The Genesis Block :- Crypto Academy S5 - Homework Post for Task 03

Hello Crypto Lovers,

I hope to share with you in this article my article for Homework Task 03.

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♨️Entire Question :-

3)a)What is a Cryptocurrency?
b)What is Cryptography & how does it make cryptocurrencies secure?
c)Explore the Steem Genesis Block & sign in as proof of completion.

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a)What is a Cryptocurrency?

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Cryptocurrency is digital money that is exchanged through an online database that describes specific transactions by computer power, rather than bank money carried in the real world. Bitcoin was the first crypto currency introduced by Satoshi Nakamoto in 2009 and is still the most widely used coin in the market. This allows anyone in the crypto world to send and receive payments anywhere.

The main advantage of cryptocurrency is that it helps to solve one or more real world problems. That is, as the safest digital currency,

✳️The system is designed to operate in the same way as any national currency. This allows you to buy or sell your own coins in the crypto market.

✳️Another advantage is that the value of cryptocurrency does not go beyond the political interests of a country or the monetary policy of the central bank.

✳️Another advantage is that cryptocurrency cannot be counterfeited. This is because encryption is used to keep transactions secure.

✳️Due to a decentralized system, transaction records are covered by corruption in management agencies. Blockchain operates on a ledger or a list of joint transactions. It can be described as the heart of cryptocurrency.

cryptocurrency operates as a decentralized system used to record transactions and issue new units. When dealing with cryptocurrency funds, they are recorded in a public ledger. I will explain it further like this.

A blockchain stores information about transactions on a blockchain network without concealment. Each blockchain is then built by connecting the excavated blocks to an initial section. It is similar to a ledger in which the entries are made. An example of this is the Genesis Block.

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

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Cryptography is a technique used to communicate securely in the face of hostile behavior. That is, encryption methods that prevent the reading of messages from third parties. These codes are built into mathematical algorithms and are used in digital currency, computer passwords, and military communications. Such encryptions represent various aspects of data protection, such as data confidentiality and non-denial.

Anyone who sends an encrypted message should share the decryption method with hackers who can prevent hackers from gaining access.

The algorithm is difficult to break in practice. But there are also opportunities to theoretically enter a well-designed system. It provides the opportunity to move data into factors such as faster computer technology and algorithm improvements. This can never be done in practice, but it can be done using a computer.

Everyone who plays in the crypto trade has their own mailbox as well as a mailbox unlock key. Anyone in the crypto world can deposit money via public keys / addresses. But access to money can only be done by people with a private key.

The security of that account is lost due to sharing of private keys with others and loss of private key. So keep your private keys in a safe place without sharing them with others.

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c)Explore the Steem Genesis Block & sign in as proof of completion

To explore Steemworld.org you must do the following:

First I go to https://steemworld.org/ website and click on Block Explorer under Steem Blockchain Tools.

Then enter the number 1 for the block number in the bar that appears and give Ok.

Then under Block Details we are given the required information.

Then I entered the My Steemit username & Private Posting Key and signed in.

I have completed and signed in as proof of Steem Genesis Block as per the above screenshot.

Professor @awesononso's article was very helpful to me in gaining a better understanding of this lesson.