The Genesis Block -Steemit Crypto Academy Season 5 - Homework Post for Task 3 by @bright6126
Season 5 of Steemit Crypto Academy has been a great blessing to us especially the knowledge that we have acquired from reading and working out the homeworks.
Today, I will gladly present my task 3, having successfully completed my Task 1 and Task 2.
This work has no shred of plagiarism or duplication. I took enough time to make intensive and comprehensive research and findings to make sure I achieve what is known as originality. Also, I took the guidings of my most honorable professor @shemul21 who have properly reviewed my previous task and motivated me to continue my Crypto career here on steemit.
Without further ado, I will move to the task properly.
- What is a Cryptocurrency?
- What is Cryptography and how does it make cryptocurrencies secure?
- Explore the Steem Genesis Block and Sign in as proof of completion.
WHAT IS CRYPTOCURRENCY?
The word Cryptocurrency is derived or emanated from the word "Cryptography*.
Lets define cryptography
Cryptography is a word that combines two other words namely "Crypto and Graph".
Crypto can be defined as a "Hidden Secret" while graph can be defined as a software that is open-sourced which can be used to collect, store and process data ranging from different blockchain applications to enhance information retrieval.
So with that we can say Cryptography is a science of processing hidden secrets using some sort of open source softwares which can be used to collect, store and process this hidden secrets from different blockchain applications to enhance information retrieval.
Having define Cryptography above, let's
head straight to the definition of Cryptocurrency.
Cryptocurrency can be defined as a digital currency that utilized a ledger that is composed of very strong intense cryptography that helps safeguard the various transactions done online when trading (buying and selling) online.
Cryptocurrency is popularly used now in the world with so many companies who now at pace develop their own currencies (token), for example we now have tokens such as PSG, Man U, Wakanda etc which can be used as a medium of exchange for goods and services given offered by thess companies to the outside world. They achieve this aim by making sure you change your money to their token before you can successfully purchase assets from them.
Cryptocurrencies won't be completely explained without defining some key terms for example Blockchain.
WHAT IS BLOCKCHAIN
Blockchain can be defined a security oriented cryptocurrency decentralized technology which spans across different computers with the purpose of securing, managing and storing, processing or recording transactions undergone by a user in the Crypto world.
You remember the barter system used in the olden days? It is characterized with collosal disadvantages because it comprises of hectic and cumbersome processes to make an exchange successfully. For example
- The goods may not be flexible
- There must be an agreement with parties
So this made the barter system go into extinction and the era of minted currency emerged into existence.
From minted currency, designated paper were used as currency which later became very popular and subsequently, better ideas came up and gave rise to the era of modern currencies like coins, tokens, debit and credit cards, and digital wallets etc still active till date.
Note that, the above listed currencies is regulated and supervised by a common body called the Bank. As we all know, Bank is not 100% secured and safe besides there are other temporary problems and drawbacks that can inconvenience you when you use Banks.
And sequel to this, cryptocurrency came into limelight, and was put into action in the year 2008 where the first ever cryptocurrency called bitcoin was launched.
The central goal of cryptocurrency is to eliminate all the problem posed by the banking industry.
Cryptocurrency have so much merits over the Banking industries, and few them would be outlined below.
- Users have full control of their money without having issues with the number of transactions performed in a day.
- Transaction done using Crypto currency are way faster, secured using Cryptography than the banking industry.
- Cost of Transaction is very low and sometimes, there is no transaction cost.
From the above, the use of Cryptocurrency is quite much better and has come as a blessing to this generation. There's No doubt to that.
Let's move on
Although, CRYPTOGRAPHY was already explained in the beginning of this research but I would still throw more lights at it.
Cryptography can be seen as the science or process of securing Crypto-based data by constantly changing it forms which can only be understood by the owner but very impossible for outside body to comprehend.
Cryptography encrypts plaintext into a ciphertext through the utilization of Mathematical algorithm.
In Computational Science, certain terminologies used to express cryptography which includes:
- Plain text ( data that is not encrypted or encoded)
- Cipher text ( data that is encrypted and coded)
- Encryption Algorithms (These are Mathematical formulas and algorithms that helps in decoding and encoding)
- Key (Keys are sets of character used to decrypt or encrypt texts)
In the encryption phase, keys are what makes the output that is, the ciphertext very difficult to be read or understood by others.
When encryption process is about to start, the sender would first decide on the cipher (symmetric or asymmetric cipher) suitable for the message and also the key needed to make the text about to be send to be encrypted.
Symmetric ciphers are ciphers that uses a single key for encryption by the sender and receiver.
WHILE Asymmetric ciphers uses two keys, one for encoding by the sender and one for decoding by the receiver.
During encryption, keys and Mathematical encryption algorithms are harnessed together to transform a plaintext to a ciphertext.
The Steem genesis block can be found in steemworld.com and was built and develoed by @steemchiller.
I will take you on a screenshot ride as I explore the Genesis Blocks
- Type in www.steemworld.com on your browser and login
SCREENSHOT from steemworld.com
- Click on block explorer
SCREENSHOT from steemworld.com, edited with pixel lab
Type 1 in the box and click on ok.
Note: Type 1 because 1 is the genesis block.
After clicking ok, the following will pop up
SCREENSHOT from steemworld.com, edited with pixel lab
Signing out...
SCREENSHOT from steemworld.com, edited with pixel lab
To sign in
- #1 I will tap on the SIGN IN button
- #2 Input my steem username
- #3 Enter my steemit private posting key, then click ok
SCREENSHOT from steemworld.com, edited with pixel lab
FINALLY, I'm logged in as displayed in the screenshot below
SCREENSHOT from steemworld.com, edited with pixel lab
It's much delight and ecstasy seeing myself work in kind this fashion having explained Cryptography, throw more lights in Crypto currency and the Genesis block.
I owed a very deep appreciation to Professor @shemul21 who with his corrections and reviews have inspired me to work this extent in preparing this quality content. He's a gem of a professor.
Thankyou all for reading.
BELOW IS A COMPILATION OF MY TASKS
| TASK | LINK |
|---|---|
| #1: TRON ECOSYSTEM | LINK |
| #2: STEEM & TRON | LINK |