Introduction

Hello steemians, it is an honour to be part of this amazing Academy and I am also honoured to carry out this Homework task given by @yohan2on.

In this homework task I'll be writing about the Steem Blockchain and inside this post I'll also talk about the Currencies and keys.

This is my first homework task and also first post about blockchain.


![image.png](https://cdn.steemitimages.com/DQmaiZ52a2N8Ap2HkeaDGGHweS8f9xjLXKSDhnWwoYm3C6y/image.png)
[Source](https://www.google.com/search?q=what+is+steemit&client=ms-android-leagoo&prmd=vni&sxsrf=ALeKk01qNYxiVogRZNwnC-_pbxlKbvEArg:1613098990532&source=lnms&tbm=isch&sa=X&ved=2ahUKEwiSpcWCruPuAhULuRoKHbXNCl4Q_AUoA3oECBwQBA&biw=360&bih=592#imgrc=Tc6doevC2KTiCM)

What is Steemit?

Steemit is a blockchain based social media that rewards content creators for creating contents. It is a decentralized system.

On steemit you can interact with the content creator using the comment session, on like other social media platforms steemit pays you and not just pays but pays you in its own currency.

What are it's 4 different currencies?

There are 4 types of currencies on steemit: Steem, Steempower(SP), Steem Blockchain Dollar(SBD) and the newly integrated TRON(TRX).

Each of this assets has their purpose and gives controls on this platform, they also help us earn and hold power on the platform.


![IMG-20210212-WA0000.jpg](https://cdn.steemitimages.com/DQmXaeqviVKEagFr2YTbysAiW7c8HiM2yUcLnrmA2SW8tec/IMG-20210212-WA0000.jpg)
[Source](https://steemit.com/steemit/@ninzacode/how-to-steemit-chapter2-what-are-steem-steem-power-steem-dollars)

I'll take them one at a time:

 1. Steem: steem is the official currency of steemit it can be traded on exchanges such as Binace, roqqu or more. All the other currencies gains value from steem itself.

Steem when powered up can give you steem power and also can be converted to Steem Blockchain Dollar in the conversion market.


 2. Steem Power: Steem power is kinda like the amount of influence you have on the platform, the more power you have the more reward you can give to people's post, it is native currency  and cannot be traded directly on exchanges except when powered down to steem.

It takes approximately 1 month to get a fully powered up account to be powered down.

 3. Steem Blockchain Dollar(SBD): Is also a Tradeable token is available on exchanges, it can also be converted to steem on the conversion market.

It is designed to be pegged to $1 USD, steem dollar will be use on steembased to access various services on the platform in the future.

 4. Tron(TRX): Tron is the newly integrated currency, it is tradeable and available on various exchanges such as Trust wallet, binance, roqqu and more.

How do we get the rewarded on steemit?

 1.  By writing, commenting and upvoting on the platform. All this requires time and brain.

People who creates quality contents stands the chance of getting higher upvote on the platform. 

 2. By investing and Curating contents, well if you can't create contents then you have what it takes to curate them or should I say upvote them.

Upvoting contents also give you the medium to earn curation reward.

Curation reward are reward given to you when you encourage a write with an upvote, it requires Steem power to so and the more steem power you get them chance for you to get a bigger reward.

Steemit Transaction Speed and Fees

On like the normal centralized bank steemit takes not more than 10seconds to transfer between two accounts and takes zero transaction fees it also requires no paper works all you just gotta do is verify you password and proceed with you transaction.

Security

Most people think just because the steemit password is long they are safe.

Hackers and scammers are always looking for a way to get hold of your password cause the popular the platform and increase in price the higher the rates of attacking your account.

Steemit has various private keys for a reason and each of those keys have their specific use, to find this keys simply go to your wallet, login using your master key and head straight to permissions. 

There you will see:

Private Posting Key(PPK): This Key is used only for posting, commenting and voting on the platform, this key has no access to your funds or anything that can affect your account.

Private Active Key(PAK): This key has access to wallet, it allows you to do all kinds of transactions and can be used to power down your account, stuff out your saving and transfer both steem and sbd

The Owner Key: This one gives you access to everything on your account and can be used to change your password.

Note: Do not secure your password online without an encryption, it is better to store it offline.

Conclusion

Steemit is one of the best blockchain projects I've come across cause it can also pay you even though you can't write.

@yohan2on, this is my homework task submitted.

Cc: @steemcurator01
Cc: @steemcurator02
Cc: @yohan2on

Special thanks to @steemitblog

[My Tweet](https://twitter.com/Henryglowz/status/1360066896192806912?s=19)