Crypto Academy Season 3 // The Genesis Block (Homework Submission Post) for Professor @awesononso // By @captain36

I’m happy once again to take part of the class of professor @awesononso in the week two of season 3 of this educative crypto academy. The topic for discussion in the lecture was on The Genesis block: the beginning of the beginning. Professor gave detailed analysis of the topic so I’ve understood it very well and I’m ready to take part of the homework task below.

1. What is the Genesis Block of a blockchain?

To be able to understand the meaning of Genesis block properly, let’s try to understand the two words “Genesis” and “block” separately.

Genesis

Genesis simply means the origin of something. When that particular thing started to exist is known as its Genesis. So like any other thing, the blockchain also started from somewhere and that’s our interest today.

Block

Blocks are digital containers where any information relating to the transactions of a blockchain are recorded permanently. This means block is more of a record book.

So now we can combine these two meanings to know what the Genesis block is.
Genesis block is a name given to the first block of cryptocurrency that was ever mined. The Genesis block is regarded as the foundation of the blockchain. This block is also the parent which all other blocks in the blockchain are connected to by hashtags.

All blockchains in existence today such as Bitcoin, steem among others all started with the Genesis block and it serves as the basis for all other blocks that are connected to the blockchain as time goes on. The Genesis block in some networks such as Bitcoin is referred to as the block 0 whilst other networks such as steeem it is referred to as block 1. Nevertheless they all mean the same thing.

2. Write on the Bitcoin Genesis Block and its significance.

Bitcoin Genesis block is the first instance of proof-of-work blockchain systems. This is the standard for all blocks in it's blockchain. Bitcoin is the first successful cryptocurrency in the crypto industry and for that matter the Bitcoin Genesis block is the oldest block of all.

In 2009, a Japanese developer called Satoshi Nakamoto created the Genesis block which launched the cryptocurrency Bitcoin that is ruling the world today.
This Genesis Block today forms the foundation of the Bitcoin trading system and is the prototype of all other blocks in the Bitcoin blockchain. Satoshi developed the Bitcoin as a type of cryptocurrency which is based on the peer-to-peer electronic system.

This Satoshi Nakamoto guy disappeared from the surface of the earth after introducing the Bitcoin Genesis block and the whole story of the Bitcoin is still a mystery. The first 50 BTC of the Genesis block could not be spent. When it was mined, the reward for mining it was 50 BTC which was then transferred to a wallet owned by same Satoshi Nakamoto where it cannot be spent, maybe because its from the Genesis Block. But till date nobody knows why it could not be spent.

Screenshot: source

Screenshot: source

From the screenshots above, we could see that the miner is unknown and there are no previous hashes. This is enough to prove that this was the first ever block of the Bitcoin blockchain.

Significance of Bitcoin Genesis Block

• The success of the Bitcoin Genesis Block serves as a motivation for cryptocurrencies that exist and those that are likely to be introduced

• The creation of Bitcoin Genesis Block paved the way for other cryptocurrencies to come into existence. Today there are many cryptocurrencies that are used for trading and they benefit a lot of investors.

• It serves as a source of inspiration for other people that want to introduce new blockchains

• The Bitcoin has become a place of investment for so many investors. This has changed the livelihood of so many people and that’s a great impact on society.

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

I will explore steem block for all of us to see.

1. I will open the link https://steemworld.org/ then sign in using my user name and posting key.

Screenshot : source

Screenshot: source

Then click block explorer

Screenshot: source

Click on OK to explore Block 1 as shown below

Screenshot: source

There you’ll see information for steem Genesis Block (Block 1)

Screenshot: source

Conclusion

For us to be able to understand cryptocurrencies very well, we have to know the root of it and that’s what professor @awesononso explained in details for us in this lecture. Prior to this I didn’t have any knowledge on the beginning of Bitcoin and other cryptocurrencies but now all my doubts are cleared and I hope my fellow students of crypto academy will also learn from this.