Bitcoin is seen as many things to different people. Some people see it as a currency used for value exchange, some see it a volatile digital asset that “is not backed by anything”, some see it as a brilliant use case of blockchain technology.
The bitcoin is simply a ‘crypto’currency built on the blockchain to allow person to person value transfer without restrictions from any central body.
We might have also heard the term “Decentralization” used a lot. This simply means that there is no central authority governing the bitcoin network, its governance is overseen by anyone who cares to join the governing network.
This story will start from breaking up the word cryptocurrency into two distinct parts:
- Crypto: Crypto comes from the word cryptography which is the art of securing communication in the presence of enemies or adversaries
- Currency: Currency is simply a medium of exchange of goods and services.
Combining both definitions in layman terms we can simply say cryptocurrency is the technique of exchanging goods and services in a secure way in the presence of enemies.
Anyone can read this story but it can get quite technical at some point. At any point you are unable to understand the technical parts, please go and learn about that topic and come right back. I will try my best to add links to resources where you can learn and practice each technical concept.
I will start my journey by focusing on the Crypto part of the Cryptocurrency. A complete understanding of this part is sufficient to describe how the cryptocurrencies work and why the idea is brilliant.
Cryptography is not a modern technique. It is as old as man. In the ancient times, cryptography mostly focused on message confidentiality(or encryption). For example rearranging “Hello Ugo, how are you?” to “llHeo oUg, ouy rea woh”? Was a common cryptographic technique employed in the past. See more about history of cryptography here
Cryptography is very important to the study of cryptocurrencies because it provides the following services
- Confidentiality – Assurance that information is only available to authorized people.
- Integrity – Assurance that information is only modifiable by the authorized person
- Authentication – Assurance about the identity of a person or the validity of the source of a message
- Non-Repudiation – Assurance that someone can’t deny something
Mathematics sits at the core of cryptography and I will be introducing a few mathematical concepts below. Don’t be scared I have added links to resources that will make learning these concepts fun.
We will be looking at:
Please make sure you study these concepts before you proceed so my story can be more exciting to you.
So because I don’t trust you. I want you to prove to me you studied the topics above by solving the questions below. Share your answer on the google form(code_name, picture of your solution and goofy picture of you holding your solution). Best goofy picture with a correct solution gets $10 worth of Bitcoin and txId will be shared on a list of My Bitcoin stories beneficiaries. Please try and provide proofs where necessary.
Prime Number Questions
- Pick any question online and solve it. Then share with me.
NEXT TOPICS: SYMMETRIC AND ASYMMETRIC CRYPTOGRAPHY
Partnership with Wicrypt, a service that enables users to get paid while sharing their Wifi. Wicrypt uses a proprietary peer to peer internet sharing protocol and leverages the power of the blockchain to enable Individuals(Agents) to resell data providing internet within certain areas (residential and commercial locations).
To use this service, the users can download the app from Google Playstore and Apple app store and top up their wallets via bank transfer, USSD, or cards. Users who can’t download the app can also connect to the service using a voucher.
Once a user is in a location where the Wifi is available (Enugu Wifi Zone), they will be able to connect to the wifi instantly using a router code generated from their Wicrypt mobile app or using a voucher code purchased from an Enugu Wifi Agent or from the Wifi Home page.
Enugu SME Center will be the super-agent with other agents under the Enugu SME Center. From the Dashboard, the Enugu SME Center will know what each Enugu Wifi Agent makes monthly and deducts from the source to repay the loans given to them to buy the router, the range extender, power bank and initial 100GB of data for reselling. We believe that on average each Enugu Wifi Agent can make between ₦150,000 – ₦200,000 in a month.