Question 3. 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?
Cryptocurrencies are digital currencies which are encrypted and are designed to to function as a medium of exchange in a Decentralized manner which is never issued by a central authority and it doesn't exist in physical form like FIAT money.
Cryptocurrencies are recorded and stored as a computerized data base with the help of a Cryptography. This Cryptography helps in securing the records of Transactions and this records are stored in a computer as a Ledger
It is highly secured Because it uses Blockchain technology. So users trade their coins with less fear because the Decentralized system makes it more securerd and extremely transparent.
b) What is Cryptography and how does it make cryptocurrencies secure?
CryptoGraphy is the art of solving or writing codes Inorder to protect an information which can be visible to only those who are involved. Here, a message can be encrypted and transmitted to a recipient. It's only the recipient that will be able to decrypt the message and read it hence making the message not readable by 3rd parties. This process is extremely secured and trustless.
A good example of CryptoGraphy is like encrypting a message in a way that letters are replaced with other characters. So in other for a user to decide this encrypted message, he/she will need a grid that will show how the letters are transposed. For instance, the translation grid can be use to decode "2679953395" as "steemit.com"
How CryptoGraphy make Cryptocurrencies secured
CryptoGraphy secures Cryptocurrencies by enhancing the use of keys such as private or public keys for protection which enables users to do safe trsnsactions even with strangers because there is always an inter connection between a sender and a recipient address which enables it look like it was encrypted in a way that can never be readable hence making it extremely very secure
It always hide personal and private information between senders and recipient hence creating an anonymity
Cryptgraphy ensures that every user's security is never jeopardize because other users will always go through your wallet and see all your coins and Transactions but can never have direct access to your coins if only they don't have your private key
Cryptoacademy functions in a way that two users can never have the same code hence it uses an algorithm of hashes to always encode users information
CryptoGraphy provide security of both buyers and sellers in Bitcoin by verifying their data transactions
c) Explore the Steem Genesis Block and Sign in as proof of completion.
I will be performing this task through steemworld.org
After logging in, I click on the icon block explorer
steemworld.orgI proceed by writing block 1
steemworld.org
After writing block 1, all the details of the Genesis block are displayed as you can see from my Screenshot.
steemworld.org
Below is the details of the Genesis block 1👇
Timestam : 2016-03-24, 17:05:00
Block Id: 0000000109833ce528d5bbfb3f6225b39ee10086
Previous Id: 0000000000000000000000000000000000000000
Signing Key: STM8GC13uCZbP44HzMLV6zPZGwVQ8Nt4Kji8PapsPiNq1BK153XTX
Witness : initminer25
Witness Signature: 204f8ad56a8f5cf722a02b035a61b500aa59b9519b2c33c77a80c0a714680a5a5a7a340d909d19996613c5e4ae92146b9add8a7a663eef37d837ef881477313043
Transaction Merkle Root: 0000000000000000000000000000000000000000
I futher proceed by clicking on the botton at the top right hand so as to log into my account
steemworld.orgI input my username and private posting key
steemworld.orgI am now signed in ad you can see from my Screenshot
steemworld.org
Blockchain technology is very important because it ensures ones safety when doing trsnsactions even with people you have never met or seen in life. This is very safe and securerd due to the technology of CryptoGraphy. Blockchain trsnsactions are also trustless and very Transparent and Transactions can be carried out in an anonymous way.
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