STEEM & TRON - Steemit Crypto Academy Season 5 - Homework Post for Task 2 by @bright6126
Crypto Academy Community has always been a plausible platform where crypto users are exposed to learn and acrue knowledge on various aspects in the world of Crypto currencies and blockchain technology.
After successfully completing my first Introductory Post which can be found HERE
I have proposed to present my next and second Introductory Post today, hence without wasting much time, I would proceed immediately.
It should be established here that this homework was done with intensive research work and contains no iota of Plagiarism.
- 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 coinmarketcap 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 Tron ecosystem?
image designed with pixel lab
Some of the features of the PoB includes:
- REWARD POOL:
Reward pool is a composition of fresh tokens on the Steem blockchain that just arrived.
This tokens are used by content and curation for monetization purposes.
It uses a steady rate of three (3) seconds to accumulate tokens, this allows 65% of Reward pool's to be beneficially to the authors and curators as a function of the percentage of the PoB.
- VOTING SYSTEM OR WEIGHTED PARTICIPATION MECHANISMS:
This entails the utilization of circulation and distribution of Steem power to influence positively (upvote) or retract (withdraw) which is used to downvote tokens belonging to the reward pool.
Users popularly known as Steemians in the Steem social network are at liberty to utilize their voting power as they wish.
Steem power influences the capacity at which a user can distribute rewards.
This system of decentralization brings about even circulation of rewards to users of the Steem instead of the conventional mining where there's little human participation.
The core goal of Proof of Brain is to involve users into working mentally and on the platform and also being compensated for their quality contents. It gives members of the network to efficiently select contents which will be useful to the community and the inverse
In a simple definition
Proof of Brain tends to rewarding prolific, resourceful, skilled and productive Content creators or authors for their creativity and also inspires them to continue.
In a summarize explanation,
Proof of Brain is simply the reward for brain utilization.
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In steemit, CURATION is the process of evaluating the authenticity and quality of contents in other to cast a reward (upvote) or withdraw (downvote).
Every content on the steemit social network is meant to be evaluated by the various users in the community which if they find informative and helpful to the community would inspire them cast an upvote (curate).
Curators are those who find contents in the steemit social network fascinating and also cast a quality vote to that regards.
While authors are the writers, concierge or instigators of the content.
Quality Contents often tends to receive more upvotes from users (CURATION).
CURATION allows users to administer votes which can be received after seven days in form of certain amount of rewards such as funds in form of tokens and reputation.
STEPS FOR EVALUATION BEFORE CURATION
- Firstly, the post is scrutinized by in depth reading.
- Plagiarism check is administered, checking of proper referencing and source of the content.
- Next, the content is deliberated on to know the value it adds to the community. After which
- A vote is casted, it could be an upvote or downvote., In some cases, the curators can also make some corrections or vent in ideas, suggestions in the comment box, and resteem(share) the post.
The above is a vivid explanation of CURATION.
Contents with quality curation tends to trend in the steemit platform, that is to say, the steemit social network is designed in such a way that quality contents are seen by more users in the community.
Steemit fumes to Plagiarism, irrelevant and spamming contents in the community and such is always downvoted and downcasted.
WHAT ARE THE BENEFITS OF BUILDING SP?
image designed with pixel lab
SP in steemit is an acronym for Steem Power in the Steemit blockchain.
It is a measure of the capacity of a user to influence the platform.
Conversely, a user with more steem power will have more influence when curating a content than a user with lesser steem power.
Steem power plays a very important role in moving to next level and gaining influence and values.
Outlined below are some benefits
INFLUENCE:
The more the SP (steem power), the more the voting weight that can be allocated to authors.ACTIVITIES:
The numbers of activities that can be performed daily is a fair function of the available steem power. A case example is a user with more than 500SP, that user can cast maximum of more than 10 quality posts a day, and also engaged in other related activities such as commenting, and resteeming in the steemit social network.REWARDS POOL:
Users with more SP (steem power) have the tendency to receive more curation rewards from the curation pool (32.5%).
The benefits of building a good SP are described below.
The more SP we have, the greater rewards we can give through our upvote. A vote from one person with great SP will always be greater than many people with little SP.
- TRON REWARD:
SP ( steem power also influences the earning of Tron, because for each SP, a Tron is allocated.
1 SP, 1 Tron.
In summary of the Benefits users with more steem power would command more followers, drive positively alongside with like minds and build the Steemit blockchain to be more solid and in return would earn more rewards, and become an influencer in the network.
image designed with pixel lab
Before explaining if SELF-UPVOTE is a good or bad social behavior and the reason, let's get the definition first.
SELF-UPVOTE can be defined as a process
of an author (the writer and owner of a content) casting, administering a vote on the same content they wrote.
This means the authors evaluates their content themselves and curate it concurrently.
GOOD OR BAD SOCIAL BEHAVIOR?
Definitely from the definition above, it is a bad etiquette and Judging from ethical standards makes it is very illogical thereby should be discouraged.
One can not self-determine how good his work is, and at the same time allocate rewards to it.
WHY?
The Steemit blockchain system is designed in such a fashion that allows other users evaluate the authenticity, quality, originality of a content and thereby casting a considerable vote to it, this makes the steemit blockchain system to become more sociable. It allows users to carryout out interactive activities, and also earn rewards for it.
In addition, for every content on the steemit platform, their are two Rewards namely Author's reward and Curation rewards .
It'd be illogical and impartial to have one user withdraw this two different Rewards to himself instead of sharing it with the social Community.
Steemit is a social network and as such, the users are responsible to raise each others and this will greatly contribute to the growth of the community.
image designed with pixel lab
STEP 1
Open your browser and visit https://coinmarketcap.com/currencies/steem/
if you check the above link, you would see that its a link directly going to steem page on the COINMARKETCAP site.
STEP 2
When the webpage finally loads, scroll down to see the following details like the rank, price and coin market of Steem as contained in the following screenshot.
In the course of this research, I visited the COINMARKETCAP site at https://coinmarketcap.com/currencies/steem/ and the following information about STEEM was gotten
| RANK OF STEEM | PRICE OF STEEM |
|---|---|
| #299 | 0.6774 |
Screenshot taken from Coinmarketcap, image designed with pixel lab
image designed with pixel lab
They include:
- Steem
- SBD
- SP
This tokens can primarily be earn through faithfully and constantly participating in activities specified in the steemit platform.
These TOKENS would be explained in the preceding paragraphs.
1. STEEM
Steem is fundamental or main coin (Crypto currency) of the Steem blockchain.
It is used to measure the value of contents in the steemit platform. The current price as of making this research on COINMARKETCAP is $0.6774 and has a current market capitalization of $266,756,872.
2. SBD
SBD is known as steem dollar can be explained as a variant intermediary between the Steem blockchain and the Dollar (USD).
SBD acts as a wedge to balance and regulate the Steem blockchain when it comes to the price.
The core aim is centered at placing he value of the dollar (1 SBD=1USD) though it varies in external market to the Steem blockchain for exam In the CoinkMarketCap site, the SBD is worth 7.01 USD and also has a market capitalization of $68,478,574.
3. SP
SP is an acronym for STEEP POWER which was explained at earlier on this work.
It is a non-transferable token that can be earn on the Steem blockchain.
It influences and allows users to perform activities in the platform such as voting, commenting and resteeming.
A vivid way to explain it is the WEIGHT OF AN OBJECT; the more weight, the more influence on a spring balance.
All voting activities is associated and affected by the number of Steem power a user possess. It can be gotten by Curation activities.
By default, authors posts are set to receive 50% rewards in SP, but authors have the option to change this option to 100% to build a higher Steem Power.
Meanwhile, The SP (Steem power) can be gotten seven days after a post is made to the steemit platform (popularlylyly known as payout).
These SP are disbursed to the authors and curators of the post.
The curators' rewards are always in SP WHILE
the authors are at liberty to set how this earnings are received.
The Steemit blockchain has three settings to receive this type of rewards: 50 SP/50 SBD ( this is the default setting), 100% SP (to receive all rewards as steem power) or no reward.
In addition to the steemit social network, there also exist the underlying Tron partnership that allows users to earn Tron consecutively while earning SP.
recall, for every 1 SP, a Tron is earn
Well, this was made possible sequel to the acquisition of Steemit by the founder of TRON ECOSYSTEM, Justin Sun in 2020.
The current value of TRX is 0.1023 and its market capitalization is $7,333,774,464.
image designed with pixel lab
Optimization of the TRX earned in steemit is very important.
TRX is widely used and constantly growing globally. Steemit blockchain has created the opportunity of users to earn TRX which can be saved.
I leverage this opportunity of earning TRX by linking it to my TRONLINK wallet where it is been freezed and accumulated. This TRX can be used in the TRON ECOSYSTEM to perform activities such as voting and earning passively as my TRX increases.
Each TRX Reward I earn from steemit is automatically transferred to my TRONLINK wallet.
My EARNED TRX is held safely and kept until the values increases to the climax which I can take advantage of.
Imagine designed with pixel lab
PoB (Proof of Brain) certainly allows users of the blockchain to earn rewards for their creative efforts in making quality contents that is helpful to the community.
It opens a door of opportunities to creative writers, bloggers and good content creators to leverage the steemit platform to earn Rewards.
The originality of a content can't be decided by the author Hence, steemit platform uses a system of social platform which allows other users to determine the originality, usefulness, quality of a content, it is illogical and unethical for an author to self-vote his own contents.
Tokens that can be earned on steemit blockchain includes Steem, SP and SBD.
furthermore, TRX is earn simultaneously with every SP earned on the platform, TRX can be optimized by saving it on TronLink wallet, this can be done by linking it after downloading the Android app.
This research work has exposed me to another realm of crypto currency and made me understand more about Steemit blockchain.
I used this medium to appreciate the professors who made this possible.
I'm forever indebted.
And to my wonderful Professor @shemul21, you are the best!
Thanks so much for reading.
BELOW IS A COMPILATION OF MY TASK
| TASK | LINK |
|---|---|
| #1: TRON ECOSYSTEM | LINK |