Topic: The Genesis Block

Question: 03

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.

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What is a Crypto currency?

The world Crypto currency is derived from the world Cryptography. It is made up from the two worlds “Crypto” means hidden or secret and from “Graph” which means to write down. In other way its mean is to write down in simple and secret way in such manners that the recipient could easily understand the real meaning.

Crypto currency in actual term is defined as “A currency which functions with Cryptography on block chain. It is made up from the codes in your computer system that represents the online values in form of coins or in other form such as tokens.

Function of Crypto currency:

When we elaborate the concept of function, we must keep it in mind that there is no single authority that controls it (as like in banking system: where daily transactions could be checked). Unlike banking system, in Crypto currency the owner has full control over their assets and can do anything with them.

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What is Cryptography?

Cryptography is the science of securing the information with changing it with the secure format. In this changing format, no one can acknowledge the meaning of decoding worlds. In Cryptography, worlds are replaced with such type of character which needs to understand only those who are familiar with this character. It is used to share very official information which we want to secure from being stolen. It is also used to make the transactions very secure.

Cryptography involves two types of keys.

• Public key

Source

• Private Key

Public key is the actual address of your wallet while the concept of private key is different. Private Key is used for transactions. Private is very important, because without private key, ones has not any proof of ownership and the coins remains encrypted. Coins cannot be stolen without the private key. So, private key must be hidden in your device.

source

How does it make crypto currencies secure?

• Crypto currencies involve public-private key encryption. This allows conducting safe transactions.

• It creates the concept of anonymous. Because the buyers and sellers personnel information remain unknown.

• Public key is also considered as the wallet address is used to transmit and receive coins and tokens. People may have approach to their digital assets while using private key. Private Key gives security to the user.

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EXPLORE THE STEEM GENESIS BLOCK AND SIGN IN AS A PROOF OF COMPLETION

• Open the steemworld.org from Google.
• Select the option, Block Explorer from the main menu.

• A box has been appeared. Write down 1 in the box.

• Once it's loaded, it'll show you information about the Genesis block.

Date and time stamp
2016-03-24, 21:05:00
Block ID
0000000109833ce528d5bbfb3f6225b39ee10086
Previous ID
0000000000000000000000000000000000000000
Signing Key
STM8GC13uCZbP44HzMLV6zPZGwVQ8Nt4Kji8PapsPiNq1BK153XTX
Witness
@initminer

• To sign in, go to the upper right corner and click sign in.
• Next, provide your username and posting key.

• Now I have signed in successfully.

Conclusion:

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In the modern world, Crypto currency is becoming very popular. Before using Crypto world we must be familiar with Crypto currencies, cryptography and keys used in cryptography. In this sense, the findings of Satoshi Nakamoto’s related to Genesis block were very amazing. It has moved the globalized world towards the online digital assets.