[The Genesis Block] - Steemit Crypto Academy Season 4 - Homework Post for Task 3
INTRODUCTION
Questions
- 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.
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cryptocurrency additionally known to be crypto and it is a on-line currency that is employed in shopping for merchandise and services, however it create use of {an on-line|a web|an internet} monetary declaration with a robust cryptography to safeguard online transactions. Lots of of the profits in these uncontrolled exposure is to deal on profit, with plunger every now and then driving value skyward.
Bitcoin was aforesaid to be the foremost well-liked cryptocurrency that has had unstable costs moves this year obtaining closely $65, 000 within the month of Gregorian calendar month before it loses of of its price in could. Recently the worth of bitcoin was back to forty five,000 range. [check out recent price].
Here are some things to ask about cryptocurrecy.
What is Cryptocurrency?
Cryptocurrency can be seen as a form of paying which can be exchanged online because it's an online currency. Many companies today issued their currency being used today, often known as tokens which can be traded particularly for economic consumption.
Cryptocurrecy works functions using a telecommunication known as blockchain and blockchain is surrender telecommunication that is spread in many data processor that records and manages transactions and its very secured. They are more than 10, 000 individual cryptocurrencies traded publicly as stated in coin marketCap.com and the total value of cryptocurrencies in the month of August 18 2021 was above $1. 9 trillion down from April overpriced $2. 2 trillion and as stated in CoinMarketCap, the worth of all bitcoin which is the most popular electronic currency was set at about $849 billion.
| Cryptocurrency | Market Capitalization |
|---|---|
| Bitcoin | $891.5 billion |
| Ethereum | $380.8 billion |
| Cardano | $71.2 billion |
| Binance Coin | $69.5 billion |
| Tether | $68 billion |
| XRP | $47.5 billion |
| Solana | $45.6 billion |
| USD Coin | $31.7 billion |
| Polkadot | $30.7 billion |
| Dogecoin | $28.2 billion |
How do I buy cryptocurrency
Cryptocurrencies today as well as bitcoin are accessible for buying with the use of U.S dollars but other crypocurrencies need you to pay with bitcoin or any other cryptocurrency. In other to purchase cryptocurrencies you will need to have a wallet in an online apps that will be able to hold your wallet and altogether you will have to create an account for interchange then you can hand over real money in other to buy crytocurrencies like Ethereum or bitcoin. Coinbase is known as the well known trading exchange where you can actually create a wallet and buy and sell Bitcoin and other cryptocurrencies.
What is Cryptography and how does it make cryptocurrencies secure?
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Cryptography is a process of expanding technique and agreement to prevent third party from gaining ideas of the data from the personal message during communication process.
The word Cryptography is devised of two ancient Greek terms "Kryptos" having understanding" hidden " while "Graphein" means having understanding to write.
Types of Cryptography
In my own knowledge of understanding it's clear we have three ways we can carry out cryptographic algorithms.
Hash Function
• it doesn't use of key
•it is unfeasible for the content of plain text to be retrieve from the ciphertext.
Symmetric-Key Cryptography
•This common key is being used for both encryption as so as decryption methods.
•In this encryption procedure we pull a single key into application.
Asymmetric-Key Cryptography
•It is known as Public key cryptography.
•This encryption procedure utilize a pair of keys, which is the encryption key and the decryption key known
as public key and private key in particularly.
How does it make cryptocurrencies secure?
Cryptocurrencies is protected whereas wishing on current uneven cryptography ways and therefore the safe nature of transactions on the blockchain. Cryptocurrency mortals create use of personal keys to verify they're possessor of their cryptocurrency. Transactions ar well secured with hashing and blockchain cryptography techniques.
Explore the Steem Genesis Block and Sign in as proof of completion.
In order to figure out Steem Genesis Block you will need to follow up these steps listed.
Firstly I will have to go to my browser and search on steemworld then it's gonna bring out the page I will then log into my account through sign in section which is at the upper right corner of the page.
Then I enter the keys requested used in logging in.
When it's finally open I will have to click on Block explorer than I can now switch into my page.
At that process a box written as Block Number is gonna appear then I click on "OK"
Now the information and details of steemit Genesis Block is being shown.
Conclusion
Bitcoin as always been known as the most popular cryptocurrecy and cryptocurrencies accept secure payments online which is being made in terms of virtual tokens which is being represented by ledger entries internal to the system. Investors can actually make money with cryptocurrency by mining Bitcoin, or simply selling their Bitcoin at a profit.