Cryptocurrency - Crypto Academy S5 - Homework Post for task 3
3a) What is a Cryptocurrency? b) What is Cryptography and how does it make cryptocurrencies secure? c) Explore the Steem Genesis Block and Sign in as proof of completion.
a) What is a Cryptocurrency?
Cryptocurrency area unit Digital or virtual currencies support cryptography with a novel code on an interval chain (blockchain) that prevents their repetition or reprocessing, they operate autonomously through the blockchain and the area unit which are protected by algorithms integrated into cryptography, which state that each cryptocurrency has its own algorithmic rules.
Cryptocurrencies have existed for a long time, but their rise begins in 2009, once Satoshi Nakamoto created bitcoin, then over the years, alternative cryptocurrencies such as Ethereum, Litecoin, Dogecoin, Cash, Ripple, among others, little -Little appeared.
Advantages and disadvantages of cryptocurrency.
Advantages of cryptocurrency:-
they are the world known .
They are secure, due to cryptography it is not possible to falsify, copy or reprocess.
Reduce transaction time from days to minutes by streamlining payment methods.
The use of cryptocurrencies is clear and difficult, because of the fact that the transactions carried out on the blockchain sector unit are public.
Disadvantages of cryptocurrency:-
One of the most common disadvantages of abused cryptocurrencies is the loss of the personal key of your notecase, as there is no way to recover it, which could mean that the cash you had is lost, backup copies Better keep and shieldOk Notecase personalKeys
It is a volatile market that is subject to large scale volatility, resulting in risk as there are area unit possibilities of losing cash.
b) What is Cryptography and how does it make cryptocurrencies secure?
Blockchain is currently one of the most prominent innovative application models, capable of varying protocol processes, knowledge distribution, peer-to-peer transmission and alternative computing technologies.
It provides a secure setting for the sharing of suburban information, which may be a key feature of blockchain technology, and then draws attention to blockchain cryptography.
Security Blockchain provides information to customers, and behavioral knowledge adds to its attractiveness.
Cryptography can be a term that refers to the study of mysteries. This assures that in extreme blockchains, there is either complete or partial ambiguity.
Cryptography is primarily involved with protecting users and assuring their behavioral knowledge. This prevents double spending and centralization on the blockchain.
It additionally assists in the security of various network transactions and provides applications for transferring digital tokens and assets.
Cryptography is that complex mathematical codes are used to robustly store and transfer knowledge values.
As a result, it ensures that only those to whom the transaction is meant will read, read and method it, thereby verifying its validity.
In short, cryptography can be a mechanism for strongly functioning knowledge. Cryptography can be a technique to secure messages between 2 or more people.
Before transmitting a communication, the sender encrypts it using a fixed key and an algorithmic program. On the other hand, the receiver employs decoding to retrieve the initial message.
Advantages of cryptography
Cryptography prevents double spending of cryptocurrency.
It is accustomed to verifying bitcoin transactions and ensuring the security of every user and transaction knowledge.
There is opacity of transactions, in the same way as blockchain participants.
Cryptography secures cryptocurrencies through the use of keys which can be either public or personal keys.
There is an association between the sender's address that appears to the recipient as if it was signed with an absolutely associative unreadable signature and, therefore, would increase the security of the cryptocurrency. The encryption used tightened the security and curbed data theft and dishonest activities.
c) Explore the Steem Genesis Block and Sign in as proof of completion.
Step-1- click on this link https://steemworld.org/
Step-2- click on explore
Step-3- after that click on ok
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After that you see some basic details in a given below screen shot
Step- 4- click on sign in
Step- 5- after that write your ID and password after thet you are in
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Conclusion
The cryptocurrency has thus been growing rapidly as the adoption of Satoshi Nakamoto's ideas has led to the accustomed to many alternative cryptocurrencies, with the exception of bitcoin for alternative functions, to deliver the cryptocurrency that it uses in many aspects of our daily lives. It has also been taken on hand by many corporations with the innovation of specific spreads for the cryptocurrency, simply to boast of the vast economy of the world.