Crypto Academy Season 4 Beginners' course - Homework Post for Task 3: The Genesis Block

in hive-108451 •  3 years ago  (edited)

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Q3. What is a Cryptocurrency? | What is Cryptography, and how does it make cryptocurrencies secure? | Explore the Steem Genesis Block and Sign in as proof of completion.

Cryptocurrency


Cryptocurrency is not anything but a brand new configuration or changed version of forex unfolding in many networks in digital form as money. Most cryptocurrencies are decentralized networks primarily based on blockchain generation that CryptoGraphy secures. Cryptocurrencies are virtual or digital currencies that cannot save in bodily shape, i.E. In paper form.

As Cryptocurrencies are decentralized, there may be no economic group or third party involved in them. Government has no manipulate over them, and Something takes place; its renovation is in the hands of the clients/users and algorithms. Cryptocurrencies act as a medium of trade. One can easily switch and gather Crypto on a few other peer using the keys.

Q.What is Cryptography, and how does it make cryptocurrencies secure?

Cryptography


CryptoGraphy is made from words, "Crypt + Graphy", where Crypt (The prefix) stands for "secret or hidden" and Graphy (The suffix) stands for "writing". In simple phrases, CryptoGraphy is a era, manner to write down down facts and conversation in mystery or concealed way so that best the receiver, to whom the statistics is meant, can examine and process it.

Basically, CryptoGraphy is a technique of defensive records or messages through codes (Cipher Algorithm), stopping the statistics from being disclosed and leaked to third party that is not involved in the network. It is used to set up secure communications connections between humans within any company.

Q.How does CryptoGraphy make cryptocurrencies secure?


To make cryptocurrency comfortable, the Asymmetric cryptography, information encryption strategy is used. This strategy calls for separate keys as its operating components; one is the Public key and the opposite Private key. The Public secret's used to encrypt the message within the respective time period, and The Private Key is used to decrypt the message. We secure our cryptocurrency wallets with private keys which can be generated by way of cryptography.

The Genesis Block


The word Genesis refers to the start of something. In Blockchain, The Genesis Block refers back to the first block of the particular blockchain. Each blockchain has a separate Genesis Block. For Genesis Block, there is no block earlier than this, as that is the primary/first block.

The genesis block of a blockchain is considered to be the installed order of that blockchain. In 2009, Satoshi Nakamoto created the Genesis Block for the first time. It is also known as Block 0. In any case, some blockchains represented Genesis Block as Block 1. For instance, Steem Blockchain.

Go to https://steemworld.org and locate the Steem Genesis Block


Steem is an open-source social Blockchain platform. Steem additionally has its personal Genesis Block, which has been named as Block 1. And this block was created on 24 March 2016.

Steem Genesis Block


One can view the Steem Genesis Block on https://steemworld.Org/. It has some simple steps which can be as follows -

  • Step 1 - Visit https://steemworld.Org/ on your cellular phone or desktop.

  • Step 2 - Click at the Sign in button at the top on the proper corner of the web page.

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  • Step 3 - Now the Sign In segment seems. It calls for Steem account username and Private posting key. Enter both records => Click on OK.

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Sing in successful.

  • Step 4 - To test Steem Genesis Block, Click on Block Explorer.

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  • Step 5 - as steem blocks start with number one. Click on on adequate for block 1.

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Now you could test all the statistics of Steem Genesis Block; Block 1. Such as Block Id, Timestamp, Previous Id, and so on.

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Conclusion


So currently, it is an excellent possibility to derive our homework venture wherein we speak about Cryptography and Genesis Block. Genesis Block is the beginning of Cryptocurrencies and Blockchains. We cannot exaggerate the significance of the genesis block. Without the genesis block, it might had been difficult for an excavator to believe any blockchain. The Genesis Block resembles the mother of Blockchain. Blockchain doesn't exist without it. The most famous and tremendous of all the Blockchain's Genesis Block is the Bitcoin Genesis Block.

From right here, Cryptocurrency become conceived, and it came into view, and bitcoin became named the first cryptocurrency. So presently, it become an appropriate possibility for CryptoGraphy to pop out. Cryptocurrency makes use of the CryptoGraphy set of rules for two essential reasons. The first is to comfy the transaction, and the second is to verify the asset through verifying the transaction. Consequently, Cryptocurrency relies upon on Asymmetric cryptography, as it's far the most grounded and most secure innovation within the cryptography area.

Thank You

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