Hi everyone ... have you done various activities to disseminate steemit such as the #promo-steem activity to attract new customers to join steemit, I myself am very happy to do the work, because considering this steemit will reward every post made by its users, we really need it because considering the economies of people in remote rural areas are very low, people in remote areas of the village especially youth youth are in desperate need of steemit, so it has become our duty as promoters to disseminate steemit. In this post I want to discuss what are the benefits that are the rewards that Steemit will give us. What we have to prioritize is to make quality and useful posts or content. And here's a reward for us that we can reward per week from the results of these posts :
SBD (Steem Blockchain Dollar) is basically a smart contract on the Steemit blockchain that defines 1 SBD currency is equivalent to STEEM for 1 USD. This is similar to a smart contract on the blockchain Ethereum. This smart contract will maintain the value of 1 SBD so that it is always equal to 1 USD. The goal is that the Steemit platform has a stable currency and its value is not volatile up and down.
SBD is produced through STEEM conversion during printing in the mining process, and the amount is adjusted to STEEM's price level to USD at that time. If the STEEM price is low, then the amount of STEEM needed to make 1 SBD is greater, so only a small amount of SBD is produced. Conversely, when the STEEM price is high, the amount of STEEM needed to make 1 SBD is reduced, so that it can print more SBD. With this mechanism, the price of 1 SBD is expected to be stable around 1 USD.
Because the price of 1 SBD is always maintained at less than 1 USD, the number of the market cap and the STEEM inflation rate does not affect the value of SBD. The value of SBD will always remain at any time, regardless of the number of market cap and whatever the inflation rate is STEEM.
STEEM is the most basic currency used on the Steemit blockchain, like Bitcoin on the Bitcoin blockchain. What is printed every time by the network through the mining process is STEEM. The STEEM currency is always set to increase in number by 9% in a year through the mining process, and it is said that the inflation rate of STEEM is 9% per year. Furthermore, every year the inflation rate will be reduced by 0.5% until later it stagnates at 0.95%. And the Steemit blockchain does not limit the maximum supply of STEEM such as Bitcoin which is limited to a maximum of 21 million BTC. So the number of STEEM will continue to increase over time.
With this inflation rate, it needs to be balanced with the increase in market cap in the exchange-exchange, so that the value of each STEEM does not decrease. If the market cap is fixed, the value of STEEM will decrease according to the inflation rate of 9% per year. So if today we have 100 STEEM then a year later the value will decrease to only be equivalent to 91 STEEM.
STEEM POWER is often abbreviated as SP, Broadly speaking, SP is STEEM which is locked on the Steemit platform, similar to a deposit locked in a bank. We cannot transact with SP before disbursing it first to STEEM. And this disbursement requires a certain period of time that has been agreed upon.
As the name implies STEEM POWER is the power that drives our activities on the Steemit platform. The bigger the SP that we have, the greater our payment when writing, the upvote we receive results in more payments and weights when buying, ie the posts we upvote receive more fees.
The role of SP is very important in the Steemit platform. SP will ensure the availability of sufficient backup funds in Steemit. With the SP mechanism, there will be no rush where everyone will melt STEEM together. This is achieved by requiring payment in the form of SP at least 50% or may be 100% according to choice, doing pending for 13 weeks when Power Down to disburse SP to STEEM, Providing incentives so people like to save STEEM in the form of SP, for example making it as power, compensating for the inflation rate of STEEM, so that the inflation rate of SP becomes very small, facilitating the process of Power Up, where STEEM can be converted into SP in an instant.
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Thanks for this! Alot to learn for a beginner. 6 months in I'm still learning.
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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by aldy from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
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