STEEM & TRON - Steemit Crypto Academy Season 4 - Homework Post for Task 2 by @eliany

eliany (76)Beginner[1,2,3]in SteemitCryptoAcademy • 3 years ago

It was a great lecture reading through this amazing welled understood lecture by. Prof @sapwood and it is my pleasure that i submit this homework in response to the lecture.

Question.

(1)What is PoB? What does curation mean to you in Steem Block chain? What are the benefits of building SP?? How do you explain self-up vote 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 Block chain? How would you use your TRX earned in Steem Block chain to optimize earning in Tron ecosystem?

This image was edited in Polish app by me, @eliany

What is PoB?

PoB means proof-of-brain which is the mechanism that is used in this ecosystem to incentivize content creation and creation through reward pools with regards to the steem power of the curators. So as a blockchain based social media instead of using electricity or machine for mining or utilising the blockchain human collective wisdom empowered the blockchain and serves as a mining mechanism and a large portion of the block reward is being distributed to it.

What does curation mean to you in Steem Block chain?

Curation is a process of distributing rewards to the content creators in this ecosystem, using voting power or SP. People who do this to post are called curators so before this curators upvote a post, they need to do the following;

Properly read a post.
Diligently check the trustworthy source of the content.
Accurately check if the content add value to the system or not,
Check for plagiarism and if the content happens to be plagiarized, then they indicate that in the post and let the community know the existence of such harmful content.

Therefore, to me curation being that this is a decentralized ecosystem, everyone is free to decide how to upvote a post, subject to their influence power.

What are the benefits of building SP?

Steem power is the influence tokens which gives users more control over post payouts and allows them to earn on curation rewards. So the benefits of building steempower is numerous and cannot be overemphasized and as such should be a priority for all users to power up steem in order to build power. Let me outline the benefits

Gain more Influence; user will have influence in the platform.
Your votes become stronger; users upvote is directly proportional to the amount of Steem Power they have and so the more SP, the stronger and more profitable their vote becomes.
Promoting steem; The power and value of Steem goes high as more individuals stake their holdings of steem power thus Promoting steem.
Earn more;Curation Reward(32.5% of the total reward pool), better influence power in distributing PoB reward pool therefore, blogging isn’t the only way to on Steem blockchain curation is powerful too!
Another earnings is Interests(Vested Token Holders earns 15% of the total reward pool)

The non-monetary benefits(or indirect benefits)of holding SP includes:-

Actively participate in Blockchain Governance
Community Building
Become an Influencer and hence earn a followers in the blockchain.

From my above outlined benefits, steem token gives users more control over post payout and allow us to earn curation rewards, the more steem power a user have on the blockchain, the higher he gain from curation rewards. Having enough steempower will help users to perform more transactions and social activities like commenting and upvoting because of a large amount of resource credits gotten from SP.

How do you explain self-up vote as a good or bad social behavior & why?

Self-up vote is a process where by a user does an up vote on his post, irrespective of how how quality the post is. It might be full of plagiarism or other illicit content which is not welcome in this platform but since the user chooses to upvote his post, he does so and it is wrong to give judgement to our post. Self upvote is an act of selfishness,

Explore Coinmarketcap.com to indicate rank, STEEM price, and coinmarketcap of STEEM (screenshot required)?

From this screenshot, taken from https://coinmarketcap.com/currencies/steem/ you can see the rank of Steem, the current Steem price and the coinmarketcap of Steem boldly circled and shown clearly.

What are the different tokens do you earn by socializing in Steem Block chain?

By socializing on the Steemit block chain, we earn the following tokens; Steem, Tron(TRX), Steem dollar (SBD) and Steem power (SP)

Steem; is earned by winning contests organized in different communities on Steemit. Steem is converted to STEEM POWER through the process called POWERING UP.
Steem is also earned by trading SBD to Steem
TRON(TRX); is earned by performing social activities on the Steemit platform and it is earned in the ratio 1SP:1TRX an equal number of TRX tokens. So it's an additional bonus on the part of the task-based reward in Steem Blockchain for any active users.

STEEM DOLLARS (SBD); is earned from post payouts rewards which is always accompanied by STEEM POWER(SP).

STEEM POWER(SP);is earned through PoB based Tasks(Content creation & Curation), PoB based reward is 65% of the total reward pool.

How would you use your TRX earned in Steem Block chain to optimize earning in Tron ecosystem?

TRX rewards earned in this Steemit platform has so many other uses in the Tron ecosystem such as the ones listed below.

Through the dApp Justlend. A user could take his TRX and add it to the pool in the dApp Justlend. When the user does that, he will earn interest at a rate based on the Supply APY and also, being given jtokens. Such tokens could be collateralised and the user can borrow a different asset available in the pool.
I can trade my coin through the dApp Justswap for an alternative token of the same family.
By using Justswap, I can trade in TRX for sun and gain mining rights in sun.io, SUN-TRX LP offers the highest APY of 73.2%.
The holder of TRX has voting rights to vote the 27 Super Representatives.
The holder of TRX could also became a candidate for Super Representative with a minimum of 9999TRX. If elected, the holder has governance rights who receive block rewards of 16TRX.

Conclusion

I'm so much grateful to @sapwood for this lecture, I've acquired more knowledge of steem which is so very useful to me. I wish to practice building up my power up every 7 days for that reason I have joined #club5050. Finding steem on coinmarketcap was also a tremendous discoveries and lastly self upvote should be avoid, all this and more has broaden my skills.