Hello, ladies and gentlemen, I'm here again for posting my homework task 3. And it is about The Genesis Block.
So let's start....
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3a) 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?
The word crypto means to hide and crypto currency is also known as crypto. Crypto is a binary data In which coins are exchanged by any person. Strong cryptography is used to store proprietary records in cryptocurrencies. So that all the transaction records can be kept secure. Strong cryptography is used to maintain their ownership and to verify their ownership.
A crypto currency is a digital currency that uses cryptography to secure it. Its reuse becomes negligible. The cryptocurrencies works on the decentralised blockchain technology. A feature of crypto currency is that it is not created or made or issued by any government, so that there is no right of any government to interfere on it.
What is Cryptography?
The word cryptography or cryptology is derived from the verb crypto which means hidden secret in english. In simple language, cryptography is used to maintain the protocol so that third party or anyone else cannot read any private message. Until recently, it was used as cryptography and friction so that anything could be kept private.
There are two keys under the cryptography used in cryptography, whose name is private key and public key. Any public key is the wallet address while the private key is used to transact any token or sign transaction. When a coin or token is sent to someone, then those tokens or coins are encrypted in the public key. And his ownership would get recorded in the account(ledger). All these coins cannot be decrypted without the private key. Without private key you cannot claim any ownership on your account. This is the reason why your coin can never be stolen without private key. That's why all your private keys should be stored safely and not shared with anyone.
how does Cryptography make cryptocurrencies secure?
Cryptography is a method or technique by which any private message can be shared between any two people in a secure way. The person sending the message can hide his message using an algorithm or private key and send it to the receiver in an encrypted form. And the receiver can decrypted the form to show the original message.
Source symetric-key cryptography where single key is used for encrypted cryptography.
Symmetric key cryptography is the method in which both the sender of the message and the receiver of the message share the same key.
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In public key cryptography, different types of keys are used for encryption and decryption.
Explore the Steem Genesis Block and Sign in as proof of completion.
You can find Steem Genesis Block easily on.
https://steemworld.org
STEP 1- go to the web link shown below.
https://steemworld.org
STEP 2- Now click on the block explorer icon which is highlighted in red bracket in the screenshot below.
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STEP 3- Now fill the number 1 in the block number and then click on the OK button, as shown in the screenshot below.
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STEP 4- Now you would able to see the details of steem Genesis block.
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Here I am highlighting some basic details of steem Genesis block, below.
Timestamp: 2016-03-24, 21:35:00 UTC +5:30
Block ID: 0000000109833ce528d5bbfb3f6225b39ee10086
There is no previous block ID is available because there is no block before now: 0000000000000000000000000000000000000000
Witness: initminer
STEP 5- You can go ahead and can sign in by click on the button shown in right corner upside.
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STEP 6- Now, you need to enter your steemit username and private posting key in the bracket as shown in the screenshot below.
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Conclusion
After Satoshi Nakamoto's idea of bitcoin became true, the way many people invest has also changed. Since the birth of bitcoin, its rise to such a high in such a short time shows that there are many possibilities in the coming time, in which it can be invested and people like to invest in it. Now there are many options in crypto currency in which we can invest. And it is safe to say that it will not end soon.
I want to thank professor
@awesononso for explaining the post very clearly.
Thank you.
Cc:
@steemitblog
@steemcurator01
@steemcurator02