Crypto Academy / Season 3 / Week 2 - Homework Post for [@awesononso]: The Genesis Block : The Beginning of the Beginning

It is no secret to anyone that cryptocurrencies, due to their characteristic advantages, have come to mark a before and after in the way we used to understand and handle money in the world; and that the foundation of cryptocurrencies is blockchain technology. But all this great advance that the creation of cryptocurrencies represented had a starting point: The genesis block of Bitcoin.

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Homework

What is the Genesis Block of a Blockchain.

It is the initial block (pioneer, to put it another way) of each blockchain that is created and, therefore, of the cryptocurrency (or cryptocurrencies) supported by said blochchain. For being the pioneer of all the blocks that will exist in a certain blockchain; It is the initial basis on which the operation or behavior of said chain will be configured and in one way or another, all future operations that are carried out in said blockchain will descend from that operation or creation of the initial block.

In other words, the genesis block of a blockchain will be the starting point of reference for all other blocks (and related transfers) that will emerge in the future on that blockchain.

Write on the Bitcoin Genesis Block and its significance.

The Bitcoin Genesis Block had very important repercussions in the world as we know it (both at the time of its creation, and still today). And it is that thanks to the creation of the genesis block of Bitcoin by Satoshi Nakamoto (who by the way still maintains anonymity today and we do not know if he was a person or a conglomerate of people), many things changed as we knew them.

Bitcoin was born, and the world was never the same from then on. Before Bitcoin there was only fiat money, which could only be issued by governments, centrally through banking institutions, but with Bitcoin an evolved form of money had now emerged, a form that depended on nothing more than its own self-regulated system miners and where anyone with sufficient computer resources can be a miner.

Then, the creation of the genesis block of Bitcoin allowed the world to know and understand from that moment the advantages of what a decentralized means of payment means. A system that allows the creation and regulation of units of a means of payment that is not issued or regulated by institutions, that have no physical representation, and where even the smallest transaction is registered in the chain of blocks that supports it.

As if that were not enough, the creation of the genesis block of Bitcoin did something else: It served as an example so that from then on, new currencies and projects, based on the blockchain, would emerge. So the emerge of Bitcoin blockchain allowed many new blockchains to emerge later, based on its inherent model; and due to that there are thousands of cryptocurrencies today, thanks to the great step that the creation of that genesis block represented for humanity.

Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).

I go to https://steemworld.org/

I click on the Sign in button

Then I put my username and my posting key.

As you see

As you can see, now I have logged in, I can only find the Steem genesis block. To do this, I click on the block explorer (which I have pointed with several red arrows).

In the numeric field I define the number 1, so that it shows me the genesis block and I click on Ok.

And this is the whole process to see Steem's genesis block.

Conclusion

While it is true that it can be said that the genesis block is the first and most important of a blockchain (and not matter the blockchain what we talking about), it is even more true that the genesis block of Bitcoin was (and is) in fact the most important of all the that exist or will exist, because not only did it lay the foundations of its own blockchain, but it also set the model, the course to be followed by any entrepreneur and visionary who wanted to do something similar to Bitcoin. And that, in my opinion, was the most important legacy of the Bitcoin genesis block.

Well, this is my participation in the Crypto Academy, in this second week of the third season, and doing this task for @awesononso (Nigeria). Until next time!