Genesis Block - Steemit Crypto Academy Season 4 - Homework Post for Task 3

in SteemitCryptoAcademy2 years ago (edited)

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INTRODUCTION



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What is Genesis Block?

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Genesis Block also known as the Block 0 is the first block on a blockchain. These blocks are arranged on top of each other with the genesis block as the foundation of the blocks. A blockchain consist of series of blocks which are used in storing information of transaction that occurred on a blockchain network. These blocks keeps expanding in height till the blockchain is full with the sequence being completed. Each block has a unique header which are being identified by its block header hash separately.

On 3rd January, 2009 Satoshi Nakamoto is the first person to execute a transaction worth of 50 Bitcoin for the first block mined of the blockchain , which latter led to the next block also know as Block 1. It took about 6 days for it to be created. Nobody knew why because normally an average time for the next bitcoin block created should be 10 minutes. Unfortunately, the first 50 bitcoin could not be withdrawn, tradeable or spent, till date nobody know if it was intentional or a mistake. Basically this is still a mystery.


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What are the significances of the Genesis Block?
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There are soo many reasons the genesis block was created, below are some of the reason i will point out;

Firstly, miners would have found it difficult to trust the blockchain without knowing when and how it started its revolution. Genesis block is the reference point for other tokens. For every physical chain they must be the first ring which serves as the foundation for the whole chain to be created.

The genesis block was ideally created to eliminate the centralized systems of banking to introduce a banking system where it is operated by the people themselves. In the system where every individual has the ability to do what they intend to do without rules and regulations.

Genesis block made it easier for the creation of other cryptocurrencies. Through the idea of it, other decentralized cryptocurrencies were developed enhancing the new era of digitalization in the financial institutions.

Payments are made more faster and easier. Transactions are made easier between individuals in the blockchain. It increases productivities in our daily activities.


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EXPLORE THE STEEM GENESIS BLOCK AND SIGN IN AS PROOF OF COMPLETION.
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The steem Genesis block is also known as block 1

In exploring the Steem Genesis Block, the folowing steps are hence required.

SW1.JPGScreenshot taken from.(https://steemworld.org/ site)


  • I then clicked on block explorer and a sub menun came up with the block number as shown below.

SW2.JPGScreenshot taken from.(https://steemworld.org/ site)


  • I clicked ok on the pop up menu with the block number and the details came up as shown below.

SW3.JPGScreenshot taken from.(https://steemworld.org/ site)



SIGNING IN AS A PROOF OF COMPLETION AS ASKED IN THE QUESTION

SW11.pngScreenshot taken from.(https://steemworld.org/ site)


  • Then I logged in with my username and private posting key as required.

SW4.JPGScreenshot taken from.(https://steemworld.org/ site)


SW5.JPGScreenshot taken from.(https://steemworld.org/ site)

HENCE PROOF OF SUCCESSFUL LOGIN


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CONCLUSION

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The genesis block is very important to the blockchain. The initial block is seen as the revolutionary block which changes the financial system to a self sufficient and a decentralized one.
The creation of the genesis block has brought about the creation of so many other technology regarding the blockchain. Personally i still believe they are still more development that will benefit from the genesis block.



Best regards:@suleja.
CC:@awesononso
CC:@nane15



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