Introduction

Hello guys,

Having attended the lecture by the crypto professor @sapwood, the professor based his teachings on Steem Blockchain(Inflation, Recovery Account, Encrypted Message). Without much time wasted I have the resolve to work on the task given.

Source

As most of the STEEM tokens will be minted in the next 10 years or so(on account of inflation), how important it is for you to build your SP in the next 10 years and build significant influence power in the form of SP? How difficult will it be to earn STEEM rewards after 2031? From 2021 to 2031 how many STEEM tokens are going to be minted(approx)? In which year the inflation and Block reward is likely to saturate(tentatively)?

Recall that according to the professor lecture, rewards are distributed in the steem blockchain in this manner, 10% of the newly minted Steem tokens goes to the consensus witnesses while 15% goes to Vested token holders (i.e SP Holders) and 10% to Steem DAO. The remaining 65% goes to the reward pool invented by the Proof of Brain (PoB), to reward authors for their social activity and curators for curating high-quality posts. The inflation rate on the Steem blockchain was set to 9.5% in December 2016 and inflation decreases by 0.01% with 250,000 blocks created on the Steem blockchain.

How difficult will it be to earn STEEM rewards after 2031?

What will cause the earning of steem difficult in 2031 is a low inflation rate. Furthermore, we can categorically say some factors will be responsible for these.

1. SP available in the reward pool
2. Reward pool size at that time

The analysis done by the professor on the table below where the inflation rate is reduced I.e 0.01% every 8.68 days show how steem earning will be in 2031.

From the table above,

2021 March:- 391.8 Million

2031 March:- 685.0 Million

Perform the arithmetic will yield

685 - 391.8= 293.2 Millions approx

In that case, 293.2 Million will be the new supply of STEEM tokens on account of inflation from 2021 to 2031.

The average rate of new STEEM being minted per year in the first 10 years will be 293.2/10 = 29.32 Million per year

Still from the table above,

2036 March:- 774.02 Millions

Recall that in 2031 we have 685.0 Million and in 2036 it is now 774.02 if you subtract them together you will have 774.02-685= 89 Million (in 5 years)

So, this will be very difficult to earn STEEM rewards easily in the years after 2031 as much of the percentage of the newly formed STEEM tokens will also be shared with the Vest Token Holders (SP). We can see that STEEM reward per block has been greatly reduced and that shows how tedious it would be to earn STEEM reward in the year 2031 upward.

With the projection provided by the professor, in the year 2037 (March), the inflation and block reward tend to be saturated when the inflation rate must have hit the set 0.95% with no further decrease. In the year 2037, the decrease in the inflation rate will become constant temporarily and saturates at this point. So from the year 2037 to onward, the Block Reward/mine of STEEM is also likely to be saturated and become constant at 0.70 STEEM per Block.

Who is your recovery account in Steem, how do you check it(Hint- Steemscan), include a screenshot(s)? In the case of any unforeseen event like hacking what information do you provide to the recovery account(or the trusted account) to initiate the recovery process?

My recovery account on Steem can be accessed on steemscan.com and I will be exploring steemscan.com.

Visit Steemscan.com/account/simonnwigwe

My recovery account- Steem Inc.

From the above, my recovery account is Steem because I directly created the account on Steemit. For the process of account recovery, I have to present my keys/password to Steemit Inc who is the owner of the steem account. and I must initiate the process of account recovery within 30 days of any occurrence that warrants account recovery. You have to provide the previous password/key to the account recovery and the recovery agent would recover your account within 30 days max.

How do you send an encrypted message(private message) to another peer in Steem Blockchain(include screenshot/process)? Which key is required to send a private message and which key is required to decrypt it? (Example/Screenshot)? Either send an encrypted memo-tag to exchange and send a private message to another user?

The encrypted message can be sent on the Steem blockchain such that the sender needs the Master password to get the encrypted messages sent also, the receiver would be needing a Master password/Memo key to decrypt the message sent. The special key used for this purpose is # followed by the message with no spacing between the # key and the message.

Below are steps showing how to go about sending an encrypted message.

• Login to Steemwallet.com with my Master password.

• Select the drop-down button beside my Steem account.

• Select Transfer

• from the image above Input the destination wallet >> Amount >> Memo tag prefixed with # >> Next.

• Initiate the transaction with the Master password or Memo
  key >> Ok.

Source

Transfer details- Visible

The above screenshot shows my transaction memo tag visible to me. Let's the see other one using my posting key to log in.

Transfer details- Hidden

It will be hidden when you use posting key to access your wallet but the receiver needs to access the details using his master password or memo key. That is the power of sending an encrypted message to hide special information from the public.

Conclusion

Finally, users on Steemit should take advantage of this time to build their SP for the future now that STEEM is still easily acquired in preparation for the slight tightness of acquisition that would be experienced in some years time. With no doubt, this lecture has brought me closer to the Steem Blockchain and I am very glad to be part of this lecture, thanks to the professor.

Special Regards;
Cc: @steemcurator01
Cc: @steemcurator02
Cc: @steemitblog
Cc: @sapwood
Cc: @trafalgar