It’s another meeting day headed by GOMBE STATE DG IBRAHIM SUNUSI
AND THE TOPIC FOR TODAY’S MEETING IS BLOCKCHAIN BASIC AND CRYPTOGRAPHY
WHAT IS BLOCKCHAIN
In our previous posts we discussed about BLOCKCHAIN,let just refresh our minds Blockchain is a peer-to-peer network; the word ‘blockchain‘ is made up of two separate terms, ‘block’ and ‘chain’.
WHAT IS CRYPTOGRAPHY
Cryptography is a method of developing techniques and protocols to prevent a third party from accessing and gaining knowledge of the data from the private messages during a communication process.
Cryptography is also made up of two ancient greek terms, Kryptos and Graphein, the former term meaning “hidden” and latter being “to write”. There are several terms related to cryptography, which are listed as follows:
TYPES OF CRYPTOGRAPHY
There are mainly three different ways in which we can perform cryptographic algorithms namely
- symmetric-key cryptography
In this encryption method, we take a single key into application. This common key is used for both the encryption as well as the decryption process. Using a common single key creates a problem of securely transferring the key between the sender and the receiver. It is also called Secret-Key Cryptography.
- asymmetric key cryptography This encryption method uses a pair of keys, an encryption key, and a decryption key, named public key and private key respectively. The key pair generated by this algorithm consists of a private key and a unique public key that is generated using the same algorithm. It is also called Public-Key Cryptography.
- hash functions
This type of encryption doesn’t make use of keys. It uses a cipher to generate a hash value of a fixed length from the plaintext. It is nearly impossible for the contents of plain text to be recovered from the ciphertext.
DIFFERENCE BETWEEN DIGITAL CURRENCIES AND
CRYPTOCURRENCIES, WHY CBN ONLY GIVES ATTENTION TO DIGITAL CURRENCIES.
Cryptocurrency from our discussion on cryptography one will understand the meaning of the crypto as in a Greek words kryptos mean hidden so any crypto currency is decentralized,
Asset with set to work as a medium of exchange, where in individuals coin ownership records or stored in a ledger existing or encrypted computerized database, using storing cryptography. to secure transaction records and control The Creation of additional coins cryptocurrency consider cure reliable and trustworthy as it is best on cryptograph
Cryptocurrencies use blockchain and a decentralized ledger which means that no single individual or supervisory or authority controls the action in the network it is pure decentralized as it’s most glorious.
While digital currencies°
it’s centralized currency issued by central Banks meaning that the transaction within the network is regulated in a centralised location like a bank the digital currencies are not transparent because with digital currencies you cannot choose the address of the wallet and see all the money transfers since the beginning of the time also digital currency have a central authority if this central body can be for example freeze or cancel transfer on the request of the participants of the authority.
That’s why central authorities Will like to run everything in there banking hole, with cryptocurrencies this will not goes that way.