Hello Steemit

Welcome to this post I hope that all of you will be righteous and happy and enjoy your good life with the grace and blessings of Allah Almighty This post is actually a homework assignment for Task 3 for season 5 of the Steemit Crypto Academy. The lecture post was well presented by Respected Professor @awesononso. So let's start our work without wasting time.

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There are three QUESTIONS mentioned in the lecture post and we should discuss only one of them according to the professor. Therefore, I will solve QUESTION number 3.

Question: 03
( a )

What is Cryptocurrency ?

As we all know we live in a modern era of digital technology Many aspects of daily life are designed for their digital nature So it is with money The modern, digital and secure form of money is called cryptocurrency The term 'Cryptocurrency' is a combination of two words. One of them is ‘crypto’ which means something hidden, or private. Another word for 'currency'. Thus, the whole name refers to the hidden or secret currency.

Cryptocurrency is a type of digital currency that can be used on various blockchains for purchases or for marketing purposes and is not audible or tangible but can be used for all purposes of daily life. Based on the concept of cryptography These crypto currencies are stored on blockchains in the form of blocks The concept of blockchain and cryptography was first introduced by Satoshi Nakamoto when he created the first cryptocurrency, Bitcoin

Our standard financial system consists of paper currencies, coins, or other instruments but Cryptocurrency technology contains cryptocurrencies in the form of currencies and tokens and digital markets where these currencies and exchanges Exchange In the traditional financial system, funds and public funds are kept in banks and that is why this is considered to be a single place.

Although, cryptocurrensets are a financial system divided into a country with no central authority Cryptocurrencies are not controlled or controlled by anyone. They are subdivided so they are under user control only Funds and operations are under the control of users and there is no involvement of any central authority

source

Users of cryptocurrencies can keep their assets in wallets and transactions. Another concept related to cryptocurrencies is private and public keys The private keys are used to enter the wallet and sign the transaction while the public keys are used to store cryptocurrency in wallets.

Bitcoin is the first cryptocurrency invented by Satoshi Nakamoto but it is strange that Nakamoto is disappearing everywhere even after the great development of Bitcoin. A number of Altcoins are being developed after the introduction of Bitcoin and most of them are following the Bitcoin market trend.

In short, cryptocurrencies are a unique development of the financial system and it seems that cryptocurrency is the real future of the world.

( b )

What is Cryptography and how do cryptocurrencies be protected?

• Cryptography
  Before I get into the reality of what cryptography really is, I want to discuss the meaning of the word 'cryptography'. The word 'cryptography' is made up of two words. One of them is the word 'crypto' which means something like a secret, hidden, or private. The second word is 'graphy' which means to write something. Thus, the whole word conveys the meaning of cryptography i.e. creating hidden or secret messages. These messages and information are accessible only to the sender and recipient.

In the blockchain world cryptography is actually the basis for the creation of cryptocurrencies. Cryptography is the art of converting sensitive information into encrypted messages These encryption messages are visible only to the sender and recipient of the transaction. Whenever cryptocurrencies are processed, transaction information is stored in the form of a message sent to the recipient's address.

As I have told you before the messages are encrypted. So, this is actually a great advantage of cryptography. There is no third party involvement at the time of purchase and encrypted messages are not accessible to third parties. The art of cryptography has made cryptocurrency so effective that apart from cryptography cryptocurrencies have nothing to do with it.

Cryptography (As a source of security)
As we have discussed basic information about the art of cryptography. So now we are going to discuss the process of how cryptography helps in the security of cryptocurrencies Therefore consider the following points in mind

• As cryptography is converted to readable information into complex encrypted messages so these complex characters are readable only to the sender and receiver making the goods secure.

• The encrypted message is not readable to third parties as it can only be downloaded using the private key that is only available to the recipient So this thing makes cryptocurrency transactions secure.

• The public key is used by the cryptos sender for encryption while the private key is used by the recipient to clear the encryption cryptos In this way secure transactions are possible.

( c )

Check out the Steem Genesis Block and Sign in as proof of completion ?

To complete this task, we must visit the site https://steemworld.org/. The following steps should be followed to check out the Steem Genesis Block So take a look.

• First open https://steemworld.org/ and open the Block Explorer Tab

• A new page will open and you will click the OK option to select Block 1

After clicking Ok a new page will be opened and You will see the details of the Steem Genesis Block as shown in the below

The info is given below

Timestamp	2016-03-24, 21:05:00
Block I'd	0000000109833ce528d5bbfb3f6225b39ee10086
Witness	initminer
Witness Signature	204f8ad56a8f5cf722a02b035a61b500aa59b9519b2c33c77a80c0a714680a5a5a7a340d909d19996613c5e4ae92146b9add8a7a663eef37d837ef881477313043

So this is method of exploring STEEM GENESIS BLOCK

Analysis

Cryptocurrencies are digital assets that can be touched but can be used for many marketing trading and purchasing purposes. Cryptocurrencies are based on the concept of Cryptography about encrypting information sent to a sender and encrypting this information to recipients using a secret key. Cryptocurrency is the future of the global financial system and proves to be very beneficial in many areas of daily life.

CC

@nane15
@shemul21

Crypto Student 🎓

@adeelasif