THE GENESIS BLOCK - STEEMIT CRYPTO ACADEMY SEASON 5 - HOMEWORK POST FOR TASK 03
Good day Everyone,
My name is Al-amin, and I'll like to welcome you to my presentation of Task 03 from SteemitCryptoAcademy Introductory Courses. Thank you Professor @awesononso for this profound lecture and On this article, my presentation will be on Steemit Crypto Academy Season 5 Beginners' course - Task 3: The Genesis Block by @awesononso.
QUESTIONS
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.
What is a Cryptocurrency?
Cryptocurrency is a digital currency, being a digital currency means it doesn't exist as a physical commodity like the physical cash currency or credit cards that we can hold in our hands or keep in our wallets. Cryptocurrency, "Crypto" for short is a very secure means of carrying out online transactions like buying or selling goods and services.
source Cryptocurrency functions with the help of decentralized blockchain technology, part of the reason why Crypto is adopted rapidly all around the world is because of its security, and that security was attained because of the cryptography it has in it, also note that Crypto transactions cannot be tracked nor traced.
According to CoinMarketCap, over 15,000 coins are traded every day on the Crypto Space, and more coins/tokens are coming into existence as there as so many Airdrops people participate in every day. Bitcoin is known for being the first-ever cryptocurrency, the highest in value and the most popular.
A good thing about Crypto is its ability to go up with time but is under speculations, so due to this, people buy and HODL crypto hoping it does go up in value and when it does, their people take profit for their investment. The thing about Crypto is that you can not tell the precise percentage of increase or decrease it is going to have in value. You can only speculate, predict and wish for the market to move in your favour as an investor.
To own or buy Crypto, then first you must own a Crypto Wallet. A wallet is an online app that allows you to send, exchange, buy, sell or receive Crypto. Some trusted Crypto Wallets I can suggest are Trust Wallet and Binance. On Binance, you can convert real money to cryptocurrency and do whatever you will with it on the Crypto Space.
Crypto contains two main components and these components are the Private Key & Public Key. The Private Key functions as the master key to access the contents of the wallet, most times the Private Key might just be a combination of different words in a particular order. While the Public Key functions as the wallet's address.
What is Cryptography and how does it make cryptocurrencies secure?
Cryptography can be defined according to Google as the art of writing or solving codes.
source Cryptography (also known as Cryptology) is a word that was gotten from an old Greek term Kryptos (secret/hidden) and Graphein (write/study) respectively.
Basically, Cryptography has to do with the analysis and construction of protocols that are able to block third parties from getting access to private messages. Cryptography in better words is the study and practice of various methods for more secure means of communication. In modern days, so many social media app developers have adopted cryptography to make their users feel more secure while using their products and services.
Cryptocurrency is that word you get when you combine 'Cryptography' + 'Currency'. Cryptocurrency depends on Public Key Cryptography to accomplish three important aims, These aims are;
- Control additional unit creation
- Transfer of assets verification
- Secure transactions
By depending on the secure nature of blockchain transactions and modern asymmetric encryption techniques through Cryptography, Cryptocurrency will continue to remain secure. Holders of Cryptocurrency make use of their Private Key to verify the ownership of their cryptocurrency.
Below are some applications of cryptography:
- Digital Currencies
- Payment Cards
- Computer Encryption
- Military Communication
- Instant Messaging
- Electronic Commerce
Explore the Steem Genesis Block and Sign in as proof of completion
Genesis is a popular word that basically means Beginning, The first block generated in any chain of blocks is called the Genesis Block. Steem has its own genesis block which we will find out about on SteemWorld while we explore its data.
Follow these few steps below to explore Steem's genesis block;
NOTE: Every screenshot was captured from 'steemworld.org' by '@ofalamin'
Firstly, visit SteemWorld homepage:
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Click on 'Block Explorer':
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Block number '1' appears by default, then click on 'Ok':
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On this page, you can see the block details for block number '1':
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Now move further and click on 'Sign in':
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Fill in your account information then click on 'Ok':
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Now you can see your account name at the upper right corner as proof of a successful signing in:
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RECAP
With the help of modern methods of encryption, Cryptocurrency is able to function securely and efficiently. Cryptocurrency holders place total faith in the technique of Cryptography as well as other systems that applies Cryptography to their functionalities.
Here's another beneficial task homework given by @awesononso and thank you for the lecture.
CC: @shemul21
Hi, cc @dilchamo