Steemit Crypto Academy Season 4 Beginners' course - Task 3: The Genesis Block @babajunior

in SteemitCryptoAcademy3 years ago

Greetings CryptoAcadamy,

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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?

Within the term cryptocurrency, there are two distinct words: "crypto" and "currency." Before I discuss cryptocurrencies, I feel it is critical that I first clarify these two distinct terms.

What is Crypto

Crypto is derived from the Greek word "Kryptos," which means "hidden" or "secret." It refers to the act of concealing something.

What is Currency

Currency is defined as anything that is widely acknowledged by the general public and may be used to exchange commodities or services. Money is another term for it. It was approximately 5000 years ago when the currency was first used. U.S. dollars (US$), euros (€), Indian rupees (INR), Japanese yen (JPY), and pounds sterling (£) are examples of currencies.

Definition of cryptocurrency

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Cryptocurrency is derived from the word cryptography. Cryptocurrency is a decentralized digital currency built on blockchain. Cryptocurrency is a digital medium of exchange that performs the same functions as traditional currency. But, it is entirely digital; we cannot hold it in our hands or carry it in our pockets; however, we do have a fantastic 100% decentralized alternative in the form of cryptocurrencies, which are not controlled by any bank or corporation.

Its beginnings can be traced back to 2009 when Satoshi Nakamoto developed the first cryptographic block (the Genesis block) and introduced the world to the most widely used cryptocurrency today (BITCOIN). For more than a decade, cryptocurrency has been a part of our lives, and it has given us a new perspective on money. Even though Bitcoin was new, millions of people began to use it, and today, new cryptocurrencies are created every day, and thousands of transactions are made daily, not only with Bitcoin, but also with other cryptocurrencies such as STEEM, Dogecoin, Litecoin (LTC), and so on.

Each cryptocurrency's value fluctuates, sometimes falling and sometimes rising dramatically;


b)What is cryptography and how does it make cryptocurrencies secure?


What is Cryptograpy

In a brief, cryptography is a technique for protecting documents and data by using figures and/or codes to write a secret in the document and confidential data, preventing people who do not know the code from understanding the message. Cryptography is a term that combines the words "crypto" and "graphy." While crypto means "secret" or "hidden," The word "graphy" is derived from the Greek word "graphia," which means "writing" or "drawing."
Information can be protected from unauthorized disclosure using cryptography.

How does it make cryptocurrency secured?

One of the most crucial factors in the realm of cryptocurrency is security. Before the invention of cryptocurrencies, cryptography was in use. People frequently alter words to give them new meanings or no meaning at all. This prevents the information from being shared with a third party.

With the use of keys, cryptography safeguards the information that the user wishes to protect at all times, such as the personal data of the buyer and seller. Furthermore, the wallet address is used to send and receive tokens, as well as serve as a decentralized network. Furthermore, each user has a key to access their wallet, implying that the user is solely responsible for their keys and that no one else has access to them, providing security.


Explore the Steem Genesis block and login as proof of completion

Genesis is a Greek word that refers to the beginning or origin of something. The first block mined on a cryptocurrency blockchain is known as the genesis block. The first block mined on the Steem blockchain is known as the Steem Genesis block.

  • To explore the steem Genesis block, you first go to the site, open https://steemworld.org/ on your browser.
    Then you click on block Explorer.

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  • After that, click on Ok with a block number of 1 showing as the genesis block number.

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  • You will be directed to a page where you will view the first steem block. The Timestamp, Block Id, prior Id, Signing key, withness, witness signature, and other information can be found there.

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Signing in as proof of completion

  • On the top right corner, click on sign in.

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  • Enter your username and private posting key. Select Ok to continue

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  • You'll see your username and profile image in the right top corner, indicating that you've signed in.

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CONCLSION

The world is increasingly digital, and cryptocurrencies are gaining popularity by the day. Cryptocurrency has improved the financial world by making it safer and more private through the application of encryption. I thank our noble Professor @awesononso for this amazing presentation, which has broadened my knowledge of cryptocurrency security and privacy, as well as how to investigate and locate information about genesis blocks, particularly those of steem.

Thank you all for your time.

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