THE GENESIS BLOCK - CRYPTO ACADEMY S5 - HOMEWORK POST FOR TASK 3

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QUESTION3A

WHAT IS CRYPTOCURRENCY

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Cryptocurrency is a digital currency that involves verification and maintaining of records by a decentralized system using what we call cryptography, rather than by a centralized authority such as the popular banks we normally take our money to.

One could also define crypto currency as a digital currency used for buying and selling of product and services. The thing wit Cryptocurrency is that it uses an online record keeping technology called ledger with strong cryptography to secure online transaction.

People who buy Cryptocurrency buy in order to make profit by leveraging on the decentralized factor in Cryptocurrency. Cryptocurrency is not too regulated by a centralized body. The advantages of Cryptocurrency can not be over emphasized.

Some examples of Cryptocurrencies are Bitcoin, Litcoin, Ethereum, Ripple, Steem and more.
Traders usually buy when price are law and sale when the price rise, this is when the make profit.

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QUESTION3B

WHAT IS CRYPTOGRAPHY AND HOW DOES IT MAKE CRYPTOCURRENCY SECURE

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CRYPTOGRAPHY

The word cryptography etymologically speaking is coined from two words "Crypto" and "Graphy".

Crypto simply means hidden or Secret while "Graph" means to write. Cryptography is the genesis of Cryptocurrency.

The secret to the prosperity and progress in the cryptocurrency world is hidden information or codes used to make transaction called public and private keys.

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HERE IS HOW CRYPTOGRAPHY SECURES CRYPTOCURRENCY

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The security on cryptocurrency is that of hidden secret codes keys information used by owners for transactions. This codes or keys are mainly the public key or private key.

This keys are used to confirm and affirm transactions on Cryptocurrency.

This public and posting keys are used for sending and receiving coins after which the ledger records and keeps the details of the transaction.

In a more simple statement one could say that when we send coin to a particular address, the coins become encrypted on the public key and the online record keeping is done in the ledger. This coins by the power of the private key can be decrypted. The private key is so powerful in crypto currency that your money can never be stolen with out the private key.

The above explanation is presented pictorially as follows for one to understand

• PUBLIC KEY
• PRIVATE KEY

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QUESTION3C

EXPLORE THE STEEM GENESIS BLOCK AND SIGN IN AS PROOF OF COMPLETION.

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To explore the steem genesis block one would first of all go to https://steemworld.org.

• Step1 ~ I will simply visit the site https://steemworld.org

• Step2 ~ I will click on Block Explorer.

• Step3 ~ I will click Ok for Block 1

• Step4 ~ I will be able to see the details of the Genesis Block

Below are some basic details of the genesis block I Saw with my eyes

The Stamp : 2016 - 03 - 24, 17:05:00

Block ID : 0000000109833ce528d5bbfb3f6225b39ee10086

Previous Block ID : 0000000000000000000000000000000000000000

Witness Initiminer : initminer

• Step5 ~ I went ahead and Signed in to STEEMWORLD from the top right corner.

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CONCLUSION

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I am happy to finally know what Cryptocurrency is, I have heard the word before but I didn't really know what it meant, as much as I have be hearing and talking about it, I had never thought it was to check it out but with this task 3 (three) I have been able to learn so much.

The Civilization of the World brought about cryptography which gave birth to Cryptocurrency. One thing is sure this civilization will not come to an end anytime soon. The beauty of Cryptocurrency is the decentralization system it has. Which has freed many from the cage and slavery of the regular banking system.

The security on Cryptocurrency is topnotch by that I mean it is second to none. Keys are used to affirm and confirm transaction which gives one confidence in Cryptocurrency.

Based on this task I have been able to all explore the Steem Genesis Block via
httpa://steemworld.org. org.