Steemit Crypto Academy [Beginner's Level]| season3 week 2|The Genesis Block : The Beginning of the Beginning by @awesononso

Hello friends,

It is good to be among the participants of season 3. Special thanks to @awesononso for his simple,straight-forward and detailed lecture. Thumbs up. Below is my homework task.

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what is the Genesis Block of a Blockchain?

Before answering the above question,i will like to explain what a block is.

What is the Definition of a Block?

Blocks are essentially digital containers in which data about network transactions is permanently maintained. A block keeps track of some or all of the most recent transactions that haven't been recorded in any previous blocks. As a result, a block is similar to a page in a ledger or record book.

When a block is "finished," the blockchain advances to the next block. As a result, a block is a permanent storage of records that can't be changed or erased once they've been recorded.One of the factors that makes a blockchain-based cryptocurrency so secure is the layers and rich history of each sequence.

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Genesis Block

The Genesis Block, often known as Block 0, is the first block ever mined in a cryptocurrency. It is the very first block in a blockchain onto which subsequent blocks are added. Because every block refers to the one before it, it is basically the ancestor to which all other blocks can trace their genealogy.

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2 . write on the Bitcoin Genesis Block and it's significance.

Genesis Block of Bitcoin

The Bitcoin genesis block was previously referred to as 'block 1,' but it is now more commonly referred to as 'block 0' by newer clients—the number relates to its block height, or how far it is from the very first block in the network.

Bitcoin was created on Saturday, January 3, 2009. The initial set of 50 BTC was mined into existence with the formation of the very first Bitcoin block, known as the 'Genesis Block.' This genesis block is regarded as the origin of the Bitcoin blockchain, as well as the cryptocurrency revolution. Many people believe that the day it was created is Bitcoin's birthday.Others, on the other hand, feel that Bitcoin's birthday is three months earlier, on the day the Bitcoin whitepaper was originally published.

The genesis block is the first block ever created, and it represents the first example of a peer-to-peer digital currency secured by sound cryptographic principles. It is the start of the immutable database that is the Bitcoin blockchain.But, unlike other blocks, it has various distinct qualities that add a layer of hidden significance that isn't immediately evident. The genesis block, like all other blocks, has a block reward attached to it.

This payout was exactly 50 BTC when the initial block was mined, but due to a series of block reward halvings over the years, newly-mined blocks currently only return 6.25 BTC as a reward.

Typically, the miner who successfully mined the connected block would receive this subsidy, which they might then use as they pleased. The genesis block, on the other hand, is an exception to this norm. Despite being sent to a regular address—'1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa'—the reward cannot be spent. This is because the transaction was not added to Bitcoin's UTXO database due to a possible intended quirk or error.

Any additional BTC sent to the initial Bitcoin address, on the other hand, can be spent as usual by the address' owner (who is, presumably, Satoshi). As of early February 2021, an additional 18.37 BTC (worth $721,000) has been sent to the address, with the majority of these transactions being worth only a few cents.

Nobody knows why the address receives numerous payments each week; some speculate that it's a manner of saying "thank you" to Satoshi, while others believe it's merely their change address.

However, it's plausible that at least some of these transactions are designed to drive Satoshi to reveal his (or her) name unwittingly using the 'common-input-ownership heuristic,' which might be used to link a transaction to a real-world person under the appropriate circumstances.

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Significance

• Other cryptocurrencies were able to emerge as a result of the development of Bitcoin Genesis Block. The courageous move of additional cryptocurrency projects to enter the fray began with the bold move of one guy, Satoshi Nakamoto, and we now have over 10,000 cryptocurrencies in circulation.

• The successful mining of the Bitcoin Genesis Block ushered in a new era of decentralization for the cryptocurrency. The idea of decentralization gained traction as a result of the successful Bitcoin Genesis Block mining process.

• The Bitcoin Genesis Block concept allowed for the actualization of use cases for the coin; now, Bitcoin may be used to meet a variety of requirements and to solve a variety of problems.

• Other cryptocurrency projects' Genesis mining processes have followed the Genesis Bitcoin Blockchain's systematic arrangement, making their mining processes appear very organized and clean.

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Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).

• To check for Steem Genesis Block, I visited https://steemworld.org
• i first clicked on steemworld

• After that, i clicked on sign-in.

• A sign-in form showed up, where i input my steem account name and my posting key and clicked on OK

• I clicked on Block Explorer

• since i want to view the 1st block, i inserted "1" and clicked on OK.

• The first steem block appears.

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CONCLUSION

Bitcoin Genesis Block has marked the start of a new era for the world and its people, as well as the global economy. It has provided us with many new opportunities and freedoms that we did not previously have. Because now that decentralized ecosystems exist, I don't believe there is a way back, and I don't believe anybody can stop it, because we all know that no one has influence over decentralized ecosystems.

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cc;
@awesononso