Foreword:
Recently, the @ackza commented that I should animate an infographic I made in early 2018. Now that I have a physically demanding job and a pretty tough commute, it seemed like a very burdensome request. However, I think participating in blockchain projects just makes sense — and it's the wave of the future. I'll try to chip away at it and see where this goes.
So, here's my script for the Steem Wallet. Feel free to comment, but please don't kick my ask for bad grammar and such.
I'm not a pro writer, but let's get it started!
To access your steem wallet, go to Steemit.com's homepage and find the link in the upper right hand corner. Or, click on your avatar and select "wallet" in the drop-down menu. We'll go over Steem and Steem-backed dollars (SBDs) first. These are liquid funds for trading or sending payments within the Steem community. Steem dollars are rewarded when users choose 50/50 payouts on their posts. In that case, 50% of post rewards are in SBDs, the remaining amount is given in SteemPower.
Steem or SBDs can be transferred to exchanges, other Steem holders or converted into SteemPower almost instantaneously. Transfers will require the user's active key, owner key or master password. It's best to use your active key.
Savings
You can place Steem or SBD's into savings as well. There's a 3 day withdrawal for added security. Unauthorized withdrawals can be canceled — and hacked accounts can be secured in that time frame.SteemPower (SP)
SteemPower is an influence token that enables the holder to give higher upvotes or flag spammers. SP can also be delegated to user accounts without sharing your keys with them. A delegation can be revoked at any time, but it takes 7 days for the delegation to return to the delegator.SteemPower gains interest to offset yearly Steem inflation.
To convert SteemPower to liquid Steem, a user can "power down". This requires the active key. Powering down takes 13 weeks. Each week, the user will receive 1/13th of their SP, then converted to liquid Steem. The wait time for powering down encourages long-term investing and discourages speculation.
The powering-down process can be stopped depending on the user's decision to stop their withdrawal — or to stop a malicious withdrawal if their account has been compromised — adding to wallet security. For example, if a bad actor gets a hold of an account's active key and begins a power-down, they can only access the liquid Steem in 1/13th, weekly increments, giving the valid user ample time to report the hack, change their active key and secure their funds.
Have questions? We have many members in the Steem community who will gladly answer them! Here are some ways to reach them:
(Links)
