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Hello Steem friends,

It's already week 3 of Steemit engagement, and so far I can say it's been amazing! Am happy to be among those participating in this week's engagement challenge. We are expected to show our understanding about steem Blockchain this week and that's what am here to do. I will be answering the questions asked.

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Explain the following terms STEEM, SBD, SP, TRX

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It worthy to note that STEEM, SBD, SP and TRX are all token gotten as reward in the steem Blockchain.

STEEM
Steem is a cryptocurrency. It is one of the rewards earned by users on steemit platform when they make quality and unique contents.

Don't forget that steemit is a decentralized social media platform built on steem Blockchain. I believe the cryptocurrency steem was coined from the name of the platform steemit.

Now let's see the market value of steem. As at the time of my writing this was the price of steem according to coingecko.

_{screenshot taken from coingecko}

Steem ranks 264 with price been $0.234372. market cap as $92,594,340 with circulation supply 394,951,699

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SBD

SBD means steem backed dollar. SBD is one of the rewards content writers are rewarded with on their quality writings when an upvote is made.

SBD is a stable coin of Steemit platform which is usually pegged to a dollar, no wonder the name steem dollar. SBD was launched in the year 2016, precisely in March. It is used to reduce inflation. SBD can be converted to STEEM.

Let's see the market value of SBD. As at the time of this post

_{screenshot from coingecko}

From the screenshot you can see that steem dollar is ranking 587, selling at $2.36 with market cap of $27,623,611, having a circulation supply of 11,708,708.

I have noticed so far that alot of steemains love SBD more than they love steem and I wonder why that's so.

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SP

This means steem power. On steemit, steem power just like it's name gives you influence on the platform. Steem power is actually the power you have on steemit platform.

The more steem power a user have on the platform, the more power he has to cause an impact and add value on other posts. This also means that what you upvote with is your steem power.

_{screenshot of the amount of steempower from my wallet}

From my screen shot above I have about 4,000 steem power. But someone that has 50,000 steem power in his wallet will give more value to another users post than I will do when I make an upvote. This is possible because of steem power.

Steem power can also be gotten through the conversion of steem, and when this is done, powerup occurs. This means steem can be converted to steempower. And steem power can in turn be converted to STEEM but it takes approximately 4 weeks to convert some amount of steem power to steem.

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TRX

TRX is a cryptocurrency, a native coin of the Tron Blockchain. It's method of consensus is prof of stake. Tron has no transaction fee when transacted.

TRX as a cryptocurrency was integrated into steemit in 2020 therefore it became one of the earnings users get as reward.

it is one of the rewards gotten by users on steemit platform when an upvote is made on a post and the ratio of sp to Trx is earned is 1:1.

Let's see the market value of TRX

_{Screenshot from coingecko}

From the screenshot above you can see that as at the time of this post, the rank of Trx is 15. And selling price of $0.062699 with a market cap of $5,787,598,148 and circulation supply 92,278,660,335.

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Explain the benefits of building ones sp in the steem Blockchain

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Steempower is very important and here are some benefits of building ones sp.

• Big Curation Reward

Building ones steem power gives you more curation reward when you make an upvote on posts. So the more the steem power the bigger the reward you get afterwards as your curation reward. So building ones Sp benefits you interns of curation reward.

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• Reduce dependence on 01 and 02 accounts

Another benefits of building steem power is that at a point after your steem power has been built up to a very large extent, it makes you reduce your dependence on the account of 01 and 02 because your curation rewards covers up for you. You become a user who supports other users rather than depend on the big accounts.

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• Means of Savings

Building of ones is another means of Savings in the platform. I remember before the club initiative was introduced by the steemit team. Alot of users didn't care about powering up and even those who powered up, constantly powered down. But after the club initiative was introduced, you could see that we have more users building their steem power.

Building ones steem power is another way of savings for example we have users who are saving 50% of their earnings, we have those saving 75% of their earnings and then we have users saving 100% of their earnings. Imagine how many users that embraced this initiative and imagine if this initiative didn't come up, we won't have so many users who are building their steem power.

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• Increase the value of steem

Building ones steem power helps increase the value of steem by increasing it's demand and supply in the market which in turn makes the price of steem go up.

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Explain the meaning of curation in steem Blockchain and also explain self -voting is it good or bad practice on the steem Blockchain

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Curation in steem Blockchain

Involves a certain process. When a curation is to take place by a user, the user gets the post he wants to curate, read through it, checking for the originality and quality of the post through plagiarism checkers.

The user moves on to checking for the source and link used with grammar then the user also finds out the value the post brings to the platform. After that he goes on to either upvote or downvote the post.

An upvote is given to the post if the post is original and of quality (value) but a downvote is given when it is not original (plagiarized) and of low quality.

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Self voting

Self voting Is an act where user upvote his own post. Self voting is a bad practice and is frowned at in steemit platform.

You are not to use your voting power for yourself, you are to use it for others. To add value on their post and not on yours. Self voting is a selfish act.

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Explain what you understand by voting window in steem Blockchain. Vote two post ( one that is older than 7 days and the one that is less than 7 days) and explain to us what happened between the two post. Does all the two post produce monetary value and do they consume your voting manna? Before carrying out this task please go to your steem world and screenshot your present voting manna.

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Voting window on steem Blockchain is period of when a post remains active from the day it was posted. A post remains until the 7day .

During the period where the post remains active alot of activities can be carried on it like upvote or downvote.

But when the voting window of a post closes, it means the post is no longer active, it has paid out after a period of 7days.

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Practical session

_{screenshot of my voting manna from steemword}

From my screenshot above you would see that my voting manna is 90.2%.

Next, I looked for an active post and voted it as seen in the screenshot below.

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I noticed that after I voted the active post I selected, the earnings increased by $0.04 and the post moved from $44.46 to $44.51.
I went back to steem world to check my voting manna and I discovered that my percentage decreased.

_{Screenshot of my voting manna showing decrease after an upvote}

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Next I searched for a post that is older than 7days(expired or paid out). I voted it

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Before my upvote on the post above it paid out at $2.48. when I voted it I notice that there was no decrease or increase on the post. It remained the same as seen above.

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I went to check the strength of my voting manna on steemword and I was surprised to see that there was an increase as you screenshot below.

_{screenshot of increase in my voting manna after an upvote on a post older than 7 days}

My conclusion on the practical session I did was that the two post I voted did not produce monetary value. And not the two of the post consumed my voting manna. The active post which was less than 7 days old produced monetary value and consumed my voting manna but the other post older than 7 days didn't produce monetary value and didn't consume my voting manna.

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Advantages and Disadvantaged of steem Blockchain

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Advantages

• Steem blockchain enables user have total control of the accounts without any third party interference.

• Steem blockchain promotes creativity and originality of contents, making users think outside the box.

• Steem blockchain has provided job opportunities for so many users through content writing.

• Steem blockchain rewards users with some cryptocurrency for making contents.

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Disadvantages

• On steem blockchain, once master key of a user is lost, the account is lost forever.

• On steem Blockchain, users wallet remains visible to all which alot of persons do not like

• Sometimes, on steem Blockchain not all post are rewarded with an upvote.

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Conclusion

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No knowledge is a waste. I have learnt something new from this topic this week. Knowledge about the steem Blockchain will help one properly navigate the steemit as a platform and keep you informed on why some actions on the platform occur.

Thank you so much for reading.

I invite ma @ngoenyi to join this contest
Mr @fredquantum and @okere-blessing