Crypto Academy Week 7 Homework Post for (sapwood) - Inflation, Recovery Account, Encrypted Message

in hive-108451 •  last year  (edited)

We are approaching towards the end of the week. This week, Professor @sapwood has shown us the inflation rates and changes in the steem blockchain over the years.
He showed us how to recover our account if our password was changed by someone due to a security error.
We want to send someone a secret message, but we don't want everyone to see it. There is an easy method for this.

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(1) As most of the STEEM tokens will be minted in the next 10 years or so(on account of inflation), how important it is for you to build your SP in the next 10 years and build significant influence power in the form of SP? How difficult will it be to earn STEEM rewards after 2031? From 2021 to 2031 how many STEEM tokens are going to be minted(approx)? In which year the inflation and Block reward is likely to saturate(tentatively)?

The DPOS algorithm is used in steem blockchain governance. They are the witnesses who run the steem blockchain. It is the witnesses who decide to approve transfers, update the network (soft fork, hard fork). There are a total of 20 + 1 witnesses. It selects witnesses, owners of SP. The more SP you have, the more influence you have in selecting a witness. The future of the steem blockchain depends on the witnesses. That's why I suggest you be very careful when choosing witnesses. There is no witness I have chosen yet. But I'll be casting a witness vote for @steemchiller as soon as possible.

In the Steem blockchain, 1 block is created by witnesses in turn, every 3 seconds.
20 blocks in 1 minute,
1200 blocks are created in 60 minutes (1 hour).
28,800 blocks are created in 24 hours (1 day).
250,000 / 28,800 = 8.68
250,000 blocks are created in 8.68 days.

Every 250,000. After the block, the inflation rate is reduced by 0.01.

While the inflation rate was 9.5% in 2016, today the inflation rate is 7.68%.

(978- (52,186,297 / 250,000)) / 100 = 7.68%

The number of blocks increases every 3 seconds. However, I will calculate the number of blocks accepted by the professor. Because I will use the table he created. I think the important thing here is to grasp the inflation logic.

When the inflation rate drops to 0.95%, there will be no change after every 250,000 blocks. The inflation rate will be saturated in April 2037 as an estimate.

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When we look at the table prepared by Professor Sapwood, we can see that the inflation rate is constantly falling. This is due to inflation, which decreases at a rate of 0.01 every 8.68 days. Today, 2.86 steems are produced every 3 seconds. In 2031, 2.27 steems will be produced every 3 seconds. In April 2037, 0.708 new steems will be produced every three seconds. Actually, all of this is valid for today's conditions. In the next hardfork, witnesses can further reduce the inflation rate or increase the inflation rate further.

SP is very important in the steem blockchain. SP has a share in the selection of witnesses. There is a big difference in witness selection between a user with 10 SP and a user with 100,000 SP. 10,000 users with 10 SP = 1 user with 100,000 SP. In my opinion, the most effective part of SP is witness selection. Visionless, inept and malicious witnesses can turn the steem blockchain into a very bad place. We can win curation awards because of the SP we have. In addition, SP holders are entitled to 15% of the newly produced steem. It is important to accumulate SP by 2031 as there will be a noticeable reduction in the prize pool after 2031. Therefore, it will be difficult to win awards. But a conscious person (curator) with a large amount of SP gets a larger share of the prize pool.

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Steem production will be difficult after 2031. A famine will occur. When production becomes difficult, there is a change in the supply and demand balance. Therefore, it will cause an increase in asset price. The SPs you accumulate become more valuable. This is one of the reasons why bitcoin is so valuable today. Limited supply and increasing difficulty of production.

As you can see in the graph, after 2037, when inflation reaches 0.95%, the inflation rate will stabilize. After 2037, new steems will be produced more than the previous year, but inflation will remain constant. For example, the number of new steems to be produced in 2040 is more than the number of new steems to be produced in 2039.

I will calculate how many steems will be produced between 2021 and 2031. I use the graph prepared by sapwood to answer this question. But first I have to calculate how many blocks are produced in 1 year.

Above I found that 250,000 blocks were created in 8.68 days.

365 / 8.68 = 42,050

250,000 blocks are created 42,050 times a year.

42,050 * 250,000 = 10,512,000

I collect the steems produced per block each year one by one. Then I multiply it by the total block to be produced in one year.
(2.866 + 2.920 + 2.953 + 2.962 + 2.947 + 2.905 + 2.836 + 2.737 + 2.611 + 2.461 + 2.276) * 10,512,000
(30.474 * 10,512,000) = 320,342,688

New steems are produced, different from each other, every year between 2021-2031. Between these years, a more generous, more abundant new steem will be produced. For example, 33 million new steems will be produced between 2023 and 2024. Only 9 million steems will be produced between 2036 and 2037. Thus, we can understand how important it is to create SP power between 2021-2031.

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(2) Who is your recovery account in Steem, how do you check it(Hint- Steemscan), include screenshot(s)? In the case of any unforeseen event like hacking what information do you provide to the recovery account(or the trusted account) to initiate the recovery process?

Life is full of mistakes. Which of us didn't make a mistake in this life? If you lose your password to a scammer, you have a chance to recover your account.

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https://steemscan.com/account/tht

By clicking the link above, I found out which user my recovery account belongs to.
A friend of mine created this account for me. Then he created another account for me to have the recovery account under my own control. (tht1).
My @tht account recovery account @ tht1
Recovery account of @ tht1 account @tht

I keep the master key / owner key of my normal account and recovery account in an offline environment. I am providing my security this way for now.

It is possible to recover your account in case of theft or hacking. In case your account is hacked, you should contact your recovery account immediately. The person who hacked your account may also try to change your recovery account after changing your password. We should know that this change will be completed after 30 days. However, we have to take all measures as soon as possible. If you lose your password, you cannot recover your password through the recovery account mechanism. To recover your password, your password must have changed within the last 30 days, and you must know your last password.

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After you give your username, owner key or master key to the recovery account, your account is successfully recovered.

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As warned in the picture, your password must be changed in order for the recovery process to start.

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(3) How do you send an encrypted message(private message) to another peer in Steem Blockchain(include screenshot/process)? Which key is required to send a private message and which key is required to decrypt it? (Example/Screenshot)? Either send an encrypted memo-tag to exchange and send a private message to another user?

It is possible to send an encrypted message to anyone thanks to a feature in the Steem wallet. We should use the encrypted message when it really is needed.

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For this, you have to follow the steps I marked one by one.
We log into our wallet with our master password.
Then we click on the place where it says transfer.
We determine who and how much we will send.
We send "#" to the part that says Memo and write our secret message without any space.

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I have successfully completed sending encrypted messages. I can see the encrypted message I sent while in my wallet. However, when I enter the other party's wallet, the private message does not appear. Because only he can see the encrypted message in his wallet.

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A master key is required to send a private message. Even if the picture says you can use a memo key to send a private message, this feature is not yet active. Because I wanted to send a private message with the memo key, I encountered an error. I sent a private message with the master key, I was able to send it successfully.

The other party can read the confidential message using the Master Password or Memo Key. It would be unwise to read a secret message with the master password on such a subject. The person should log in to the wallet with the memo key and read the secret message.

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Cc:
@steemitblog
@steemcurator01
@steemcurator02
@sapwood

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