Steemit crypto academy Season 4 - Homework post for task 3

What is a Cryptocurrency?

Cryptography and how it helps to secure cryptocurrencies?

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

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WHAT IS CRYPTOCURRENCY?

Crptocurrency is a digital kind of currency that validates operation using cryptography. Cryptography here means hidden texts that conveys vital informations. Cryptocurrency can also be described as a digital currency that is used as legal tender for exchanging for goods and services, and it's built on a blockchain decentralized technology. By decentralization we mean that there is no central authority or entity who controls user's transaction nor serve as intermediaries rather every user regulates their account on there own. Cryptocurrency uses digital ledger and cryptography to safeguard users transaction.

The first cryptocurrency ever launched was Bitcoin in the year 2008 and was promoted by Satoshi Nakamoto. Now we have thousands of cryptocurrencies launched and dominating the world economy with the aim of covering up the shortcomings of traditional banking system.

Features of cryptocurrency

• Decentralization: This means that there is no third party intervening in each operation as users regulate and manage the system without any interference and more so, every user is saddled with the responsibility of securing his wallet and asset from been hijacked.

• security: the cryptocurrency is security inclined. By this, we mean that users don't stand the usual risk of loosing their asset as could be seen in regular banks unless the user exposes his private keys.

• Transparency: Another core feature of cryptocurrency is that it runs on a transparent system meaning that every transaction carried out can be viewed by users and as such wrong transaction can be reversed.

Advantages of investing in cryptocurrency

• With cryptocurrency it's easier to carry out since it's digital assets.

• Cryptocurrency is built on a blockchain technology hence, it is tight in security.

• It is apparently established on a decentralized system making it possible for every user to oversee whatever is going on in their system and as well manage it.

Disadvantages of investing in crypto

• illegal businesses are normally carried out using cryptocurrencies.

• The uninvolement of third parties usually lead to not recovering of trapped transaction.

CRYPTOGRAPHY AND HOW IT SECURE CRYPTOCURRENCY?

The word cryptography stands for two phrases "crypt" meaning secret and "graphy" meaning "writing". Cryptography is a method used in hiding informations through data encryption and encodings. cryptography is simply a technique used to convert plain text into cipher texts.

Cryptography is directly related to cryptocurrency n the sense that with cryptography,one can secure crypto-based information which can only be comprehended by people it is meant for. Through cryptography vital informations are secured right from the encoder to the person authorized to decrypt it.

The essence of having cryptography is so that data can be secured to the point that adversities can not decrypt it and moreso, it offers security to cryptocurrency users as every information on it is encrypted.

How cryptography Secures Cryptocurrencies

• If there is no cryptography, every cipher text would have been in plain text thereby making it easy for hackers to access and putting users assets in jeopardy.

• With the help of cryptography, any size of data can be converted into unique cipher texts. Hence, it is used to encrypt transactions between two account addresses.

• With the study of cryptography we were meant to understand that only recipient who has the private key than can decrypt the public key and the information, this makes it almost impossible for hijackers to access or tamper with user's assets.

• Lastly cryptography can be used to preserve data or information till whenever it will be needed without such information being tampered.

EXPLORE THE STEEM GENESIS AND SIGN IN AS A PROF OF OF COMPLETION

The first thing you need to do is visit the steemworld website, and from the homepage, click on block explorer.

A mini box will appear with 1 set as a default number and options of cancel and OK, click OK.

Then the Genesis block explorer will appear with certain details such as timestamp, block ID, witness and others.

Also, from this end, click on the sign in button and another small box will pop up for you to put in your username and posting key and then you click OK.

The last step is that the Bitcoin block explorer opens up with my profile signed in and those details displayed as a proof.

Thanks and best regards.

Cc.
@awesononso