STEEM & TRON - Steemit Crypto Academy Season 5 - Homework Post for Task 2.
I am here again with this homework task for professor @sapwood lesson - Crypto Academy Season 5 Beginners' course - Task 2: STEEM & TRON. Enjoy!
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?
Proof of brain also known as [POB] is a technique used on the steem blockchain which ensure the proper and effective distribution of reward on the steemit platform.
POB can be explained as the amount of uniqueness, creativity, knowledge, thought and originality an author/creator expresses in an article, post, or publication. The curators carefully go through this article or publication to make sure it is genuine and not plagiarized, and vote if genuine or call the attention of the community where the article was posted if it is plagiarized.
Proof of brain is also the collection of reward pool, the wisdom of the people, and stake-weight mechanism (SP) which allows users to distribute (vote) and redistribute (downvote) rewards from the reward pool. The more steem power (SP) a user has is the more influence a user has to distribute and redistribute reward.
Curation in steem blockchain is the distribution of rewards to posts/articles that are genuine, original, and show knowledge and intelligence that can be of benefit to other users, and these contents/posts are posted on the steemit platform since steemit is a decentralized blogging platform.
Ways a user can curate a post or content:
• By reading a post
• By rigorously scrutinizing the source used in the content and originality of the content.
• Determine if the post adds value to one's life.
• Resteem the post to your profile so your mutuals can see it.
• Leave your opinion in form of a comment or reply.
• Upvote the post if you find it authentic
Steem Power (SP) is the amount of influence a user possesses in the steem blockchain. The more steem power a user has is the more influential power the user has to distribute(upvotes) rewards.
Below are the benefits of building steem power;
• The higher the steem power a user has, the higher the vote weight and value of the user’s account.
• It allows a user to build a community with a specific purpose and with that you can support users that join the community.
• It affects the distribution and redistribution of reward.
• The higher the steem power determines the higher the Curation rewards that will be received after payout.
Self upvote is when a user upvotes their content by themselves. I think it is a bad thing to do because, The sole purpose of proof of brain and Curation is for others to go through your post and determine the reliability of your content and then vote for it, not the other way round. Content creators shouldn’t give accolades to themselves but audiences who are to read your content should give you the accolades.
On your browser go to coinmarketcap.com
After that search Steem in the search area.
From the above screenshot, you can see that the rank of steem is 185, steem price is $0.6492 to USD
See table below:
| Cryptocurrency | steem |
|---|---|
| Rank | #331 |
| Price | $0.4096 |
| Market Cap. | $166,808,192 |
image source
There are certain rewards users receive for posting content and articles on steemit.
These rewards come in form of the tokens below:
• SBD
• Steem power (SP)
• TRON “TRX”
• Steem
Read the explanation below;
SBD
SBD is also known as steem dollars is one of the tokens earned by performing on the steem blockchain. It can be converted to or traded with steem and can be transferred to another user account for an exchange. As of today, a steem dollar can be exchanged for (11.139) steem. See the image below.
Steem power (SP)
Steem Power (SP) is the amount of influence a user possesses on the steem blockchain. You can convert your steem to steem power and that is called Power Up. It is a method of staking your steem for future use. You can also convert your Steem Power (SP) back to steem and this is called Power Down. Steem power is mainly received as a Curation reward.
STEEM
Steem is the main token earned on the steem blockchain by performing on it. It is the currency for the platform and can be traded for steem dollars and used to power up to increase one influence on the blockchain.
Tron "TRX"
TRX is the native token of Tron and it is earned by socializing/performing on the steem blockchain and joined steemit on December 2nd, 2020. So a user earns 1TRX for every 1SP earned on the steemit platform (ratio 1:1).
But steem and Tron operate under two different blockchains.
NOTE: The Curation reward or token earned by the curators on the steem blockchain is mainly Steem Power (SP) but an author can earn all tokens depending on the debt ratio after payout.
See the table below for further explanation:
| Author (debt ratio) | Reward |
|---|---|
| Below 9% | SBD+SP |
| Above 10% | Steem+SP |
| Between 9% and 10% | Steem+SBD+SP |
in Tron ecosystem
• You can optimize your TRX earning by transferring your earned TRX token from the steem blockchain to your Tronlink wallet which serves as a link to the Tron ecosystem.
• Tronlink which enables users to interact with DApps like justswap in which a user can contribute to the pool and earn rewards is a way of optimizing earning in the Tron ecosystem.
• You can also stake Tron and earn a reward. since staking is a way of earning through holding certain cryptocurrencies and allowing the blockchain to put it to work.
• You can as well freeze it. freezing which is the locking of one's crypto for some time making it unable for one to trade or sell it until it is unfrozen.
By doing everything above, you are optimizing your earnings on the Tron ecosystem.
After carefully going through the lecture by the professor and attempting these questions, I hope I was able to explain to you readers what Steem & Tron is all about and e can see that Steem power represents influence, Steem is the blockchain token, SBD is the spending reward. I want to say thank you to professor @sapwood for this wonderful and eye-opening lecture and thank you, readers.