The Genesis Block - Steemit Crypto Academy Season 4 - Homework Post for Task 3
Aside from some very mystical events and happenings, almost everything have an origin. There is always a starting point. How it all began, the initiation, the launch. The crytopcurrency industry as large and broad as we have it today began at a point. Something, somehow, led to the idea which evolved into reality.
Talking about cryptocurrencies, Bitcoin takes center stage because of the roles and significance it played and still plays. This is what the theme of this task is about and I will be taking some of the questions in the coming sections.
1a) What is the Genesis block? b) What are the significances of the Genesis Block? c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.?
What is the Genesis Block
A phrase well known to many is "in the beginning". This is the cases when we are referring to the word genesis. This word has its roots to ancient Greek with meaning as "origin".
Block in traditional sense would have meant the distance between two streets or a material used for building or such other explanations. In crytopcurrency, it is actually a digital compartment where details of transactions are entered. It is akin a ledger in accounting where enteries are made.
Here, we are looking at a combination of two words; genesis and block. From the foregoing therefore, the genesis block refer to the origin block of a blockcain. Every blockchain is built by the linking of subsequently mined blocks to the origin block. Thus, the genesis block is simply the first and begining block in a blockcain.
The genesis signifies the launching of a blockchain and it is the structure on which all other blocks are built on. All succeeding blocks in the chain can be traced back to the genesis block. It is the alpha block. It is usually described as Block 0 or Block 1 depending on the blockchain.
In many instances, the genesis block is usually a reference to the Bitcoin Genesis Block. This is known to be the first ever cryptographic block produced in digital currency sector. Bitcoin is undisputedly the mother of all other cryptocurrencies and its originating block is what paved the way for everything crytopcurrency as we have them today.
This Bitcoin Genesis Block which is usually termed Block 0, was mined by vague person or persons with the name, Satoshi Nakamoto on 3rd January 2009. It was the first ever crytopcurrency block to be mined.
What are the significances of the Genesis Block?
The Genesis Block has really wonderful implications to the world right from its time of mining till present day. This block has provoked some great adjustment and effects on global finance. The Bitcoin Genesis Block stands out as the single most significant block in cryptocurrency world. Some specific significance of the Genesis Block are:
Signalling Cryptocurrency Beginning
The genesis block obviously marked the beginning of everything digital currency. Bitcoin Genesis Block is the origin of cryptocurrencies. It started the era of cryptocurrencies and set the time for the industry. Every alternative coins developed tapped from the Bitcoin Genesis Block and every blockcain project launched drew information and formula from it. All the thousands of cryptocurrencies existing today are created by their developers getting inspiration from the Bitcoin Genesis Block and borrowing its methods.
Template for Structuring Subsequent Blocks
The arrangement and structure given by the genesis block serves as a mould with which other blocks will be formed. The genesis block is a prototype used in mining subsequent blocks. It gives the pattern for organizing and storing data when mining new blocks. If the genesis block is well ordered and arranged, subsequent blocks will also follow in that manner. The genesis block is the foundation and base for all blockchains.
Showcasing Improved Functionalities with Digital Technology
The genesis block is usually an embodiment of what the project promises and supports. The Bitcoin Genesis Block herald the introduction of digital currencies where users could have access to their assets anywhere, anytime. This brought blockcain operations into everyday activities and operations. It was also an indication that blockcain technology could be adjusted to fit into to actual usage and application.
Presently, the mining of genesis blocks of various projects usually come with the introduction of new features and functionalities. The projects are developed to support various applications. At the moment, digital technology and blockcain systems can be used to a number of operations.
There are gaming, real estate, art, music, photography, lending, borrowing, staking, betting, trading and so much more that blockcain offers. And more of these real world applications are on the way with the impending launching and mining of more genesis blocks.
Financial Liberty and Privacy
One major aim of Satoshi Nakamoto in developing and subsequently mining the Bitcoin Genesis Block was to remove the restrictions, control and supervision of financial assets and operations by centralized authorities. With the mining if the Bitcoin Genesis Block, a new financial system was established whereby users had financial liberty to manage their funds at will and at their convenience and also enjoy the freedom to do what they pleased with their assets.
It signified the breaking of the monopoly of traditional banking system and the placement of more power in the hands of the true owners of the assets.
The Global Essence of Money
The mining of the Bitcoin Genesis Block signified that people everywhere understood the importance of money and how it was a relative need globally and such its value should not be restricted to a certain geographical area or its usage confined. Blockcain makes money to be transferable worldwide across cultures, religion and boundaries. Thus, genesis block signified an abolition of physical barriers and universality of money.
Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.?**
To explore the Bitcoin Genesis Block, I will be using the explorer tool.
There was a summary of information about Bitcoin like the price, the various charts, the volume of transactions and others.
Reaching the explorer site, I typed in "block 0*. Three options were given, which were the genesis blocks for Bitcoin, Ethereum and Bitcoin Cash. So I picked the Bitcoin option.
In the page that was displayed, there was details about the block including date it was mined, the number of confirmation and others as shown in the screenshot below.
I then clicked on the address link which took me to the address where the mining rewards for the block were sent. There, I saw all the details of the address. There was the total number of times that the address has transacted as well as other information. As see in the screenshot below, the address has only been receiving Bitcoin and has not sent out any.
Transactions: 3,104
Number of Bitcoin: 68.52390539 BTC
Maybe we could have still had blockchain, maybe something or someone else would have triggered it, but as it stands, it is Bitcoin and Satoshi Nakamoto (whoever the name is for) that holds the patent for leading the innovation in creating digital currencies. Before the historic events of 3rd January, 2009, there has not been in existence any form of cryptocurrencies even though blockcain technology had been experimented and researched by other individuals.
It all started with the mining of the Bitcoin Genesis Block. This singular event introduced the world to a new phase and a new dispensation where financial activities would be done over the online space with a lot of functionalities. The Bitcoin Genesis Block holds so much significance to global finance at the moment.
Blockcain tokens are now in large circulation and usage thanks to the Bitcoin Genesis Block. Individuals can now perform transactions easily and seamlessly using any of the numerous cryptocurrencies available.
Digital currencies have actually been a welcome development and with the look of things, will continue to be more prominent and domesticated in the coming years considering the tremendous usabilities that come with them.
Thank you very much Prof. @awesononso for this interesting class.
