Cryptoacademy season4//beginners' course-task3: The genesis block.
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indeed it was a well explanatory lecture where prof.@awesononso took time to explain vividly the concept of genesis block and cryptocurrency which i will be expressing my understanding through the task question below.
Task4-question 3
- what is a cryptocurrency?
- what is cryptography and how does it makes cryptocurrencies secure?
- Explore the steem genesis block and sign in as proof of completion.
what is cryptocurrency?
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Cryptocurrency as the name implies has many definitions which are still amounting to one meaning. To me I will say cryptocurrency are digital and decentralized currencies that is use for investment and for online purchase(buying and selling),there can also be used as exchange for fiat currencies.
It is always secure by cryptography which makes it impossible to counterfeit or double-spend, that is to say it has no fake type and can't be spend more than once.
Cryptocurrency are decentralized in the sense that there are not issued out or control by the government or any central authority and cannot be manipulated or interference by them.
What is cryptography and how does it makes cryptocurrencies secure?
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Cryptography is the science that deals with the process of transmitting or making data unreadable to user who doesn't have the appropriate key or users which the data are not meant for them, so by this the data can only be understood by the recipient.
Cryptography helps cryptocurrency not to be decoded and also play a key role in term of creation and functioning as security.
In general, we can say cryptography makes certain data,information or transaction to be kept secret and secure from third parties, that is to say it is used to prevent sensitive data from being altered or stolen by people who are not meant to see them.
How does cryptography makes cryptocurrency secure?
cryptography make cryptocurrency secure in a the sense that, it bring about the use of code that stores and transmit data values. This code secures data by ensuring that only those the data where meant for can only recieve,read and process the data.
cryptography helps in securing transaction by deciding on the creation of additional unit and verifies the transfer of tokens and assets.
cryptography helps secure cryptocurriencies in terms of introducing a public and private key encryption. Public key here, helps in giving users address to send funds to another user and private key here functions has a password to unlock the public key in order to recieve the funds sent. The work together to bring about safe transaction.
generally,the bring about encryption which makes transaction anonymous and secure.
Explore the steem genesis block and sign in as proof of completion.
Step1
To explore steem genesis block simply search for https://steemworld.org on your browser, the main menu will appear which you will see block explorer, click on the block explorer.
Step2
After clicking on the block explorer this page below will appear then you proceed by clicking 'ok' to block 1
step3
Immediately the page is open you will see the details of the genesis block
Below are the details
Timestamp:2016-03-24,17:05:0
Block id:0000000109833ce528d5bbfb3f622
5b39ee10086
Previous id:000000000000000000000000000
0000000000000
Signing key:STM8GC13uCZbP44HzMLV6zPZGwV
Q8Nt4Kji8PapsPiNq1BK153XTX
Witness: initminer
step4
After getting some vital information from the details of the genesis block you can now proceed to signing in by clicking on 'sign in'
step5
It will refer you to a page were you can input your name and posting key as seen below.
Input your steemit username and posting key then proceed by clicking 'ok'.
Finally,your account is created.
Once again,I want to take this time to thank professor @Awesononso for the lecture.
It was fun going through this tasks having understood the topic through the lecture post.
thanks.
