I also want to appreciate professor @shemul21 for his correction, love and support that has brought me this far, here on steemit crypto academy.
With intensive research, am going to do justices to the question below.
- What is cryptocurrency?.
- What is cryptography and how does it make cryptocurrencies secure?.
- Explore the steem Genesis block and sign in as a proof of completion.
WHAT IS CRYPTOCURRENCY?
The word cryptocurrency was gotten from the word cryptography whereby cryptography is a word that is also made up of two other words which are "Crypto" and "Graph". Therefore, crypto is defined as a "concealed secret" while that of the "Graph" is defined as an open source software which is used to collect, store, and finally process data, based from different Blockchain applications to improve information retrieval.
Therefore, I can say that cryptography is a means of accessing and processing concealed secrets with the use of some sort of open sourced softwares which are usually used for collecting, storing, and processing this concealed secrets from diverse Blockchain application to improve information retrieval.
Now concerning what is cryptocurrency, it is a digital currency that employ a ledger that comprises of a very strong intense cryptography that helps in securing or protecting the miscellaneous or diverse transactions that is done online when buying and selling online known as "Trading."
Cryptocurrency is generally being used in the entire world with so many companies involved in developing their own token. There are some token that can be used as a means of trade by barter (exchange) that is being offered by those companies for goods and services to the entire world. The aim is accomplished or fulfilled by making sure it is only when you change your money to their currency before you can successfully procure assets from them.
You can't really explain cryptocurrencies without fully explaining some keys terms for instance the Blockchain.
Blockchain is simply defined as a security oriented decentralized technology that extends towards various computers with the intention or goal of securing, managing or controlling, analysing and processing transaction done by an individual in the world of crypto.
A Blockchain could be a distributed information that is stored among the nodes of a network. As an information, a Blockchain stores data electronically in digital format. Blockchain are best known for their important role in cryptocurrency system for maintaining a secure and decentralized record of Transactions. The innovation with a Blockchain is that it guarantees the fidelity and security of a record of information and generates trust without the requirements for a third party.
The barter system that was used in the previous era is featured with diverse disadvantages because it consist of burdensome processes to make an exchange successfully. The main goal of this cryptocurrency is to exclude the problem created by the banking industry.
The cryptocurrency has so many benefits over the banking industry which include;
- Individuals can perform transaction as much as they can since they have their money in Control.
- Transactions are faster using cryptocurrency and safe with the use of cryptography than the banking industry.
- There is little or no cost in Transactions.
WHAT IS CRYPTOGRAPHY AND HOW DOES IT MAKE CRYPTOCURRENCIES SECURE?
Cryptography as I have said earlier is the means of accessing and processing concealed secret with some sort of open source software used in collecting, storing and processing concealed secret from different Blockchain to improve information retrieval.
In a few words, cryptography is the science of concealing information. More specifically, modern cryptography make use of mathematical theories and computation to cypher and decode information or to ensure the integrity and credibility of the information.
Cryptography is seen as the means of safeguarding crypto-based data by continuously changing it's format which can be understood only by the owner but will be very difficult for an outsider to understand.
In a basic method of text encoding, a plaintext (data which will be clearly understood) undergoes associate degree encoding method that turns it into cipher text (which is unreadable). By doing this, one will guarantee that the data sent will solely be browse by an individual in possession of a selected decipherment key.
Cryptocurrencies remains secured by depending on modern asymmetric encryption strategies and also the secured nature of transaction on a Blockchain. Cryptocurrencies holders makes use of the private key to certify or validate that they are owners of their cryptocurrency. Transactions are being secured with hashing and Blockchain secret writing techniques.
In addition, encryption refers to the technical processes of changing plain text into cipher text and back once more that secure data and system, making it tough for unauthorized parties to have access to encrypted information. This method usually falls into 2 categories; "symmetrical and asymmetrical" cryptography where the "symmetrical key" system uses an equivalent key for encrypting and decrypting data and the "asymmetric key" system makes use of the public and private key pairs for encrypting and decrypting data.
During encryption process, keys and mathematical encryption algorithms are put together to change a plaintext to cipher text.
EXPLORE THE STEEM GENESIS BLOCK AND SIGN IN AS A PROOF OF COMPLETION
The steem Genesis is always found in https://steemworld.org
And it was developed by @steemchiller. Therefore, in exploring the Genesis block on steemworld.org, I will take you on screenshot ride with steps;
Step 1:- Go to any of your desired web browser and type in www.steemworld.org and login
Step 2:- Locate the block explorer on the page and click on it.
Step 3:- Type 1 in the box shown and click on Ok
After clicking on the Ok button, the block details will pop up.
screenshot from steemworld.org, designed with pixel lab
To sign in as a proof of completion;
I clicked on the sign in button
I entered my steem username and my private posting key and clicked on Ok.
And finally, am logged in as displayed on the screenshot below.
Cryptocurrency is a wonderful blessing to mankind whereby an individual can perform transaction without the requirements of a third party. Also with the use of cryptography information are hidden from an outsider to access the information.
I have learnt a lot from this lesson, I will like to thank professor @shemul21 for his corrections, support and love towards me on steemit Blockchain. I appreciate you.