Steemit Platform Review: Resource Credits
Hi Steemians
Now that SMT are here soon, it’s good to review Resource Credits and understand how they work.
Because SMT will require RC to transact business on the Steem blockchain, which increases the demand for Steem and hopefully it’s value. I hope you find the information helpful. @shortsegments
New word: Resource Credits?
Definition: Resource Credits are non-transferable credits given to each account based on how much Steem Power it has, which get “spent” whenever a user transacts with the Steem blockchain. This term is defined by it’s creators, the software developers who work for Steemit and publish information on their blog called @steemitblog .
What function do Resource Credits perform on the Steemit Platform?
They are a form of currency you spend to enact or perform transactions on the platform.
What are Transactions?
They are votes, comments, transfers and power ups. You pay or expend Resource Credits when you perform transactions or interact with the Steemit platform. Each transaction has a specific cost in Resource Credits, if you have enough resource credits to cover the cost, you can perform the transaction.
How much do transactions cost?
These are the costs I see on www.steemd.com:
comments 1,570,000,000
votes 282,000,000
transfers 259,000,000
powerups 259,000,000
If you don’t have enough resource credits you get an error message telling you that you are unable to perform the transaction or interaction. You should also be aware that the cost of transactions varies depending on factors that effect blockchain perform and the available supply of resource credits.
**Other important information from a this is a question and answer section from the Steemit blog.++
How do I get resource credits?
Answer: You are given a certain amount of resource credits in direct proportion to how much Steem Power you have. You need at least 15 Steem Power to be awarded any resource credits.
If I spend all my resource credits, do I have to buy more?
Answer: No, resource credits regenerate each day by a certain percentage, which is believed to be 22% and it takes 5 days to fully regenerate your entire allotment from zero.
Can I buy resource credits?
Answer: No they can only be given to you buy Steemit when you buy Steem Power.
Can I give my resource credits to others?
Answer: No, these tokens are non-transferrable, they are attached to Steem Power. But you can delegate part of your Steem Power and the resource credits go with the delegated Steem Power.
Conclusion
Resource Credits are the fuel for all activities on the Steem blockchain, so even if your a Tribe on the Steem-Engine sidechain or am SMT on the Steem blockchain, you need to spend resource credits to conduct activity like posting, commenting and sending tokens. These resource Credits require Steem Power, which of course requires Steem. This means Steem demand goes up, and the conditions are better for its value to go up also. These RC also can cut down on Spam, since transactions are not free. A double edged sword for sure, but most things in life are this way, and Steemit is just a microcosm of life. I hope you found this helpful, and remember knowledge is power, power is wealth and wealth is freedom. Free yourself.
✍🏼 By Shortsegments.
Sources
@steemitblog Steemd.com Steemit GitHub
✍🏼 by Shortsegments