Crypto Academy Season 3 Beginners' course - Task 3: Bitcoin, Cryptocurrencies, Public chains./student: @franklin.tsosa/18-08-2021
(1) What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Feature?
A cordial greeting to all the members of the Steemit crypto-academy. Always thanking the work of each of the teachers who make it possible to carry out this type of activity. Today I come to make the presentation of the task # 3 of the beginner level hoping to answer the assigned question. Then we start the development of the content:
As a basic principle we must know that cryptocurrencies are purely digital currencies which can be referred to as financial assets. These in turn are based on cryptographic technology, which is nothing more than the application of encryption and encoding techniques for any information that is handled.
It can be said that its origins, characteristics and functions became known with the birth of the first cryptoactive called BITCOIN (BTC), which was proposed with a decentralized open source protocol and with equal networks starting its path of technological revolution for the year 2008. He was born as a result of the article called Satoshi Nakamoto.
At the beginning of the development of cryptocurrencies, only some technology geeks knew about it and it was considered almost useless and worthless because it presented a very revolutionary idea for those years when society was convinced of the management of its assets through public banks and which were governed by a centralized system where the banking entities were the ones that set the guidelines of the world economy. Without a doubt, talking about BTC is the fundamental basis for understanding the origin of a crypto.
The first crypto asset (BTC) was first issued to light on January 3, 2009 as part of a 50 BTC block called genesis. Beyond what the expert analysts expose in their managerial hypotheses, the development of cryptocurrencies has undoubtedly come a long way, which has been led by scientists, mathematical experts and people with a great vision of the future, which have made a large number of contributions that have meant that today these financed assets obtain a value in the market. In addition to Satoshi Nakamoto, creator of Bitcoin, we find other names such as David Chaum and Wei Dai, whom we can consider the forerunners of cryptocurrencies to name some of the driving people in this new financial window.
Recalling some of the previous assignments in last season, I was able to get the learning that in the present there is also the existence of the range of public and private cryptocurrencies.
The public cryptocurrencies within which are the best known as Bicoin, Ethereum, cardano, trx, dogecoins, steem, sbd among others which are managed under a public Blockchains. For example, Bitcoin is made up of the Bitcoin protocol (with a capital B), the unit of account or bitcoin token (with a lowercase b) and the blockchain (the database in which transactions are recorded), and the registration information can be disclosed. of any movement to each user on the network.
On the contrary, private cryptocurrencies do not open the information of each transaction to the public, but can only be accessed by invitation. Private Blockchains are newer than public Blockchains and can be very different from each other and in some cases it is even questionable that one can speak of Blockchain for some of the solutions that are known in the market. As their name indicates, they try to keep any information of a user confidential, making it impossible to trace it by any program on the network. Some of these are: Monero (XMR), Dash (DASH), Zcash (ZEC), Verge (XVG) among others.
We can also add that thanks to this new virtual world of crypto valued in the world market, it has also been taken to the world of trading, revolutionizing the system of operations and making itself known to others in order to expand in society.
I hope in the future the decentralized system that cryptocurrencies have will join the world banking system, as we will be given the opportunity to integrate even more into this new and already consolidated ecosystem, where we can all have the opportunity to acquire an asset (tokens) of the cryptocurrencies that you do not like the most and be able to use it for savings, payments or in the case of us Venezuelans one of the most used ways so that your savings are not devalued in relation to the world currency market. Thanks to cryptocurrencies in my country, a growth opportunity has been created through steemit where we, the most humble of the neighborhood, from low-income sectors, have achieved the opportunity to make my first steem cryptocurrencies come true. Without further ado, I wait for the content of the answer to the question that generates the assignment. Thank you all.
Hi @franklin.tsosa, Thank you for taking interest in the 3rd Task of the Beginners Fixed Class. Your grades are as follows:
My Review and Suggestions:
Satoshi Nakamoto is a pseudonym used by the creator of Bitcoin in his whitepaper.
Your explanation is too shallow, study the discussion more deeply, so you can add more information to your post.
You didn't answer the questions given completely.
Use function bold for some words that need to be highlighted.
Thank you!