Intro
In Today's post i am going to talk about Inflation, Recovery Account, Encrypted Message of Steem Blockchain.
Inflation
I just want to talk about the importance of taking SP for upcoming years. for doing so I just want to show some statistics and formulas to understand how how the steam circulation will be low after 10 years.
Reward distribution by steem Blockchain:
- Witnesses = 10%
- HP Holders = 15%
- Steem DAO = 10%
- Author = ½ of 65%
- Curator = ½ of 65%
Total = 100%
There is another formula of distributing author and curator reward depending upon timing of voter. I don't want to go to details of it. You can check that here
Block Timing
- No of Witness = There are (20+1) withnesses. First 20 and a backup witness.
- Per Block TIme = 3 sec
- So Block Round = 21*3 = 63 sec
- So, Total Block per year = 10,512,000
Relationship among Inflation Rate, Virtual Supply, Steem and SBD Ratio, and New Steem Per Block
| Item | Relationship | Item | Comment |
|---|---|---|---|
| Inflation Rate | Inversely Proportional | Block Production (This is fixed with time) | Inflation rate will decrease over time |
| New Steem Per Block | Directly Proportional | Inflation Rate | So, Less steem will generate with time passing |
| New Steem Per Block | Directly Proportional | Virtual Supply (It will increase with new steem and SBD generation) | So, greater number of steem will generate with time passing |
| Virtual Supply | Directly Proportional | Steem and SBD ratio | Steem to SBD ratio has an impact on virtual suppy as well |
From Table of Relationship, we can summerize, For the reverse impact of Virtual supply and Inflation rate, The New Steem Per Block will increase for next couple of years, and after that it will reduce continuously as Inflation rate will reduce continuously. Inflation Rate was set 9.5% in Dec, 2016. It will surely be 0.95% by 2031 and after that flat rate of 0.95% and so on.
So, in that time, New steem per block will be less, So supply of new steem will be low. Ultimately The Steem holders will have influence more. So, Surely due to the change in mode of Steem supply (scarcity), Steem will be demandable.
For this reason, I have plan to stake at least 25% of my earning upto next ten years. After 10 ten years with certain SP, anyone can go to moon or even mars. Its really important to have a good amount of HP to influence more in that time of priceless Steem.
Total Steem Generation By Next 10 Years (Approx)
How much SP will you stake by 2031 that's upto you, but i gonna accumulate.
Account Recovery
Blockchain is developed in such way that its secured enough compare with other websites. But still there are some chances to the password be stolen. As it is it is centralised so your password will not be stored anywhere. In that case you don't have options to personally talk with the owner or responsible person about the recovery of your account in case of any kind of situation like losing your password or been hacked. In that case, you need to have recovery account preset. Which one is your recovery account can check from hereby replacing my username by yours.
If your account recovery is from untrusted sources you can immediately change it to the best recovery option like Steemit.com and here you need to be more careful about your keys. You must save a copy of your master password, key and owner keu in safe place. If you lose your these passwords then it will be very much difficult for you to recover your account and sometimes it will be impossible.
So, keep in mind about two things
- Set the Recovery account trusted
- Keep Strong Backup of your mentioned keys
Encrypted Message
While Transection, we normally don't like to share the memo in public. In that case we can decrypt our memo message into code so that others can not read my message. So, here is such option in steem. Initially i have no idea about what to do with memo key, now its clear to me. This task can be done by memo key.
- This can be done pretty simply by prefix the message or memo with "#" (No space after #)
- To View the message there will be need of master password or memo key
- Login with memo key at least or master password
So, Its pretty simple. Here i am showing simple screenshot of steps. While transfer or message, you can simply do so. And your message will be then like a key, nothing written to the mass users. But the receiver will be able to encrypt with his/her master key or memo key.
Thanks
Who I am
This is Sayful
Ex Banker
Part time blogger
By Profession Lecturer
Fasinated by Nature and Cricket
Day dreamer and a round pig in square hole
Write on Textiles, Online Money Making, Agriculture & Technology
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Ex Banker
Part time blogger
By Profession Lecturer
Fasinated by Nature and Cricket
Day dreamer and a round pig in square hole
Write on Textiles, Online Money Making, Agriculture & Technology
Upvote, Reblog and Follow me on hive @engrsayful
This is Saiful’s Classroom from @engrsayful
Find me on
Posted Using LeoFinance Beta
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