Repost : Steemit Crypto Academy S5 - Homework Post Task 3 By @chiomzy810

chiomzy810 (69)Beginner[1,2]in SteemitCryptoAcademy • 3 years ago

QUESTIONS(Nō 3)

✓ WHAT IS CRYPTOCURRENCY?

✓ WHAT IS CRYPTOGRAPHY AND HOW DOES IT MAKE CRYPTOCURRENCY SECURE?

✓ EXPLORE THE STEEM GENESIS BLOCK AND SIGN IN AS PROOF OF COMPLETION.

WHAT IS CRYPTOCURRENCY?

From my understanding of the concept, Cryptocurrency is a type of digital currency that is being used for checking/ractifying transactions which also can be traded and used by individuals, users of cryptocurrency have full control of their asset can can do whatsoever they wish to do with it. Also, it's being secured by cryptography which makes it almost impossible to counterfeit and double spend. Not disputing but to my view Cryptocurrency has two different words joined together which are "crypto" and "currency" which ideally defines Crypto as concealed or secret, while Currency is a metal like or paper medium which is used in the purchase of goods and services.

Cryptocurrency is a decentralized actual currency which is not controlled by any of the central banks, government or financial institution. It is being monitored and organized by peer-to-peer network system called the blockchain and the transactions made within the blockchain are reliable, faster and secure even to let people check the transactions are real.

So many people get to ask, if cryptocurrency aee real money? The answer is yes it can be converted to money through a reliable exhange. For more reason it was created/designed so we can use it to make transactions and not depending on third parties or any central authority to manage transaction activities.

In recent years, crypto have been known to be popular because of it's exponential and exceptional growth in value. It is a unique exhange that is being released online which permanently acts as a form of payments and repairs.

WHAT IS CRYPTOGRAPHY? AND HOW DOES IT MAKE CRYPTOCURRENCIES SECURE?

Source

CRYPTOGRAPHY:

Cryptography is a combination of two words"Crypto" and "Graphy", which is gotten from a greek word "kryptos" meaning hidden. The word Cryptography can be described as a method of protecting informations and communications through the use of codes, in which the information stored in the system can only be reviewed/processed and read by whom it's meant for.

Cryptography points out to secure information and communication techniques that is gotten from mathematical concepts couple with a set of rule-based calculation called Algorithms, which is used to transform messages in ways that are hard to understand.

Modernized cryptography is concerned with main four basic objectives namely;

Confidentiality:

Information cannot be understood by an individual whom it's not intended to. It can be read and understood only by the authorized person.

Integrity:

Alteration cannot be detected without the information being altered in storage or transit between the sender and the required receiver.

Non-repudiation:

At this stage information cannot be decline when it's at the last/ finishing procedure or stage. This kind of mistake is admonished to be a avoided as to reverse case is attached to it.

Authentication:

The sender and receiver are required of them to confirm their identity and the origin of the information. In order to avoid mistaken identity and evaluation.

Types of cryptography are as follows;

a.) Single-key or symmetric-key encryption:
This key encryption uses a single key and the algorithms creates a fixed length of bits known as block cipher.

b.) Public-key or asymmetric-key encryption:
This other key encryption uses a key pair to encrypt and decrypt data.

How Does It Make Cryptocurrencies Secure?

In every block there's a specific and unique private key that is used in verifying public keys.
Cryptography secures Cryptocurrencies by the following;

Making use of hashing: Hashing is the conversion of information into text strings which are specially used to verify the authentication of an information thereby storing cryptos safe and free from hackers/intruders.
Safeguarding/safe keeping Cryptocurrency from intrusion: This enquires that any attempt to allow group action or double spend in a crypto peer -to- peer without the involvement of third parties and central authority, is stayed protected from theft and from any interference with the keys to operate.

EXPLORE THE STEEM GENESIS BLOCK AND SIGN IN AS PROOF OF COMPLETION

The below procedures is a guideline on how to explore the genesis block and more÷

[Step 1÷]

Explore the site by clicking on Steem World

[Step 2÷]

The homepage displays, then you click on "block explorer".

[Step 3÷]

Another page displays requesting to input a block number, and below I entered "1" and then click on "OK" button.

[Step 4÷]

The next page shows all the required and necessary information about the block, as shown in the screenshot below;

Here's the information found in the image above;

Timestamp 2016-03-24, 17:05:00

Block Id 0000000109833ce528d5bbfb3f6225b39ee10086

Previous Id 0000000000000000000000000000000000000000

Signing Key STM8GC13uCZbP44HzMLV6zPZGwVQ8Nt4Kji8PapsPiNq1BK153XTX

Witness: initminer25

Witness Signature 204f8ad56a8f5cf722a02b035a61b500aa59b9519b2c33c77a80c0a714680a5a5a7a340d909d19996613c5e4ae92146b9add8a7a663eef37d837ef881477313043

Transaction Merkle Root 0000000000000000000000000000000000000000
Extensions

[Step 5÷]

Click on "sign in" at the top right side if the page.

[Step 6÷]

The page that pops up requests for my steem username and private posting key which I have filled in, then click ok.

I have been successfully signed in!

All images of the last question is gotten from Steem world

Conclusion:

We're in our 21st century where almost everything is being digitalized, cryptocurrency has proven it's self to be more than unique and different thereby giving benefits to it's users by requiring like low transaction fee unlike the counterpart banks that takes charges acyribg to any transaction made. As the world keeps developing there's more better future in crypto. Above is my proof of work as I have read and understand the lecture of @awesonoso.

This week's power up to encourage #club5050

purchased SBD