Crypto Academy season 4||Beginner's Course||Homework post for Task3:[The Genesis block]

The word cryptocurrency found it origin from "cryptography".
But from my little observation,one can see that the word cryptocurrency is a compound word made up of both "crypto" and currency". This two words come together to form what we know as cryptocurrency.

For a better explanation,I will be deciphering this two words so as to make us understand what crypto currency is.

Based on my little research,the word "crypto" is simply interpreted as conceal,secret or something hidden from knowledge while the word "currency" is a very popular word derived from a latin word known as "currere" which in turn means "medium of exchange for goods and services.

So now I guess it is safe for me to say crypto-currency is simply a secret way of carrying out transaction or a secret form of exchange medium for good and services, since my little research on both words suggests so.

I am not disputing the fact that the word crypto-currency originated from cryptography,I am just airing my own view about what I think cryptocurrency is.

Crypto-currency is defined as a digital currency in which transaction are being validated and record are also being maintained by a decentralized blockchain/system using "cryptography" in the stead of central authorities like central banks.

It is a form of exchange that is being practice online,serving as payment for good and service.

Crypto-currencies is an adopted way of peer-to-peer transaction since it is decentralized and no central authorities to control transaction activities.

A person in possession of a crypto currency can choose to do whatever he/she desires with it,because such person has premium control over the asset unlike a normal currency that is under the control of a central authority.

is a technique or stretegy of communicating,sending across or transmitting of hidden,conceal or secret message,idea or information to a person or more people who understands it and can decrypt it to get the real message or idea.

Without this idea(cryptography)I don't think crypto-currency would have been a success like we are experiencing today. Cryptography is also the major tool in keeping crypto-currency anonymous and secure by;

Blocking and creating resistance to any form or attempt of double spending whereby making transaction in crypto-currency peer-to- peer without a 3rd party or middle men involvement and also keeping it secure from the intervention of a central authority and thefts.Transaction Activities are always between two or more people who are in total control of their assets

Cryptography used in crypto-currency also involves 2keys combined together,which are "private and public keys".
The public keys is the wallet address which is know to anybody while the private key is more like one's signature that is known to only the owner.A transaction can't be validated without this private key because it serves as a signature for signing any transaction just like signing on cheque in the real banking system.

The private key is used in decrypting operations when crypto-currency is sent to a person's wallet, making it practically impossible for a person who is not in possession of your private key to steal your coins because it is the owner's proof and signature.

•HASHING

EXPLORE STEEM GENESIS BLOCK AND SIGN IN AS PROOF OF COMPLETION

•step 1:To sign in and gain accss to the steem Genesis block,a user must visit the website
https://steemworld.org.(click on link)

step 2:click on the "Block Explorer" tab in the menu.

step 3:You then proceed to click OK for block 1 when this pops up.

step 4:The steem Genesis block automatically appears on the screen after clicking the "ok" just like this.

And as you can see,the information above contains:
Timestamp:2016.03.24,17:05:00

Block ID:0000000109833ce528d5bbfb3fc225b39ee10086

Previous Block ID is unavailable because there is no block before it,it is the first and can be referred to as block 1,which makes it the Genesis block[beginning]:
0000000000000000000000000000000000000000000000

Witness: initminer.

Step 5: sign in by clicking the sign button at the top right of your screen display.

Step 6: input Username and posting key and click ok to sign in.

step7: You are in!

CONCLUSION

Who would have thought that the world would gradually be moving away from paper cash to embrace cryptocurrency!
About 12 years back,this wasn't the reality but now the world has gone digitalize and even the money we spend now is digital,making it virtually easy to carry out trading activities online without stress.
I also would not fail on my part to commend the effort of professor @awesononso for this wonderful lesson.I have read through it and understand what cryptocurrency and cryptography is all about.

Regards:@dibie

Task for professor @awesononso-"Genesis block"
Thanks for reading 🤗