STEEM & TRON - Steemit Crypto Academy Season 5 - Homework Post for Task 2.
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This is a re-post of my fixed task which had been earlier graded but not curated by @steemcurator02. This is the link to the original post:-
(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?
(1) What is PoB?
From the Steem bluepaper, the proof of brain of the Steemit ecosystem is prominently described with two important properties, namely:-
- A reward pool which is made up of a pool of tokens that is set aside to be used as a reward to content creators and content curators
- A system of voting that makes use of the wisdom of the crowd in determining the value that should be given to a content and how tokens should be distributed in accordance to this perception
With the combination of these two properties the Steem blockchain is able to distribute most of the block rewards generated in the system by relying on the participation of humans as the mechanism for mining and not making use of electricity or having to discover hashes as has been traditionally observed in proof of work networks. Here more value is given to human work and not hash rates.
With the proof of brain, the goal is to ensure that the people who are creating content in the system are provably adding enough value by coming up with appreciable materials that should work in bringing new users into the ecosystem and which should also work in keeping the users who are already on the system entertained and engaged. The aim of this is to distribute the currency of the system to a wider number of users while equally increasing the network effect. Overall, new users are to be attracted to the system with the aim of having to reward them for the meaningful contributions they make.
What does curation mean to you in Steem Blockchain?
Curation should not be misconstrued for the mere voting of a post. Voting on a post is actually just one part of the curation process but in principle it is not the totality of what is known as curation on the Steemit ecosystem. To totally define curation of a post it is necessary for us to understand whether the curator has taken time to go through the content in order to ensure that it is original and creative and engaging.
Curation of a post can, therefore, be summarised in the ball points below in that order:-
- An intending voter takes time to read through a post or content
- Equally, he takes time to diligently ascertain how trustworthy the source of the content is
- He tries to understand whether the content adds any value to life. If he discovers that the content is of any value he can decide to engage in the post by even dropping comments, adding additional information he is aware of or generally airing his own personal view.
- If he discovers that the content is plagiarized or if it is a spam content he can indicate that under the post and inform the community of such harmful content
- He can generally on his own try to understand how harmful or valuable the content could be in to the Steem ecosystem
- If he finds it useful he can upvote it by giving any preferred voting weight or percentage to it
- He can further decide to resteem the content in order to make it available to his own followers; this creates a network effect.
The totality of these aforementioned procedures can be referred to as curation. Many people curating a particular post makes it a curated content.
What are the benefits of building SP?
Steem Power is like a native currency to the Steemit blockchain that cannot be traded on any exchange directly. When publishing a post you can choose to earn 100% Steem Power or 50% of it on your post. The witnesses in the system are rewarded with Steem Power. Essentially, the Steem Power measures the amount of influence you have on the Steem network as a user.
As a benefit it should be noted that the more Steem Power a user possesses, the more he is able to influence posts and its value or payout. So, its benefits include:-
It acts as a token for influence which can give you control over the payout of a post and enable you to earn more on curation rewards
Equally, it could be delegated, especially to new users in order to enable them carry out functions on Steemit
Furthermore, it is important to accumulate more Steem Power within this period between 2021 and 2031 as most of these Steem tokens are to be minted in this period - that is, in the next 10 years or so. This is due to the inflation rate used on the Steem ecosystem. Essentially, it would help you to build a lot of influence power in the form of Steem Power by accumulating.
How do you explain self-upvote as a good or bad social behavior & why?
To answer this I would like to give an illustration in the manner below:-
Source
The image above is the table of the convergent linear reward for the Steem ecosystem as earlier posted by professor @sapwood in the Season 1 of the Crypto Academy.
Curator A - with 10,000 SP voting at full weight produces an upvote value of $0.2044
Curator B - with 20,000 SP voting at full weight produces an upvote value of $0.3131
Curator C - with 30,000 SP voting at full weight produces an upvote value of $0.4249
Isolated Judgement = ($0.2044+$0.3131+$0.4249) = $0.9424
Community Judgement = (10000+20000+30000) = 60,000
60,000 SP = 1.4326
From the illustration above you should note that isolated judgement refers to the case where a single individual votes a post only him, especially his own post - that is, self upvote. Community judgement refers to the case where a lot of users have found a particular post content very useful and all decide to upvote the post together.
Users who upvote themselves are likely to do that on the basis of gain they expect from the curation reward and author reward. Hence, they may vote themselves even when they are not producing great content that would not receive favorable upvotes from other community members. From the illustration above you can see that single upvote in the isolated judgement produces less reward than community judgement. So, materially self upvoting, especially when voting a content that does not have value, produces less reward.
However, in the case that the user has a lot of voting power in the form of a huge SP he could upvote his poor content and make it appear on the trending page of the Steemit Ecosystem. This has the negative effect of leading to poor content Discovery which is against the proof of brain mechanism.
Explore Coinmarketcap.com to indicate rank, STEEM price, and coinmarketcap of STEEM(screenshot required)?
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From me the image above the rank of the Steem token on coinmarketcap currently stands at 309. The price is at $0.5924 and its market capitalisation currently stands at **$233,075,120. Additional information relating to the coin are tabulated below:-
| Parameter | Statistics |
|---|---|
| Steem Price | $0.5924 |
| Price Change (24h) | $0.005256 |
| 24h Low / 24h High | $0.5838 /$0.6005 |
| Trading Volume (24h) | $8,006,320 |
| Volume / Market Cap | 0.03435 |
| Market Dominance | 0.01% |
| Market Rank | #309 |
| Market Cap | $233,075,120 |
| Fully Diluted Market Cap | $243,130,380 |
What are the different tokens do you earn by socializing in Steem Blockchain?
There are three classes of assets in the Steem ecosystem. These assets are the tokens one can earn by socializing on the blockchain. They include:-
- Steem
- Steem Dollars (SBD)
- Steem Power
These different assets serve different purposes on the platform. Actually, they represent the different ways one can contribute to the system, earn from it and even hold power in the form of - Steem Power - in the system. As the base currency of the network, Steem itself is tradable on exchanges. The two other currencies have their values derived from it.
Steem Power, on its own, is a native currency of the system and cannot be directly traded on exchanges. Steem Dollars or Steem Blockchain Dollars (SBD) is a currency that is used for rewards on the platform. It can also be traded on exchanges.
When one makes a publication on the system he can set the post payout to 100% in which case he would only receive Steem power. It can also be set to 50:50 in which case both SP and SBD would be received by the publisher. This is apart from the curators reward in the both scenarios.
How would you use your TRX earned in Steem Blockchain to optimize earning in Tron ecosystem?
In order to optimise my TRX earning on the TRON network I can decide to contribute to the mining pool by supplying tokens to the pool in order to earn transaction fees.
I will demonstrate this process with the Zethyr Finance protocol on the TRON network. In order to do this I have to first connect my TronLink wallet to the Zethyr Finance protocol.
To do this connection:-
- I, first, had to launch the TronLink wallet app
- Having launched the app I clicked on discover which is located to the bottom on the page
- Next, I searched for Zethyr Exchange Dapp in order to launch it. Then, I clicked on it.
- Automatically, my TronLink mobile wallet is connected to the Dapp as shown below in the landing page
Having connected my wallet to the Zethyr Finance, I can now undertake a supply function to the mining pool in order to earn rewards in form of exchange fees for contributing to the pool. However, I will first have to enable the supply asset pool. To do this:-
- I launched the TronLink app
- I clicked on discover
- I now search for Zethyr Finance and it shows that my TronLink wallet is already connected to the Dapp
- I selected portfolio and clicked supply
- I clicked TRX as the token I wish to supply
- I now click on the supply and enable buttons
- 20 TRX and 307 bandwidth are required for the transaction and I click confirm to continue.
- Then, I entered my password and signed the transaction
I will now finally have to supply the TRX asset in order to optimise my TRX earning by earning additional passive income from the supply pool. To do this:-
- I clicked on asset as displayed
- Next, I had to enter the TRX value I want to supply
- I now clicked the supply botton
- 20 TRX is required to be burnt and I clicked confirm
- Next, I entered my password in order to sign the transaction
- The screenshot is included to show that I have successfully added the supply
CONCLUSION
Proof of brain is a system where there is a goal to ensure that content with adequate value for the system is appreciated and rewarded. Equally, it aims at producing the best network effect whose purpose is to ensure that only the best content is discovered on the trending page of the system leading to higher payout from community judgement in curation.
Curation in the Steemit ecosystem does not just refer to voting or upvoting a post. It refers to the totality of the process of going through a content, determining the value of the content, appreciating the content - probably in the form of comments, adding your own reviews and or even reporting the content if it is below value or plagiarized before upvoting it in accordance with the percentage of value you may have adjudged it to have delivered.
It is important to build Steem Power in the system as it gives you influence and helps you to earn more and curation. Self upvite is a bad social behaviour on the Steemit ecosystem as it could lead to poor content discovery and even less payout. This Steem token is a promising token and currently ranks 309 on coinmarketcap. Interestingly, it has recorded more transactions than the Bitcoin and Ethereum blockchains.