Crypto Academy Season 4 Beginners' course || Homework Post for Task 3 || The Genesis Block

This is @ahtishamghumman5, here I am going to share my homework post on the topic "THE GENESIS BLOCK" given by respected professor @awesononso.

Thumbnail made by me on Canva

What is a Cryptocurrency?

Cryptocurrency is a digital currency and it doesn’t exist as a physical currency. The first successful cryptocurrency is Bitcoin and nowadays everyone knows about bitcoin. It was founded in 2009 by satoshi Nakamoto and he created the first block of the bitcoin blockchain means Genesis Block.

As all we know banking system has its own rules and regulations if we want to do any big transaction firstly we need to take permission from authority then we can do a big transaction and this process takes a long time for transaction but if we talk about cryptocurrency we can do any transaction without any restrictions, without any time-wasting, and with very low fee, we can do our transactions very quickly just in seconds.

Many cryptocurrencies have their own wallets, If we talk about TRX, TRX has its own Tronlink wallet, if we talk about Steem it has its own wallet, as ETH has its own Ethereum wallet. Most people buy cryptocurrencies because it doesn’t have a central authority, and this thing makes it very secure. Here are some of the cryptocurrencies.

The screenshot was taken by me on Coinmarketcap

What is Cryptography and how does it make cryptocurrencies secure?

Cryptography is a technique by this technique we can convert plain text to cipher text it is called cryptography. Now I’m going to discuss what plain text is, plain text is a message which everyone can read that message and can understand that message. On the other hand cipher text is a secret message that someone can read that message but cannot understand that message. Basically, we use cryptography to achieve confidentiality.

For example, a sender sends an encrypted message to a receiver but while sending a hacker theft that message but he doesn’t know how to open that message and read that message because he doesn’t have any keys to open that message and the receiver receives that message and can read easily, this is how cryptography works and as like this cryptography secure cryptocurrencies.

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

• If you want to explore Steem Genesis Block go to https://steemworld.org/.

• Click on Sign in and enter your user name and private posting key.

• Now click on the block explorer.

• Select block 1 and click on Ok.

• Now you can see the details of the genesis block.

All the screenshots were taken by me from SteemWorld

REGARDS:

@ahtishamghumman5