STEEM & TRON - Steemit Crypto Academy Season 5 - Homework Post for Task 2.
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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 YOU EARN BY SOCIALIZING IN THE STEEM BLOCKCHAIN?
- HOW WOULD YOU USE YOUR TRX EARNED IN STEEM BLOCKCHAIN TO OPTIMIZE EARNINGS IN THE TRON ECOSYSTEM?
WHAT IS POB?
POB which is a short acronym for proofofbrain, in my own knowledge of understanding is a reward pool system , the steem power influence to distribute reward and free understanding of users to differentiate between good post content or a bad one.
Authors give in to the system by creating posts, in which the quality of posts is decided by wisdom of fellow users in a process called curation. In steemit blog users I advised to work very hard in other to earn reasonable reward in steemit.
WHAT DOES CURATION MEAN TO YOU?
In my own understanding curation is a means in which a user's post is judged thoroughly based on the quality of posts, that is if it's a good / bad content.
Whenever someone clicks on upvote button, this means rewards have been distributed from the reward pool. If you hit the downvote button, it means rewards are redistributed to the reward pool.
Users in steemit world upvote a post after checking and evaluating the post according to their satisfaction and standard set by the community, thus a post is said to be curated. Otherwise is the case whenever a post is downvoted, therefore users are advised to work hard to meet up with the standard of the community.
In curation, the time the post was published determines the amount of reward to be received. For example, whenever an author publish a post and it's voted before 5 minutes, the author receives less than 100 percent.
Time | Curation Reward | Reward in Pool |
---|---|---|
The exact time of posting | 0% | 100% |
1 minute | 20% | 80% |
2 minutes | 40% | 60% |
3 minutes | 60% | 40% |
4 minutes | 80% | 20% |
5 minutes | 100% | 0% |
WHAT ARE THE BENEFITS OF BUILDING SP?
The higher your steem power the higher your influence power, at the same time the distribution of the reward pool is equal to stake-weighted SP. A user will obtain more curation rewards from the sharing pool and more curating power, leading to more influence and higher reputation on steemit platform than those with low steem power.
Just as a footballer which put in more work in the training field, the footballer will get more result than the other one that is just lazy and waiting for manner to fall from heaven. This is why #club75, #club5050 and #club100 are very important to help a user to build up more steem power in other to enjoy the necessary benefits of having higher steem power. Thus, I encourage steem users to maintain the standard of accumulating more steem power in other to have more higher influence in the platform.
HOW DO YOU EXPLAIN SELF-VOTING AS A GOOD OR BAD SOCIAL BEHAVIOR & WHY?
Self voting is a situation where by someone upvotes his or her published posts, the question here is, is it right for someone to upvote his or her post? NO!, a big no.
Posts on steemit shouldn't be up voted by the owner but should be left for other users to analyze your post and give you the credits you deserve.
Such an act is condemned and the user might not get enough credits if indulge in such act. If all users indulge in self-voting, surely the point of curating becomes futile.
Furthermore, some users with low Steem power will not have any sort of reward, plus no way to grow our account if we are to vote our content by ourselves, as our voting won’t have any sort of impact since our voting weight/power is low. Therefore, self-voting is a a habit and should be condemned.
EXPLORE COINMARKETCAP.COM TO INDICATE RANK, STEEM PRICE, AND COINMARKETCAP OF STEEM [SCREENSHOT REQUIRED]
I followed the following steps to achieve this task
I opened my browser and login to www.coinmarketcap.com
Screenshot from www.coinmarketcap.com
Then I clicked on the search button to search for steem
Screenshot from www.coinmarketcap.com
Type in steem and select steem from the drop-down.
Screenshot from www.coinmarketcap.com
In the next step, I got to see the Rank(blue) Steem price(green) and the market cap of Steem(red)
Screenshot from www.coinmarketcap.com
As at the time of writing this post(Friday 17, December 2021; 4.27:46 PM), the following were my observed values.
PERIMETERS | OBSERVED VALUES |
---|---|
RANK | 323 |
PRICE | $ 0.4207 |
MARKET CAP | $ 169.994 M |
WHAT ARE THE DIFFERENT TOKENS YOU EARN BY SOCIALIZING IN THE STEEM BLOCKCHAIN?
There are different tokens that I can earn by socializing in the steem block chain which are:
- STEEM
- STEEM DOLLAR
- STEEM POWER and
- TRON
Steem is the main cryptocurrency in the steemit world. Steem is the token that users use to power up which enable them to post , upvote and also downvote. They can be traded in the same way one can trade Bitcoin and other crypto currency
Steem dollar can also be said to be an alternative form steem, which users can also earn on steemit platform. It's the cryptocurrency with the highest value on the steemit platform and it can also be exchanged for steem in the steemit wallet.
A user converts his steem to steem power in his steemit wallet. This enables the user to be able to post on the steemit platform and also vote or downvote.
As I said earlier in this platform, with higher steem power users have greater influence in the steemit platform.Therefore for any user to increase his/her influence/voting power, steem power is needed. With #club5050 which is urging users to power up 50 % of their weekly/monthly earnings.
Tron is a third party cryptocurrency in the steemit platform for users to earn simultaneously in respect to their SP. Like other cryptocurrency on the steemit platform, Tron is also earned when a user's content is upvoted by the wisdom of other users in the steemit platform and like Steem/Steem dollar can be traded anytime in the open market.
HOW WOULD YOU USE YOUR TRX EARNED IN STEEM BLOCKCHAIN TO OPTIMIZE EARNINGS IN THE TRON ECOSYSTEM?
The optimization of the TRX you earn on Steem Blockchain to boost your earnings on the Tron Ecosystem is important.
As TRX is one of the token integrated into the Steemit wallet, users are given the opportunity to earn TRX that can be found on the user's wallet by receiving rewards from their creative posts. To have full control of your TRX assets and optimise my earnings by linking the tron account with a tron link wallet thus allowing one to send and receive tron on your mobile phone or laptop.
Another way to optimize your TRX assets, is by visiting dApps like SUN.io in the Tron Ecosystem that will enable you to Stake, Invest or Mine your TRX Token.
Conclusion
The significance of growing one's SP is very important as with higher SP comes higher power influence in the steemit blockchain.
Under this task I have learnt alot about Steem and Tron cryptocurrency including other tokens like Steem dollar and steem power which I will earn as reward when I create a quality post on steemit platform. Also I learnt about the mechisim of proof of brain.
I'm grateful to professor @ sapwood for taking his time to enlighten us about Steem and Tron cryptocurrency.