[CRYPTOCURRENCIES] - Steemit Crypto Academy Season 4 - Homework Post for Task 3
Hello everyone,
I'm very happy to participate in this fixed class for the beginners. This Lecture tasks three was mentored by our crypto-professor @awesononso which centered on various vital topic including "CRYPTOCURRENCIES".
This post is structured based on the tasks given as stated below:
- WHAT IS CRYPTOCURRENCIES
- WHAT IS THE CRYPTOGRAPHY AND HOW DOES IT MAKES CRYPTOCURRENCIES SECURE
- EXPLORE THE STEEM GENESIS BLOCK AND SIGN IN AS A PROOF OF COMPLETION
WHAT IS CRYPTOCURRENCIES
CRYPTOCURRENCIES simply referred to as the digital money that can be use to buy goods and services virtually. It is digitally recorded as an online ledger to secure it's transactions cryptographically. Cryptocurrencies can also be seen as a means of payment for goods and services electronically. Many companies and organisations can provide their own cryptocurrencies as token to assess their products and services. For instance, JUV, a Token for fans Italian Football Club, Juventus etc. To get cryptocurrencies, Fiat currencies can be exchanged on several Platforms for them.
With the Blockchain technology, use of cryptocurrencies are purely decentralized without a central authority and the several nodes functions as an independent body but still interconnected with other nodes forming a stronger and huge system/network. As the nodes are independently and privately-oriented, cryptocurrencies are styled as Peer to Peer modal thereby the transaction can completely perfectly between the nodes without intermediaries or control centrally.
Currently, there are many cryptocurrencies tradable virtually. But Bitcoin, the first ever, successful cryptocurrency on Earth have been dominant coin over the years with other coins tradable comfortably.
WHAT IS THE CRYPTOGRAPHY AND HOW DOES IT MAKES CRYPTOCURRENCIES SECURE
With the aid of the picture above, the term "CRYPTOGRAPHY" was derived from two Greek words which is translated into two English words as CRYPTO and GRAPH. Crypto stand for secret or hidden while Graph means to describe or means of communication. These two words gave us the exact meaning of cryptography which is a means of communication/transmission of information/data securely between parties involved. To transmits information securely is very important as the details of the message/data will be protected and secured. Whenever, means of communication are interrupted or hacked, the resultant effects is always disasterious.
In Cryptography, there's an encryption and decryption process. The data are encrypted with mathematical algorithmatical function that makes it "human unreadable form" but machine coded language. A provision is made Only for the authorized individual to decrypt the message of the data into human readable form.
There are many types of cryptographic functions including the Symmeteric, Asymmetric and other types of encryption process. In these various types, there's a use of hashed strings of alphanumerical letters called passwords or keys in the forms of private and Public keys to securely transmitted the data over the network without preying eyes of the third parties.
HOW DOES IT MAKES CRYPTOCURRENCIES SECURE
With the several types of encryption process of the cryptographic functions, the transaction details of cryptocurrencies are safely transmitted over the Blockchain networks.
However, keys and password which are used to secure the transaction of cryptocurrencies, are highly sensitive string of alphanumerical sequence which can't be merely guessed thereby promoting the security of the data over system. Only the authorized individuals with the keys have access to the details of the transaction.
Although, the transaction are wholly transparent but the critical details of the transaction are hidden and protected with keys. With this, the cryptocurrencies are highly secured. A hack on the network Which is nearly impossible can results to Financial losses.
EXPLORE THE STEEM GENESIS BLOCK AND SIGN IN AS A PROOF OF COMPLETION
The term GENESIS stand for the very beginning. As the transaction with cryptocurrencies are verified as blocks on the digital ledger. The first ever processed and verified transaction block of any project or protocols are comfortably referred to as GENESIS BLOCK. For steem, it's Genesis block is called STEEM GENESIS BLOCK and it is labeled #1. To explore this first ever transaction block of steem, let's visit STEEMWORLD.ORG with this steps.
STEPS ONE. LOG INTO STEEMWORLD.ORG.
STEP TWO. Select and Click on the BLOCK EXPLORER.
STEP THREE. Click OK for block 1 which is the default block.
STEP FOUR. The details of the STEEM GENESIS BLOCK have been displayed.
The basic details of Steem Genesis block are tabulated below.
| PARAMETERS | STEEM GENESIS BLOCK |
|---|---|
| TIMESTAMP | 2016-03-24 17:05:00 UTC +1 |
| BLOCK ID | 0000000108933ce528d5bbfb3fb3f6225b39ee10086 |
| PERVIOUS BLOCK ID | BECAUSE THERE'S NO PERVIOUS BLOCK PRIOR TO STEEM GENESIS BLOCK, ZEROS ARE USED: 000000000000000000000000000000 |
| WITNESS | initminer |
STEP FOUR. Sign in as a proof of completion.
Type in with my username @sammylinks.
CONCLUSION.
Cryptocurrencies functions with the Blockchain technology cryptographically. With the means of Cryptographic functions on the Blockchain technology, the transaction details of the cryptocurrencies are transmitted secretly between the people involved. There's a means of encryption and decryption process on the transaction details to be secured and protected. The identities of the people involved are secured and their transactions are transparent for everyone to explore thereby promoting the accountability in the system.