Q. 3a) What Is A Cryptocurrency?
3b) What IS Cryptography And How Does It Make Cryptocurrencies Secure?
3c) Explore The STEEM GENESIS BLOCK And Sign In As Proof Of Completion
What is a Cryptocurrency?
Cryptocurrency is a digital money based on a blockchain, which prevents data from being altered or erased. Nothing is concealed in cryptocurrency since it is decentralized. Meaning everything that happens including the data and information on the blockchain is completely transparent that is open to the connected nodes.
BITCOIN was the world's first cryptocurrency, created by unknown Satoshi Nakamoto in 2008. Today, there are over 6,500 different types of cryptocurrencies, this cryptocurrencies offers different projects and solution to some problems. In general, Cryptocurrency in my opinion, is the development of money it was developed to solve the issue of middleman or third-party in transaction.
What is Cryptography?
Cryptography is a term that combines the terms "crypto" and "graphy." Crypto as I already stated, denotes anything concealed or secret. Let's take a closer look at the term graphy.
The term "graphy" is derived from the Greek word "graphia," which meaning "writing" or "drawing."
Knowing the definitions of "crypto" and "graphy," cryptography is a method of transmitting concealed or secret material in such a way that it can only be revealed or understood by the intended recipient or recipients. It involves the use of encryption.
Information may be secured against unwanted disclosure using cryptography.
How does it make cryptocurrencies secure?
Cryptography protects cryptocurrency by encrypting information sent to a public key so that no one else can read it. Only the receiver who owns the public key can decrypt it using his or her private key.
Encryption and decryption of data or information make Bitcoin and other cryptocurrency transactions extremely safe and secured.
This protects the data from being taken by a third party.
Explore the Steem Genesis Block and Sign in as proof of completion
I'll go to steemworld.org and illustrate with relevant screenshots, as per the instructions.
The steps are as follows:
Step 1: Find and click the Sign In button on the landing page of the steemworld.org website, then input your username and posting key, then click Ok.
Step 2: Locate and click on the Block Explorer when you've successfully logged in.
Step 3: On the following page, a box will emerge with Block 1, this block 1 is also known as the Genesis Block of Steem, which is the initial block on the Steem blockchain that connects all subsequent blocks.
The Information On Block 1
Date and time stamp: 2016-03-24 17:05:00
Block ID: 0000000109833ce528d5bbfb3f6225b39ee10086
Previous ID: 0000000000000000000000000000000000000000
Signing Key:
STM8GC13uCZbP44HzMLV6zPZGwVQ8Nt4Kji8PapsPiNq1BK153XTX
Witness: @initminer
A special appreciation goes to professor @awesononso, for such an informative and compelling explanation on Genesis Block and Cryptography.
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