I am so delighted to participate in this lecture delivered by Professor @awesononso on the topic Genesis Block. The task I chose to answer is task 3.
3a) What is a Cryptocurrency?
b) What is Cryptography and how does it make cryptocurrencies secure?
c) Explore the Steem Genesis Block and Sign in as proof of completion.
What is a Cryptocurrency?
Cryptocurrency is an exchange system that operates in a form of binary data of which crypto coins are traded where owners of this coins creates a database of these transaction and stored every transactions in a ledger using system cryptography to ensure security of the crypto transactions.
This is a system of which transactions are on an online decentralized blockchain in which users have the liberty to perform transactions, make payments and also do transfer to other users using the blockchain in a well secured blockchain. The system is well design for individual users to have an equal opportunity to access and not been authorized central or cannot be counterfeited at any instance.
There are over 10,000 crypto coins according to the coinmarketcap, there are so many kinds of cryptocurrencies own by different institution and companies operating in the market to trade their crypto assets on the blockchain. The coming of Bitcoin has positively impacted in the general knowledge that transactions can be made using online database and it more secured than the central banking which made cryptocurrency worth and through this investors day in day out makes in more money through the ICOs thus Initial Coin Offerings.
The cryptocurrency is volatile which affects price of crypto assets and this keep on fluctuating day in day out. The cryptocurrency by its operation has been confirm to have a brighter future base on the values of the leading currencies such as Bitcoin, Ethereum and many others. It observed that, the values of this currencies keep on rising at due high demand of people wanting to have it which directly increase the market price. For instance, Bitcoin is the leading cryptocurrency and has the highest market price due to how the high demand has affect it.
To conclude, the decentralization of the cryptocurrency blockchain has made the security to be enforce which also made monetary transactions very quick and accessible. This all result to people cherished the cryptocurrency so much.
What is Cryptography?
Cryptography can be defined as a study techniques that is been practice in order to ensure security of communication by using the art of codes to which permits the sender of a particular information and the required recipient to have access to the content of the information.
In relating this to the blockchain applications, this an innovative system, which provides a decentralized communication and information sharing, peer-to-peer transmission and in a well secured data on the blockchain.
Also, the concept of cryptography in the cryptocurrency in on the idea to information shared between nodes is authentic and the security is well reserved. Some features of these features such as Secret key, Hash function are cryptography kinds. The cryptography is also aid prevent fraudster or third parties to get access to the information that has been passed in a binary system.
How does it make cryptocurrencies secure?
The cryptography is aim at ensuring security in the cryptocurrency that will enable users to be secure of what they share, store on the blockchain with some level of authenticity and can rely on such security to share any secret decision or information.
In the nutshell, the concept of cryptography is to guarantees users the safety of their assets as well as their transaction that has made on the blockchain. This ensure the security in the form of codes that is not possible to guess or decode, because the system is well encrypted.
The cryptography as operates in the form of algorithm or mathematical codes that serve as the locks of the assets stored. For instance, it guarantee that when a user share a message or transaction by encrypting it initial and the only user who can get access to this information will be the intended recipient, and there the recipient will be able to get access by deploying it to have the access to the information.
The cryptography establishes security relation on the cryptocurrency between users base on the kind of the purposed, this is done using some appropriate keys thus either the private or the public key and this aid to establish the trust and confidence in the cryptocurrency. This aid prevent third party infiltration or any fraudulent behaviors’ by other users.
Explore the Steem Genesis Block and Sign in as proof of completion.
To start with, the Steem Genesis Block can be found on https://steemworld.org
Click on Block Explorer
Below are the necessary details of the interface;
Timestamp: 2016-03-24, 19:05:00
Block Id: 0000000109833ce528d5bbfb3f6225b39ee10086
Previous Id: 0000000000000000000000000000000000000000
Cryptocurrencies is one of the most talk about innovation of this generation and from the success of Bitcoin cryptocurrency, it is well presume that cryptocurrency have a brighter future, since the value keep on rising it can conclude that the future of online transactions is bright.
Also, security is a good aspect when of life when dealing in everything, hence cryptography has really ensure privacy and ensure the security of people assets on the cryptocurrency blockchain. I really learned new knowledge from the wonderful lectures delivered by Professor @awesononso.