Crypto Academy Season 4 Beginners' course - Homework Post for Task 3 - The Genesis Block || For professor @awesononso || By @ready247,
INTRODUCTION
Q;1)WHAT IS A CRYPTOCURRENCY
Q;2)WHAT IS CRYPTOGRAPHY AND HOW DOES IT MAKE CRYPTOCURRENCIES SECURE
Q;3)EXPLORE THE STEEM GENESIS BLOCK AND SIGN IN AS PROOF OF COMPLETION
Q;1)WHAT IS A CRYPTOCURRENCY
Cryptocurrency is a kind of Exchange which may be specified to as a digital currency or digital money, and it can also be used for payment rewards and online business transactions, however, the Cryptocurrency, has been programmed in a layout which it exchange can not be visible, virtually and it may be managed or controlled by the individual who owns it,
Cryptocurrencies is based on decentralization, getting rid of any kind of third party. There is no presence of a middle manipulate, proprietors of the cryptocurrencies possess full control over their assets. Unlike the local banks wherein all activities and transactions are overseen by a 3rd party.
cryptocurrency was built in pattern which it coins or tokens may be saved up in a customised wallet of which aren't physically visible, however it may be managed with using few keys just like the private key, master key and public keys of that are meant to be private for smooth transaction method information encryptions inside the user wallet arena.
Q;2a)WHAT IS CRYPTOGRAPHY AND HOW DOES IT MAKE CRYPTOCURRENCIES SECURE
Actually, the word Crypto represents (secret), at the same time as Graph which also represents (write) Therefore, this could be visible because the medium through which information are been sent and processed through the sender or receiver with out the hindrance of any middleman in other words, and it forms an anonymous ecosystem in which transactions are encoded and protected, and it also saves a single man order.
in point of fact, cryptography helps in transactions and verifications process, which do occur inside every nodes or users and offers a signature like a layout for every transactions.
- Q;2b) HOW DOES IT MAKE CRYPTOCURRENCIES SECURE
Cryptography posses it main aim of coded data,and it guarantees that all data or information's can run through, from one nodes to other secret from the general public and has been made feasible with the keys of coded data and may simplest be utilized by the legal receiver to access, process, decode and encoded information's on it Normal format. With such sample, cryptocurrencies are protected and are some distance far way from been stolen, due to the fact with out a key one can't open a door while closed,
Q;3)EXPLORE THE STEEM GENESIS BLOCK AND SIGN IN AS PROOF OF COMPLETION
For me to explore the steem Genesis block, i will have to visit steemworld.org,
You will see the full details blow 👇👇 let me walk you through,
- Step :1} at the beginning, click on the sign in icon, then put in your username and your posting key then click on ok to continue.
- Step :2}: you're now logged in, click or go to Block Explorer to continue
- Step :3} block number box will appear then click on the OK icon to proceed.
- Step :4} image below will show up, containing details of steem genesis block.
DETAILS FOUND IN THE STEEM BLOCK EXPLORER
Timestamp: 2016-03-24, 17:05:00
Block Id 👇
0000000109833ce528d5bbfb3f6225b39ee10086
Previous Id 👇
0000000000000000000000000000000000000000
Witness: initminer
Witness Signature:👇
204f8ad56a8f5cf722a02b035a61b500aa59b9519b2c33c77a80c0a714680a5a5a7a340d909d19996613c5e4ae92146b9add8a7a663eef37d837ef881477313043
CONCLUSION
Cryptocurrencies is now a vital part of the finance today. And It has grow to be a daily steady currency of exchange and this would have not been feasible without the help of cryptography. Honestly i really learnt a lot from this wonderful lecture that was made professor @awesononso
Cc:
@nane15