Steemit Crypto Academy [Beginners’ Level] || Season 3 Week 2 || The Genesis Block || Homework post for @awesononso by @ahsanjawed
Hello everyone and Welcome to my Homework Task Post of Steemit Crypto Academy || Season 3 Week 2 || The Genesis Block
.jpeg)
🌀 Introduction
Every existing blockchain starts with the initial block, to which all subsequent blocks are linked. This first block can be considered the ancestor block without being incorrect; the only difference is that it is properly known as the Genesis block. Given how important the beginning of a thing is, it's only natural to spend time discussing the first block found in every blockchain.
🌀WHAT IS THE GENESIS BLOCK OF A BLOCKCHAIN
A blockchain is made up of a sequence of linked blocks. It's easier to see these blocks piled one on top of the other. This clarifies the term "block height," which refers to the most recent block's position. It also makes the concept of the genesis block more understandable.
The genesis block, also known as the foundation block, is the first block on the blockchain. It is the foundation upon which all other blocks are stacked. Depending on the blockchain, it's referred to as either block 0 or block 1. This genesis block serves as the foundation for all subsequent blocks in the blockchain, as well as the start of the chain.
Every block in the blockchain is linked to it because it is the beginning of the blockchain (ie. every block is on top of the genesis block). The genesis block's hash is referenced in every subsequent block issued on the blockchain.
Source
🌀BITCOIN'S GENESIS BLOCK
The pseudonymous Satoshi Nakamoto is most likely the one who mined the first block on the bitcoin blockchain. Whether or not this is right, we do know that this genesis block was responsible for the first 50 bitcoins.
There were no bitcoin adopters accessible at 7:15 pm (GMT+1) on January 3, 2009, when bitcoin's genesis block was mined, because the first bitcoins had not yet been produced and the concept had yet to be demonstrated. As a result, aside from the block reward transaction, the first block did not contain any financial transactions.
NB: A block reward transaction is often the first transaction to be automatically included in the block. It's known as a coinbase transaction, and it's where bitcoins are given to miners seemingly from nowhere. If that block is eventually added to the chain, the bitcoin blockchain honors this transaction (ie. is completed first)
There was only one miner for bitcoin's genesis block, thus once he finished mining, he would undoubtedly be the first, because he was the only one. This was the case, and the bitcoin blockchain honored the block reward transaction that was initiated.
Blockchain.com has information about this bitcoin's genesis block.
Source
🌀WHAT TRANSACTIONS WERE STORED IN THE GENESIS BLOCK?
When blocks are mined, bitcoins (BTC) are created. So, before the first-ever block was mined, there was no bitcoin in existence. As a result, because there was no bitcoin to transact, the initial block could not have contained any bitcoin transactions.
This initial block, on the other hand, contains the block reward transaction, which has been found in every bitcoin block to date. This is the transaction that compensates the miner, the transaction that produces bitcoins (BTC) out of thin air. The lone transaction in bitcoin's first-ever block was this block reward transaction.
There was also no fee paid to the block's miner, presumably because there were no BTC to pay mining costs with.
🌀A HIDDEN MESSAGE
Aside from the block reward, the genesis block of bitcoin contains another intriguing feature. Normally, a bitcoin sender must show that they own the bitcoin they're planning to transmit. They accomplish this by creating a Signature Script (Sigscript) that contains both their signature and public key.
Source
This Sigscript is found in each transaction's input details and must comply with the instructions given by the person who sent the bitcoins to the current sender (i.e. the person from whom they're about to send the bitcoins). This will prove to the bitcoin network that the bitcoins they're about to send belong to them.
The Sigscript contained a hidden message for bitcoin's genesis block. The hex script was as follows.
5468652054696d65732030332f4a616e2f32303039204368616e63656c6c6f72206f6e206272696e6b206f66207365636f6e64206261696c6f757420666f722062616e6b73
Using a tool like rapidtables to convert this to English, we receive the following text message.
The New York Times, 03/01/2009 The Chancellor is on the verge of a second rescue for the banks.
This hidden message was a reference to a news headline from the day the block was mined in a newspaper.
🌀SIGNIFICANCE OF BITCOIN'S GENESIS BLOCK
In many respects, the bitcoin genesis block is significant. The following are a few of them.
🌀 STANDARDS
The block set the tone for the rest of the game. This block's components (Merkle root, hash, sig script, timestamp, rewards, coinbase transaction, and so on) were supposed to be the same as the components of every other block.
🌀INITIAL VALUES
The pubkey script, which would be used to construct the following sig script, was one of the initial values provided to the blockchain by this block. It is referred to as block 0 since it is not counted in the height, creating the groundwork for subsequent blocks to be numbered from 1 onwards.
🌀FIRST BITCOIN
This block generated the first 50 bitcoins (BTC), albeit they have yet to be transferred as of the time of writing.
🌀BITCOIN BEGINNING
The bitcoin blockchain was launched with the genesis block. Mining on the bitcoin blockchain began once it was successfully mined, and the first bitcoins were also created, as well as the consensus mechanism.
🌀THE FIRST CRYPTOCURRENCY WAS CREATED
Perhaps this significance is limited to bitcoin's genesis block, which was responsible for the creation of the first 50 bitcoins and, by extension, the first 50 cryptocurrency units.
🌀STEEM GENESIS BLOCK
The Steem blockchain features a genesis block as well. Block 1 is the name of the first block. This block's details can be found at steemworld.org
Click block explorer on steemworld.org.
You'll see that the block number in the search dialogue box is set to 1 by default. Because block 1 is the first block on the steem blockchain, this is the case.
Click the 'Ok' button.
The initial block's details are now visible.
Take note of the following on this details page:
In the genesis block of Steem, there are no transactions. In the genesis block, no transaction was recorded.
It was finished on March 24, 2016.
The previous ID was '0' because it was the first.
The merkle root was '0.'
A steem witness with the steem username @initminer confirmed this block.
This witness's steemit account can be accessed by clicking their name on the block explorer or searching for their username.
As of the time of writing this piece, this is how their account looks.
Who else is daydreaming?
How did this individual become a member of Steemit in 1970?
And he hasn't done anything in 52 years?
Isn't he supposed to get something for validating the block?
Or was he a steemian who 'earns and dumps'?
Well, I don't know the answers, and I'm glad it's not part of the project.
🌀LOGGING INTO STEEMWORLD.ORG
Here's how to log into steemworld.org in a jiffy.
To sign in, go to steemworld.org and click the 'Sign in' button in the top right corner.
Then, click 'Ok' after entering your steemit login and private posting key.
You would have successfully signed in if you have supplied the right information.
🌀CONCLUSION
The first block was the start of every blockchain. In the bitcoin blockchain, this is known as block 0, while in the steem blockchain, it is known as block 1. The genesis block is crucial to the blockchain because it establishes the mining and verifying rules for following blocks. It mints the first coins on PoW blockchains like bitcoin.
The genesis block of bitcoin has only one transaction, but the genesis block of steem contains none. The Sigscript of the block's lone transaction also contains a hidden message in Bitcoin's genesis block.
Thank you for taking the time to read this.
Cc:
@awesononso
@steemitblog
@steemcurator01
@steemcurator02
#awesononso-s3week2 #cryptoacademy #genesisblock #pakistan #steemexclusive #steemit
Very good post
@awesononso