Cryptocurrency - Crypto Academy S5 - Homework Post for task 3
3 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.
a) What is a Cryptocurrency?
A Cryptocurrency is a digital or virtul currency that's meant to be a medium of exchange.
• There is a limits to how many unit can exist .
• Easily verifies the transfers of funds .
• operating independently of a bank
• allows new units to be added only. After certainly conditions are meet .
so , what's make Cryptocurrency special .
• Little to no transactions cost .
• 24/7 access to money .
• No limits on purchased and withdraw .
• freedoms for everyone's to use .
• international transactions are faster .
b) What is Cryptography and how does it make cryptocurrencies secure?
what's the crypto in Cryptocurrency .
Cryptography is a method of using encryption ans decryption to secure communications in the
Presences of third-party with I'll intent .
Cryptography usually requires a computational algorithms ( like. SHA256) a public key ( that the user share with everyone ) . And private key ( which acts like a user signature of user )
• computational algorithms
• private key
• public key .
a normal bitcoin transaction .
• transaction details
• then SHA256
• then passed through the signature algorithms with the user private key .
• then digital signature output .
• then distributing the out out across the network with sender's public key .
• then verification and being added to a block .
c) Explore the Steem Genesis Block and Sign in as proof of completion.
I would visit this https://steemworld.org/ to explore the Steem and I go the block explorer .
inputting one on the search box the genesis block will appear then The steam genesis Block is block 1
Timestamp is 2016-03-24, 21:35:00
Block I'd is Block Id 0000000109833ce528d5bbfb3f6225b39ee10086
Conclusion
we can say that cryptocurrencies were born to stay and create a new economic future where we will only depend on ourselves analysis and dispose of our assets 24 hours.And each one of these various cryptological techniques tries to confirm that these goals have been achieved, and to ensure that users