Crypto Academy / Season 3 / Week 2 / Beginners : The Genesis Block : The Beginning of the Beginning. Homework for @awesononso crypto professor
Having gone through Professor @awesononso lecture I must say that I learnt a great lot and this is my submission.
What is the Genesis Block of a Block chain.
Write on the Bitcoin Genesis Block and its significance
How to locate Steem Genesis Block
Introduction
What is Genesis?
Genesis means the origin or start at which something comes into being. To illustrate further according to the theory of evolution the origin of Man emanated from monkeys. Thus the origin of a thing is its Genesis.
What is Block Chain?
Block chain can be defined as records of past transactions in a crypto currency network that are shared.
What is the Genesis Block of a Block Chain?
The First name given to the block of a cryptocurrency is the Genesis Block. A Block Chain comprises of numerous blocks in which information that are related to transactions which occur on a block chain network are stored. Genesis block maybe referred to as Block 0 or Block 1. With Genesis Block being the origin or foundation these blocks get layered one on top of the other, they grow in height until the blockchain reaches the end of its sequence. The layers and deep history of each sequence provides adequate security for every block chain.
Bitcoin Genesis Block and its significance
Bitcoin was created to provide an alternative payment system that would be highly decentralized that is free from central control but can be used like traditional currencies.
Bitcoin was created by Satoshi Nakamoto, on October 31st the white paper for Bitcoin was launched. January 3rd 2009 Bitcoin network came into existence with Satoshi Nakamoto mining the Genesis Block of Bitcoin (Block 0). The Genesis Block had a reward of 50 BTC valued at 0.00$ at that time. The transaction had confirmation a on the network. This block is unique because the 50BTC reward can't be spent. Block Zero has a message embedded in it which may represent a reminder of why cryptocurrency was invented. For the past 11 years members of the crypto community have sent small amount or fractions of BTC to block Zero currently totaled at 68.13 BTC.
Source
On the Ninth of October, 2009 Nakamoto mind the First Bitcoin Block 1 after Block Zero. Blocks are processed every 10minutes, but block 1 took six days probably to imitate the Biblical creation story. Hal finney was the first person to transact with BTC in coordination with Satoshi Nakamoto.
Significance of Bitcoin Genesis Block
It gave rise to other crypto currency:
Being the first of its kind the genesis block has served as a blue print for the creation of other crypto currency which have mirrored it. It's the source and the beginning.
It signified an evolution in monetary transaction:
The Genesis Block signifies a new era in money transaction. It has successfully eliminated middle men the banks and have allowed individuals to transact directly. Peer to Peer transaction.
Transparency and Security:
The Genesis Block also signifies the importance of building trust hence transparency in transaction. Also it's layers and deep history of each sequence provides adequate security.
How to locate Steem Genesis Block
Steem Genesis Block can be found on https://steemworld.org
Click on block explorer
click ok for Block 1
You would see the information or details of Steem Genesis Block
Then Sign in
Conclusion
The Genesis Block is the origin of every cryptocurrency. Thus it defines the blockchain of that currency and its importance cannot be overemphasized.
The Bitcoin Genesis Block is a ground breaking innovation. It is the source of the virtual currency world and its impact has been felt far and wide. It is a constant reminder of why cryptocurrency was created. Thus the Genesis of every Block Chain started with Block Zero.