Steemit Crypto Academy [Beginner's level] Season 3 Week 2 |The Genesis block : The beginning of the beginning by ammyy

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INTRODUCTION:
Hello everyone.
Today I will be attempting an assignment by @awesononso on the genesis block of a block chain.
I really enjoyed the class,it made me understand that there is a begining for everything. In relation to the crypto world there is a begining step every crypto coin must pass through which is called genesis block (the beginning of the beginning).

QUESTION 1:
What is the genesis block of a block chain?

The genesis block of a block chain simply means the foundation of a block chain,it is the first ever block of a block chain.

The genesis block shows the beginning of every transaction made on the block and it is also known as the common history of every other block on the block chain .

It is the Adam of all block having no ancestry or previous hash behind it,it is also depicted as block 0 on the block chain but can be referred to as block 1 by other block chain.

The genesis block of a block chain is indirectly defined as the hash of other blocks that has a hash reference in every new block.

QUESTION 2:
Write on the Bitcoin genesis block and it's significance?

Bitcoin was founded by Satoshi nakamoto,the Bitcoin white paper was published in 2008 with promising details of a decentralized digital cash system which encourages peer-to-peer level because the government controlled the whole financial system with their policies which made money and values centralized.
The dream of Bitcoin was realised on the 3rd of January 2009 when a Bitcoin transaction gave birth to block 0(Bitcoin genesis block).
This event lead to the wide creation and adoption of cryptocurrencies which is still happening 12 years later.

Mining the genesis block was alot easier then than what we had today and the reward was high.
The reward for mining a block today is 6.25BTC while that of the genesis block was 50BTC.

Bitcoin send tribute to Satoshi nakamoto by transferring some coins frequently as a sort of tribute "Thank you and we would never forget you" for impacting the lives of millions with the Bitcoin project.
After block 0 was mined,it took 6 days before block 1 was mined instead of the normal 10 minutes,it was believed that the delay was to check the new technology to avoid flaws.

The Bitcoin genesis block is something of great mysteries,the Bitcoin founder left a secret message on the coin base transaction of the Genesis block.
A Coinbase Transaction is the first transaction of a block that is set to reward the miner automatically.

The hex sigscript was converted to normal text as "The times 03/Jan/2009 chancellor on brink second bailout for banks."

*The message has no clear meaning but most Bitcoin enthusiasts have concluded that the message was to reemphasis the goal of Bitcoin.

SIGNIFICANCE OF THE BITCOIN GENESIS BLOCK:
1.The Bitcoin genesis block chain is a model for every block,it has a measure of orderliness and systematic order to determine the criteria to be met for a new block to be mined.

2.The creation of Bitcoin has the first application of block chain ideas that have opened doors of possibilities to the application of block chain in the real world.
The technology has been able to meet several problems around the world.

3.Bitcoin is the first successful cryptocurrency and this inspired the creation of other cryptocurrencies in a Decentralized way.
There are currently over 10,000 cryptocurrencies after Bitcoin was created 12 years ago.

QUESTION 3:
Locate the steem genesis block?
STEP 1:
~Log on to on https://steemworld.org.
~click on BLOCK EXPLORER..

~Click ok for block 1

~Sign in

~log in with your details

CONCLUSION:
In everything there is a begining and Genesis block is the begining of block chain.

Bitcoin genesis is the best,most significant and mysterious block there is.

The first transaction of Bitcoin that started block 0 (50BTC) has made alot of progress and added values to the lives of people.

This is the end of my assignment.