Steemit Crypto Academy Season 5 Beginners' course - Task 3: The Genesis Block
INTRODUCTION
Genesis block has to do with how the blockchain which is the beginning or the starting of blockchain how it came about, and it also open way to other digital currency which has come to stay and that is what we all that are into cryptocurrency are now enjoying without any third party or government interference.
QUESTION
A)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 BITCOIN.
WHAT IS THE GENESIS BLOCK?
When we talk about the genesis block it has to do how cryptocurrency or what we know has online money,digital assets came about, it is the starting point of crypto and also the blockchain that was the first and it also has a block that has the ability to store information that has to do with everything about transaction.
It is also the first block that was being published in 31 October, 2008 and it was first produce on 3 January, 2009, the day is always celebrated has the day in which so many financial problems where solved and this was done by a man name nakamoto satoshi and this also came out to solve the financial problem that individuals face from using fiat or physical currency and this problems way problem such as government manipulation, and government intervention but when the blockchain was being introduced all this problem where solved.
The first block is known as block 0 but after 6 days the decided to produce another block known as block 1 this was being done so that there will be certain that there was know error in the first block. The introduction of blockchain has really been wonderful and stressless
(B) WHAT ARE THE SIGNIFICANCES OF THE GENESIS BLOCK?
There are so many significant when it comes to the genesis block and there are.
- Other coin creation
- Decentralization
- Fast way of payment
- storing of information
- security
Other coin creation
One of the most important significance of blockchain has to do with the creation of other coin because it is the same linage that all other coins that is now mine are following and by this it means that it plays a great roles when it comes to mining other coin.
Decentralization
Talking about decentralization, it is one of the significance in which we all are currently enjoying in that, here we can do what ever we like with our assets and by this it means that there is no government or financial authority that can interfere when you as the individual or owner of assets is performing transaction.
Fast way of payment
Here, it also bring about a way in which transaction is being process so fast and the charges here is very low and by this is always wonderful compared to the fiat currency in which individuals are being charged unnecessarily.
storing of information
Here, information about blockchain transaction are always being stored and by this for individuals to be able to access it the individual will have to use the hash address in getting the information about the transaction he need.
security
In as much as there is no third party that is being involved here when a transaction is being done, there is always a security of funds because it is only the users that know the amount he has and what he want to use for transactions which makes him very secured.
C) EXPLORE THE BITCOIN GENESIS BLOCK AND INDICATE HOW MANY TRANSACTIONS SO FAR AND THE NUMBER OF BITCOIN.
Has I earlier said, it was first mined by satoshi Nakamoto, and it is important to note that the first block that was mined had a reward of 50BTC and this can nit be spend it was just locked and keep. The screenshot below shows this block.
Source
The hash is
| Hash | figure |
|---|---|
| Hash | 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f |
And it is in this wallet, that you can see the first rewards was being received
Source
The address of the wallet is below
| Address | id |
|---|---|
| Wallet address | 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa |
In the screenshot you can see that the BTC available in that wallet address is more than 50BTC and we have also received Transactions
3,168 and Total BTC Received is 68.52673210 BTC
Screenshot of the last BTC transaction that was performed is below as at when doing this work.
Source
From the screenshot you will see everything about the transaction from the hash, to the time and quantity that was being executed.
CONCLUSION
I must say that the genesis of blockchain as really been of great help to man in that it has help in solving so many financial crisis and issues that we would have faces and has given us what we are now enjoying.
