Steemit Crypto Academy Season 4 - Homework Post for Task 3
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I am much excited to be a part of this class by professor @awesononso on the genesis block.
I would now like to present my work to Question 1.
What is the Genesis block? What are the significances of the Genesis Block? Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
What Is Genesis Block?
The first block ever mined in a cryptocurrency such as Bitcoin is known as a Genesis Block . A blockchain is made up of a series of blocks that are used to store information about transactions that take place on the network. Each block has its own unique header, identified by its hash.
One of the things that makes a blockchain cryptocurrency secure is the layers and deep history of each sequence protected by cryptography making it impossible to change the information on any of them.
Blocks can therefore be referred to as digital or virtual containers in which data about the blockchain's transactions are stored. A btc block contains a list of all of the recent bitcoin transactions that have not yet 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 validated or 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.
The Genesis Block, also known as Block 0, is therefore the very first block in a blockchain, upon which subsequent blocks are built upon.
Each new block has a previous one which contains all the information of the previous blocks it is built upon.
This process has resulted in the validation of bitcoin transactions and creation of new bitcoins known as btc mining.
Crypto enthusiasts send btc into the wallet address of the btc genesis block as a way of showing appreciation to Satoshi for the introduction of btc which has changed the financial world and given people more freedom over their assets. The coins there are untouchable coins that have amounted to 50BTC.
Six days after the Genesis Block, the next block known as Block 1, was mined. The average time interval between blocks is supposed to be 10 minutes, therefore this is unusual.
There are a few theories as to why the delay occurred. Some people are of the view that Satoshi intended to recreate the story of God's creation after creating the world in six days by mining the original block for six days while others believe it was to test the Bitcoin system's stability.
The hash of this wallet and transaction is 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f with a wallet address of 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa.
The Bitcoin Genesis Block's Importance .
The Bitcoin Genesis Block is highly symbolic and has several significance in the cryptocurrency world.
I'd want to discuss the relevance of the Bitcoin Genesis Block in the subsequent paragraphs.
The Genesis block signifies the emergence of cryptocurrencies.
Bitcoin was created in 2009 by Satoshi Nakamoto and developed to replace the failed traditional banking system by providing financial freedom.
Over 10,000 cryptocurrencies are now running on blockchains, all of which are linked to the Genesis Block.
Bitcoin, like gold, cannot be generated at will. Bitcoin (BTC) must be mined digitally, just as gold is mined from the earth.
The emergence of the blockchain technology.
Cryptocurrencies as previously stated are based on blockchains and BTC as the mother of all cryptocurrencies was the first to introduce blockchain technology so with its genesis block.
Blockchains are what cryptocurrencies are based on and play major roles in fulfilling the goals of crypto. The goal of blockchains is to create systems where transactions are recorded on digital ledgers or blocks limiting theft and promoting honestly and trust. With blockchains you do not need to worry about being cheated in a transaction because there are no parties.
People have understood how helpful the decentralized blockchain system is since the emergence of the genesis block, and it is being used for a variety of purposes all around the world.
Source of income.
BTC uses a proof-of-work consensus mechanism, in which miners validate blocks in exchange for BTC tokens.
A miner who successfully mines a block currently rewards a miner with around 6.25 bitcoin, which can be traded for fiat or other cryptocurrencies.
This contains an excellent message.
The Bitcoin Genesis Block was encoded with a message that was released and is thought to suggest that BTC will be used to replace the broken traditional financial system.
Exploring The Bitcoin Genesis Block.
- Search for blockchain on Google or visit blockchain.
- In the search box at the top right hand corner, search for block 0.
- Three (3) blockchains with 0 are displayed. Click in btc block since we're looking for the details of block 0 of btc.
- The details of block 0; the Genesis block is displayed.
The hash for block 0 is; 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
It was mined on the 3rd of January 2009 at 18:15 by Satoshi who is still unknown.
The number of transactions of block 0 is 1 with 707,276 confirmations.
- The block reward is 50.0 BTC
I must say a big thank you to professor @awesononso for this informative lecture.
The genesis of a blockchain the first ever mined block of that blockchain. With respects to btc, its genesis block is block 0 mined by Satoshi Nakamoto on January 3rd 2009.
The genesis block is the block on which all other blocks can be traced and hence all other blocks of a blockchain can trace their origin.
The bitcoin genesis block signifies the emergence of cryptocurrencies, blockchain technology and cryptography. The bitcoin genesis block brought a source of income because it rewarded its miners at first with 50 BTC but currently rewards miners with 6.25 BTC.
The lowered rewards is due to bitcoin halving done after every mined 210000 blocks to make sure that btc's aim of reaching 21 million coins in circulation would be reached by 2140.