"Good morning stemian friends, and welcome to my Task 3 of the crypto steemit academy introductory course at The Genesis Block. I have read professor @awesononso lectures and i have analyzed the topic as far as i am concerned. So here is my blog."
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?
a) What is a Cryptocurrency?
According to my knowledge, cryptocurrency is one type of digital or virtual currency that is guaranteed and protected by cryptography. With the protection of cryptography so that it is impossible to create (cryptocurrency) it can be counterfeited let alone duplicated. In blockchain technology systems, cryptocurrency is a decentralized network of blockchain technology. Cryptocurrencies also have several types of currencies, for the first one that is based on the blockchain is bitcoin. For now, there are already published alternative types of cryptocurrencies with their respective functions and uses. Here are some types of cryptocurrencies that were born and competed from the success of bitcoin, which are better known as altcoins, litecoins, peercoins, and namecoins, ethereum, cardano, and EOS.
Cryptocurrencies also have advantages and disadvantages, but cryptocurrencies have the convenience of making transactions or transferring funds directly from both parties, and there is no need for a third party to be in charge such as a bank or credit card company. However, cryptocurrency advocates value their anonymity in citing privacy benefits such as protection for any whistleblower or activist living under a repressive government.
b) What is Cryptography and how to secure crypto currency?
Good friends, I will explain what is the definition of cryptography that I have learned some time ago. In the heyday of the Greeks around 400 BC, this cryptography was very famous in its era, because this tool was used to create hidden messages during the Greek civilization called scytale. The scytale itself is a cylindrical bar consisting of a combination of 18 letters.
So to explain, cryptography comes from the Greek words kryptos and graphein. From what I read, kryptos means a secret that must be hidden, while graphien means writing. So in general cryptography is a process that must be done by writing or conveying messages in a secret and hidden way without anyone knowing.
It's different again when we associate it with digital technology, cryptography is a disciplined behavior, which can be learned from the encryption technique of the original script (plaintext) which is arranged in a random way. We can also take advantage of the encryption key so that each script will turn into text that is difficult to read (ciphertext) by users who do not have a description key.
For ways to secure cryptocurrencies, we can look at the public and private keys of users. While the public key is the main purpose of wallet addresses and cryptography which aims to decrypt the coins in the public key. So the private key that will be used to initiate entry in the transaction is the way the coin must be decrypted. Without a private key, your coins will stay encrypted and stay safe and Without a private key, your coins can't be stolen either. For this there is also no third party involved in this transaction, so it is maintained and safe.
c) Explore Steem Genesis Block and Login as proof of completion.
We need to know that the Genesis Block is the first block that has ever been mined on any blockchain we have come across. The genesis block always defines how to do other blocks in order to make up the entire chain later. Later it can be described by the number 1 or 0 . There should be no blocks to do, which existed before the Genesis Block, because this is the first one.
Steem Genesis Block is a block where other blocks are placed to form a blockchain, and the genesis block also serves as a template for other blocks, and no other block can form like the genesis block. This genesis block is a biotcoin genesis block that was first created by Satoshi Nakamoto in 2009, which aims to be traded in the cryptocurrency genesis block code which at that time was the first to be mined. To view the Steem Genesis Block we must follow these steps:
● Type steemworld.org in the search bar of your browser.
● Then you Click on block explorer and click for block 1
● Then then you will see Genesis Block details like the time stamp, block ID, witness, extension, previous block ID.
The previous block ID was 000000 because the Genesis 1 block was the first block to be mined on the steem blockchain.
● Furthermore, to enter steemworld.org, you simply click login at the top right side of the page.
● Then A box will appear asking you to enter your username and private post key.
If so, you click ok. Your profile picture and username will appear on the top right side of the page.
After doing this task, i now know.
"With cryptocurrencies, it can make it easier for us to make transactions, and cryptocurrencies also have advantages and disadvantages. However, cryptocurrecy supporters really appreciate their anonymity in citing privacy benefits such as protection for any whistleblower or activist living under a repressive government."
Cc:
@awesonoso
@sapwood