[The Genesis Block] - Steemit Crypto Academy Season 4 - Homework Post for Task 3

Introduction

Hello to everyone. I am delighted to be in the 4th season of Crypto Academy. I hope we continue to work together to develop this community. In this article, I will try to talk about what cryptocurrencies are and steem's own genesis block. Have a good reading.

Questions

1. What is a Cryptocurrency?
2. What is Cryptography and how does it make cryptocurrencies secure?
3. Explore the Steem Genesis Block and Sign in as proof of completion.

What is a Cryptocurrency?

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Cryptocurrency is one of the most important inventions of our time. It is virtual, decentralized, safer than the currencies of the countries with inflation, although its security is not 100%. It is based on mathematics because cryptocurrencies have a blockchain system. This system both increases the security of cryptocurrencies and makes it easier to track. This system cannot be changed and the owner feels that his or her existence is secure.

Because of the cryptocurrencies are digital currencies, in this age of technology, crypto asset holders can easily track their assets. Moreover, it does not need to contact any center to check its existence or to trade. Cryptocurrencies are organic and you cannot see a government authority behind them. Maybe this situation may change in the future, but this is the biggest reason why we trust this system right now.

Although the working principle of cryptocurrencies may seem complicated, it is simple. Every cryptocurrency has a blockchain network. We already know that the first chain was called THE GENESIS BLOCK. The data created by these chains are interconnected and easy to follow. The accuracy of transactions can be monitored. The trade that consists of this data is encrypted, secure, and data transfers between addresses are easily discernible.

• How are cryptocurrencies produced?

Every cryptocurrency has a certain volume in the market. This volume undergoes certain changes during the day, sometimes decreasing and sometimes increasing. But there is a certain limit in the production part. And for this production part, mathematical solution operations called "mining" are used. Even while you are sitting at home, you can get a cryptocurrency by mining little by little (but this process has certain rules and necessary equipment.)

• So how, when and by whom did Bitcoin, the first cryptocurrency, come about?

Bitcoin is the first currency of the cryptocurrency market. The name first appeared in an article in 2008. In its emergence, the collapse of the banks in the crisis in 2008 and the fact that the financial stock markets almost collapsed have an important place. Because "money", which is indispensable for our age, is an asset with a center, it has not been a safe investment purpose. All this is perhaps a big reason for the emergence of Bitcoin, which was created with the blockchain system by an anonymous person named “Satoshi Nakamoto”. As a result, Bitcoin was launched in 2009 with 30,000 lines of code. Since there are only 21 Million Bitcoins available in the first published protocols, the price has increased considerably compared to when it was first released due to the differences in the supply-demand balance.

So what is it that ensures the reliability of cryptocurrencies?

What is Cryptography and how does it make cryptocurrencies secure?

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Cryptography comes from the science called Cryptology. In simple terms, it means making an information meaningless while sending the data by using the encryption method. In today's world, this method is one of the most frequently used methods and is at the center of the cryptocurrency market.

Cryptography can be interpreted as hidden text, hidden writing. It encrypts the address transactions made and makes them inaccessible. This is the reason why transactions made from one address to another address cannot be undone. It serves to secure transactions.

The trading volume of cryptocurrencies can reach billions of dollars. This makes it vulnerable to attacks by malicious individuals. This is normal because the safest casinos, banks, even FBI can sometimes exposure to the hacker attack. The important thing is to be secure.

The situation is not different in cryptocurrencies, but the system is different from others. Cryptocurrency has a blockchain system. I've talked about this system before. This system increases the security of those who own this asset.

• How does it make cryptocurrencies secure?

The secret encryption technique I mentioned above, the connection between the recipient and the sender address is sent as if it were signed with an undecipherable signature, thanks to cryptography. In this way, security is maximized. In other words, it makes the connection between the recipient and sender address with certain encryptions (Ex: Owner Key) and thanks to these passwords, theft of information is prevented.

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

To discover Steem Genesis Block, we need to follow these steps. First, I go to the steemworld page. Then I log in from the Sign In section in the upper right corner of the screen that appears.

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I entered the desired key while logging in and now I can start.

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I click on Block Explorer and switch to a new page.

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A box called Block Number appears on the screen that appears. I say OK and continue.

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You can see the information and details of Steemit Genesis Block on the screen.

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Conclusion

Cryptocurrencies are very popular nowadays. We even see their advertisements on billboards while walking on the street. Famous people act in stock market ads. When Bitcoin first came out, it was an asset with poor reliability and very low value. The Bitcoin's current situation is obvious nowdays. While people used to ignore cryptocurrencies, now they regret not entering this market sooner. The important thing is to research and be involved in the process. Cryptocurrencies are a very safe investment tool thanks to cryptography. Its awareness continues to increase day by day. As people who want to learn blockchain technology continue to invest, the craze for cryptocurrencies can reach unpredictable levels. NFT, which has been in rising lately, can be given as an example. Even art is starting to use this technology. We still have a long way to go.

Thanks for reading.

CC: @awesononso