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Source - https://www.canva.com
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.
Source - https://blockgeeks.com
- HISTORY OF CRYPTOCURRENCY
Simply, Cryptocurrency is a relatively amazing new invention found by a person or a group that cannot be specified by name. Its history goes back as far as 2009. However, according to the details of some newspapers, we often hear a very familiar name which is Satoshi Nakamoto. Without proper evidence, we can nominate him as the founder of the first Cryptocurrency in the world. However, his revelation remains a mystery.
When we discuss Cryptocurrencies, we can not forget the first Cryptocurrency in the world which is known as Bitcoin. Bitcoin can be nominated as the father of all other cryptocurrencies. That's why most other cryptocurrencies depend on the Blockchain of Bitcoin. However, Satoshi Nakamoto did not expect such a sharp rise in the price of these Bitcoins. He has introduced this only use as an alternative option for our traditional money. But, as a result of a lot of market makers, the Bitcoin price has reached a very high level. Therefore, Bitcoin is the most expensive currency in the world. Finally, the first bitcoin blockchain started the cryptocurrency revolution in the world.
- HOW CRYPTOCURRENCY WORKS
Cryptocurrency is a completely digital currency other than our traditional digital money such as euro, dollar, bolivar, etc. It is not printed like them. We can only send and receive these currencies using a digital wallet on a computer, a tablet, or a mobile phone.
When we discuss Cryptocurrencies, there is a main unforgettable internal technology that is known as Blockchain technology. Nowadays, most of these Cryptocurrencies are working on a Blockchain. Cryptocurrencies are based on blockchain technology, where countless transactions are recorded and are also verified through independent and decentralized programs.
Further, Each Cryptocurrency has its own blockchain. In a Blockchain, we can find a kind of "open ledger" that records all transactions of the currency since its inception and that can be seen by any individual who has basic knowledge on the subject.
Source - https://www.javatpoint.com
- WHAT IS CRYPTOGRAPHY?
The term cryptography is a compound word as it derives from the word "Crypto" meaning hidden and "Graph" meaning writing. Cryptography is indisputably a great technique for transferring data between two parties as a very safe method. In other words, we can say it is an art that is used to ensure the security of users' data and transactions.
This Cryptography technology means beyond more than hiding. Actually, it aims to protect certain information, in this way, in addition to the sender and receiver, no one who does not know the encryption method can not decrypt the message. Therefore, if any other party needs to decrypt the message or data, he has to find the Active key that is used to encrypt the message. So, we already know it is impossible. That's why Cryptography technology will be the safest method in the world.
- HOW DOES IT MAKE CRYPTOCURRENCIES SECURE?
It is very complex when we see it on the outside. However, that is a very simple process if we are able to analyze it internally. I will also explain it. So, let's look at the below image.
Source - https://cheapsslsecurity.com
Simply, Cryptocurrencies are safe since it prevents third-party access to user data through a complex series of algorithms. I already explained it above and it is called a private or secret key, this is used by the sender to send cryptocurrencies, there are also public keys where the user who in this case would be the receiver will use it to receive the digital currency. All this process is carried out thanks to the cryptographic method which cannot be decrypted even with the highest current computer technology. While the transaction is being made, the blockchain system is in charge of encrypting said process by issuing a unique hash for it. It means, it automatically generates a unique hash code using the sender's private key and receiver's public key. Then, this hash code will be transferred through the digital media. Finally, the receiver needs to decrypt this data by using his Private key. Therefore, any intermediate can not get access to these encrypted data.
We can find the SteemWorld block explorer through the link https://steemworld.org. So, we can explore the Steem Blocks, including Genesis Block.
Source - https://steemworld.org
After selecting the option "Block Explorer " we can search, through a number of the block we want. So, in this case, we can see the genesis block by including number 1.
Source - https://steemworld.org
When we finish the loading process, we can see the information of the block, the Timestamp, block ID, Previous ID, Signing Key, and Witness are indicated.
Timestamp - 2016-03-24, 21:35:00
Block Id - 0000000109833ce528d5bbfb3f6225b39ee10086
Previous Id - 0000000000000000000000000000000000000000
Signing Key - STM8GC13uCZbP44HzMLV6zPZGwVQ8Nt4Kji8PapsPiNq1BK153XTX
Witness - initminer25
Source - https://steemworld.org
As the final step, I will log in to the system as proof of completion. So, I click on Sign in...
Source - https://steemworld.org