Steemit Crypto Academy Season 4 Beginners' course - Task 3: The Genesis Block by lordhojay

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What is a Cryptocurrency?

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Cryptocurrencies are digital or virtual currencies that are encrypted, making counterfeiting and double-spending nearly impossible. Many cryptocurrencies are based on blockchain technology, which is a worldwide network of computers that enforces a distributed ledger. Cryptocurrencies differ from traditional currencies in that they are not issued by a central authority, making them more resistant to government intervention and manipulation.

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What is Cryptography

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Cryptography is the science and practice of sending secure, encrypted messages or data between two or more people. The transmitter "encrypts" the message, rendering it unreadable to third parties, while the recipient "decrypts" it, rendering it readable once more.

Cryptocurrencies rely on encryption to make transactions anonymous, secure, and “trustless,” which means you don't need to know anything about a person to safely interact with them – and there's no need for other third party in the middle.

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How does it make cryptocurrencies secure?

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1. It employs a technique known as public-private key encryption. This allows them to be "trustless," allowing them to conduct safe transactions between strangers without the use of a "trusted intermediary" such as a bank.

2. It uses a hashing algorithm to encode information. This eliminates the possibility of two people having the same code.

3. It creates Anonymity: During transactions, the buyer and seller's personal information is typically unknown.

4. The public key (wallet address) is used to transmit and receive coins and tokens, people may only access their digital assets and authenticate transactions using their private key. This guarantees that user security is not jeopardized.

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Explore the Steem Genesis Block and Sign in as proof of completion

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• Go to steemworld.org.
• Select Block Explorer from the main menu.

• A box will appear, write number 1 in the box.

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