Steemit Crypto Academy Season 4 - Homework Post for Task 3

in SteemitCryptoAcademy3 months ago

1a) 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 bitcoins.

IMG-20211008-WA0006.jpg image edited with canvas

I am @chababy and this is my homework post for task 3

1a) What is the Genesis block?

Genesis block is simply the first block of a blockchain, this is more like the begining of the block chain, more like a block without a chain, it could be called block 0 or block 1 depending on the block chain

The Genesis block is more like a foundation and on that basics and pattern will other blocks be formed to continue the blockchain which will in turn be linked to the Genesis block

b) What are the significances of the Genesis Block?

  • The Genesis block shows a pattern in which data is stored on the block chain and all other blocks, follows the pattern of the Genesis block and with the corresponding hash

  • It gives an ideology of how new blocks will be made on the block chain and so far after the Bitcoin block chain other block chains has followed this pattern

  • it helps keep record of the start date and the initiation of the block chain making a timestamp in history

c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.

The Bitcoin Genesis block, is the first Genesis block that was ever formed and this was done by Satoshi Nakamoto although a lot of theories stated that he spent 6 days mining the block then backdated the timestamp.

I will be leaving history and going straight to the homework post to explore the Bitcoin Genesis block

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  • Click on explorer and it will navigate us to the Bitcoin explorer, go to the search button and type 0

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  • Below are the details of the Bitcoin Genesis block

IMG-20211008-WA0002.jpg

IMG-20211008-WA0003.jpg

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Inorder to find out how many transactions we have so far, we will be clicking on the address of the newly generated coins and below are the details

Address: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

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all screenshot gotten from www.blockchain.com

CONCLUSION

The knowledge of the Genesis block to me is a fundamental knowledge of the crypto currency that every trader needs to know And I am glad that I am a beneficiary of this lessons. Going through the block chain Website and exploring through was beneficial for me

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