Crypto Academy / Season 3 / Week 2- Homework Post for @awesonoso
I am happy to participate on this week cryptoacademy and I also want to appreciate prof. @awesononso for his efforts and lectures. Indeed it is an eye opening and I learnt a lot from this lecture.
WHAT IS GENESIS BLOCK OF A BLOCKCHAIN?
Definition of terms:
🔸Genesis is the beginning of beginning i.e to say genesis the beginning of every thing that exist. E.g when you say the genesis of something it means or refers to the beginning of that thing. In other word Genesis means the beginning.
🔸Block is a cryptography. Is the act of coding a message.
🔸Blockchain is a system that records or away of recording information which is called block it is transmitted from one block to another. And It is also a database storage of cryptocurrency. In blockchain it is difficult to alter a change.
🔸Genesis block is the beginning of a block .
🔸 Genesis block of a blockchain is a block in which other block connects from. It is also called ancestry block.
When the beginning of something can not be traced people finds it difficult to participate and to trust that particular thing especially when it has to do with time and money.
This is the beginning or a common history of every blockchain. It is also the common history of every other blockchain. And the genesis block is the first block ever recorded in a particular blockchain network. Genesis block is the fundamental of a blockchain.
When you talk about the origin of a blockchain you talk of there genesis block. In genesis block there is no previous block(hash) for reference. Therefore, there is no data processed before the genesis block. Genesis block can be referred to as or can be called Block 0 or Block 1.
Having known what genesis block is all about in a blockchain.
BITCOIN'S GENESIS BLOCK
When the Genesis Block of a particular blockchain can not be traced the miners finds it difficult to trust the block.
Now the Genesis Block of Bitcoin is first block ever and the first block ever mined on the Bitcoin Chain by the founder Satoshi Nakamoto. And the first 50BTC was mined from the genesis block which is not transferable or expendable.
Bitcoin Chain is the most famous Genesis Block ever known, it was created by Satoshi Nakamoto on the 3rd of January 2009. The 50 bitcoin is given as a token or reward to the miners(the block has a reward of 50 bitcoin) and it is not yet known if the genesis block reward was mined or not and the founder Satoshi Nakamoto has not made any comment on it.
First of all, the genesis block is untradeable and the token can not be used in a transaction unlike all the other block of the blockchain that contains transaction and no transection in this block.
This block of bitcoin chain mined out its first 50 bitcoin as at 7:15pm on the 3rd of January 2009 which is as a reward to the miners.
There was a hidden message in the London magazine for the bitcoin believers.
The purpose of this message was to create an awareness on financial situation , the importance of creating bitcoin and how bitcoin is different from the financial institutions of the world to bitcoin believers.
The message Satoshi Nakamoto sent was in hex script.
THE SIGNIFICANCE OF BITCOIN'S GENESIS BLOCK
There are a lot of significance but I will be mentioning few of them.
🔸LANDMARK: The bitcoin genesis block is the mother to other blockchain which also set a major role and a standard for other blockchain to follow. To every blockchain there's a trace to bitcoin. I called the Bitcoin Chain "a progenitor to other blockchain"
🔸STORAGE AND TRANSFER: It set a standard on data storage and data transfer. It's a blockchain to store data and transfer data.
🔸THE REALITY OF CRYPTOCURRENCY: Bitcoin is a coin considered to be the reality of cryptocurrency and it's understood by all to be the first cryptocurrency. It paved way for other cryptocurrency today.
🔸BITCOIN NETWORK: The network of Bitcoin is believed to be the strongest among other blockchain. And it reliable compared to other blockchain. It has most secure network.
🔸IT'S INFLUENTIAL AND IT CLONES OTHER ALTCOIN: The bitcoin influences the price of coin and many Altcoin are cloned by bitcoin like Bitcoin Gold, Bitcoin Diamond.
STEEM GENESIS BLOCK
Concerning the genesis block of the steem blockchain it was made known to the world on 24th of March 2016.
The steem blockchain has its own genesis block which is referred to as Block 1 on like Bitcoin genesis block which is Block 0.
The steem genesis block can be accessed in steemworld.org
From the above image you will see Block Explorer.
Click on it.
From this image above the steem genesis block is Block 1.
Based on this image the transaction is 0.
You can sign in from the top right corner by clicking it.
Type your user name and your Private Posting key.
To every thing there's a foundation which is known as the beginning. When something is said to be Genesis that refers to as the beginning.
Concerning the Genesis Block Blockchain this refers to the beginning of a blockchain which starts with a block called the Genesis Block where other block are connected. This block is referred to as Block 0 in Bitcoin and Block 1 in other blockchain.
For Bitcoin Genesis Block is the foundation of other blockchain and is the 50 BTC is the first cryptocurrency mined. In bitcoin blockchain there's one(1) transaction made and for Steem there was no transaction made (i.e zero(0) transaction). Bitcoin gave a lead to other cryptocurrency.
Today the impact of cryptocurrency on people's lives are unfathomable and indeed it had better the lives of people.
Thanks for your time.