Crypto Academy Season 4 Beginners' course - Task 2: STEEM & TRON
Homework Task-2
(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 good or bad social behaviour & 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 the Tron ecosystem?
INTRODUCTION
On the Steem blockchain, there is an application called Steemit where authors publish and monetize their contents and these contents have to be authentic and original, and in return, the author gets a reward depending on the authenticity of the content.
What is PoB?
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POB is an acronym for Proof of Brain, and it simply means creating 100% original and unique content or thought from your brain. It is writing out of your understanding, plagiarism-free content.
It is a system that is used on the steem blockchain and this guarantees the effective reward on the steem blockchain. On the Steem blockchain, authors are expected to produce original contents that can draw the readers' attention to the subject and in turn, the author gets a reward through votes depending on the authenticity and quality of the content. POB can be said to be a standard basis for determining if the content is good/bad or right/wrong and the CryptoAcademy Community is a typical example.
What does curation mean to you in Steem Blockchain?
I will define curation as the process of distributing rewards or votes to an author for producing quality content.
Curation involves the following steps:
Discovering a post
This is done by reading the content and analysing its quality using tools.Checking if it was plagiarised.
This is to determine its originality. If the content is found to be original, then upvote it using steem power and weight voting. But if found plagiarised an awareness should be made to the community to downvote the content and warn the author against plagiarism.Checking the sources
Commenting on the post
Resteeming to create more views
Upvoting the post
In curation, rewards distributed to content is dependent on the Steem power of the account that upvotes the post.
In summary, curation means voting for a post that has met the required criteria. Those who curate a post are called Curators, and they get a reward from the upvoted post, and the reward is shared 50/50 half for the curator and the other part for the author.
What are the benefits of building SP?
In the Steem blockchain, SP means Steem power and it is known as the amount of influence a user possesses on the blockchain. The more Steem Power a user has the more influence to distribute votes and it gives the user momentum on the reward pool, and new users are advised to build their SP by powering up because an SP is likened to a wealthy man, he commands influence wherever he is. That's why the Steemit blockchain has brought out club5050 to enable the steemians power up 50% of the reward weekly to gain more influence.
Benefits of Building SP
Steem Power serves as a way of investing in the Steemit platform by saving your steem coin or staking up your crypto in form of Steem power, which upon rising in the Steem coin you can power down and market your Steem coin at a higher rate compared to when you converted to Steem Power.
The Value of steem keep rising as individuals stake their holding.
When your Steem Power is high, Your Votes become Powerful and you earn more curation rewards, and also become more influential, your voting power depends on the Steem Power value.
When you build your Steem Power, it promotes steem blockchain.
A users' Steem power enables him/her to build communities or a community for a particular purpose and also helps the user to support other users that join this community(s).
Steem Power affects the distribution and redistribution of reward.
Building SP increases the amount of Tron that a user earns and helps to support the Steemit Community.
These are some of the benefits of building Steem Power as it has more benefits attached to it.
How do you explain self-upvote as good or bad social behaviour & why?
Self-upvote
Self-vote as the name implies is when an author curates or votes his or her content on Steemit. This is when the user plays the role of the author and the curator, therefore, taking all the rewards for both the author and the curator.
In my opinion, I will say Self-upvote is a bad thing and negative behaviour to exhibit. The main reason for proof of brain and Curation is for others to read your post and determine the capacity of your content and then give you their votes, and not the other way round. An author who gives accolades to himself is not ready to learn and improve in life and therefore is going against the purpose of the Steemit Blockchain.
Explore Coinmarketcap.com to indicate rank, STEEM price, and coinmarketcap of STEEM(screenshot required)?
Coinmarketcap is a place or website that provides the latest information about cryptocurrencies in detail, like their price, ranking, volume, supply, market cap, and so on. The data provided by the coinmarketcap about each crypto can help a crypto trader to make the right trading decisions on the type of coin to invest or buy.
The following steps are taken to explore the coinmarketcap:
•Type the address coinmarketcap.com and search on your Google search, which will lead you to the site where u can explore different coins of your choice.
•Open the Web page and explore Steem cryptocurrency showing its activities revealed by coinmarketcap.com.
The information on Coinmarketcap shows the following; Steem is ranked number 200 in the list of 13,289 crypto. It has a price of $0.5682 which is above 50. Steem has a market capitalization of $222,942,747 and a daily trading volume of $14,064,872 as well as a circulating supply of $392,341,803.08 Steem.
For further illustration, I will be tabulating the data
| Information | Result |
|---|---|
| Cryptocurrency | steem |
| Rank | 200 |
| Price | $0.5682 |
| Market cap | $2,614,116,672,636 |
What are the different tokens do you earn by socializing in Steem Blockchain?
As a Steemian, socializing on Steemit is a great opportunity to improve your knowledge as you will have the privilege to read other authors articles, publish your original content, meet new friends, gain rewards and also be a curator. The following are the tokens a Steemian can enjoy by socializing on Steemit; SBD, Steem, Steem Power, and Tron.
Steem Back Dollar (SBD)
Currently, SBD is the most valuable token on Steemit. This token Is earned by the author when a post is set at 50% SP and 50% SBD and by the curators voting. One can change Steem to SBD and SBD can be transferred.
Steem
Steem is the major token earned on the Steemit blockchain rewarded to authors for socializing on the blockchain either in contests or other means. Steem can be traded for SBD or powered up to boost one's influence in the blockchain.
Steem Power (SP)
SP is the influence a user has in the blockchain by powering up (staking your steem for future purposes), because the higher your Steem Power, the higher your influence. SP can be converted to Steem when powered down, and it has the same value as Steem but not in liquid form.
Tron (Trx)
Tron (Trx) is a native token earned by socializing on the steemit blockchain. It is part of the payment reward on Steemit and can be used to trade for Steem, SBD and SP by powering up. TRX is a curation reward linked to Steemit, and in Steemit, 1SP = 1Trx. Tron can be saved in the Tron link wallet.
How would you use your TRX earned in Steem Blockchain to optimize earning in the Tron ecosystem?
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Tron tokens earned in the Steemit blockchain can be optimised.
•Transferring coins from Steem blockchain to your Tronlink wallet can help you participate in polls from DApps such as JustSwap and earned rewards serving as a link to the Tron ecosystem.
• You can also stake Tron and earn a reward, as staking is a way of earning through holding certain cryptocurrencies and allowing the blockchain to put it to work.
•You can also freeze it, and freezing is the locking of one's crypto for some time making it unable for one to trade or sell it until it is unfrozen to protect the crypto from volatility.
CONCLUSION
Steem blockchain is where cryptographic transaction records are made, where ideas, thoughts and information are shared and rewards are earned in the process of sharing.
Having a high SP as a Steemian gives you high influence in the blockchain. I have come to know the great importance of POB (% originality) through this assignment, I can now properly differentiate Steem, SBD, SP, and Trx. And I have gained immense knowledge on the Steemit blockchain entirely.
Thank you for reading through.
Special thanks to the lecturer @sapwood.
Cc;
@sapwood