Homework

• What is the Genesis block?
• What are the significances of the Genesis Block?
• Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.

INTRODUCTION

The world is actually going towards decentralization, it is obvious that cryptocurrencies is now part of our daily activity. Some industries are now making using of cryptocurrencies while some countries are trying to make use of cryptocurrencies legal. Base on on the above reason their is need to understand the origin and importance of Genesis Book.

What is the Genesis Block

Everything on earth has his own origin including the earth itself. On that note 'block' is the origin of cryptocurrencies.
The word Genesis simply means creation, In Bible Book of Genesis is where the word was actually created by God.

The Genesis block serves as a base of the blockchain and it explain how other block are formed . All blocks in the blockchain are connected by hash and they linked to Genesis block.

The genesis block is the origin of block of any blockchain .Each block is connected to the previous block. Since genesis block is the blueprint of other block their is no block before genesis block.

The genesis block of a blockchain is the foundation of blockchain. This fundamental block is known as Block 0 or Block 1 in the blockchain.

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What are the significances of the Genesis Block?

There are numerous importance of Genesis block in the Blockchain system which have powered the world of cryptocurrencies.

• In the modernized finance company like banks which are centralized and their monetary decisions are details are not open to everyone on how transaction is being run. But in the case decentralized system, there's openness. The openness of the Genesis block now made things like the timestamps, the rewards, block height, receipts of the transaction etc available for the users.

• Genesis Block is unique because it is the block in a blockchain that does not make use of blueprint or reference other block and initial mining rewards are unspendable .

• The Genesis block is use to ensure orderliness in a Blockchain and it explain how data are meant to be stored in a blockchain.

• The Genesis block is blueprint for every block on the blockchain. The systematic arrangement of the content in the first Block is being maintained by every other blocks and this determines the requirement to be met for a new block to be mined.

Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.

Abinitino, Money was the principal officer in the banking system . The financial institution manage the whole policy.

But later 2008,The Bitcoin Whitepaper was published with the aim of making provision for decentralized system. The idea became a reality on the 3rd of January, 2009 when the famous Bitcoin funder(s) in the person of Satoshi Nakamoto, when he made the first Bitcoin transaction which gave birth to Block 0, the Bitcoin Genesis Block. The Transaction lead to creation cryptocurrencies .

The Mining of Genesis Block is known as block reward. the block reward was way more higher to what what we have today. The reward is being divided into two every four years, in 2009 it was 50, in 2013 it was 25, in 2018 it was 12.5 and finally in 2020 6.25BTC.

Steps to Explore the Bitcoin Genesis block

• Using this https://www.blockchain.com/
• Click the Explorer section .
• In search section type block 0
• Then we click on the BTC option on the screen that appears
• Then to the wallet to access the current bitcoin available use this link https://www.blockchain.com/ .

Source

In the above image below is the information you get there;

• Hash number for the Genesis block is:
  000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
• Block height:0
• Timestamps:2009-01-03 10:15
• Miner: UNKNOWN
• Block Reward:50.00000000 BCH
• The number of transaction confirmation in the Genesis block: 1
• The recipient address: qp3wjpa3tjlj042z2wv7hahsldgwhwy0rq9sywjpyy

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• As was said initially, 50 BTC was sent to the normal wallet that can't be spent.
• The account address to which the coin was sent: qp3wjpa3tjlj042z2wv7hahsldgwhwy0rq9sywjpyy
• In the above image we can see 68,44913596 BTC instead of 50 BTC.

Conclusion

We discuss how everything that came into existence has where it originate from and on that note we discuss how blockchain originate from Genesis block .

Genesis block is the origin of the records of cryptocurrencies transaction in the Blockchain.

We learned that the initial or first born of genesis blocks is the BTC genesis block.

Thank you again to everyone , I wish you all a wonderful day.