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.
Hello fellow steemians my name is James Joseph and this is my introduction task for Prof @stream4u
What is Cryptocurrency?
Where ever cryptocurrency is mentioned the first thing that comes to mind is often Bitcoin,and rightly so because bitcoin literally paved way for all other cryptocurrency to be birthed. In a layman’s term we could simply term cryptocurrency to be a digital currency. Cryptocurrency can be seen to be Virtual currency that can be used to buy and sell or exchange for goods and services. We can also see the cryptocurrency to be a digital currency that is fully decentralized ( which implies that it is not controlled or owned by any individual ) and is published on a public ledger which is built on a technology called Blockchain.
Cryptocurrency uses blockchain technology which stores all transaction data on the network and is recorded by all nodes all across the Blockchain this way an asset that has been spent can’t be spent again, the cryptocurrency uses the cryptography to secure blockchain
The idea to create virtual currency has been around way before the invention of the first virtual (Bitcoin) currency, none could solve the double spending problem until the introduction of Bitcoin and blockchain technology. Bitcoin was the first cryptocurrency to ever be created and that was in 2009 and since then multiple cryptocurrency have been created.
Cryptocurrency like Fiat or gold can be used to purchase assets, buy and sell or exchange for other forms of cryptocurrency. Below is a list of a few cryptocurrencies
Bitcoin
Ethereum
Tron
Steem
Bitcoin cash
Dash
Cardano
Monero e.t.c
b) What is Cryptography and how does it make cryptocurrencies secure?
Source
cryptography is a method of encrypting data or plain text with the help of encryption keys in such a way that only the individual it was intended for can make meaning out of the message also with the help of the decryption keys.
Cryptography often involves the sender encrypting his data using the receiver's public key and the receiver using his private key to decrypt the data and acknowledging the information. It will take a computer at the very least 90 Years plus to be able to correctly guess or break encrypted data using brute force cause the computer is consistently going to be guessing and applying all sorts of keys and by mathematical calculations, in some cases, this encryption may take more a 100 years before a supercomputer can correctly crack this encryption by brute force
Every participant in a blockchain is often accessing the blockchain via his node with some specific digital signature, keys are given to users I.e public key which individuals can share and receive coins and is also generated by the private key and the private key which provides a medium via which individuals can access their assets
In the blockchain to receive asset one has to share his public key which is generated with the help of private key, the individual in possession of the receiving account can use the private key to acces his asset and also approve transactions, with the help of this cryptography the blockchain is safe. and example of a private key is
An example of a public key is
ABCeGH5IjPtimHjklmsK12qAgcHVGRtrJ
Private key
A1234B987c23CE49362DCDB106CD01SIX48E21BED5CD7AA4702B1E4241J06H9A
Explore the Steem Genesis Block and Sign in as proof of completion.
To explore the steam world I would visit https://steemworld.org/ and go on the block explorer section
Source
The steam genesis Block is block 1 so after inputting one on the search box the genesis block will appear
CONCLUSION
Cryptocurrency has paved way for many opportunities to be birthed in every part of the world, Alternative to Centralised finance system is being presented by blockchain technology, One can choose to accept payment via cryptocurrency to also broaden his scope. Cryptocurrency has made a lot of individual millionaires on a large scale generally speaking cryptocurrency has made a much more beneficial impact in the society than damage