The Genesis Block - Steemit Crypto Academy Season 4 - Homework Post for Task 3 By @syedhuzaifa123
HELLO EVERYONE,
Hope you all are doing well. My name is Syed Huzaifa and I intend to write about The Genesis Block today. This is Crypto Academy Season 4 Beginners' course - Task 2 homework post assigned by @awesononso.
Homework Post For Task-3
What is a Cryptocurrency?What is Cryptography and how does it make cryptocurrencies secure? Explore the Steem Genesis Block and Sign in as proof of completion
In today's post, I'll be answering the following question assigned by professor @awesononso.
What is Cryptocurrency?
What is Cryptography and how does it make cryptocurrencies secure?
Explore the Steem Genesis Block and Sign in as proof of completion
What Is A Cryptocurrency:
Simply put, Cryptocurrency is a form of digital currency stored in the digital form electronically. Likewise cash, cryptocurrency doesn't have any physical appearance, on the contrary, it is stored (source) in the form of digital files. In the world of crypto there are many platforms and currencies which allow an individual to store their money in the form of crypto(digital money), and allow its user to trade with any other currency they want.
The cryptocurrency was introduced in the decentralized method rather than centralized, which means the control of the network is not in the hands of a single person or organization. Unlike the banking system, cryptocurrency offers a decentralized system of networking which means it operates in a peer-to-peer fashion.Source
There is no middleman for transactions in cryptocurrency. Cryptocurrency is based on binary data and the individual has all the assets from which he can transact and exchange which is fully computerized.
Decentralization is the most significant benefit of cryptocurrency due to which it is been adopted by the world. Cryptocurrency is gaining the interest of many people around the globe and the network is spreading day by day. The most popular cryptocurrency is Bitcoin(BTC) which was launched on Jan. 3, 2009, and from then many cryptos have been launched and many are still in the process.
What is Cryptography:
Starting with the meaning, Cryptography is derived from the Greek word, where Crypto means hidden and graphy means Writing. Cryptography is a field of study that secures communication between the sender and the recipient. Cryptography is used to secure cryptocurrency where a message is encrypted and can only be decrypted by using the same keys which are kept secret.
With the help of cryptography, essential information can be transferred by encrypting the message which can only be readable by the right recipient.
How does Cryptography make cryptocurrencies secure?
As mentioned above, cryptocurrencies can be secured by cryptography by encrypting the information so that nobody could able to read it except the person having the secret keys to decrypt it.
For making cryptocurrencies secure, Public Key and Private Key is used.
- public key represents the address of the wallet to which funds are being transferred.
- Private key is used to make the transaction successful.
How These Keys Work?
When funds are transferred to an account, the information is being encrypted by a public key. At the receiver's end, the message has to be decrypted by using the private key in order to obtain the ownership. Anyhow if the private keys are being misplaced the message will never be decrypted (information remains encrypted) and the user can't receive the funds.
Explore the Steem Genesis Block and Sign in as proof of completion:
Step 1:
For exploring the Steem Genesis Block click on the given link.
Step 2:
After visiting the site click on Block Explorer.
Step 3:
Click ok for block number 1.
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From here a user can see all the details regarding The Genesis Block.
Some information is pointed above
- Timestamp: 2016-03-24, 21:05:00
- Block Id: 0000000109833ce528d5bbfb3f6225b39ee10086
- Previous Id: 0000000000000000000000000000000000000000
- Witness: initminer
Previous Id is 0000... because it's the first block of the blockchain.
Step 4:
Now, sign in the steemworld.org by using your Private Posting Key.
By signing in, a user can see all the information related to his account.
Conclusion:
- In today's homework post we learn about the basics of cryptocurrency and cryptography.
- How cryptography is used to make cryptocurrencies secure.
- We further learned about the Steem genesis block and how to access it used your keys.
Cryptocurrency is an important change in the world of finance that many people have adopted and it is very secure. Cryptography plays a key role to make cryptocurrencies much secure.
I hope you like today's post and learn something new. Take care, Goodbye.
Regards,
@syedhuzaifa123.
Cc:
@awesononso