STEEM & TRON - STEEMIT CRYPTO ACADEMY SEASON 5 - HOMEWORK POST FOR TASK 2. | BY @KINGREECHY
STEEM & TRON
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?
PoB which is interpreted as Proof of Brain is the mechanism used in the functionalities of the Steemit blockchain which allow its users to distribute rewards with respect to the Steem power from the reward pool. The distribution or redistribution of rewards is in proportion to the amount of Steem Power one posses, so the higher the Steem Power the higher the influence in the platform.
Steemit is a blockchain based social media platform, therefore it relies on Proof of brain (the wisdom of the people) for its functionalities which is the independent knowledge of individuals in the platform to determine a good or a bad content for proper rewarding. The proof of brain is allocated a total of 65% from the reward pool.
Certain rules are observed for curation to take place. Below is a list of guidelines that assures a proper curation.
- The post has to be read meticulously by the Curator.
- The curator carefully looks out for plagiarism in the post and if noticed, the account will be flagged or reported accordingly.
- The curator, will examines the importance of the post to the user and the community.
- The curator will determine the reply to give based on the impact or purpose of the post.
- The curator decides to give an upvote using his influence in the platform if the post is found to be worthy.
- Based on the usefulness of the post the Curator may resteem the post for a better outreach.
There’s a lot of benefit that comes from building up your Steem power. The greater your Steem power in the platform, the higher your influence. Below is a list of its benefits.
- With more Steem power comes a greater influence in the percentage distribution from the reward pool. One with a steep power of 50 has little or no influence compared to one with a Steem power of 5,000. One is an influencer and benefits /controls a larger portion of the reward pool and the other has no control but little benefit from the reward pool.
- Those with a higher Steem power are more favored through the reward mechanism in that a user with 50 Steem cannot effectively participate in a block chain governance because even at a 100% of his voting, the output reward is $0.00, but a user with about 5,000 Steem Power will be able to actively participate in block chain governance because his votes will increase the rewards of another.
- The Steemit community grows faster and thrives when Steep power is held for long period of time.
- Those with higher amount of Steem power gets a higher reward of Tron (TRX) from the social activities in the platform in a ratio of 1SP:1TRX.
Self-Upvote is a despicable act on the Steemit platform and should be entirely avoided by its users.
When Steemit users engage in a self-upvote, there is an instant reduction effect on their voting power which could have been used in voting other people’s post and thereby earning rewards for themselves. There is also a decrease on their voting manna which decreases their ability in voting other people’s post causing them to vote at a reduced rate than normal.
Nevertheless when a user upvotes his/her post there are benefits and a high rate of claiming the rewards depending on the ratio of the upvote?to the other upvotes in the system.
The above screenshot was gotten from coinmarketcap.com
We can also see the indication of RANK, STEEM PRICE, AND COINMARKETCAP OF STEEM from the screenshot above.
In order for a user to earn rewards from the Steemit block chain, there has to be an engagement and socializing that needs to be done by the user. By doing so we earn three tokens listed below;
- TRON (TRX)
- STEEM DOLLAR (SBD)
- STEEM / STEEM POWER
There are various ways to earn from the Steemit Platform. A list of them can be see below;
- By making relevant post in the Steemit communities.
- By participating in contests organized by Steemit communities.
- By upvoting relevant post of authors.
- By trading steem dollar to Steem.
- By delegation of Steem.
TRON (TRX ) is earned by engaging in the social activities on the Steemit platform in the ratio of 1SP:1TRX.
Steem Dollar(SBD) and STEEM POWER(SP) can be earned by simply claiming the rewards of your posts or upvoted posts.
The TRX reward earned from the Steemit platform can be optimized for more earning in various ways and has a lot of uses which are listed below;
Through the Justlend dApp:Based on the supply APY, TRON interest can be earned by simply adding TRX to the pool through the Justlend DApp and can also earn jtokens in the process and such tokens can be collateralized. Users can also borrow a different asset in the Justlend pool.
Through the JustSwap dApp: TRON can be traded for an alternative token of the same family through the JustSwap DApp.
Users can trade their TRX for Sun using Justswap, and gain mining rights in Sun.io and take note, SUN-TRX LP offers the highest APY of 73.2%.
The holder of TRX has a voting rights to vote the 27 Super Representatives in the Steemit Platform.
The holder of TRON (TRX) with a minimum of 9999TRX can also became a candidate for Super Representative. If elected, the holder will have governance rights who receive block rewards of 16TRX.
It is a necessity for everyone in the Steemit community to have the knowledge of STEEM & TRON as explained. I have been able to acquire a tremendous amount of knowledge which I have already applied to my Steemit account and Tron link wallet. I now also understand the coinmarketcap better through the lecture and the assignment. I have already started impacting the knowledge on my recruits so they can have a better understanding on how the Steemit platform functions.