Crypto Academy Season 4 Beginners' course - Homework Post for Task 3: The Genesis Block
Cryptocurrency is a virtual currency used in transactions, buying online items and services, and trading or changing other currencies. There are greater than 10,000 cryptocurrencies traded in the world. Cryptocurrency is decentralized and virtual. This means that that it can't be stored in a bodily nation but alternatively online.
Their decentralized nature also makes it impossible for no other third party to have any impact on them, including the authorities or the imperative banks. They are being maintained and controlled with their users' aid and the consensus algorithms they perform on. They are also used as a medium of alternative, especially in exchanging cryptocurrencies.
The first-ever cryptocurrency to were released in the world is the Bitcoin cryptocurrency. It is presently the first-ranked cryptocurrency in the crypto marketplace. There are other currencies hard the Bitcoin currency, and they encompass, Ethereum, Ripple, Dogecoin, Litecoin, etc.
The Bitcoin foreign money was first launched on the thirty first of October 2008 by an unknown individual referred to as Satoshi Nakamoto. This person (Satoshi Nakamoto) has been presently unknown since the advent of Bitcoin forex to date.
Bitcoin forex genesis block turned into first mined at the 3rd of January 2009 by way of Satoshi Nakamoto which turned into observed to have contained 50 bitcoins from the transactions made. This block was recognized as Block zero, known as the Bitcoin Genesis Block.
Cryptography is a manner of securing transactions done at the blockchain network with the aid of ensuring no messages are leaked to the public or every other third party through using codes. Cryptography is from the 2 Greeks words "Cryptos", which means that "hidden or mystery" and "Grafe" because of this "writing". Cryptography is writing statistics or verbal exchanges secretly with no leakage to any third party other than the receiver. Cryptography is in two types, and I would, in short, provide an explanation for them in my article. They consist of; Asymmetric and symmetric cryptography.
Asymmetric Cryptography:- This is a form of cryptography that requires the usage of separate keys in its processing, i.E. The Public Key and the Private Key. The Public Key's is utilized to encrypt the message, whilst the Private Key's is used to decrypt the message via the receiver. This implies that asymmetric cryptography uses the Public Key and the Private Key as an excellent way to send and obtain messages secretly between events. The Private has to be kept a mystery and shouldn't be regarded by absolutely everyone else aside from the owner.
Symmetric Cryptography:- This type of cryptography calls for only using an available key in sharing and shifting records or messages among events. The Key used right here is the Private Key which is also known as the Secret Key. As the name indicates, it should be stored mystery among the two individuals handiest and should not be disclosed to any other character. The identical Key is used in encrypting and decrypting messages, not like in the case of the uneven, wherein two different keys had been utilized in appearing every undertaking separately. Symmetric cryptography isn't always secured as compared to uneven cryptography because of using the best one, Key.
Asymmetric cryptography is used in securing cryptocurrencies, and as said earlier, it involves two separate keys, i.E. Public key and Private Key. Over here, the Public Key is first used to encrypt the message, and the Private Key of the Public Key is used to decrypt the message sent by the sender. The Private secret's used in securing cryptocurrencies wallets through the alphanumeric codes generated by using the cryptography.
The Genesis Block, as the word genesis suggests, means " starting", refers to the beginning of the first block of a blockchain. Every block and their genesis block. It represents the installed order of a blockchain network. An example is the Bitcoin genesis block which was first created or developed in 2009 utilizing Satoshi Nakamoto. He mined this genesis block of bitcoin on third January 2009, and it is also referred to as Block 0.
The genesis block of steem is referred to as Block 1 and no more extended Block 0, as in the case of Bitcoin. The genesis block of steem was first created on the 24th of March 2016. I might illustrate nearly a way to locate the steem Genesis Block.
Step 1:- First of all, click and go to the steemworld.Org
Step 2:- Click on Sign In to log in with your account information
Step 3:- Enter your username (ramanjadon), after which your Private Posting Key is inside the spaces supplied as indicated below.
Step 4:- Click on Block Explorer after efficaciously signed in.
Step 5:- As already said, the genesis block of steem is block 1, so we can see from the screenshot underneath. We then click on OK to similarly continue.
Step 6:- Check and verify the impressive statistics of Steem Genesis (Block 1). They include Timestamp, Block Id, Previous Id, Signing Key, Witness, Witness Signature, Transaction Merkle Root, Extensions etc. As shown below.
To conclude, I would like to summarize what has been executed in this article up to now. First of all, we checked out the basis of cryptocurrency, wherein we looked at the definition of cryptocurrency and its uses. We also checked out the blessings and disadvantages of cryptocurrencies. We further checked out what cryptography is, and we briefly mentioned the two varieties of cryptography.
Moreover, we checked out how cryptography secures cryptocurrencies. We additionally looked at the Genesis Block in widespread, and we, in addition, went on to exercise a way to locate the Steem Genesis Block from the steemworld.Org website.
Thank You