreover, we looked at the concept behind self-voting and we discussed whether it is a good or bad social behavior where we said it is a bad one of course. We again went on and explored the STEEM currency on coinmarket.cap website in which we looked at the current price and also the rank of steem on coinmarket.cap. Furthermore, we discussed the four different types of tokens that are earnable on steem blockchain platform and also discussed how to utilize your TRX token earned from steem blockchain to optimize your earning in the TRON ecosystem.
I would like to say thank you to professor @sapwood for such a wonderful lecture taught this week and I look forward to participating in your subsequent homework tasks.
To the attention of professor @shemul21.
Thank You.