STEEM & TRON - Steemit Crypto Academy Season 4 - Homework Post for Task 2
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?
Thankyou Professor @sapwood for the lecture that you gave us, I really enjoyed the topic and I chose the questions number 1 as my homework assignment, I hope I can answer the questions well.
Based on the Steem Blue Paper, Proof Of Brain is a mechanism for establishing and evaluating the social value of content with the aim of rewarding users for their contributions to a token-based community system.
In simple language Proof of Brain is a term used for the distribution of prizes for content created by an author. The three elements that form Proof Of Brain are reward pool, the stake-weighted mechanism (SP), and the wisdom of the people. Then our question is how the explanation of the three items is very important in forming a proof of brain.
Proof Of Brain occurs when wisdom of people, stake weighted mechanism and reward pool occur together. When one does not occur then the PoB does not occur. For example, when SP holders consider a post to be unattractive then no vote is given so there is no reward for the author. But if on the other hand, our post is interesting, then reward pool, the stake-weighted mechanism (SP), and the wisdom of the people together will form a PoB, and the author will get the reward.
This is a little explanation of how the reward pool, stake weighting (SP) mechanism, and people wisdom work. Reward Pool is a collection of rewards stored in the pool derived from newly minted tokens. Reward Pool are distributed for Wittnes - 10%, Vested Tokens Holders(SP Holders) - 15%, Steem DAO - 10% and Content Creators & Curators(PoB) - 65%.
65% of the reward pool is distributed to authors and curators who have sufficient stake weighting (SP) mechanisms to distribute the 65% of the reward pool. Of course, the SP holder will consider the quality of the content created by the author before voting, this is what is called Wisdom Of People.
As a Steemian who does not yet have a large effective Steem Power, curation is a form of appreciation from those who are on this blockchain network to me. Likewise, when I curate other people's posts, it is a form of my appreciation to Steemian for their work, that's the wisdom of the people I mentioned above. Even though my curation value is not much, at least I have appreciated other people's work.
As I explained above that the reward pool is distributed by the wisdom of Steemian, when there is a good assessment of our content. But on the other hand Steemian also has the right not to appreciate our content directly by downvoting, because they feel that the content we create is the result of plagiarism, our content is not interesting, even because they just don't like our content.
As a Steemian who got a downvote, we must be wise in responding to this phenomenon. That means we have to improve the quality of the content we create so that fewer people downvote. As a socially based platform, it is impossible to satisfy everyone with the content we create. But at least we have improved the quality of the content we create.
The curation that we do to a post will return to us in the form of a reward, so the curation process is a mutual benefit for the author and the curator. In addition to author rewards as content creators, we also get curation rewards as curators. The reward that we will receive is divided by 2, partly allocated to the author and partly to the curator.
Steemian with high Steem Power has a greater effect on rewards than curators who have less Steem Power. So, if we want high value curation we have to build Steem Power often. The conclusion for me is that curation is a form of appreciation for Steemian's efforts in producing quality content on their blog.
I often make an analogy of SP as gasoline and Buid Up SP which we know as Power Up as a modification of the motorcycle tank, so that people around me better understand what I mean. When the use of gasoline is not properly planned, the engine may die suddenly because it runs out of fuel. So we need to increase the large capacity of the tank capacity by doing Power Up. As beginners sometimes we often run out of gas, this phenomenon is known as bandwidth in the Steemit world.
Being free to do activities on Steemit without having to think about bandwidth for beginners like me is one of the benefits that can be felt directly. Of course, that's not the only benefit of building our Steem Power. There are still many things we can get by building Steem Power.
Of course, that's not the only benefit of building our Steem Power. There are still many things we can get by building Steem Power. Besides being free to do activities on Steemit, we can also increase our vote value when curating, because high Steem Power also has an impact on increasing vote value.
The example is simple, when I have an Effective Steem Power of 130 SP, then my vote value is $0.00 at 100% voting power, it's certainly different if my Effective SP increases. We'll see Professor @sapwood's effective SP is 5,845.62 SP, then his vote value is $0.08 at 100% voting power.
Not to mention the vote value owned by the official Steemit platform curator accounts such as steemcurator01 and steemcurator02. That's why every community has a curation account for community development and its members like @steemseacurator in the Steem SEA community.
In addition, there are other benefits of Build Up Steem Power by investing through the delegation system. We can Delegate our Steem Power to others, as is done in the Steem SEA community. We can also invest in the community by delegating Steem Power to the community curator account. When delegating Steem Power to a community account we have contributed to the community, and we will get a share of the SP that we delegate.
A very tangible example of the delegation process to help the community and its members is when I joined the Redfish Support Program in the Steem SEA community, I got a Delegation of 200 SP from community leaders, which really helped me to grow.
Often we find on other social media that liking or giving love to our posts is normal. We are not considered selfish by liking our own posts. That habit finally carried over when I joined the steemit platform, I often vote on my own posts, without really studying the habits of the people here.
For most Steemian consider Self Vote as a bad social habit. Self Vote is a situation where we as authors curate our own posts for various reasons, For example, I used to do self vote because I was carried away by old habits on previous social media.
Actually Self Vote is not selfish, but many people in the Steem community including myself now consider it a bad social habit. Not without reason I also consider self-voting as a bad habit. The reason is simple, when we vote we use mana which decrease every time we vote. At first our mana power is 100%, which decreases every time we use it.
With this condition, if we use mana power to vote for ourselves instead of on other people's posts, it can be said that we are individuals who are too selfish. So it's only natural that many Steemit communities say that Self Vote is a very bad social habit.
To explore cointmarcetcap we have to visit the site first. Here we can see cryptocurrency market info such as ranking, market cap amount, coin price and so on. More than 6500 cryptocurrencies have been listed here, and each coin has historical market data since the coin started ranking in coinmarketcap.
Then on the home page we will find a list of cryptocurrencies. Immediately, we type STEEM in the search field, so that we get STEEM information ranging from ranking to market capitalization.
STEEM is ranked 279th in the market which is currently priced at $0.5923 USD per coin, an increase of 0.77% from its initial price.
STEEM has a market cap of $233,604,137.49 and fully diluted market cap $243,700,878.771.15, also circulating supply of this coin is 392,722,609.85 STEEM.
There is also information about the history of Steem and its creators, Ned Scott and Dan Larimer. They launched Steemit on the Steem blockchain a few years ago which continues to grow to this day. Steemit is a place for STEEM users to interact through writing and writing one way to earn STEEM tokens.
As Steemians, of course, we already know about what tokens we get while socializing on the Steem Blockchain via Steemit namely STEEM, Steem Dollar (SBD), Steem Power (SP) and TRX.
Steem is one of the native cryptocurrencies on the Steem blockchain. We can get it by socializing on the Steem blockchain network. Steem was created by Ned Scott and Dan Larimer. They launched Steemit as a social network within the Steem blockchain.
.webp)
Steemit users who are better known as Steemian can get rewards from posts made on Steemit. STEEM is a token that can be obtained as a reward, although not directly because the rewards are usually in the form of SBD and SP. But we can exchange SBD into STEEM when we want to Power Up.
The next token that we can get on the Steem Blockchain is Steem Backed Dollars (SBD). This token is a stable token whose peg at $1 USD is built on the Steem Blockchain. Steem Backed Dollar is created by combining abuse prevention rules and reliable price feeds.
Steem Backed Dollars are given to content creators and curators as rewards. In accordance with the understanding of PoB, we can claim the SBD reward after our content is one week old.
Steem Power is one of the most important tokens in the Steem Blockchain. Because as I explained above SP is one of the important items in PoB. As we all know that the reward pool is distributed by curators to content creators. Many rewards can be distributed through voting depending on the amount of SP a person has.
In addition, SP is also a source of energy that we use in socializing on the Steem Blockchain. Steem Power can be obtained from rewards for content that we create other than SBD, because the default reward settings are usually 50 SP and 50 SBD.
TRON (TRX) is the native cryptocurrency of the TRON blockchain. The token created by Justin Sun (founder of the TRON Blockchain) joined the STEEM blockchain in 2020.
Despite being in a different blockchain system from STEEM, TRX is one of the tokens that Steemian earns for the content they create.
When I just joined Steem Blockchain and started getting rewards, I was confused about using TRX in my Wallet. Because it's not like the original Steem Blockchain token which I can use directly like doing a Power Up.
But not with TRX, we can't directly use it on the Steem Blockchain. Because it is in a different blockchain ecosystem, of course, TRX will be maximized if it is used on the TRON blockchain network. Then I downloaded TronLink and let the TRX that I got as a reward directly channeled into my TronLink wallet.
Of course I can maximize the TRX I get from the Steem Blockchain in the TRON Ecosystem. One of them is by freezing some TRX tokens so that I have the right to participate in the votes held on the TRON blockchain. Next thing I did was Swap some TRX into SUN, so now I have around 67 SUN Tokens in TronLink.
Recently I started trading crypto with 40 TRX as my capital on the Upbit platform, of course TRX is my accumulated reward content on Steemit. Upbit became my choice as a trading platform because I can trade directly using IDR (Indonesian Currency). It turned out that after understanding the basics of trading I started to be able to maximize my TRX profits on the Steem blockchain by trading.
Proof of Brain is a term used for the distribution of prizes for content created by an author. The three elements that form Proof Of Brain are reward pool, the stake-weighted mechanism (SP), and the wisdom of the people. The curation is part of the Proof Of Brain either by vote or downvote. Besides that, we can also curate our own content through self-voting, in my opinion the self-vote phenomenon is a bad social behavior in the Steemit ecosystem.
I make an analogy that building SP is a modification of the motorcycle tank and SP is the gasoline. There are many benefits of building SP besides avoiding bandwidth due to lack of energy, we can also increase the value of votes and invest through delegation.
We can earn tokens while socializing on the Steem Blockchain such as STEEM, Steem Dollars, Steem Power and TRX. Especially for TRX I maximize it in the Tron Ecosystem by freezing TRX, exchanging with coins available on TronLink and trading.
That's my little understanding of Steem and Tron. Of course, there are still many mistakes and shortcomings in this homework post. Thank you to my brothers at TSS who never get tired of guiding and directing me. You Are Amazing, Guys.
