The Genesis Block - Steemit Crypto Academy Season 4 - Homework Post for Task 3 By @mcharmattan
Photo Credit
Hi, greetings Professor @awesononso
I am glad for the privilege to be in your lecture.
Permit me to say Congratulation for the good work done, thank for your effort to increase our knowledge more better in the Crypto World.
Below is my Steemit Crypto Academy Season 4 Beginners' course - Task 3: The Genesis Block Assignment Presentation.
TASK-3 QUESTION
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.
(3A) WHAT IS CRYPTOCURRENCY?
~ANSWER~
Cryptocurrency can be defined as a digital currency in which transactions are verified and stored, maintained by a decentralized system while transmitting secure or secret messages that can only be understood by the recipient without the consent of a third party or a centralized authority like Banks.
Cryptocurrency has made transactions an easy going journey by eliminating the process of going to Financial Institutions to make transactions and verifications.
This brings speed into the daily purchase activities and also secure the privacy of ones business and income.
(3B) WHAT IS CRYPTOGRAPHY AND HOW DOES IT MAKES CRYPTOCURRENCY SECURE?
~ANSWER~
Cryptography can be said to be a process or the medium of transmitting secure or secret message that can only be understood by the recipient.
The term Cryptography is the very thing that does the major work in the Crypto Market by transmitting information from one person to the other. This act then stands a border that barriers the third parties from having access to the information that don’t concerns them
HOW DOES CRYPTOGRAPHY MAKES CRYPTOCURRENCY SECURE
Being that Cryptocurrency is a digital token and all the transactions are done online, Cryptography then act as the overseer that monitor the movements of the Cryptocurrency from one place to the other by employing a safe and secure security methods into the Cryptocurrency Ecosystem.
Without this, cryptocurrencies would not safe and secure, and this is what helps to facilitate the transactions of Cryptocurrencies without the intervention of a third party.
In the absence of Cryptography the Cryptocurrency markets would have not been safe for Crypto Traders considering the high-volume of the internet fraudsters, loosing of assets in the course of making a transaction would have been the most terrible experience of the Cryptocurrency Transaction.
In a nutshell, we can say or conclude that Cryptography is the shield that protects and secure the growth and success of Cryptocurrencies and in the absence of Cryptography, Assets(Digital Tokens) are bound to misfortune and this would be leading to the lost of tokens in the course of transportation.
(3C) EXPLORE THE STEEM GENESIS BLOCK AND SIGN IN AS PROOF OF COMPLETION
~ANSWER~
The following steps are followed o explore the Steem Genesis Block,
Step 1:
I have to visit the block url on my web browser https://steemworld.org
Step 2:
The web page is open with a beautiful interface and great icons. Now Click on Block Explorer as shown below on the screenshot.
Step 3:
The page opens with a block number 1 then Click on ok!
4:
The Block interface is open with the display of all the Steem Block information as shown on my screenshot below.
For easy identification and accessibility, I will write down below the necessary information I got in the course of my Steem Block Exploration:
Block Exploration Type: Steem Genesis Block
Block Timestamp: 2016-03-24, 17:05:00
The Block Id is: 0000000109833ce528d5bbfb3f6225b39ee10086
The Previous Id is:
0000000000000000000000000000000000000000The Block Witness: initminer
I input my Steemit Account User Name and Private Posting Key into the the Sign In boxes the clicked on “Ok” as shown below on screenshot.
Finally, the Login to the Steem Genesis Block was Successful.
~CONCLUSION~
I have learnt so many deep things about the Cryptocurrency from the Currency origination to the code encryptions as much as the understanding really what Genesis Block is.
I will say thanks to our great Comrade @awesononso for this great teaching, well explanation, I mean so easy to understand. Thank You Sir.