Crypto Academy Season 4 Beginner Course - Task 2: STEEM & TRON by @dushantha
Entire Question
What is PoB? What does healing mean to you on Steem Blockchain? What are the benefits of building SP? How is upvoting explained as good or bad social behavior and why? Browse Coinmarketcap.com to indicate STEEM range, STEEM price, and coinmarketcap (screenshot required)? What are the different tokens you earn by socializing on Steem Blockchain? How would you use your TRX earned on Steem Blockchain to optimize profits in the Tron ecosystem?
PoB is the abbreviation for Proof of Brain. Through this system, users of the Steem chain are rewarded with cryptocurrencies (Steem, SBD and TRX) for the use of their brain, wisdom and creativity; This system works in conjunction with the rewards pool where tokens are generated and distributed to users through the voting system; Steemit, being a decentralized blockchain, allows the same users of the platform to be responsible for managing this voting system when evaluating the content and determining whether it is quality or not; the distribution of the votes varies depending on the Steem Power (Sp).
It is important to highlight that the POB system is based on knowledge, this means that users must have previous knowledge on the subject to be able to determine if the content is of quality and is useful or not.
Steemit is a decentralized social network that allows the user to receive a reward for the published content, this reward is managed through a vote; curation is a fundamental part of the growth of the platform because through it we can assign a vote (positive or negative) but let's not forget that curation is more than voting, to be able to carry out a cure it is necessary to read the publication carefully and have knowledge on the subject in this way we will contribute more than one vote we will also include our opinion about the subject in the comments, it is important to verify that this content is original, that it complies with the use of sources and citations if it is not our own content, if we arrive To determine that said publication is plagiarism, we are under the duty to notify it.
When we start within the platform, our vote is 0, however, as we build our Steem Power, this vote acquires value, I particularly consider that healing is one of the wonders of this blockchain and one of the best ways to receive remuneration for it. quality content that we contribute to the platform.
The Steem Power or SP is one of the key pieces within the operation of the platform since it is in charge of giving us influence within the blockchain, this means that the greater the SP, the greater our voting power, but these are not the only benefits to build our SP, we also have:
- The higher the SP, the higher our rewards will be.
- With a high SP we can create communities with a specific objective while allowing us to support users who are part of this community and contribute quality content to it.
- Another benefit of building our SP is that we can get TRX, 1 SP equals 1 TRX, which means that by receiving healing rewards we not only increase our SP but also increase our TRX.
- A high SP also allows us to be more visible and have more influence within the platform.
There are users who cast a positive vote on their own publications, that is, they vote themselves, this type of social behavior is negative, since they interfere with social interaction within the platform and do not allow us to create a community with other users, in turn they prevent the POB or brain system is strengthened. We must avoid this type of behavior since they negatively influence the platform, we must not forget that being authors we are not in a position to be curators of our own content.
Coinmarketcap is one of the most reliable web pages if we talk about cryptocurrencies, here we will find updated data about them, price and market capitalization, to be able to explore the page we must enter: Coinmarketcap
Upon entering the page we will find the ranking of the available cryptocurrencies:
We are located in the search section, we place Steem and click, it will show us the information about it:
As we can see at the time of the screenshot the STEEM was ranked 194 in the market ranking and a price of $ 0.4577, we can also visualize the volume $10,090,328, Cap. Market $180,633,056 and outstanding shares $188,713,555 STEEM.
| Information | Outcome |
|---|---|
| cryptomoney | STEEM |
| Ranking | 194 |
| Price | $ 0.4577 |
| Volume | $10,090,328 |
| Cap. of Market | $180,633,056 |
| outstanding shares | 188,713,555 STEEM |
The Steem Blockchain gives us the possibility of obtaining different tokens by interacting within it, among these we have:
Steem: It is the fundamental and most important token for the operation of the blockchain, its main function is to guarantee the value of the content created within the platform; It can be converted into Steem power (SP) through a process called power up, the Steem can also be sold within the local market for profit or it can be transferred to another user.
Steem Power (SP): This token has the function of increasing our influence within the platform, that is, the greater the amount of SP, the greater our voting power, it can be converted to Steem through a process called power down that lasts approximately 13 weeks. The Steem power is non-transferable but a part can be delegated to another user or community through the “Delegation” this in order to contribute to its growth within the community.
Steem Dollars (SBD): This token has a commercial value within the blockchain and can be exchanged in different exchanges or in the internal market, its main objective is to stabilize the economy of the Steem blockchain.
TRX: It is one of the tokens that we receive as part of the reward for our publications, its relationship is based on the amount of SP we receive, that is, 1SP = 1TRX, this token is native to Tron Blockchain so the TRX we obtain They go directly to the TronLink wallet and can be exchanged in different exchanges.
The author can receive different forms of reward such as:
- SBD + SP (if the debt ratio is below 9%)
- STEEM + SBD + SP (if the debt ratio is between 9% and 10%)
- STEEM + SP (if the debt ratio is above 10%)
This debt ratio is the capitalization ratio between the SBD market and the STEEM market; the publications are generally configured 50% SBD and 50% SP (the amount of SP received will be the same amount of TRX that we will receive as part of the reward) although they can also be configured 100% Power Up or reject the payment.
The TRX earnings obtained in Steem Blockchain go directly to my TronLink wallet, as the TRX increases its value my earnings within the Tron ecosystem increase, in this way my possibilities to optimize my earnings are increasing, while I obtain more Benefits.
From this lesson I got more knowledge about STEEM and TRON. Thank you Professor @sapwood for the wonderful lesson.
CC: Professor @nane15