[STEEM & TRON] - Steemit Crypto Academy Season 5 - Homework Post for Task 2
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Source - https://www.canva.com
(1) 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?
Source - https://www.psychologicalscience.org
Mainly, POB is the abbreviation of Proof Of Brain. As the main example for the Proof of Brain concept, we can define the Steem Blockchain. It also uses a system called POB (Proof-of-Brain). Actually, when someone uses his brain to create good content, he can earn rewards through this PoB concept.
Its main function is to encourage the content creator and develop the whole blockchain. There is a weighting method where it allows the user to receive votes for their valuable content. The value of this vote depends on the amount of SP who has staked in his own account. Actually, those persons who have greater SP will have more voting power. It means the value of our reward will depend on the amount of Coin that we have staked in our wallet.
If we discuss this Steem Blockchain, they have created a great method to distribute these rewards following the Proof Of Brain (PoB) concept. Those people who have staked more and more Steem have greater voting power. Then, they can vote for our quality content and get rewards. Here curators can get Steem Power as their rewards and content creators can get Steem Dollar and Steem Power as rewards.
Basically, Curation means checking for others' content and evaluating their content. For a good curation, it should meet some specific requirements such as quality of the content and originality of the content.
The relevant curator must verify that the submission carefully after considering above mentioned facts. Otherwise, the curator must report, and determine the value in order to vote and subtract from it and share with the followers. If the content is good, he can distribute his valuable vote for that quality content that has been created under the validated proof of brain concept. If the content doesn't meet relevant requirements or if it contains a lot of plagiarized content, he can make a downvote. In that way, a curator can transfer a certain amount of pending rewards of that submission into the reward pool back.
After 7 days, both the curator and content curator can get their reward according to the value of voted person's Steem Power. In this way, this Steem Blockchain has created a great method to encourage both curators and content creators.
Source - https://game.dclick.io
Mainly, it will create the user's account influence and it directly contributes to the growth of the Steemit platform. Also, building SP brings many other advantages such as a higher curation reward for each vote and higher respectability to our reputation within the platform.
Those people who have built more SP can lead big communities and support users who integrate it and generate quality content. Because of the increase of this Steem Power, we earn good interest in the amount of SP that we have staked in our wallets.
Especially, in the reward system, they have given another opportunity for every user according to their Steem power. Actually, we can obtain Tron (TRX) in relation to the SP obtained as rewards. Also, we can exchange these TRX in the public market and convert them to Steem Back. If not, we can trade them into different cryptocurrencies.
My idea is Self-voting is not a good behavior. Because according to the Proof of brain system, we can evaluate others' content as a curator. But we can't evaluate our content ourselves. Therefore, if we use self votes, it breaks the concept of Proof of Brain. Also, it may cause to lose the essence of the Steemit blockchain of rewarding original and quality content.
Actually, this is like a social network. However, a traditional social network is completely different from these blockchain networks. Here users must be free of plagiarism, original, and with a lot of creativity to be rewarded by votes of the curators. Also, that will depend on the SP they have. If we have more SP, if we vote ourselves to win rewards, it is like we publish some newspaper and judge it ourselves. Therefore, we can see it is not suitable.
Finally, I can confirm that self-upvote is not a good social behavior and we must try to follow the Proof of Brain concept all the time. Then we can support the Steemit blockchain to keep it at a certain level.
Source - https://coinmarketcap.com
Coinmarketcap is a great website that will be used to keep track of the different cryptocurrencies. Also, it provides a lot of information about most digital currencies such as Steem and Tron.
To verify the information, we can go to https://coinmarketcap.com. We are totally free to search any Cryptocurrency in the search bar. So, here I will search STEEM coin.
Source - https://coinmarketcap.com
By continuing to explore the Steem Coin, we can see the graph with the behavior of this cryptocurrency with the market price and other details. Also, we can also have real-time data of our selected Coins such as Coin rank, Circulating Supply, Fully distributed Supply, and 24hrs trading volume.
Source - https://coinmarketcap.com
| RANK | STEEM price | Coinmarketcap |
|---|---|---|
| 339 | $0.396 | $162,239,829 |
Source - https://www.businesswire.com
There are 3 different Tokens that we can obtain from socializing Steem Blockchain. These are Steem, Steem Dollar, and Tron. Also, we can earn Steem Power. But we can't consider it as a different token as it is the same version of the Steem Coin.
STEEM:
- we can obtain Steem Coin as a reward when we participate in activities of the different communities. Mainly Steem is the native Cryptocurrency of the Steem ecosystem. This token can be traded both within the internal market as well as outside it in several Exchanges such as Probit, Binance, and Huboi Exchange. Actually, it is not a token. It can be defined as a Crypto Coin as it is the native token of the whole Steemit Blockchain.
SBD:
- In the Steem Blockchain system, this token was designed to maintain the value of the Steemit ecosystem. However, they have created this Token to keep the equal value for our normal Dollar. But as a result of our most of traders in the outside markets, the value of this token has reached more than 5$. In previous days it was traded between 7-8 dollars. That is why it is being encouraged for all the Steemit users to participate in the club5050. Then we can try to balance the value of these tokens as we don't need to cash out all the rewards without powering Up.
TRX:
- Tron is the native cryptocurrency of the Tron Ecosystem and in the Steemit, we can obtain it as a proportion of our author rewards for the publications we make. Actually, it automatically distributes direct proportion to our Steem Power rewards. As an example, if we earn 5 Steem power for our content or curation, we can also get 5 Tron as an extra reward.
Steem Power (SP):
- Steem Power will increase according to our curation rewards and as well as author rewards. Steem Power is like a staked coin of Steem coin. It means, we can easily convert our Steem to Steem power by powering up. Then we can't withdraw them back up to a certain time duration. Actually, if we need to withdraw them back, we have to wait at least one month, and staked Steem power will be distributed for every one week as 4 parts. Steem power will give us influence within the platform.
Source - https://www.publish0x.com
Like I said before, TRX is the native token of the Tron Blockchain. I can easily make profits by holding my rewards in the TRON wallet. There is a coin stake system in the TRX ecosystem and it allows my savings to increase as a small interest to my staked TRX. And also, as the market price increases day by day, my staked Trx will be also increased. Specially, we can stake our Trx in the mining pool of Sun.io. Subsequently, we can invest some tokens to obtain Sun tokens. This process will be handled through the Sun platform that operates on the Tron virtual Blockchain.
On other hand, we can convert this TRX into Steem coin back. Then we can power up them to improve the power of our Steemit Account. Then we can use that power to vote for quality content within the blockchain. Also, we can get up to 3.25% APY interest for our single Steem Power that we have converted from our Tron rewards.