REPOST - The Genesis Block - Steemit Crypto Academy Season 5 Beginners' course - Task 3
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I don't know why my posts are not voted on before they expired. Please vote for my post prof. @shemul21
Hello, dear steemit users on this platform. Today I am writing the post for the 3rd Homework task lectured by Professor @awesononso that is on The Genesis Block.
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There are three different questions available for every Fixed Homework Task. For this 3rd task, I have chosen the third part which is about The Genesis Block. I have read the lecture carefully. Now I am writing the answers to the questions I have selected. I have also added the questions in bold letters below. So, Let's start.
QUESTION (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.
✪ What is a Cryptocurrency?
When you get the word cryptocurrency, you immediately get the idea that it is money. But, as we will find out, cryptocurrencies are very different from fiat currencies.
Cryptocurrency is a digital currency. By using the word digital, it means that the cryptocurrency does not physically exist. Cryptocurrencies exist online and are used as a medium of exchange. The outstanding feature of cryptocurrency is the fact that it is decentralized. This means that the cryptocurrency is free from control, as there is no central authority that exercises power over it. Cryptocurrencies are also protected by cryptography.
In recent times, cryptocurrencies have become really popular. It is becoming more and more accepted and used around the world. Today, there are thousands of cryptocurrencies around the world, but the most popular is still Bitcoin.
Just as we store our fiat currency in wallets, cryptocurrencies are also stored in digital wallets. This wallet is application software that allows users to receive, send and store their digital assets (cryptocurrencies). There are thousands of these wallets. They can be downloaded as a mobile application on our phones or can be accessed online using a mobile phone or computer.
Origin of Cryptocurrency:
Cryptocurrency starts the journey in 2009 when Bitcoin was published. Satoshi Nakamoto is known as the creator, but other than that, his true identity is still unknown. In 2009, he made the first crypto transaction, which led to the mining of the first crypto block.
Over the years, the original Bitcoin block and algorithm has been used as a reference for the development of other Cryptocurrencies.
Satoshi's invention was revolutionary. Financial transactions can now be carried out in a decentralized manner, with the details of each transaction recorded on the Blockchain, making it difficult to change or overwrite them. To this day, Satoshi's idea remains the fundamental reason that Cryptocurrencies were created.
✪ What is Cryptography and how does it make cryptocurrencies secure?
Cryptography comes from 2 Greek words. The word Crypto means "secret" and Graph means "to write". We can conclude that Cryptography means hidden/secret messages. Cryptography is a system in which code is used to protect important information so that it can be read and understood only by those intended. This method prevents third parties from accessing the information. Cryptography ensures transaction security.
How does cryptography work:
As I mentioned in my definition above, crypto works by code. It uses codes to transfer digital assets (coins and tokens) and to authenticate transactions ensuring that they can only be received and read by the intended person. So we can say that the message is sent encrypted and the recipient can decrypt it using their private key. This secures the recipient's digital assets because, without the private key, the message cannot be read.
How does it make cryptocurrencies secure:
Ensure confidentiality: During transactions, personal information about buyers and sellers is often unknown. Also, public keys (wallet addresses) are used to send and receive coins and tokens, but people can only use their private keys to access their digital assets, as well as to authenticate transactions. This ensures that user security is not compromised.
Encode information using a technique known as hashing. This makes it impossible for 2 users to have the same code.
✪ Explore the Steem Genesis Block and Sign in as proof of completion.
In order to access the Steem Genesis block, there are some steps to follow:
- Step 1: Visit- https://steemworld.org/ and select the Block Explorar.
- Step 2: Now enter 1 in the box and click ok.
- Step 3: Here are the details of block 1 of Steem.
- Step 4: Click on Sign in.
- Step 5: Enter username and posting key. Then click ok.
- Step 6: Sign in completed.
This is how we can explore the steem genesis block.
CONCLUSION
I have answered all questions for this homework task 3. I have learned about The Genesis Block and many pieces of information. I really want to thank professor @awesononso for arranging this great homework task for beginners. Thanks to my steem friends for reading this post.
@cryptozahid ,
You have not powered up 150SP since last month. So stop reposting over and over again for votes. You will get the votes once qualified for it. Be aware of the academy's new rules.
Thanks.
Noted.