STEEM & TRON- Steemit Crypto Academy Season 4 Beginners' course- Homework Post for Task 2
Greetings everyone, I am delighted to once again complete yet another homework task of mine. I am hereby grateful to our noble professor in the person of @sapwood for this wonderful lesson put together. Without wasting much time, I will move ahead to make my homework entry since I have understood the lecture on STEEM and 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 coinmarket.cap 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 the Tron ecosystem?
This is simply a criteria in which various rewards are given out to curators and that of authors for their good work done. That is, as a result of their posts made or content made and been approve, they ae been given rewards for that. This system enables users to be given rewards for their good contents created. With Proof of Brain, one is been given rewards according to the efforts put in making good contents. With the Steemit Blockchain, the rewards that are been given to it's authors are been taken from the reward pool. This is different with that consensus algorithm which is the Delegated Proof of Stake.
On this platform, the Proof of brain gives authors that put in great efforts to produce great contents with Steem Power and SBD. These are some rewards that authors do get on the Steemit Blockchain. The Steem Power can also be gotten from curation rewards and not from the reward pool. Some individuals also get good Steem Power by engaging in various power ups. The benefit of the Steem Power helps us to give good upvotes and also earn more curation rewards. This shows that when you have a lot of Steem power, you get great amount of rewards.
Curation simply means getting rewards for good posts done on the Steemit Blockchain. This is also know giving upvotes on various posts in communities we have on the Steemit blockchain. Downvoting can also be know as curation. This process is done after carefully taking into considerations certain factors or conditions of the posts which is going to curated.
- The Post to be curated on is mostly gone through tp get the grab understanding of it.
- The content of the post made is checked to make sure it is free from any sort of plagiarism that is copied form any copy right source especially when images are involved.
- Various communities have their instructions to follow when making a post, the post is therefore checked to see if it goes according to these instructions.
- After all these are been checked, then the result turns out positive, an upvote is given to the post made but when some wrong happenings are found, then it is been downvoted.
That is all about curation in my understanding.
On Steemit Blockchain, one reward given for making posts or contents is the Steem Power. But this reward can be well again built up by various users. This is power we use when giving upvotes or when curating a post. This implies that, when one has a higher Steem Power, he or she gives great amount of curation rewards. But we can well help raise the amount of Steem Power we have in our various wallets by powering up Steem we get. That is, after making a conversion of our SBD to Steem we can equally convert to Steem Power to help raise it standard.
When one, has a high Steem Power, the individual is able to give reasonable amount of votes on various post made in communities. But with a low Steem power, votes given wouldn't be relevant. With a good Steem Power, one gets more curation rewards since other bigger accounts will vote on posts which have been voted already. A good Steem Power also enables one to be qualified to partake in certain contests as well as lessons such as the crypto academy community. High Steem Power means High level in the academy.
In this process or act, the individual gives himself or herself some amount of upvotes on his or her posts. Most people engage in this act so as to get rewards both that of author and curation rewards. Self- voting is an activity which most curators frond at and advice we the users to refrain from. This act is really a bad social behavior because if we fell greedy with our votes and think that giving to ourselves is a good character then no account with bigger Steem Power will also vote on our content and at the end of the day we will see who will loose greatly. Why do I say so, if I come to see that, you have been voting yourself but I have high Steem Power than you, I will also decide not to vote for you but rather vote on my own self contents. At the of the day the concept of Proof of Brain will not function effectively.
This is because, we all know that, Proof of Brain is the situation where rewards are been given to authors for producing great contents, so if one engages in self voting, how then will it work. Therefore, giving upvotes to others for the good work done of producing great contents is much better and more encouraged than engaging in self voting. This act is therefore not a good one and as such a bad social behavior which is think we should refrain from it.
- In order to get to the website of the Coinmarketcap I will do that will the help of this link which will take me to the interface of the site.
- I made a search of Steem Token which is the aim for this homework task to bring out the details of it.
- On clicking on it, the details for the Steem Token showed including that of the price, the rank the market volume and capitalization which are seen in the screenshot below.
The Price of Steem is current at $ 0.4885 with it's rank at 193 in the market.
On the Steemit blockchain, we have certain tokens that are been given to various authors for the presentation of good and quality posts made. These tokens are:
- Steem
- Steem Backed Dollars
- Steem Power and
- TRONS.
I Thereby explore these tokens individual for the understanding of all.
This token is earned from the conversion of SBD which is the Steem Backed Dollar. This token is gotten from upvotes that are been had by authors from curators for making of posts. The SBD which is the abbreviated form of Steem Backed Dollar is converted to Steem in the market at various price list. The Steem is then either sent to an exchange for trading with other currencies or it is used to help build the Steem Power of the individual.
This is the main token which is been earned from the Steemit Blockchain from the making of a post or quality content. This is mostly gotten from 50% of the rewards after a vote is been given to a user. The SBD after seven days of pay out is then redeemed to the wallet and then converted to Steem token in the market.
The Steem power in the beginning of this article I have said something about it. This is the token or the power that is used to give upvotes to various posts e have in communities. To get the Steem Power apart form the ones earned after getting upvotes, one can convert the Steem earned to Steem power by powering it up. Just like that of the SBD, the Steem Power is also gotten from 50% from the rewards given. Steem Power and Steem are all the same in value. Certain users turn to earn only Steem power without SBD from their posts made by making some settings to it.
Tron(TRX) is another token that is gotten from the Steemit Blockchain which was recently added to the rewards. The Tron after seven days pf pay out of the post goes to the wallet just like other tokens. It therefore has it's set of private keys to be able to make a transfer of it to the various exchanges we have in the crypto world.
Just said in the previous question, TRX is a token gotten from the Steemit Blockchain and has it own wallet where it is been stored. This wallet is called the TronLink Wallet which is part of the TRON ecosystem.
In order to optimize the TRX earned from the Steemit Blockchain, I will have to simply make a selection of a mining pool from the Decentralized finance applications we have in the ecosystem. One will have to therefore make a stake of the TRX with the Liquidity provider to earn SUN tokens if using the Sun.io Defi application. Also, I can made a swap of my TRX for any token with the help of JustSwap which is another Defi application. Any of these options can serve as way of optimizing my TRX tokens earned on Steemit Blockchain.
In a nut shell, the lesson was very interesting since a lot was said and done. Beginning from the concept of Proof of Brain down to what curation means. Also, the Steem power and its benefits of raising it to a good standard was talked about. Further assessment was made on the tokens that are been earned on this platform and also why self-voting is very bad social behavior. I made an exploration on the Steem from the coinmarketcap.com stating the price and the rank of it in the market. the concluding aspect saw how the optimization of TRX can be done.
I am therefore grateful to our noble professor in the person of @sapwood for this great lesson and hoping to complete more task. Thank you very much.
CC: @nane15