Crypto Academy season 4||Beginner's Course||Homework post for Task3:[The Genesis block]

in SteemitCryptoAcademylast month (edited)

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What is a Cryptocurrency?

Cryptocurrency is virtual money you can use to buy and sell things online. One of the reasons it's called cryptocurrency is that it is encrypted in a way that prevents it from being copied. Cryptocurrency transaction is recorded using a blockchain and the information acted like a ledger that is encoded into the cryptocurrency itself.

This prevents people from spending the same cryptocurrency more than once since everyone in this network peer to peer knows that it's just been spent. One way to understand of what cryptocurrency is, is that you literally have a running spreadsheets of who have been paid instead of different banks keeping their own different records, with crypto there is just one large spreadsheet of every transaction carried out using that currency and this is called a ledger.

It is essentially just a number associated with an internet address. You can store it on your phone or hardware until it's used again.

One of the undeniable advantage why cryptocurrency is getting global adoption is that it's decentralized which means that while every transaction of a certain cryptocurrency is all recorded on the same ledger there are several copies of that ledger and anyone who is a part of the network has one.

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What is Cryptography and how does it make cryptocurrencies secure?

Cryptography arose out of the need for people communicating to ensure that their message was both been received by the correct person and also received accurately that is not having been tampered with. It's a way to secure communication across an insecure Channel. Cryptography is a term most commonly used but it's actually only one half of the equation the other being cryptanalysis and both coming under the term cryptology, which is a study of both cryptography and cryptanalysis.

So, cryptography specifically is a process of applying a formula or algorithm to a message so that is indecipherable to everyone except the intended recipient.

While I was thinking about this, I realized that the word indecipherable has the word cipher in it and what do you know cipher is a term used to describe the resultant message after the original one or plain text has been scrambled and so you get the cipher text. Cryptography involves encryption using an encryption algorithm and algorithm being a set of rules that define a process applied to a given input in order to get a given output.

How does it make cryptocurrencies secure

PROTECT CRYPTOCURRENCY FROM MALICIOUS ACTOR

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It helps to block and secure from any type of attempt to spend a cryptocurrency twice and making transactions in cryptocurrency peer-to-peer without a 3rd party involvement. It protects from the having control by a central authority and thefts.

USING OF KEYS FOR OPERATIONS

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The system of cryptography used in cryptocurrency has to do with the public key and private key. With the public key as the name implies which mean it can be known by anyone. On the order hand, the private is to be kept private and it is used as one's signature for transactions.

The private key is used to decrypt operations when a person wants to send cryptocurrency to another person wallet and with the help of a private key, it make it impossible for anyone to steal your cryptocurrency because it is the owner's proof and signature.

HASHING

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Hashing helps to validate the authenticity of data and keep the cryptocurrency safe, and secure.

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

Step 1:
First visit https://steemworld.org

Step 2:
Click on the "Block Explorer" tab in the menu.

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Step 3:
Then click OK for block 1 when this pops up.

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Step 4:
It will take you to the interface of the block after clicking the OK

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Timestamp
2016-03-24, 17:05:00

Block ID 0000000109833ce528d5bbfb3f6225b39ee10086

Previous ID Block
The previous block is unavailable because is no previous block due to the fact that it was the block 1, which makes it the Genesis block. 0000000000000000000000000000000000000000

Witness initminer25

Step 5:
Sign in by clicking the sign button at the top right of your screen display.

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Step7:
Signed In

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Conclusion

Bitcoin and cryptocurrencies as you will have figured out by now if you've started to use them use public key encryption, where a wallet which is simply a storage of data is form applying both the public key and the private key. This is all so confusing you basically have to just keep your private key, very safe and to yourself but you can share your public key and send and receive funds by giving out the public key. Only using the private key to access your wallet.

I really like to think of cryptography as a solution to a problem because you have to have a formula that can be applied in order to figure out what the original message was a real-world.

Thank you professor @awesononso for the wonderful lecture

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