REPOST: Crypto Academy Season 3 Beginners' course - Task 1: STEEM & TRON|| DONE by@kelvincole
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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 coinmarketcap of STEEM(screenshot required)? What are the different tokens do you earn by socializing in Steem Blockchain?
Thank you everyone, as i join the SteemitCryptoAcademy Season-3 lessons officially this week. It is my great pleasure having participated actively in season-2 though was not treated fairly like other participants towards the last week as ALL my three (3) homework tasks were not upvoted even after been verified by the assigned profs. It was not only discouraging but demoralizing as they were RE-POSTED and yet not upvoted.[@sapwood @steemcurator02]!!!
I will be attending to the homework tasks as required of me...
Proof of Brain (PoB) is a a kind of mechanism or protocol used in the steemit blockchain to reward outstanding authors who devoted time in dropping acts of quality creativity. The Steemit platform is known for its social media mix which has been tipped as the future social media platform of our time given to its reforms and rewards thereof for authors who drop quality content in her platform (Lets remember users also enjoy the benefits of a decentralized system). This is unlikely what we see in all centralized social media platforms out there with enormous traffic without any form of giving back to authors or bloggers who participate actively in promoting its platform.
In rewarding authors who has exhibited excellence and exceptional writing skills which is was the essence of PoB, there are systematic approaches towards achieving this. Rewards do not just drop from the blockchain to the authors account directly but from what call REWARD POOL which is a centrifugal point where coins are minted for the purpose which PoB derives its percentage share. In the Reward Pool, PoB dominated a major percentage which shows the direction of the blockchain and what it upholds. PoB which encompasses both the authors activities and that of the Curators are seen to gulp a large percentage share of 65% (32.5% each for Authors and Curators).
Lastly, PoB has done a tremendous task in bringing out the best out of authors and created healthy competition in the system which are all tailored towards driving quality in the steemit blockchain. Authors with more articulated and impacting contents are usually seen to draw the attention of the big boys curators in the system for qualitative upvote.
I was so conscious not to answer this question in the PoB session as I mentioned curation. Curation in the steemit Blockchain has opened doors for serious and well focused participants in the system to invest without necessarily been an author. Yes, we may simply say curation is the process that involves Up-voting a post seen in the steemit community but this does not just end here. This is just the literal meaning for a newcomer/Newbie who just joined the platform but I will go alittle detailed on the term curation.
I will be making a direct example from the Steemcurator01 and Steemcurator02 curation activities and hope this drives the message properly. Before we see those duo drop any vote on any post be it in the cryptoacademy or any other community the following must have happened;
a. quality and impact assessment before curating accordingly.
b. if it is in cryptoacademy lessons where the Professors must have verified this posts, they still have to follow through the grading parameter with little checks before making any curation.
Just as mentioned earlier, 32.5% is seen to go the curators from the reward pool where 65% are located to PoB (Authors+Curators). This also explains how this reward is distributed to curators after placing a vote on a post. For every post curated, the curator gets 50% of reward from this activity and hence leaving the balance 50% to the author. Also seen from the reward pool, another 15% is seen to be distributed to SP holders in the platform which invariably means that those with higher SP value may be seen to get more reward distributed form this source.
Every heavy curator with high voting power is seen to have Higher SP value which also means that in situations where prices of token goes up, there are more value seen in their wallet accounts. Therefore, high value voting power promotes investment in SP which also creates room for profiteering via price changes and also enjoys more rewards from curation(32.5%_reward pool /50% from posts) as well as 15% from Holding SP (from Reward pool).
I have barely mentioned some of the benefits why building SP is important in the steemit blockchain but i will be making some bullet points on them right away;
- For essence of Profiteering from price Changes. By acquiring Steem when prices are low and Powering as means of savings can guarantee a more meaningful value for the holder when prices are up.
- For Influence in the community( SP stands for Influence). It brings a sense of influence in the community with more likelihood of drawing more users to your side with hyped attention in the community which also gradually improves ones reputation in the system.
- Receives 15% Reward for Holding SP. There is a distributed 15% share given to all SP holders in the platform which i see as another means of value added to the holder.
- Make more returns on Curation over a period of time. More SP means more voting power which also translates to more reward from curation.
IT IS A BAD SOCIAL BEHAVIOR THAT NEEDED TO BE DISCOURAGED AND STOPPED
Self-vote does not represent curation in any form as this is an act of accumulating earnings from the reward pool by cheating the system. But with the existence of the convergent liner system as put by the blockchain, this does not promote self votes as the anticipated curation reward received from this activity is quite discouraging compared to the initial intentions. The more one try to vote the smaller the reward seen from this process.
This is quite unnecessary and a fraud to the system. Let us likened it to a situation where you are the student and examiner at same time. There won't be objectivity while grading and appraising your content, so is the act of self-voting. I understand the fact that sometimes our contents gets unrecognized by the little votes it generates, but resorting to self-voting makes the situation all worse and complicated as our posts would be left at the bottom of low quality contents in the community.
STEEM PRICE: $0.3882
MARKET RANK: 178
MARKET CAP: $151,699,575.03
There are just four (4) tokens I have Earned all through my activity with the steem Blockchain.
a. Steem - Denotes Power in the community. Every other token is seen to derive their function from it. It is the native coin of the community which is traded on exchanges.
b. Steem Power - Denotes Influence in the community. Holders of the SP are seen to have great curation power and naturally attract likes and followers in the platform.
c. Steem Backed Dollar - Denotes Stability. SBD is a Stable coin and it is seen to be adopted by the steem blockchain to help caution effects of market volatility on its native token (steem). SBD is currently valued at $5.92 but its valued as $1 in the steem blockchain
d. Tron - Additional token in partnership with the steemit community. For every SP earned also comes with a commensurate TRX equivalent.
Thank you great minds for reading through my article.
