Steemit Crypto Academy season 5 -The Genesis Block, Homework Task-3 by srilife
Hi,
everybody how are all of you? I'm back with a another assignment for beginners which is Task 03. This amateur task post from professor @awesononso.
In this lesson, we got some information about Cryptocurrencies, The Genesis Block where we examined two Genesis Blocks, the Bitcoin Genesis block, and the Steem Genesis block.
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The inquiry which we need to talk about in this undertaking is;
- a). What is a Cryptocurrency?
b). What is Cryptography and how does it make cryptocurrencies secure?
c). Explore the Steem Genesis Block and Sign in as proof of completion.
Prior to talking about cryptocurrency, we should know,
what is the currency ?
The simple meaning of cash is cash can be considered as one of the most widely accepted means of exchange used to purchase a variety of goods and services in a particular community.So the following inquiry would be, what is cash? Cash is by and large a mechanism of trade of things. Something is given to take something. This is cash. Qualities can be moved as cash.
If we discuss about Cryptocurrency, It is accepted to be the following cash or the greatest pattern in the world. Cryptocurrency is really a decentralized computerized currency that is for the most part made by machines or PCs and had different encryption procedures. As the cryptocurrency is computerized so it is liberated from the confirmation of the banks for exchanges.
As we have discussed, what cryptocurrency is, we should discuss Cryptography. Cryptography is really the name of various procedures by which a cryptocurrency is made and the diverse encryption calculations by which a cryptocurrency is made specially with difficulty. Cryptography, additionally called cryptology is the name of getting the connection of blockchains.
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At the point when we talk about cryptocurrency, some people don't know much about crypto may feel that Bitcoin is called crypto.Bitcoin is the trailblazer of all the cryptocurrency forms of money on the world from which the pattern of digital currency began. Bitcoin was first created as a digital currency however it was not quick to be attempted. Before the creation of bitcoin, a cryptographer, David Chaum presented the idea of Cryptocurrency. He attempted to make a coin named Digicash however stayed fruitless.
BITCOIN
Bitcoin is known as the principal cryptographic money to be presented by an Anonymous frequently called Satoshi Nakamoto. It is made on a blockchain that gives a distributed system (p2p) of exchange and is called additionally decentralized. It is really a type of cash. As it is made on a blockchain and is decentralized so there is no focal proprietor or authority controlling it.
Presently, the world, there are in excess of 9000 Cryptocurrencies on the world with Bitcoin at the top. As cryptographic forms of money are advanced so they can not be contacted, and all are put away in computerized wallets. In last year, 2021 numerous digital currencies raised their costs extremely high. Cryptocurrencies are advancing really quick that no question, they will be the cash of in front of future.
you will see it as follow
screenshot taken from coinmarketcap
Cryptography is a procedure that makes the crypto world so remarkable, better, and expert. Crypto graphy gives incredible skill, access, and security to the cryptographic money. Crypto graphy is by and large got from Secret Writing. It works likewise, that it shields the crypto wallet from undesirable gatherings or outsiders and the method of getting to the ideal party or individual.
Cryptography is the method involved with sharing information or monetary standards scrambled from between two people or gatherings. This message is made securely by the individual who sends it, making it secure and protected from the impedance of any outsider. Also when the ideal individual gets it, it decodes the message, getting to the documents, or cash.
Crypto graphy utilize distinctive numerical theories and the diverse examination done by the PCs or machine which gets the organization, giving admittance to various exchanges and security to the significant information. This system gives straightforwardness to the cryptocurrency and the blockchain organization and on account of being decentralized, it is made extremely secure further.
- Providing security by cryptography to the cryptocurrencies
The fundamental reason for cryptography is to give security to cryptocurrencies every time.
Cryptography is utilized to ensure digital currency. This is finished by having commonly two keys, The Public key, and the Private key. This framework is additionally called Alogarithm Encryption Cryptography. These two keys cooperate and encode and decode the information. This working two by two is alphanumeric mixes.
The individual who sends the message encodes the message with the assistance of the public key and this message must be decoded by the recipient's private key. By doing this, this framework is protected and prevented from the obstruction of any outsider or more.
Crypto graphy confirms and gives security on each exchange by really looking at the realness of the exchanges and the assurance on the blockchain through Hashing. This makes the exchange secure by changing them in the gatherings and afterward fixing them in the got blocks lastly adding them into blockchains that can not be hacked or broken without influencing the entire blockchain
We have perceived how pleasantly Cryptography ensures and gives security to the digital currencies and we ought to likewise specify here that the greater part of the hack cases in this crypto are in reality because of the errors of the users their selves, either by giving somebody their private key or misusing it.
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To investigate the Steem Genesis Block, you should visit steemworld.org
Then, at that point, look down and tap on Block Explorer.
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Then, at that point, a little bar will show up and ask which block you need to investigate, so essentially start from number 1
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Then, at that point, the page will open, containing all the block details.
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- which includes ;
Timestamp 2016-03-24, 09:05:00
Block Id 0000000109833ce528d5bbfb3f6225b39ee10086
Previous Id 0000000000000000000000000000000000000000
Signing Key STM8GC13uCZbP44HzMLV6zPZGwVQ8Nt4Kji8PapsPiNq1BK153XTX
Witness initminer25
Witness Signature 204f8ad56a8f5cf722a02b035a61b500aa59b9519b2c33c77a80c0a714680a5a5a7a340d909d19996613c5e4ae92146b9add8a7a663eef37d837ef881477313043
Transaction Merkle Root 0000000000000000000000000000000000000000
Extensions []
Here you can likewise see the virtual tasks.
screen shot captured by steemworld.org
Presently the following stage is to sign in. So basically click on the Sign In button on the upper right corner.
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A little bar will seem asking you your username and private posting key. So basically enter and tap on alright.
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At last, I have effectively endorsed in. You can see this in the screen capture.
screen shot captured by steemworld.org
Cryptocurrency is a virtual decentralized advanced cash that has totally altered the world. It has been made and made got on the blockchains by a method called cryptography. Bitcoin is the principal digital currency to be designed
Finally, I should respect for Professor @awesononso for giving this essential data and hints about cryptocurrency and the strategy of cryptography to this fascinating lesson
I think my homework was finished,let's meet in another lecture....
Thank you.
