CRYPTO ACADEMY SEASON 4 BEGINNER'S COURSE - HOMEWORK POST FOR TASK 3 - THE GENESIS BLOCK || BY @sirdeone10k || FOR PROFESSOR @awesononso
INTRODUCTION
Good day Friends, I believe you are doing fine.
I am absolutely happy for the opportunity to participate in this great lecture by professor @awesononso, my interest will be on the questions provided in this task and I will be working on the number 3 questions.
QUESTIONS:
Q1. WHAT IS A CRYPTOCURRENCY?
Q2. WHAT IS CRYPTOGRAPHY AND HOW DOES IT MAKE CRYPTOCURRENCIES SECURE?
Q3. EXPLORE THE SEM GENESIS BLOCK AND SIGN IN AS PROOF OF COMPLETION.
Q1: WHAT IS A CRYPTOCURRENCY
Cryptocurrency or crypto uses encryption to ascertain transactions. This simply means that advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to public ledgers. The reason of the encryption is to provide safety and security.
Cryptocurrency is assembling or a collection of binary data which is designed to work as a means of exchange wherein individual coin ownership records are stored in a ledger.
Cryptocurrency is a digital currency that can be used to buy goods and services, but uses an online ledger with solid cryptography to protect online transactions. The interest part in these unregulated currencies is to trade for gain or profit, with speculators at times driving prices upwards.
Cryptocurrency is also a form of payment that can be trade online for goods and services. That is, a online payment system that doesn't rely on banks to confirm transactions. This is a peer-to-peer system that can give power to anyone anywhere to send and receive payments. Instead of being physical money that is carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database that give an account of definite transactions. Alot of companies have make available their own currencies, which is called tokens, and these can be traded particularly for the good or service that the company gives.
Cryptocurrencies deeply work by using a technology called blockchain. Blockchain is a decentralized technology stretch out to many computers that manages and records transactions. The section pleasing of this technology is its role in security.
How Secure Is Cryptocurrency?
Cryptocurrencies are mostly constructed using blockchain technology. Blockchain gives account of the way transactions are recorded into blocks and time sealed. In otherwords, it's a fairly complex, technical process, but the outcome is a digital ledger of cryptocurrency transactions which is hard for hackers to interfere with.
Q2a: WHAT IS CRYPTOGRAPHY AND HOW DOES IT MAKE CRYPTOCURRENCIES SECURE
Crptography or Cryptology is the study of protected communications techniques that gives room to only the sender and intended recipient of a message to view it's contents. In this case, data is encrypted using a secret key and then both the encoded message and secret key are sent to the recipient for decryption.
Clearly, the word Crypto represents (secret), and Graph also represents (write). Therefore, this can be visible in the sense that the medium through which information are been sent and processed through the sender or receiver without the prevention of any intermediary and it forms an unknown ecosystem in which transactions are encoded and protected by a single other.
Cryptograghy helps in verification and transactions procedures, which normally effect inside every users and offers a signature such as layout for every transactions.
The three (3) types of Cryptograghy:
Cryptograghy can be broken down into there (3) Different types.👇🏽👇🏽
▪️ Secret key Cryptograghy
▪️ Public key Cryptograghy and
▪️ Hash Functions.
Q2b: HOW DOES IT MAKE CRYPTOCURRENCIES SECURE
Cryptography has its reason of coded data, and it guarantees that all data or informations can be be able to run through, from one nodes to other secret from the general public and has been made feasible with the keys of coded data and may simplest be utilized by the legal receiver to access, process, decode and encoded informations on it normal format. With this wonderful sample, cryptocurrencies are protected and some distance far way from been stolen, due to the fact that without a key one can't open a door while it's close.
Q3: EXPLORE THE STEEM GENESIS BLOCK AND SIGN IN AS PROOF OF COMPLETION
In other for me to explore the steem Genesis block, i will first of all visit steemworld.org,
You can aswell see the full details blow as I am going to lead you through.
▪️ Step1: First thing you need to do is to click on the sign in icon, then put in your username and your posting key then click on ok to continue.
▪️ Step2: when this happened, you're now logged in, then click on Block Explorer to continue.
▪️ Step3: when you do this, block number box will appear on your screen then you click on the OK icon to proceed.
▪️ Step4: Finally, the image below will show up, containing the details of steem genesis block.
DETAILS FOUND IN THE STEEM BLOCK EXPLORER
The details below is the details found in the Steem Block explorer.
Timestamp:
2016-03-24, 17:05:00
Block Id
0000000109833ce528d5bbfb3f6225b39ee10086
Previous Id
0000000000000000000000000000000000000000
Witness:
initminer
Witness Signature:
204f8ad56a8f5cf722a02b035a61b500aa59b9519b2c33c77a80c0a714680a5a5a7a340d909d19996613c5e4ae92146b9add8a7a663eef37d837ef881477313043
CONCLUSION
Cryptocurrencies is now a popular digital financial transactions. It is a form of payment that can be trade online for goods and services which doesn't rely on banks and it's policy.
Cryptocurrency has definitely grow to become a well known currency of exchange in the world and this wouldn't have been achieveable without the help of Cryptograghy. We all should endeavour to join the moving train "crpto" now so as not to be left behind.
I most be open, this lecture by professor @awesononso is absolutely wonderful, it has really increased my knowledge in cryptocurrency and beyond. Thank you @awesononso!