The Genesis Blockchain - Steemit Crypto Academy Season 4 - Homework Post for Task 3

warrior02 (54)Beginner[2,3,4,5,6,7,9,10]in SteemitCryptoAcademy • 3 years ago

3a)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

What is a Cryptocurrency?

Cryptocurrency can be said to be a currency that is digital or virtual and it can function as a way of exchange. It works on a blockchain technology. It can be used to purchase goods and services and also for payment purposes. Cryptocurrency was presented to the world by the name Satoshi Nakamoto in 2013. Cryptocurrency is decentralized and free from third party interference which means is not issued or controlled by the government.

Cryptocurrency charges very low on transaction cost and there is no limit for transactions and one can access his/her money 24hours a day, there is no extra delay and charges on transactions and anybody can use cryptocurrency without any paper work.

b)What is Cryptography and how does it make cryptocurrencies secure?

Cryptography originated from the Greek word which is, kryptos meaning hidden or secret and graphien meaning writing. It is a technique used in securing communication.

In cryptography the encrypted message is accessible by only the intended receiver who is able to decrypt the message. Cryptography consist of two process

Encryption (ciphering)
Decryption (deciphering)

In cryptography, set of information known as key is used to encrypt and decrypt messages.

How does it make cryptocurrencies secure

Symmetric key / private key: it uses the same key for encrypting and decrypting of the same message.
Asymmetric key / public key
When using the asymmetric key, a key generating program is needed to generate a public key. The receiver makes use of this key (public key) to retrieve the message.