Steemit crypto academy season 4 // beginner's course homework post for task 3 the genesis block

---

What is a Cryptocurrency?

---

Cryptocurrency is simply a digital currency(not physical) that can be used in transaction regarding the exchange of goods and services. It operates on a decentralise block chain technology that gives each owner total control of its tokens without interference from the government. This is in contrast to the real currencies which are stored on a centralised systems (banks) and regulated by the government.

---

Top ten cryptocurrencies
Source

---

The word cryptocurrency is basically the combination of two greek words kryptòs meaning "hidden" and currere meaning flow. Its origin dates back to the 1980s when a cryptographer named "David chaum" invented a central modern web-based encryption known as the binding algorithm. This algorithm allowed for a secure and safe exchange between two parties. This layed the foundation for the now digital currency transfer.
We can't successfully discuss about cryotocurrency without the mention of bitcoin

---

Bitcoin

---

This was the first mordern cryptocurrency in existence. It dates back to the late 2000s precisely 2008, when the name satoshi Nakamoto, widely regarded as the founder of bitcoin published the bitcoin whitepaper.

A year later, he mined the first block of the block chain known as the genesis block. Three years after the invention of bitcoin, other cryptocurrencies started popping up like the litecoin, and more recently the zugacoin. Currently, there are over 10,000 cryptocurrencies in the world.

---

What is Cryptography and how does it make cryptocurrencies secure?

---

Cryptography is simply the process of transferring secret information in the manner that only the recipient can understand. In cryptography, plaintext are being transmitted to ciphertext through the help of the algorithm. This is known as encryption.
Encryption is the process of hiding information on letters in other to make it unreadable.

---

Types of cryptography

There are generally 3 major types of cryptography, they are;
• secret key crptography
• public key cryptography
• hash function

All of them work on the principles of encryption.

---

Cryptography makes cryptocurrencies secure through the encryption of its data which can only be accessed by recipient through the help of the private key. This concept allows coins to be decrypted only with the private key.

---

Explore the Steem Genesis Block and Sign in as proof of completion.

---

To explore the steem genesis block visit https://steemworld.org
• click on block explorer as shown below

---

---

• click on ok for block 1 as shown below

---

---

• below are the details on the genesis block

---

---

• Timestamp : 2016-03-24 17:05:00 UTC + 1
• Block ID : 0000000109833ce528d5bbfb3f6225b39ee10086
• The Previous Block ID is no available because there is no block before it : 0000000000000000000000000000000000000000
• Witness : initminer.

---

• you can sign in at the bottom right corner as outlined below

---

---

---

---

---

---

Conclusion
The knowledge of the genesis block is very essential in the studies of cryptocurrency. The advance in technology has continued to make life easier for mankind, with the emergence of cryptocurrencies, the future only looks better.

---