What's Cryptography and Blockchain Technology
CRYPTOGRAPHY
The first thing we will talk about is CRYPTOGRAPHY; Cryptography is a branch of KNOWLEDGE, which consists of teaching the technique of how to send a private message between the sender and the Recipient. The word Cryptography is derived from a Greek word called “Crypto” which means “hidden” or “hidden” in English.
This technology is for nothing other than the purpose of providing information on the Internet because we all know that in real life we have information that needs privacy, which we do not want to disclose. Everyone knows that some things in life need to be kept secret, but the Internet is also a place where we can store everything we need, data, and more, as much as we can. Storage in our homes. So, people need to be provided with a way to store their information on the Internet.
This is The purpose of Developing this Technology to enable people to send their personal information between the Transmitter and the Recipient without anyone seeing what is happening.
Mathematician and Engineer Claude E. Shannon invented this technique in 2001.
TRANSACTION
In the case of Transaction in the Commercial Code, it means Buy and Sell. Every time you buy you sell what Cryptocurrency you Transaction.
BLOCK
Block in Cryptocurrency replaces the transactions we make on Blockchain. That is, the Transactions we perform are the ones that build each block. The Blockchain Ledger is the Blockchain Ledger, which contains all the Transactions.
in the field of local building block blockchain is also being built, and here Blocks are also building this blockchain database.
WHAT DOES A LEDGER MEAN?
A ledger is like a book that we can call a “database” that records the transactions of our transactions and gives them complete security so that they will never leave. Koh will never change, in short…
BLOCKCHAIN
As we have explained, Blockchain is nothing but this Ledger mentioned already.
Although blockchain existed at the time of the creation of Bitcoin, before long there was this technology, so we can consider Blockchain as a distributed ledger, a cryptography technology that has been around for many years and has been revealed by some eminent and experienced Mathematicians who Life’s commitment to pure research.
Then there is this thing called HASH, this hash is like a Surcullene of Mathematics, it is called a Mathematical function, it is this Hash that changes the transaction we make and gives maximum security so that it can never be changed or removed.
CRYPTOCURRENCY
So when we look at the word Cryptocurrency we see that the word consists of two words namely “Crypto” and “Currency”.
Here the word Crypto is derived from the word “Cryptography” which we describe already.
This word means “secret” in English and we say (Concealed And Secret), and it is the world currency.
So the two words “secret” and “money” make up the word “Cryptocurrency”.
What is Cryptocurrency?
A cryptocurrency is an online form of money that allows people to buy and sell a variety of products of everyday life on the Internet with full security of sending and receiving. These funds, which cannot be seen or touched, are just circulating on the Internet.
this Cryptocurrency is Welcome and Ordinary money We know Fiat is Like our Naira in terms of quality, value, and so on.
These Cryptocurrency funds can be defined in three words:
• Trustless
• Immutable
• Decentralized
✅ Trustless means Secure, Cryptocurrency Secure Money In the public view we are constantly evolving.
✅ Immutable means they are not changed. What is meant here is that the transactions we make with Cryptocurrency on the Blockchain will never change once we implement it. As we have explained Asama.
The person does not have the opportunity to send the money and has the opportunity to return the money from where he sent them.
Example:
1. As in the case of trading our Naira currency in the market, one can buy later and say no to refund his money. Because he saw that there was money there.
This Business is not Playing and Trading!!!
If you send it by mistake you send it to the address of some of your money is gone, because the one who did not leave you returned it to you.
2. Second And if a person transfers money from his account to another account, such as naira, if he makes a mistake while sending it he has the opportunity to report to his bank and get his money back, especially if the money does not go into the account. No, And sometimes you can send money.
in Cryptocurrency None of this !!!
If you push the object as much as you can push it, then no network will stop it from reaching. Sometimes the Network Blockchain mode is overloaded with Transactions, but in this case, it will take some time before the Transaction processing. But No Transaction will prevent you from sending your wallet as long as the address is marching with what you are sending.
So in short this policy is called Cryptocurrency Immutable.
✅ Decentralized, decentralized, and decentralized in Cryptocurrency.
What I mean is there is no central authority there is no third party between the cashier and the receiver of Cryptocurrency and no one can touch your wallet No matter how many you have. But if we take the example of a bank, we will say that the bank has control over the money of the people. If there is no network if it is a POS you can go there. There is no network.
Well, all of this is one of the problems of the Banking System.
Cryptocurrency has come to solve this problem, providing people with the easiest way to deal with Money Wherever they want, and a person has full control over his assets. No matter the night, no matter the day, no matter the rain or the wind, if you have an internet connection, you can send money and receive Cryptocurrency!
MORE THAN BANKING PROBLEMS
• If they want to, they can deprive you of your money whenever you want
• If they want to be able to place restrictions on your account, you will lose the ability to withdraw your money, especially if you have something to do with learning to cooperate with the government because the government has control over the banks to provide them.
• If they can, they can make various charges for you, but you do not know what they are.
• Then the big challenge you may need is money. The bank is not working these days, so this can be a problem especially if you do not have an ATM card and ATM No money, you do not deal with POS, And where you are far from ATM POS.
So all these problems are bothering people with banking, but in Cryptocurrency, there is no such thing, everyone has full access/control over their money,
No one else in the world can transfer money to your wallet by anyone, even the creator of the wallet technology, and the creator of the wallet application himself.
Of course, Cryptocurrency is as Currency as the USD, JPY, and other Fiat Currencies, because it owns almost all of the Characteristics they own.
You can also store this amount in the so-called Cold wallet, which is a hardware wallet used for storage, so you can put it inside and keep it in your pocket without any problem he does not know. But what about the $30,000,000,000 Crowd?
• My three FUNGIBILITY, Fungible is the ability to convert to another type of currency and to buy and sell this Cryptocurrency.
In short, I mean, Cryptocurrency is the currency that you can use to buy and sell life forms of any kind as we explained earlier, So this opportunity to change it means FUNGIBILITY in Cryptocurrency.
• Fourthly, SCARCITY, Scarce is a shortage, we see that Cryptocurrency is in short supply when there is higher demand in the market because this is also the reason why the price is going up, the price will never go up, there must be scarcity.
• The key is LIMITED Crypto must be LIMITED, if it is limited in Hausa it means it is Limited and it is a quantity, I have to know the amount of Crypto So the market will determine its value because it will be priced based on its price and condition need it. Any amount of money that is supposed to have a limit to a Problem can never standstill. When we look at crypto, we see that it possesses this characteristic, because every token is created with its total supply and maximum supply to get the market up and running.
• The sixth is DIVISIBILITY. Divisible means you can divide the amount you want.
For example, you can buy 0.003Bitcoin without any Problem; you can also buy 1.5BNB without any Problem.
• Last and seventh RECOGNIZIBILITY, recognizable means identifying certification, anyone who owns BTC knows Bitcoin means And No One Like It. We have some coins that are the same. But we usually find that one is good in the other. All fakes are the same., which means they are recognizable.
FIRST CRYPTOCURRENCY!
The first Cryptocurrency is Bitcoin a person or group of people who are still in the world. The ones who call themselves “SATOSHI NAKAMOTO” are the ones who created Bitcoin in 2008 and launched it in 2009. Bitcoin is produced and continues to be produced by Mining. What is mining in the future? This is computer mining and software.
Exchange means market
The exchange is divided into two parts.
It is Decentralized there is centralized
Centralized are the account opening and password and other security such as Binance, Kucoin, hotbit, gate, and so on. These Suma markets have wallets in them, wallet means to store coins, Just like you would store an item in your Trustwallet you can also store it here.
Decentralized exchanges are markets that have nothing to do with opening an account, you can access them through Decentralized wallets like Trustwallet, in Trustwallet there are DAPPs decentralized applications you can enter any decentralized exchange using this DAPPs browser connecting your wallet to the body, then make your purchase.
Everything you buy in this decentralized exchange can be found in the Trust wallet, and everything you buy must be deposited in the Trust wallet.
Examples of decentralized Markets are pancake swap, uni swap, windswap, juildswap, and others.
The only difference is Centralized you can open an account with a password and various other verifications to ensure security, however. And hackers are more likely to attack them than decentralized Markets because they collect more money.
They are also decentralized and can buy and sell only by trading futures margins and so on.
Trust wallet is not a stock exchange. It allows you to enter the market with decentralized exchanges and make purchases.
There are more things to do with the wallet After storage. Like staking of some coins and so on
WHAT DOES BLOCKCHAIN TECHNOLOGY MEAN?
Blockchain technology is a new technology that was invented many years ago Past 2008, by SATOSHI NAKAMOTO
Blockchain Technology is a repetitive security system that monitors everyone’s Cryptocurrency transactions (sending and receiving), which are worldwide Enough hacking of this block. After a transaction: In cryptocurrency, some numbers mixed with letters will exist as evidence when needed if you licking on these letters/numbers will take you directly to the information related to this transfer or after years How much.
An example of the Hash ID of Bock Chain Technology is as follows
0x63d14427bt9a05d859cb6960f2db29a7c89x6829753798hd1e1bf2c5e4972
As a result, some of the Coins that have been introduced to the Blockchain Private transactions for easy transactions are BTC, ETH, and BNB Some do not have their Blockchain, also called Tokens We Do their details in the future, Insha Allah.
INTERNET VS BLOCKCHAIN.
The Internet and the blockchain are like the heavens and the earth, or the sky and the earth. While the sky is full and stars and networks and the earth is full of living things and roads. Education above while the country is in the process of implementing education.
To understand what the Internet is like and what Blockchain is like then evaluate Blockchain below where we live we conduct our daily transactions and then evaluate the Internet and the sky where air and water come from the gun.
You can distinguish the blessings that come from heaven if we say we will give an example of them to understand we can say: Knowledge comes from above just as knowledge research comes from the Internet. When we speak, it is the wind that carries the word to the person we are talking to, who it is this air is as celestial as any other media and network on the Internet.
The water we drink comes from the sky, which is why we get the crops we eat and live and become strong in our dealings. So is the Network transmitting Data from above to our phones and computers to provide us with the data we searched the world Internet?
With this example of mine, you can understand the earth is where we live but the essence of our life is coming from heaven. In other words, it is the heavens that give life to the earth. So are Blockchain and the Internet.
The world of blockchain is like the earth on which the chemicals we control make our infrastructure in it; even our spending money comes from the ground. Why Blockchain was created in the form of a country.
Just as gold is mined on earth, coins are mined in blockchain, gold mines are mined.
The bottom line is called “GOLD MINING” while the Cryptocurrency mining method on Blockchain is called “CRYPTOCURRENCY MINING”
Just as we cultivate “Farming” on the ground, so in the Blockchain world we can cultivate “Farming”.
Just as we worship, store or trample on animals, so in the world of blockchain we can do “Staking.”
Just as on Earth, we have markets to buy and sell so on blockchain we have Exchanged.
Just as we have banked on the ground, so in the blockchain world, we have wallets.
Just as on Earth, we have Security Guards so in the blockchain world, we have Encryption which is obtained using Cryptography security knowledge.
Just as on earth, we have Judged, so we have a Consensus mechanism blockchain who are the decision-makers.
Just as the Judge seeks evidence on earth so in the blockchain, we have true “NODES” witnesses.
This is a brief example for you to understand that BLOCKCHAIN is modeled on Earth while the INTERNET imitated the creation of Heaven. And this is a young way of understanding how Blockchain is.
