Yesterday I go through the lecture taught by our respected professor @Fredquantum which is all about the Genesis Block and here is my homework post in this regard, so let's begin with it without wasting much time;
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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.
Cryptocurrency
Cryptocurrency is a global currency that is an unique sort of currency in our evolving world. It is used to transact the digital filing of money and is referred to as digital money. It is a virtual currency that works with the operations and algorithms of cryptographic blockchain nodes. The transaction is protected and eliminates the requirement for third party integration because the user requires signatures (private keys), which is the means by which the transaction is safe and secure since other people are aware of the blocks of transaction from actual history.
Nonetheless, Bitcoin is considered to be the most evolutionary currency, with the potential to displace the banking system in the same way that email did. The encryption is believed to be asymmetric secured process safe transaction easily thus customers are free from any verification or other immaterial banking systems hence all transactions are secured by hashes or other security reliabilities by employing private keys
According to the enterprise of this digital currency based on decentralisation, thus reducing the engagement of banking sectors, thus this eternal technology had fully transformed the mindset of people where buyers and sellers can simply trade assets in a decentralised mode despite elimination of third party makes it easier for trader to emerge quickly with more secured processes and boosts efficiency and reduces complexity by making it scalable for everyone.
How does it make cryptocurrencies secure?
The science and practise of sending secure, encrypted messages or data between two or more persons is known as cryptography. The communication is "encrypted" by the transmitter, making it unreadable to third parties, and "decrypted" by the recipient, making it readable again.
Cryptocurrencies rely on encryption to make transactions anonymous, secure, and "trustless," which means you don't need to know anything about a person to safely engage with them - and there's no need for a third party in the middle.
Cryptography and means of secures
The cryptographic formation is a scientific management that organises the cryptocurrency by securing the means of transaction. As a result, the functionality is so distinct that the elimination of the third party is so hidden that all important transactions are surrounded by buyer and seller in an encryption and decryption manner. Though the first aim of cryptography is to protect transactional information. The method begins by encoding the encrypted message with a character and ends with a decryption message; however, some basic blocks of strategic significance are also considered, as shown in the image below.
Simply said, it is a procedure or function that uses secure algorithms to hide the nodes of a transaction between a buyer and a seller.
Means of security:
Although you may have unlocked the term "cryptography," the method can now readily justify the phrase "cryptography" by the entire process.
Hence cryptography is defined as the methodology of changing ordinary text into hidden language so that the data can be conveyed and the aggrieved party can easily decode the message while the tri parties are eliminated and unable to read the decrypted message. The person who sends the text is the encrypted party, and the message was transferred to the aggrieved party using the public key, and the message was decrypted using the private key. Now you can see that the procedure and agreement are guaranteed by two parties only, and are secure from all others.
Overview of public and private key: Simply said, when you encrypt a message with a public key, the receiver attempts to decrypt the message or transaction using a private key.
Although cryptocurrency is risky because you are the financial advisor, institution, and risk bearer, all of the processes are based on your private keys, and if you lose them, this mishandling could be a nightmare for you, which is why people lose their funds, so the safety of your keys is the first priority in Crypto. This is what cryptography works with in order to keep your funds safe.
Explore the Steem Genesis Block and Sign in as proof of completion
- Let's take a look at it by clicking on this link
- Firstly, let's take a look around by signing in with your username and private posting key.
- Choose the browser explorer that enlightened.
- When the search bar appears, type in the type of block you want.
- Steem block information shows, allowing you to view the block nodes and metadata.
- There is also access to the block detail transaction and virtual operations.
All the screenshots of the above steps are provided below;
Conclusion
The topic compliance with overall basic terminology that I enjoyed the most and had a fantastic review of previous course that I started when I was a beginner. While cryptocurrency is gaining ground in all markets. As a result, everyone should form strong connections with this digital money. Although most countries are inspired and adopting this money due to its scalability and dependability towards users, they have created high nodes of satisfaction in traders' minds.
The world is always evolving, and these digitalized currencies are grabbing the market day by day, despite the fact that researchers and developers are much above our comprehension. Thus, at the very least, we should have sufficient knowledge about cryptocurrency when the entire market becomes a digital centre, so that our bases are not distracted at that time.
#academys5-intro03 #club5050 #cryptoacademy #steemit #steemexclusive