Crypto Academy season 4||Beginner's Course||Homework post for Task3:[The Genesis block]
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.
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.
PROTECT CRYPTOCURRENCY FROM MALICIOUS ACTOR
USING OF KEYS FOR OPERATIONS
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.
First visit https://steemworld.org
Click on the "Block Explorer" tab in the menu.
Then click OK for block 1 when this pops up.
It will take you to the interface of the block after clicking the OK
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
Sign in by clicking the sign button at the top right of your screen display.
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.