[The Genesis Block]-Steemit Crypto Academy Season 4 Beginners' course - Task 3: by @lovveday

in SteemitCryptoAcademy • 3 years ago (edited)

3a) 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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edited on canva

Hello everyone, welcome to my post on the steem crypto Academy beginnners course task 3. I would have completed this task some time ago, but was not chanced, am happy i have the opportunity to write now. So please enjoy the post.

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3a. What is a Cryptocurrency?


A cryptocurrency, is an array of binary data which is developed to work as a means of exchange, personal coin ownership information are saved in a ledger that is a computerized database using sturdy cryptography to stable transaction information, to manipulate the advent of extra coins, and to confirm the switch of coin ownership. A distinguishing feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them immune to government interference or manipulation.

Cryptocurrency is digital or virtual, not in a physical form (like like the local currency) and is generally not issued by a central authority. Cryptocurrencies is recognized under a decentralized system as against the central bank currency. But it can also be considered centralized when a crypto coin is issued by a single issuer.

Cryptocurrency are stored in wallets, either a mobile wallet or an online wallet. Many people uses a mobile wallet, like trustwallet, bitcoin wallet and many more to store their cryptocoin. It is said that their money is in their hands.

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b) What is Cryptography and how does it make cryptocurrencies secure?


The word "crypto" means "secret" while the word "graphy" means to "write". Therefore, " cryptography" means the capacity or the ability to send messages that can only be read by the premeditated receiver. cryptography technology can ensure relatively full anonymity, depending on the structure. the security of the transactions carried out by by individuals is protected and independent of any central authority.

Cryptography technology is used for many purposes, some of which are ensuring the security of various transactions that occur on the platform, for verification of the transfer of digital assets and tokens. And for controlling the creation of new currency

how does it make cryptocurrencies secure?

Cryptography makes cryptocurrencies secure due to the fact that cryptocurrency rely on modern asymmetric encryption techniques. Holders of cryptocurrency use the private key as a proof of ownership for their cryptocoin or cryptocurrency. Transactions made on a network are secured, using hashing and blockchain encryption methods/techniques.

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


To explore the steel genesis block, we have to sign in to steemworld.org where we can see the steem block explorer.

Detailed
• firstly, as required by this task, you sign in to the platform steemworld.org

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• signing in requires your steemit username and private posting key.

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• after you have successfully l signed in, your steemit username and profile picture will appear as highlighted in the picture slide below

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• the next and important thing to do is to visit the block explorer, by clicking on the block explorer icon as illustrated in the picture slide below

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• the next interface that pops up will ask you of the particular block you want to explore. But by default it is set to 1 which is the Genesis block. So click ok and continue.

• after clicking ok,
This slide below pops up showing the information on the very first steemit block which is referred to as the Genesis block.

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Timestamp:2016-03-24, 17:05:00
Block Id:0000000109833ce528d5bbfb3f6225b39ee10086
Previous Id:0000000000000000000000000000000000000000
Signing Key:STM8GC13uCZbP44HzMLV6zPZGwVQ8Nt4Kji8PapsPiNq1BK153XTX
Witness:initminer25
Witness Signature:204f8ad56a8f5cf722a02b035a61b500aa59b9519b2c33c77a80c0a714680a5a5a7a340d909d19996613c5e4ae92146b9add8a7a663eef37d837ef881477313043

Thats all from this post. I hope you liked it! Thanks for reading
Note: all work are mine unless otherwise stated and all photos were taken from steemworld.org and canva

Cc-:
@nane15

#academys4-intro03 #cryptoacademy #nigeria #steemexclusive #blockchain #steemit
3 years ago in SteemitCryptoAcademy by
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     3 years ago 

    Please sir can you support my achievement3 post.
    It's over 4 days that I posted.
    Then I reposted it today. Please
    https://steemit.com/hive-172186/@johnczar14/5i1nqr-my-achievement-3-post-johnczar14-task-content-etiquette

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       3 years ago 
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         3 years ago (edited)

        Thanks for the wonderful lecture. Please kindly verify my achievement2 and also support my posts @esty21
        Below is the link to my achievement2. Thanks a lot @lovveday

        https://steemit.com/hive-172186/@esty21/achievement-2-esty21-task-basic-security-on-steem

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