Crypto Academy Season 3 Beginners' Course - Homework Post For Task 1: Steem And Tron by @happy01
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, AND WHY? EXPLORE COINMARKETCAP.COM TO INDICATE RANK, STEEM PRICE, AND COINMARKET CAP OF STEEM? (SCREENSHOT REQUIRED) WHAT ARE THE DIFFERENT TOKENS YOU EARN BY SOCIALIZING IN STEEM BLOCKCHAIN?
I can say that POB has to do with the distribution of author and curation rewards based on proof- of-brain as is decided by the community to go to the authors with respect to the value of the content they create which is the proof of brain of the author. There are two characteristics associated with POB. There is a pool of tokens totally meant to serve as incentive for content creation and curation and there is a voting system that make use of the independent wisdom of the community to access the worth of the content and in turn distribute to it.
The fact is that when you analyze the contents that are published on the platform, there are ones that are useful which will impact on the community positively, and there are ones which are considered not useful and are discarded.
The community analyzes the published contents based on some personal criteria. The published contents which are considered useful are rewarded accordingly. The reward system allocates 65% of the reward to the author and curator.
I can say that curation takes place when one upvotes the post of others or when your own post that you created is upvoted by others, and when that happens, you earn money.
The process involves some actions on a published content. Before a post is curated, the curator must first go through the post. The curator reads and analyzes the post to check the quality of the content. If the content is of good quality and will be useful to others and there is no plagiarism, the curator comment, upvotes and possibly re esteem the post. A published post that has quality original content attracts more curators with significant curation reward.
However, if after much analysis, the post is not going to be useful to the users or is a plagiarized work, it is discarded or a red flag is raised on it.
Steem power is an influence token. It represents one's power within the platform. So the more SP you have, the more your influence in the ecosystem. Having a significant amount of SP will allow you to earn on curation rewards and if you have more SP, you earn more curation rewards. Building SP helps one to participate actively in blockchain governance because you continue to grow in the system. Building SP adds to community building.
If you have a significant amount of SP, you can support other users by curating their posts. And when you curate their posts, it gives them substantial value on their published quality content and this will in turn encourage them to participate actively on the platform. After considering the benefits of building SP, it is obvious that powering down is discouraged while powering up is recommended.
I will say that self upvote is a bad social behavior.
- First, it hinders social interaction with others because it limits the feedback you get from others.
- It is very likely that the contents of a post that is self voted will be of poor quality because most times, a user who upvotes his own post does that to earn reward without checking the quality of the content.
- It does not contribute to community growth.
In fact, I can say that it is harmful to the platform because it does not have any positive impact on the platform.
First, you open the coinmarketcap.com site, then you locate the steem currency and click on it. It will take you to the page where you see the following information:
From the screenshot, you will see the following information:
Rank = 184; Steem price = $0.5895 ; Coin market cap of steem = $228,560,840
Here you see the circulating supply which is 387,719,244.29 STEEM
Well, we have four types of tokens that one earns by participating actively on steem blockchain and they include:
- STEEM - This is the cryptocurrency of steemit blockchain. It is a liquid currency which means that one can transfer it to others on the platform, you can exchange it, or you can convert it to steem power through a process called power up.
- STEEM POWER - Steem power are considered to be influence tokens within the platform because they give control within the ecosystem. Steem power is locked up, which means it is not liquid. To make it liquid again, all you need to do is to power down, and when you do that, it takes about 4 weeks to become liquid.
- STEEM DOLLAR (SBD) - SBD is a liquid token which could be transferred to other users. It could be transferred anywhere at anytime. You can exchange it for steem in the internal market. The value of SBD is higher than the normal dollar.
- TRX -This also another token earned by participating actively on the platform. It is important to note that TRX rewards are distributed in proportion to the number of SP you can redeem.
It is very important to always publish quality original content on the platform. It is always good to build more steem power to grow more in the ecosystem. And very important to avoid self upvote as it is harmful to the platform.
I am grateful to professor @sapwood.