Steemit crypto Academy season 5- Task 3 [The Genesis Block]
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.
a) What is a Cryptocurrency?
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To carry out exchange activities, we need a means that guarantees the effectiveness of this operation, that is, a guarantee that we will be able to give utility to that asset. For this reason, there is fiat or fiat money in each nation, the issuance and value of which is controlled by government institutions.
Cryptocurrencies emerged as a decentralized medium of exchange, giving it a global character, outside of government control. In its creation, complex mathematical algorithms are used that require the implementation of software that encrypts each currency. Therefore, it is a virtual or digital currency that can be used in the acquisition of goods and services, or simply as a savings system, controlled all the time by its owner. The electronic record is strongly encrypted and guarantees the integrity of the transaction.
b) What is Cryptography and how does it make cryptocurrencies secure?
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Cryptography is a method that allows you to take a message and encode it to make it indecipherable for those who do not know the method used. In this sense, both the sender and the receiver have a cryptographic method and can understand the messages, but if it is intercepted by a third party, the latter will not understand its content. There are several methods implemented in the encryption of messages: the order of the letters is changed, they are given a numerical value and then swaps are made with mathematical algorithms, drawings are used instead of each letter or group of words, letters, and numerical values are combined, among others.
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When we imagine a complex system of algorithms that clutters any message when it sends it, making it more difficult to interpret and when it is received, the same system in the receiver orders it and presents it decoded. What it takes us a few minutes looking at the table to know what the message says, the machine does it in fractions of seconds.
A cryptographic system applied in cryptocurrencies gives it exceptional shielding, guaranteeing the integrity of the operation. For this reason, wallets have a unique encoding, which indicates that when the operation comes out, it will only be decoded in that wallet. It is very likely that you have wallets that when you made your activation you were warned that the site has no custody system, leaving only you to have the keywords that give access to your wallet, thus providing you with another level of security for your crypto assets.
c) Explore the Steem Genesis Block and Sign in as proof of completion.
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When we talk about the genesis block, we refer to the block that establishes the foundation of a cryptocurrency, because, from this, all the operations of both block creation and transactions in the blockchain will be possible. The genesis block is the central point of a crypto asset. We will explore the genesis block of STEEM and see important details as to when operations start or begin to be generated in your network.
First, we can open steemworld.org. Then open Block explorer.
Then Enter 1 and open it.
We can note that on March 24, 2016, at 11:35:00 the Genesis Block of STEEM is created with the initminer miner. The ID that the block received (Block ID) and the signing key of the operation (Signing Key) are displayed. In this case, the Previous ID indicates that there is no block preceding it.
As proof of completion, we will log in to steemworld.org, placing our #Steemit user in Steeem Account Name and the private key in Private Posting Key.
Finally, By clicking on OK, we can complete it.
