Steemit crypto academy season 5 task 3 - The Genesis Block
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.
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Carrying out exchange needs a source that guarantees the success of this exchange operations, in that case we mean a reliable source that can give an advantage to that asset. So, different countries all round the globe uses different Fiat money or Fiat which is controlled and issued by the country government.
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Therefore, cryptocurrency is as a digital decentralized means of exchange giving it's users the ability to control their assets outside of third party or government control. It's creation comprises of complex mathematical algorithms used which requires programmed softwares that encrypts the crypto assets.
It can also be defined as a virtual currency which is not physically seen and can be used to acquire services and goods from different means or ass a man's of saving and investing and only controlled by it's owner. It is electronically used and it's strongly encrypted with good security against theft and hacks. This gives trust and integrity during transactions.
The term CRYPTOGRAPHY is a method developed which gives users the means of taking and encoding a message to make it unreadable for others that doesn't understand the method used. In the sense of crypto currency exchange, both receiver and sender of the asset has a cryptographic method understandable by both parties, a third party involved can't understand it's contents.
Different methods are implemented in messages encryptions, gestures or drawings are used in place of letters or group of sentences, swaps are gotten with mathematical algorithms and has numerical values.
In a complex system of algorithms that makes a message uneasy to be interpreted when it's received, that same system presents it decoded to the receiver. It can take humans couple of minutes to understand what the message says but it's read in few seconds by the machine.
The application of cryptography in cryptocurrency gives it an exceptional security which guarantees the safe operations in it's block chain. The same is applicable to wallets receiving this messages , they have a distinctive encoding that makes it decoded in the wallet.
It's noted that whenever you're signing up a wallet, you're informed that the site has no custody or detention system, which makes only the wallet user to have the keywords that gives access to their wallet, this providing the user with higher level of securing their crypto assets.
Talking about the Genesis block, wee consider it being the block that has the root or foundation of a particular cryptocurrency, because it provides us with all the block operations from creation and block chain transactions are made possible. This is the mid point of a particular crypto asset.
We will be exploring the STEEM GENESIS BLOCK to have a look at the important details concerning the start of operations in the network.
- Step 1
We sign into their official Genesis block website using steemworld.org and the clicking the block explorer.
- Step 2
We start by signing in using our STEEM username and private posting key as shown in the screenshot shown below.
- Step 3
We select the block 1 to after clicking on the block explorer
- Step 4
We will then be directedd to a fresh new page showing all the details involved in the Genesis block of STEEM. On that block we can see that date, time and witness of the Genesis block is shown there, the Block ID and the signing keys involved in the block operations are also involved. Also in the space where the previous ID is written, it indicates that there was no previous block preceding and that's why it's recorded in 0s.
