[Repost] Steemit Crypto Academy Season 5 Beginner Course - Task 3: by @kenneth00

Original Post

Image created by me @kenneth00 in canva

1). What is a cryptocurrency?
2). What is cryptography and how does it make cryptocurrency safe.
3). Explore the Steem Genesis Block and Sign in as proof of completion.

1) What is a cryptocurrency?

The cryptocurrency, is a digital currency created by Satoshi Nakamoto and promoted as an alternative to the traditional banking system, as a consequence of the financial crisis of 2008.

Cryptocurrencies or digital currencies operate in a similar way to traditional currencies, that is, they can be used for payment of goods and services, it can also be used as a form of investment or as a means of exchange for another cryptocurrency or traditional currencies such as the dollar or the euro, but unlike traditional currencies, these cryptocurrencies are not controlled by any government or financial organizations, therefore they are alien to the monetary policies of any country, this means that it is a decentralized currency and uses an encrypted registration system to ensure the integrity of your transactions.

Since the creation of the first cryptocurrency until today there are 8,500 cryptocurrencies, among which the best known are: bitcoin (the first in cryptocurrency created), Ethereum, Tether, Polkadot, Cardano, XRP, Binance Coin, Litecoin, Chainlink , Bitcoin Cash among others.

These cryptocurrencies by themselves do not do anything, they have to be complemented with a technology called blockchain or block chain, this block chain works as an accounting ledger, where all the transactions made with this cryptocurrency are stored chronologically.

2). What is cryptography and how does it make cryptocurrencies safe:

Source

With cryptography we can protect the information, implementing codes, which help the information we are sending can be read by the person to whom we are sending it to, it protects it from people with bad intentions in this way they cannot have access This can be called encryption, which through algorithms keep our information safe also helps to protect transactions.

Cryptography also has an extremely important role in the creation of cryptocurrencies, since it has the function of distributing networks which allow the creation of a reliable economic system, which produces cryptocurrencies.

3). Explore the Steem Genesis block and sign in as proof of completion.

The genesis block is the first block of a blockchain, its objective is to start the cryptocurrency associated with this blockchain or blockchain, in addition this block is a special block because it is created by the creator of the blockchain and because it is the first block does not contain the information of the previous block.

To explore Steem's genesis block click the below link.
https://steemworld.org/

One click on the Block Explorer tool

As we can see the tool when it is opened, it automatically places block 1 as the block to be explored, in the case of Steem block 1, it is the genesis block, we only have to click on the Ok button

Among the information that we can observe from the genesis block is: Creation date and time: March 24, 2016 at 11:35 a.m. Block ID: 0000000109833ce528d5bbfb3f6225b39ee10086 Identification of the Previous Block: 00000000000000000000000000000000000000000000 Your fingerprint or Hash: STM8GC13uCZbP44HzMLV6zPZGwVQ8Nt4Kji8PapsPiNq1BK153XTX

sign in as proof of completion

To start session we must have the key or private key at hand, we click on the enter button and then we put our username without the @, and finally we put our private key.

And we can finally explore the genesis block.

Conclusion
Cryptocurrencies have shown that it is the present and the future of the world economy, it has taken giant steps, a very recent example is the case of El Salvador, which adopted bitcoin as legal tender, it may be said that it is a Small country, with little influence, there is news which suggest that Brazil the South American giant is next.

On the other hand, we can say that there are many important companies that accept or require payment in cryptocurrency and this strengthens and gives confidence for investment.

Cryptography is a technique that falls like a glove in all these changes, in this technological revolution, it is the one that adds confidence in this entire process, which is very important for this type of transaction.

This is a repost because the original post was reviewd by the professor but it was not curated
Link: https://steemit.com/hive-108451/@kenneth00/steemit-crypto-academy-season-5-beginner-course-task-3-by-kenneth00