STEEM & TRON - Steemit Crypto Academy Season 4 - Homework Post for Task 2
Hello Steemians!
It’s my pleasure to meet you all in the Steemit Crypto Academy Community. Today, in the second class of the beginners fixed introductory course taught by professor @sapwood, I am required to answer a few questions, of which I chose to answer question 1 from a pool of 3 questions. Below is the 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 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?
What is PoB:
The word PoB in its entirety stands for Proof of Brain, which refers to the community solidarity over the value of a content being created. This actually implies that the worth of a content is being weighted, upvoted or downvoted, and the rewards are distributed accordingly depending on the content’s value.
In order for a user to earn the Steem, Steem Power or even the Steem Dollar currency on the steem blockchain through posts, he/she must have to pass the Proof of Brain analysis being carried out in some cases by the community where the post was made, in order to give the content a good amount of reward. This, in essence, is to make sure that the content meets the conditions put in place by the community to identify and fish out good or bad contents thereby even preventing plagiarism.
The steem blockchain, over the years, has been known for its keenness in determining the value of a content, upvoting or downvoting the content and then distributing the payouts to both the content creator and the curators after 7 days of the post. All of this together makes up the Proof-of-Brain system.
What does curation mean to you in Steem Blockchain?
As discussed in the previous section, I pointed out that contents are being rewarded by upvoting or downvoting based on the content’s value. The process by which these rewards are being distributed through upvotes or downvotes to those valuable contents is called content curation or simply curation. This entails that users who creates or posts quality contents tend to earn more rewards from their contents.
It is then important to note that the users who take time to evaluate and vote on these contents are playing a very important role, because, the amount of curation to be given to a post or comment is totally dependent on their identification of the quality of the content by reading through it, analyzing it, judging it and then upvoting or downvoting it. Thereby distribution is then made accordingly. Let’s see more on curation in upvotes and downvotes.
UPVOTES
This is the act of giving a certain amount of rewards to a content based on its quality. In other words, it could be said as distributing rewards from the Rewards Pool. After a post has been made, users in the community begin to read through the content, analyze it, judge it, and then clicking on the upvote button resets the rewards amount to a new amount based on the level of the curator’s Steem Power. See image below.
According to my labelling, number 1 is the button for upvote, number 2 is the button for downvote, number 3 displays the reward amount being voted by the 84 persons in number 4, which is a display of the names of the voters.
DOWNVOTES
The downvote feature of steemit is to show a dislike that the content lacks quality. It could also be said that when users post contents with no or low values, one of the ways to express it, is by downvoting it. There are also other times plagiarized posts may be found and be downvoted. This signifies that the process of downvoting a content may be termed as redistributing the rewards.
MORE ON CURATION
In the steem blockchain, there are some set of rules and regulations that are put in place when it comes to content curation. Take a look at the table below to understand the timing and the reward system.
| Time of Post | Curation Reward | Rewards in the Pool |
|---|---|---|
| 5 Minutes after posting | 100% | 0% |
| 4 Minutes after posting | 80% | 20% |
| 3 Minutes after posting | 60% | 40% |
| 2 Minutes after posting | 40% | 60% |
| 1 Minute after posting | 20% | 80% |
| Before 1 minute of posting | 0% | 100% |
From the table above, it could be drawn that any user who curates a content before 1 minute of posting has no curation reward for the post because all the rewards by then are still in the Rewards Pool. While any user that votes on a post after 5 minutes of the post gets a 100% curation reward from the post after 7 days. Hence, it is advised that every curator waits at least 5 minutes after the post was made before voting on the post. This is to make sure that all the rewards in the Rewards Pool are fully utilized in order to give a considerable number of payouts to the content after 7 days of posting.
What are the benefits of building SP?
The word SP stands for Steem Power. As the name implies, it is a mechanism whereby users in the steem blockchain tend to have more control and influence or power over posts and comments. This influence aspect of the steem blockchain is a vital and paramount paradigm because, the amount for posts and comments payouts are solely dependent on the level of the Steem Power of the steemit user who upvoted or downvoted the post or the comment.
In this great blockchain, the more a user keeps increasing his/her steem power is the more he/she keeps gaining better influence on posts and comments. That, in turn, leads to a better payout on curation rewards to the user who upvoted it. This actually implies that the increase your SP, the increase your curation rewards! In essence, it is very necessary to note that if a user downvotes any post or comment, there are no rewards given to the user from the Rewards Pool.
Additionally, Steem Power can also be delegated to communities in order to support them. In most cases content creators in some upcoming or newly created communities seem to be wholly dependent on steem curators like steemcurator01 or steemcurator02 to upvote their contents so as to have a good payout. But on the other hand, if users could dedicatedly build their steem power, communities will tend to retain and support their members on their own without always waiting and depending on the afforementioned curators.
More so, just as the way Steem Power is delegated to different communities to support them is the way it could be delegated to other users on the platform. New users who may probably have a very low amount of SP could be helped to post or make good comments on posts by delegating steem power to them. This method in return also helps the delegator to earn part of the rewards. The implication on the part of a user with no Steem Power is that he or she has no curation reward on posts or comments payouts from the rewards pool. Therefore, it is very important to keep increasing or building your Steem Power.
How do you explain self-upvote as a good or bad social behavior & why?
The life and success of a content creator is dependent on those who follow him and not on him following himself. Even in the political world (which is a real scenario of socialism) shows that the success of an aspirant is dependent on those who followed and voted for him.
This, in my opinion, implies that, self-upvote is a bad behavior because, it is always important that after we have put up our content, we should allow our followers to decide on the quality of the content, by them either upvoting or downvoting it based on the content’s value. By doing that, the content creator will be able to know if he is improving or not. To know the part of his content or presentation where he/she needs to work and improve on. Just as the way our beloved professor @nane15 makes a good analysis on our performance, it helps us know the areas we are getting it right and the areas we are to improve on. Hence, self-upvote is a bad behavior.
Explore Coinmarketcap.com to indicate rank, STEEM price, and coinmarketcap of STEEM(screenshot required)?
- in order to explore the coinmarketcap, you have to go to the website at https://coinmarketcap.com/
- In this case, since we are trying to get the rank, steem price, and coinmarketcap of steem, we have to search for steem on the homepage of the website.
- In the search bar at the top right corner of the screen, search for steem and click on it.
- Then, carefully looking at the screen you’ll find all the necessary information as shown below.
Looking at the screenshot above, we have that:
- The Rank is = #300
- The Steem Price is = $0.6038
- While the Coinmarketcap is currently = $237,055,877
What are the different tokens do you earn by socializing in steem blockchain?
In the steem blockchain, when users begin to socialize by posting and commenting, or even voting, there are mainly three different tokens that are being earned, namely: Steem, Steem Power and SBD. These three tokens seem to be the lifeline of the Steem Blockchain as all the activities carried out on the platform are dependent on them. Additionally, users could also earn TRX rewards for their social activities in the Steem Blockchain because TRX was integrated into the Steem wallet and payout of posts currently includes TRX. Let’s look at them one after the other.
THE STEEM
This, in other words could be referred to as the Liquid Steem. It is a token that could be easily transferred or changed from one form to another. When the situation demands, Steem could be powered up into Steem Power, or be traded and converted into Steem Blockchain Dollar (SBD). Hence, it is called Liquid Steem.
THE STEEM POWER
The steem power or SP as earlier discussed is one of the most important tokens that creates a better influence on the steem blockchain, as it has the ability to control post payouts. This, in essence, depicts that a post may probably have no rewards except a user with a considerable amount of SP upvotes the post.
After the expiration of 7 days of the post, the author, alongside the curator earns rewards for the post. This whole process seems to be in a cycle because the more you post (good contents) the more you earn. And also, the more you curate (good contents) the more you earn a curation reward for it.
It is also necessary to note that SP is a non-transferrable token in the steem blockchain. Hence, every user works his/her way to earn it through posting, commenting and even upvoting on other users’ posts.
Additionally, Steem Power could also be converted back to Steem by a process called Power Down. When a user powers down his SP, the whole process takes about 4 weeks to complete as it converts 1/4 of the total amount of SP being converted per week into Steem.
THE SBD
The SBD or Steem Dollars is an appreciation token for your post in the steem blockchain that could also be transferred to other users or be traded for steem. This token in the blockchain is calculated to be 1SBD = 1USD. But in the exchange market at times, its value may be more than that.
THE TRX
The TRX or Tronix is the main asset in the Tron ecosystem, because it is the native token of the Tron Blockchain. This token was integrated into steemit and the reward is distributed in direct proportion to the amount of Steem Power earned for a post or comment. The ratio is 1 SP : 1 TRX and can be traded on the crypto market.
How would you use your TRX earned in Steem Blockchain to optimize earning in Tron ecosystem?
Since TRX is earned same way SP is earned in steemit, it is therefore important to note that TRX cannot be traded in steemit because they’re both different blockchains. However, because of the fact that TRX is the main token of the Tron ecosystem, there are so many ways one could optimize these TRX rewards earned in the steem blockchain.
Being a TRX possessor, we can optimize our TRX earned in steem blockchain to earn rewards by simply selecting a suitable mining pool in Sun.io. This implies that you have to really make sure to choose a good mining pool. Users of Tron or possessors of TRX can also optimize rewards by being active in governance and even voting, which is a great means to optimize rewards. For every 1 TRX frozen for voting, you will get 1 Tron Power. After voting for the Super Representative in Tron, the voter is then rewarded with part of the Super Representative’s reward. By doing that, optimization of the TRX earned in Steem is sure.
- https://steem.com/steem-bluepaper.pdf
- https://craft-crypto.com/what-is-steem/
- https://coinmarketcap.com/
- https://www.quora.com/What-is-proof-of-brain-in-Steem
- https://steemit.com/hive-108451/@sapwood/crypto-academy-season-4-beginners-course-task-2-steem-and-tron
- https://tronfoundation.medium.com/tron-century-mining-5-in-1-mining-f2705ababc
- https://tron7010.zendesk.com/hc/en-us/articles/360043589352-How-to-Vote-and-Gain-Reward
- https://medium.com/hapramp/still-confused-by-steem-steem-power-and-steem-dollars-read-this-220ace402bcb
- https://steem.com/SteemWhitePaper.pdf
Thanks for reading.
CC:
@sapwood
What exactly is your job as a witness rather than voting and replying with the same image? Then maybe I will cast you my vote. And hear me, I don't really like this kind of spammy comment under my post.