Steemit Crypto Academy Season 4 Beginners' course - Homework Post for Task 2: [Steem & Tron]
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QUESTION ONE
(1) 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?
Introduction
A blockchain is an arrangement of blocks (records of transactions) where each block is attached to already existing blocks and as such the records are Immutable,tamper-proof and secure.The first block of any blockchain is called the genesis block.Steem has its own blockchain.
What Is PoB
PoB stands for proof-of-brain.However, before I go further,permit me to explain a few other things.
Steem is an open source blockchain where transactions are recorded permanently.It had a a decentralized application called Steemit.So we can say that Steemit is an application on the Steem blockchain where authors publish and monetize their contents.The authors will have to produce original contents that can draw a lot of engagements from readers and in turn the author gets a reward through votes depending on the authenticity and quality of the content.
PoB which stands for proof-of-brain means that the author will have to produce quality contents through putting his brain into work,the readers will use their ability to determine whether the content produced by the author is good or bad,if it is good the readers can now distribute rewards(vote) to post from the reward pool.The value of the reward that a trader distributes to the author of a good content depends on the staked steem(steempower) of the readers.
PoB must involve the author to produce a post that is free from plagiarism,well detailed,enough to attract loads of comments and resteem and must be of good standard so that the post having fulfilled all these requirements can now be voted and the author will get rewarded for the post.
Cryptoacademy assignment is a typical example of PoB because the author must produce a content that satisfies the requirements of the assignment given before the author could be rewarded.
What Does Curation Mean to You
I have already explained that Steemit is platform where an author gets reward or upvotes for producing quality content.The process of giving vote or upvoting or distributing reward to an author is called Curation.
Curation on Steemit does not just mean upvoting a post,it involves discovering a post, checking whether it was plagiarised, checking the sources, commenting on the post, resteeming to create more views and then upvoting the post.
If a post is found to be plagiarised the reader should call the attention the community so that such post would be downvoted.Upvoting a plagiarised content is a bad habit and is frowned at here on Steemit.
In Curation,the rewards added or distributed to the content depends on the steempower of the account that upvotes the post.Low SteemPower means low upvote and high SteemPower results in high votes.In summary, Curation means voting a post that have met the required standards and not just voting any kind of post.
Let's not forget that Curation is a win-win activity,what do I mean?..When a post is curated,the Curator also gets part of the Curation value which is called the curation rewards while the author recieves the other half value called author rewards.
Benefits of Building SP
SteemPower (SP) is likened to the fuel that keeps a car going.Without SteemPower it may not be possible to write or even vote a post on Steemit.Steempower is what gives user influence in the Steemit Community.Just like wealth makes one to be influential in the family,SteemPower makes a user to be influential here on Steemit.The greater your SP,the more your influence.Let list the benefits of building SP.
•Building SP increases the steempower of a user.As the SteemPower is increasing,the voting value of the user increases also.No wonder why whenever we get a vote from the steemcurator 01 and 02 accounts the value of the votes are always higher.This is because the 01 and 02 accounts have built or is holding a very large amount of SteemPower (SP).
•Building SP helps to increase Curation reward.The reward recieved by a person or an account that curates a post is called curation reward.The higher the SP of an account,the higher the curation reward.
So it clear that building SteemPower will help to increase the curation reward of the account.
•Building SP Increases the Tron reward of an account.This is possible because for every SP earned,,there would be a corresponding Trx earned.If a user earns 1 SP,he has automatically earned 1TRX too.So building SP will improve the number of Trx that the user earns.
•Building SP can help a username to form a community. Communities should be able to support the members that post in that particular Community.With building of SP,the user can amass a great amount of SP that can be used to form a community and support authors that post in the community.
•Another benefit of building SP is that it helps the user to support other authors on Steemit through upvoting their posts.
To conclude the whole thing, building SP increases the influence of a steem user,it makes the user to have a higher steempower,increase curation reward,increase the amount of Trx that he earns and help to support nthe Steemit Community.
Self Voting
Self voting is a situation whereby a user writes a post on Steemit and also curates the post himself.This means the user is both the author and the curator.He takes the whole rewards(author rewards and Curation rewards).
Self voting is a negative behavior and at best an act of selfishness.I call it selfishness because the user wants to gain everything.Here on Steemit,self voting should be stopped completely.
Another problem with Self-Voting is that the the user will evade the stage of identifying the post,checking its authenticity,resteem,commenting and so the user will not do all these things but rather he will just upvote the post.Self voting could lead to curation of low quality or bad contents because the author is also the Curator.Self voting is likened to a student who gives himself an exam and also grades himself,the student won't check for errors,he would just give himself a high score.
In my own opinion,self voting is a bad social behaviour and so should be avoided.We need to vote other people's post and others will vote ours.
Exploring Coinmarketcap for Steem
Coinmarketcap is of the best websites where one can go to see virtually every cryptocurrency and can then see its price,ranking,market cap,volume,supply etc.Coinmarketcap also show the dominance of Bitcoin,Ethereum and other Altcoins.The Information about each crypto provided by Coinmarketcap can help a crypto trader to make good trading decisions on the type of coin to buy or invest it.The website is also great for fundamental analysis.
To explore Coinmarketcap.Follow this simple steps.
•Log on to Coinmarketcap.com
👆This is the first page of the website.It contains all the coins available on its website.It showed 11,650 Cryptos available,405 Exchanges ( crypto market places),BTC had a Dominance of 41.6%,ETH had a Dominance of 19.7% while the other cryptos share the remaining 38.7% dominance.In the ranking BTC ranked first followed by ETH...Since i want to explore Steem.I have to quickly type Steem in the search box.
•Next,it to search for Steem which I just did.It click on it proper and all the details about Steem popped up.
From the information on Coinmarketcap, Steem is ranked number 186 in the list of 11,650 crypto.It has a price of $0.6962 which is above 50 cents.Steem has a market capitalization of $268,367,168 and a daily trading volume of $32,682,308 as well as circulating supply of 384,447,814.66 Steem.
Permit me to put it in a tabular form.
| Info | Result |
|---|---|
| Crypto | Steem |
| Ranking | 186 |
| Price | $0.6962 |
| Market Cap | $268,367,168 |
| Volume | $32,682,308 |
| Supply | 384,447,814.66 Steem |
Different Tokens Earned by Socializing on Steemit
Socializing on Steemit is an opportunity to publish original contents,meet new friends,read other authors work,make comments and curate their work.It is always good to know that Socializing on Steemit is not just for fun,you alos earn lots of tokens as reward.Let list the tokens you on earn when you socialize on Steemit.Tjey are as follows:Steem,**SteemPower (SP),Tron and Steem dollar (Sbd).
•Steem:
Steem is the native currency in the Steemit platform.It is rewarded to authors for participating in contest,or a for winning prizes on Steemit.Steem can also be transferred from one user on Steemit to another through peer-to-peer process.Steem is in a liquid form which means that it can be transferred instantly to another user.One can also use F
fiat(local currency) to buy steem from another user,store it and sell when the price rises so as to make profit.
•SteemPower (SP):
Steem power is another token earned on Steemit.It has the same value as Steem,the difference is just that SP is not in liquid form,so one has to power down the SP to Steem before it could be transferred.Although it is also possible to delegate SP.
To make it simpler,SP is a Steem which was powered up or staked or invested.When Steem is powered up,it is now called SteemPower.Steempower gives a user an influence on Steemit,the higher your Steem power the higher your influence.
Apart from Powering up,one can get Steempower from writing good contents on Steemit, once your content is voted,you get SP.If the post is set as 100% power up,the author gets the whole reward as Steempower.However,it is set as (**50% SP/50% SBD) half of the reward only goes to the author as SteemPower.The SP obtained from writing on Steemit is called author reward.
One can also get SP by upvoting other people's post.When Curation is done(half of the value goes to the curator) while the other half goes to the author.The SP obtained from voting an authors post is called curation reward.
•Tron (TRX):
With the integration of Tron in the Steemit platform.One can get TRX simultaneously with SP.The ratio of earning SP and TRX is in the ratio (1:1).For every 1 SP earned on Steemit,a corresponding 1 TRX is also earned.TRX is in liquid form and can be traded at any time.Getting more TRX is means getting more SteemPower (setting post to 100% power up).
•Steem dollar(SBD):
Sbd stands for Steem backed dollar.It is another token earned on Steemit.It is earned when a post is set at (50% SP/50% SBD).SBD is transferrable at at time.One can still change his Steem to SBD and vice versa from the market section of the Steemit wallet.
How would you use your TRX earned in Steem Blockchain to optimize earning in Tron Ecosystem
Like i mentioned in the last question,TRX is earned simultaneously with earning of SP.The more SP earned,the more TRX earned too.
The TRX I earn on Steemit goes to my TronLink wallet which is Tron Ecosystem.As the value of my TRX increases,it means that I have more chances to optimize my earning in the Tron Ecosystem.How can it be possible?
I can achieve this by staking my TRX in the Tron Ecosystem and use it to make more profit.Staking means that my TRX is working and generating profit for me while I just watch.
I can also freeze my TRX in the Tron Ecosystem and get rewarded for doing so.
Conclusion
Steem is an open source blockchain that records cryptographic transaction in the Steem blockchain thus making it secure and Immutable.The Steem blockchain has a decentralized application called Steemit where authors can post original contents and monetize it for either or some of Steem,TRX,SBD and SP.
Holding SP on Steemit helps a user to get more influence and make more money on Steemit through curation reward.
Cc:@sapwood