Steemit Crypto Academy season4 Beginners course-Task3:The Genesis Block by @viviandaniella
Special thanks to @awesononso for the wonderful lecture. I am indeed very happy to be a part of this class. Below is how much I have understood.
(a)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?
It is also know as a digital currency that does not exist in physical form, it is actually based on blockchain technology and can be used for the purchases of goods and to pay for rendered services. Cryptocurrency is decentralized and its value is not controlled by any central authority. Cryptocurrency are usually secured using strong cryptography. The first ever recorded cryptocurrency in history is Bitcoin.
What is cryptography?
It is a process whereby codes are used to store and protect vital communication and information, in such a way that only those who the information are designed for can process and read it. The codes could be in form of mathematical concepts or algorithms.
Types of cryptography
• symmetric Encryption
In this type of Encryption, two keys are used. One key is used to encrypt information while the other key is used to decrypt information.
• Asymmetric Encryption
In this type of Encryption, there are two keys known as the private and public key. The private key is secure and cannot be used by anyone,whereas the public key can be used by anyone. The private key can not do the function of the public key and vice versa.
How does cryptography makes cryptocurrency secure?
• it protects confidentiality
Confidentiality is key, with cryptography no one can access information that is not meant for them, only those who have the right access are permitted. During the sales and purchase of cryptocurrency personal information as to the buyer and seller are not usually known to the public. An information can be useless to anyone who does not have the right access (keys) to such information when it is compromised.
• uses creative way to protect information
Information are translated into unique mathematical codes with the use of Hash. This makes it very difficult for any two individuals to have save codes.
• it sends information in such a way that both the sender and receiver of a cryptocurrency during purchase and sale cannot deny the fact that they have received messages from each other.
• it makes information available at the right time for those who have right access to such information
• it ensures that cryptocurrency sent or bought are actually sent to the rightful owners and this authentication process is made possible through the use of special keys which can be used by the receiver or sender to prove their true identity.
Explore the steem Genesis Block and sign in as proof of completion
- I visited steemworld
- then I clicked on block explorer on the site
- A box popped up with the number 1 inside. I clicked on Ok.
- the details of the first block are seen
- I signed into steemworld as indicated below
I input my username and private posting key
Below is my profile
Special thanks to;