Crypto Academy / Season 3 / Week 2 - Homework Post for [@awesononso] | The Genesis Block
Hello Professor @awesononso, it's a pleasure to be a part of this lecture. I like your way of presentation, it makes understanding quite easy. Here's my Homework Post.
What is the Genesis Block of a Blockchain.
First of all, a blockchain is the term given to a ledger or record where all data and transactions that happen on the blockchain is stored.
A Blockchain is incorruptible, meaning it cannot be hacked or altered by any individual or group of people, because it's several copies are made, distributed and stored on the whole computer network across the globe. Its high level security makes it credible because it is constantly updated and it's open to anyone at all.
This takes us to Genesis Block of a Blockchain, as the name goes, the Genesis Block of a Blockchain refers to the first ever block of a Cryptocurrency Blockchain to be mined. This indirectly becomes the first record of the Cryptocurrency transactions to be stored on the blockchain.
Write on the Bitcoin Genesis Block and its significance.
The first ever Cryptocurrency to be mined is Bitcoin. Bitcoin has really shown the world why it is the first Cryptocurency, and it is currently the most valued and recognized cryptocurrency on the market. It all begun when the founder of Bitcoin, Satoshi Nakamoto, made the first Bitcoin transaction, that birthed the Genesis Block of Bitcoin in January 2009. Bitcoin transaction have been continued till date. The real identity of Satoshi Nakamato is anonymous. Nobody can tell whether Satoshi Nakamato is male, female or perhaps a group of people.
The transaction that birthed the Genesis Block of Bitcoin was sent to an address. The 50 Bitcoins that were sent to the address are untouchable.
The Hash of the Transaction is:
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
Looking at the account that received the payment on the block explorer, it can be noticed that there is more than the 50 BTCs that was initially deposited in the account. It is claimed that some enthusiasts send certain sorts of tributes as a gesture to show gratitude to Satoshi Nakamato for the such a revolution.
After the Genesis Block was birthed, it took a period of six(6) days before the next and second block was created. Some people claim Satoshi Nakamato wanted to mimic the Bible creation story.
From the screenshots above, the 6 day timestamp difference is evident.
One mystery with the Bitcoin Genesis Block, that enthusiasts cannot guarantee all certainty to its meaning is the Hex Sigscript in the inputs section of the transaction. This is also known as Satoshi's Secret Message.
The Hex Sigscript is:
5468652054696d65732030332f4a616e2f32303039204368616e63656c6c6f72206f6e206272696e6b206f66207365636f6e64206261696c6f757420666f722062616e6b73
Converting this Hex Code to ASCII outputs;
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks."
Even though it clearly matches with The Times newspaper on the 3rd of January 2009 , nobody really knows what message this code carries Enthusiasts think and perceive Satoshi Nakamato was trying to hint how the centralized financial system is biased and also to hint the start of the new revolution.
SIGNIFICANCE
The mining of the Genesis Block of the Bitcoin Blockchain by founder Satoshi Nakamoto, was and is one of the very important events in the financial-economic world because, it paved a way for the birth of the Cryptocurrency system. It was after Satoshi Nakamato's success in the mining and establishing of the Bitcoin Genesis Block that other programmers and investors decided to venture into the Cryptocurrency system.
Even though the blockchain system has been around for quite sometime since 1991, the mining of the Genesis of the Bitcoin Blockchain gave way for the comprehensive use of Blockchain technology worldwide.
Satoshi Nakamato's work in mining the first ever Cryptocurrrency made way for the world to actualize how beneficial the blockchain system would be to the financial-economic world.
Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
How To Find the Genesis Block of Steem
Because I use the tool frequently, I'm automatically logged in whenever I open the Steem Tool.
After opening steemworld.org, login in with your username and Private Posting Key.
Click on Block Explorer
- Choose '1' as the Block Number and click on 'OK'. As seen below.
- The Genesis Block of Steem would be shown as below.
CONCLUSION
This lecture has given me tremendous knowledge with regards to the history of Cryptocurrencies and how the blockchain technology system came about. The Genesis Block of the Bitcoin Blockchain and it's significance has widened my scope in the basics of Cryptocurrency. Many thanks to @awesononso for this lecture. Cheers!
Hello @abanksforever,
Thank you for taking interest in this class. Your grades are as follows;
Feedback and Suggestions
You missed some points on the first question.
You did really well on the first question but you should have mentioned more significances than the ones in the lesson.
As a tip, try to justify your work for better form.
Thanks again as we anticipate your participation in the next class.
Thank You very much. I’ll make sure do better in my subsequent homeworks