Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 2 | The Genesis Block: The Beginning of the Beginning

Greetings to everyone in this community and thanks to prof @awesononso for such a marvelous lecture. I think it will help everyone especially we the beginners to learn more about the blockchain and cyptocurrencies as well.

I want to begin by explaining what is blockchain.

Blockchains are made up of several linked blocks. Recorded information is a block which make it difficult to be changed. The whole leaflet, that is the whole record keeping book, is the blockchain.
Each block of the chain, records each amount of transaction made, so the blocks retain all information with regard to cryptocurrency transactions.

source

The cryptographic hash of the previous block is present in each block in a blockchain. The blockchain is a block plus all the blocks that have been preceded and followed.
Before I continue, let me emphasize that blocks are the building blocks (makeup) of a blockchain. The term genesis will definitely be likened to the beginning of a thing and this term is also referred to in the term of blockchain "genesis block".

What is the Genesis Block of a Blockchain.

Genesis block in a blockchain refers to the initial or the early hashed block of a particular blockchain. It is completely different in terms of data/information from other blocks in the blockchain. Every block mined on the blockchain is always referenced to a block that was before it but the genesis block is the only block that is completely unique and is not referenced to any preceding block. The rewards obtained from a blockchain genesis block are usually not withdraw able. These genesis blocks are usually termed as block 0 and it basically serves as the origin with which every other coin can completely trace its root back to and additional blocks can be built on.
The Bitcoin Genesis Block was the first block mined on the bitcoin cryptocurrency blockchain by Satoshi Nakamoto, the cryptocurrency's founder, in January 2009. The genesis block, which was mined, had 50 BTC, and the block's uniqueness is that the coins contained it cannot be spent (It is impossible to translate it to any Bitcoin addresses).
Normally, each block generated in the Bitcoin blockchain usually takes 10 minutes, however Satoshi Nakamoto created the genesis block of bitcoin over the course of six days, from January 3 to January 9, 2009. It remains ambiguous why this 1st ever block was closed so long (6 whole days), but people, even the majority like to believe that the bitcoin developer wanted to ensure that the Bitcoin network works standardly, properly and that the genesis block was perfect, because this is the beginning of how everything started. Block of being was giving to the first block for a tangible reason.
People analyzing the invention of Bitcoin and also the coded message, they came up with an idea that Bitcoin was created to give people the benefits they couldn't get from Centralized financial organization.

Significance of the bitcoin genesis blockchain

The significance of bitcoin Genesis block to mankind and the cryptoworld cannot be overemphasized. Blockchain technology is becoming more useful everyday due to the success of Bitcoin. So many platforms, networks and application were built on blockchain, and this started happening after Bitcoin was invented and her continuous growth after the Genesis block.
And below are some of its significance.

• Today bitcoin Genesis block has made crytocurrencies to become an alternative to traditional money: imagine if they were nothing like cryptocurrencies? So all thanks to the first mining ever.
• The Bitcoin genesis block also establishes a heritage of transparency, solid accountability, and unrivaled honesty, which has been lacking in traditional financial systems.
• Another significance is that it has become a yardstick for all other block on the block chain in terms of arrangement and setting.
• Bitcoin Genesis block having bitcoin as its first cryptocurrency has paved way for other cryptocurrencies to come up, like the steem, Tron, tesla, ethereum etc.
• Blockchain technology is becoming more useful everyday due to the success of Bitcoin. So many platforms, networks and application were built on blockchain, and this started happening after Bitcoin was invented and her continuous growth after the Genesis block.
• It has made decentralization realizable, which people never thought could happen, creating room for more opportunities in the world of crypto.
• Another important significant of the bitcoin genesis block is that it has made more people wealthy.

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

• I first of all visit the steem genesis block which can be found on the
  https://steemworld.org

• I click on the sign in button

• I enter my steemit user name and private posting key

• now I click on the block explorer

• A small menu appear and I click on the ok on the block 1

• Here, the details of the genesis block 1 appear.

conclusion

The genesis blockchain is the initial blockchain, and in fact the bed rock of all cryptocurrencies as well as bitcoin. the invention of genesis blockchain causes the evolution of all digital currencies that has change the nature of the global financial spending.
I really enjoyed the lecture @awesononso THANKS FOR READING MY POST.