[The Genesis Block] - Steemit Crypto Academy Season 5 - Homework Post for Task 3
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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
To answer this question I was in search of several safe sources but above all to be able to demonstrate a concept that was expressed as clearly as possible, then let's talk about the subject.
How to know a cryptocurrency
Known in the middle as cryptocurrency or cryptocurrency and translated into English cryptocurrency and It is an expression of a digital monetary unit or also known as cryptocurrencies or crypto assets and they are known for being a digital portion of the crypto system where it has the function of representing an entire system financial, which happens to be essential so that an exchange can be produced since it comes to represent a currency with digital value but with a unique characteristic and this is that it will only be virtual and therefore it will be used and directed to everyone who gets involved in this virtual trading ecosystem.
This monetary portion is executed based on Financial Exchanges activities, only with a unique characteristic that will allow its security to be strengthened through cryptography and this comes to form an inherent quality of it in terms of security and control. of the same allowing the birth of new units of the same.
Therefore, the fact that cryptography is based on it allows most to be executed on a centralized and decentralized scheme, although in the decentralized area this is always the most used and this allows it to be developed openly without any conventional control, such as, for example some financial institution with a traditional protocol.
Although this technology has risen in popularity in recent years, it is important to mention that its beginnings were during 2009 in the hands of an idealistic image that would change the financial history of an entire generation Satoshi Nakamoto this character with an unknown identity gave way to development of this wonderful digital novelty through the Bitcoin scheme, this character left a legacy of digital units (cryptocurrencies) it contains its own concession algorithm composed of a virtual mechanical mechanism that allows the elaboration, validation and control by means of trained automated blocks to carry out a distributed registry that together they carry out a diligent process.
If I refer to this term, it has different meanings according to some languages, for example in Greek. It is known to be a doctrine focused on the study of occult writing.
Although cryptography has become a fundamental axis in terms of virtual technology, it has subdivisions that allow a favorable development in terms of its function that I will name below.
- Cryptography:
It is in charge of carrying out the necessary study focused on the algorithms to be able to decrypt the protection protocols found in it.
- Cryptanalysis:
It is known as aggression since it is known to act without permission when decrypting the hidden messages if prior authorization, then it takes the translated ones in search of any weakness that any cryptographic application presents, sanctioning the security that it provides.
- Steganography:
Its function by hiding a message in question, only that this is done by unsafe means such as text messages, video images among others in order that said message is difficult to be noticed even though it was implemented This technique is widely used when exchanging confidential information between entities and thus preventing it from being captured and taken for improper purposes.
- Stego analysis:
it is the part of cryptology that is dedicated to detecting and studying the cryptographic system in order to find weaknesses in the systems and break its security of knowledge of said secret information.
But how crypto makes cryptocurrencies safe
By really knowing the meaning of a digital currency, better known as cryptocurrency, where the foundation based on cryptography was demonstrated since its creation and this happened to make a fundamental component of this digital monetary system, then as the same word indicates crypto word Greek "cryptos", and its meaning tells us much or** cult "in secret. Then the Cryptographic science was Implemented in virtual currency with the intention of serving as an encryption method in terms of the information contained in each one of them and thus being able to use them in a commercial way more widely, since they prove to be totally safe to power. be interchanged between virtual storage systems, destined for their commerce and all this in the safest and most reserved way, adding trust and authenticity for those individuals or financial institutions that are now involved with them on a daily basis.
Log into Steemworld and click on block explorer.
Then you can enter the block number you want to find the details. Then I entered the block 1, the Genesis block to view the details about it.
- Timestamp: 2016-03-24, 21:35:00
- Block Id: 0000000109833ce528d5bbfb3f6225b39ee10086
- Previous Id: 0000000000000000000000000000000000000000
- Signing Key:STM8GC13uCZbP44HzMLV6zPZGwVQ8Nt4Kji8PapsPiNq1BK153XTX
- Witness:initminer
- WitnessSignature:204f8ad56a8f5cf722a02b035a61b500aa59b9519b2c33c77a80c0a714680a5a5a7a340d909d19996613c5e4ae92146b9add8a7a663eef37d837ef881477313043
- Transaction Merkle Root: 0000000000000000000000000000000000000000
This is the end of my Task 3. Thank you for reading my post. Have a good day.