Crypto Academy Season 5 Beginner's Task 2: Steem and Tron - Homework Post for Prof @sapwood
WHAT IS PoB?? WHAT DOES CURATION MEAN TO YOU IN THE STEEM BLOCKCHAIN? WHAT ARE THE BENEFITS OF BUILDING SP? HOW DO YOU EXPLAIN SELF UPVOTE AS A GOOD OR BAD SOCIAL BEHAVIOR AND WHY? EXPLORE THE COINMARKETCAP.COM OF STEEM(SCREENSHOT REQUIRED)? WHAT ARE THE DIFFERENT TOKENS YOU EARN BY SOCIALIZING IN STEEMIT BLOCKCHAIN?
WHAT IS PoB?
PoB which is an abbreviation for Proof of Brain can be defined as the method or system of giving or issuing rewards to authors (people who create contents on a blockchain) and curators ( those who curates the content creators by voting). Steemit is one of the blockchain platform that makes use of this system. It gives rewards to it's users by curating or voting them whenever they create contents. Rewards can be earned in three ways on this platform; being **an author, curator or both.
Being an author, one has to create original and quality contents, mind blowing and captivating ones, which will be loved by curators and they will reward you by voting on your post. You can set your payout to either be 50%SBD and 50%SP or 100%SP and these payouts happens in 7days from the time of making the post. On the other hand, being a curator, one is required to read created contents and upvote if there are of quality and originality. He also gives reward according to the steem power he owns. Curators get Steem Power(SP) as their reward.
65% reward pool is usually allocated to authors and curators. The author's reward pays out as SBD, SP, and TRX. While the curators reward pays out as SP.
WHAT DOES CURATION MEAN TO YOU IN THE STEEM BLOCKCHAIN?
The term curation in the steem blockchain refers to the method of rewarding by giving out votes to quality and original contents created by authors on the blockchain. This act of voting is usually profitable to both the author and the curator as the acts are carried out by curators. Curation is done by either up voting or down voting
Post that deserves to be upvoted are those post that are of quality and originality as earlier said, that is, they follow the rules and instructions of the blockchain. Those that are usually down voted or not voted at all are those ones that do not adhere to the rules and instructions of creating post on the blockchain. They most times contain plagiarised work or there are not of quality.
The amount of steem power owned by a curator or the percentage of his voting mana determines or influences the value of an upvote or down vote.
WHAT ARE THE BENEFITS OF BUILDING SP?
There are various benefits of building an SP(Steem Power) below are a few
High Voting Power: A curators steem power as earlier said determines his voting power. Therefore, the higher or lower ones steem power, the higher or lower his voting power.
Community Creation: People who are able to build their steem power are opportune to create their own community and render support to users.
High Rewards/Profit: This is one of the most important benefits of building steem power. One being able to build his steem power gives him a great chance to get high rewards and profits when the voted post pays out.
Popularity: A person with high or greater amount of steem power is always popular because other users will always want to follow and also mention them to read their posts.
HOW DO YOU EXPLAIN SELF UPVOTE AS A GOOD OR BAD SOCIAL BEHAVIOR AND WHY?
Self upvote as the name implies can be referred to as giving out vote to one's self. Therefore, this is done by an author, who makes post and then in turn votes for his/herself because he/she has the power to vote and give rewarding votes. There are other people who do this whenever their post are not curated or voted by influential curators on the blockchain.
upvoting myself has always been something I loved doing since I joined this blockchain platform. I usually get pissed whenever I sit to rack my brain just to make sure I'm able to create original and quality contents and got nothing at the end. Because of this issue I usually up vote myself although my steem power was not yet influencing as at that time but it can move a bit now. As time went on and I started asking questions, I came to realize that self upvote is a bad social behavior.
Therefore, self upvote should not be encouraged because it doesn't aid in the growth and development of the blockchain platform. Also, any author who curates his/her post
Self upvote should be discouraged because it does not help in the growth and development of the platform or blockchain. An author who upvotes his or her content leads to the abolishment of the Proof of Brain(PoB) mechanism.
EXPLORE THE COINMARKETCAP.COM TO INDICATE RANK, STEEM PRICE AND COINMARKETCAP OF STEEM(SCREENSHOT REQUIRED)?
Having explored coinmarketcap.com, and as at the time of making this post below are the informations gotten from the site:
Steem ranked #333 and it's price as at that time was $0.3937. Also, the coinmarketcap of steem was $155,602,034.93.
| STEEM | DATA |
|---|---|
| Rank | #333 |
| Price | $0.3937 |
| Coinmarketcap | $155,602,034.93 |
WHAT ARE THE DIFFERENT TOKENS YOU EARN BY SOCIALIZING IN STEEMIT BLOCKCHAIN?
On the steemit blockchain, one is opportune to earn four different tokens as a result of engaging the various communities on the platform. These tokens are:
- Steem(Liquid)
- Steem Power(SP)
- Steem Backed Dollar(SBD)
- Tron(TRX)
STEEM: The steem token is a liquid token that is bought with fiat money and held for the future. It can also be gotten as a reward for participating in contests organized by a particular community.
STEEM POWER(SP): The sp is usually earned by either creating post which will be upvoted or curating posts in which when the post pays out part or all of the reward will pay out as sp. This token can also be gotten by powering up liquid steem.
STEEM BACKED DOLLAR: This token is also gotten by engagement in a particular community on the steemit platform and getting upvoted by influential curators, which will pay out in seven days.
TRON (TRX): Tron which is one of the tokens to be earned on the steemit platform is gotten along side the steem power in the ratio, 1:1.
HOW WOULD YOU USE YOUR TRX EARNED IN STEEM BLOCKCHAIN TO OPTIMIZE EARNING IN TRON ECOSYSTEM?
Trons can be used to optimize earning by freezing and staking. By freezing my trons, I'll be receiving rewards and also if I stake my trons, I'll also be earning too.
CONCLUSION
I extend my sincere appreciation to Prof @sapwood for such an amazing lecture. I had a good read to my understanding and I'll say I have answered the questions to the best of my knowledge. Thanks once more Prof.
