Introduction
The Genesis block are those block that help us in know what the first block was all about, how it mine the timestamp and so many thing, I am grateful for being part of this wonderful lecture.
Question
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.
What is a Cryptocurrency?
cryptocurrencies unlike other currency is not a printed paper currency through the bank but rather it is a digital token or virtual currencies by this I mean an online currency that can be used by individual in purchasing items any part of the world with your personal computer or mobile device in which you will have your secured wallet.
It is one currency that doesn't need any third party or government intervention before using it by this I mean it is decentralized in nature.
We have alot of cryptocurrencies and it has no difference all over the world Bitcoin which is an example of cryptocurrency is known as Bitcoin in Nigeria and Bitcoin everywhere in the world.
Cryptocurrencies is a currencies that is not being controlled or managed by any financial institutions in the world but it depends on cryptography which helps in the prevention fraudulent transactions
What is Cryptography and how does it make cryptocurrencies secure?
Cryptography has to do with how information and communication are secured between the 2 people involved which is always between the sender and the receiver without any one having knowledge about it.
In cryptocurrency, it has to do with two individuals who are which is always the sender and the receiver performing transaction in a decentralized way which means there is no intervention of any third party when this transaction is ongoing or performed.
It is a confidential way of doing transactions without the government idea and no geographical barrier all the individual involved here do is to make use of their public and private key which will be of help to them.
Secret key system is also being used here.
how does it make cryptocurrencies secure?
Here, the information or the transaction that occur between the sender and receiver is left only within them, no third party or government financial institutions have idea about it.
Hashing also helps in the encoding of the individual account address which is also very part of the eryption process of the transaction between 2 account.
cryptography also makes cryptocurrency secured with the use of public -private keys, here the sender make use of the receiver public key to enrypt message to the receiver while the receiver make use of the private key to decrypt the information and if the receiver doesn't have access to the private the message can never be accessed.
Explore the Steem Genesis Block and Sign in as proof of completion.
In order to explore the steem genesis block, I will be using steps to explain
- step 1
I will go to my site steemitworld after it open I click on block explorer.
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step 2
After clicking on the block explorer, a box will appear with number 1, and I will click ok
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step 3
After I click Ok, information about block 1 will display.
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This are brief information about it the block 1
| Block 1 | information |
|---|---|
| Date and time stamp | 2016-03-24 17:05:00 |
| Block ID | 0000000109833ce528d5bbfb3f6225b39ee10086 |
| Previous ID | 0000000000000000000000000000000000000000 |
| Signing Key | STM8GC13uCZbP44HzMLV6zPZGwVQ8Nt4Kji8PapsPiNq1BK153XTX |
| Witness | @initminer |
Sign in as proof of completion
I will now sign in to proof but first I will click on the sign in place
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After that a box will display requesting that I put my steemit username and password which is my private posting key
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After that I put in my details and click Ok
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After clicking on ok, I have successfully sign in
It was really interesting
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Conclusion
The tasks is really a wonderful and an impactful one, I have learned alot of thing and even practice on how to open the Genesis block and sign in using the steemit world.
Thanks to the prof
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