Crypto Academy Season 5 Beginners' course - Task 2: STEEM & 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 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 Tron ecosystem?
What is PoB?
PoB of simply proof-of-brain is one of the many consensus algorithms we find in steem blockchain. However, let us be clear that the consensus algorithm of this blockchain but proof of brain consensus algorithm focuses the reward pool of steem blockchain in simple words it works for distributing reward on the steem blockchain.
The three fundamental criteria which form the structure of this mechanism are
Reward pool
Steem power
Decentralized knowledge of detecting the quality of content
We are aware of steem being a decentralized social platform where the people who post their quality content are rewarded with steem backed dollar or steem or Tron.
The blockchain-based social platform steem stakes a certain amount of steem power from every user which in turn gives user influence on the platform. In simple words,s the proof of mechanism is an algorithm for the steemians that deals with empowering users with reward due to the quality content they post which is not copied from somewhere else and is beneficial for everyone on the platform.
What does curation mean to you in Steem Blockchain?
Curation on steem is the source of motivation for content creators to post more original and quality-based content. Curation can be described as power given to every steem user who can appreciate fellow members of individuals by voting for them on their posts.
Those who upvote or downvote the posts are called curators, every curator on the blockchain has the right to curate others post this curation if includes receiving upvotes then it earns content creator reward in sbd or steem or Tron tokens.
I feel curation is an amazing system that not only benefits blockchain but users too. People getting their post curated by people with sp receives more reward than people getting reward from the curation of curators with low sp. However, the whole curation motivates steeemian to come up with better content and restricts them from providing plagiarized or copied content.
The best thing about curating posts is even a curator who goes through the post and reads through the posts of content creators receives rewards too. Hence the curation is a great initiative of the steem blockchain.
What are the benefits of building SP?
Advantages of building SP
- First benefit I’ll be discussing of building SP is getting more influence on this blockchain-based social platform.Everything a user with high SP on the platform matters more than activities done by users with low SP value.
Since user with high SP has the potential to vote higher than users with low SP on posts of fellow members.
The reward pools distribution comprises 15% of votes to those who hold high steam power called vesting reward on the steem blockchain.
As we know there are some specific curators assigned for curation when fellow members start curating after building their sp this reduces the stress of curators
User with high steem power can generate a community of their own on this decentralized blockchain.
How do you explain self-upvote as a good or bad social behavior & why?
Self-upvote for me is absolute bad social behavior. It is similar to liking your posts and sharing them on your profile and commenting on your own, who does that, and if some do no one appreciates that. We know the steem blockchain is a social platform for users hence users here must consider the interest of the community.
Self upvote is when a user on steem blockchain upvotes his post which is unfair to others who deserve upvotes from him. Also, there are curators or another user to upvote or check through one’s post hence there’s no need for a content creator to do that on his own also an author wouldn’t check his post fairly hence this will leave a negative impact on the whole community when such posts are upvoted. Therefore it is better to save your upvoting for the rest of the members on the steem blockchain.
Explore Coinmarketcap.com to indicate rank, STEEM price, and coinmarketcap
For this first I’ll go to the coinmarketcap website as shown in the picture down below where I’ll search for steem coin in the search bar.
Here in the picture down below all the data related to steem coin including its price, rank can be seen
Steem Price: $0.5929
Steem Rank: 311
Marketcap: $233,337,666
What are the different tokens do you earn by socializing in Steem Blockchain?
Apparently, there are three different types of tokens present on the steem blockchain given down below:
STEEM POWER
SBD
TRON
STEEM
STEEM POWER
Steam power or SP is one of the tokens we earn by socializing on this steem platform as the name implies it decided the power ofindividualsl in blockchain i.e. a user with high SP is more influencing than others on blockchain. The contributors on the blockchain are paid by this coin on blockchain and cannot be traded on every exchange.
SBD
SBD are initials of steem backed dollar it is 1:1 pegged to US dollar. Curators on the platform are paid by these coins. This coin can be converted into other assets and fiat money. This token can be traded on multiple exchanges of crypto.
TRON
It is due to working together of steem and Tron blockchain that Tron tokens are integrated into steem blockchain and can be earned as rewards along with SP. The rewarded Tron tokens can be converted to a tronlink wallet and there can be used b users as they desire.
STEEM
The steem coin is said to be the founding token of the steem blockchain, the SBD and SP depend on this token. These coins are generated on daily basis and are suggested to be converted soon into otheraltcoinss. One can store these coins in their wallet and can make profitable trades with them in the future.
How would you use your TRX earned in Steem Blockchain to optimize earning in the Tron ecosystem?
TRX tokens earned in steem can be optimized on the TRON ecosystem in different ways staking, trading, mining, earning governance, etc. The users in steem get rewarded with TRX along with SP which can be transferred to the tronlink wallet which allows users to carry out the desired function.
Personally being an active trader I would use these tokens for trading however I sometimes use them for earning governance on the Tron ecosystem too.
Conclusion
The steem and Tron partnership attract users of Tron to be on this platform and makes user of steem develop an interestintronn ecosystem. One of the things I’d mention in my conclusion is the significance of building sp since it unfolds many advantages for users even allow users to have a community of their own. Another thing I’d mention is my disliking for users who self upvote their content because that for me is an absolute selfish behavior. Lastly much appreciate a professor for his efforts in lectures.