Crypto Academy / Season 3 / Week 2 - Homework Post for @awesononso
Hellow Everyone!
It is my pleasure to participate in this home work task. I have studied the subject and fully comprehend the content. It is on this ground that I write this home work.
What is the Genesis Block of a Blockchain?
The Genesis Block of a Blockchain means the first and original block (also referred to as Block 0 or Block 1) in a blockchain network that has no reference to any previous or predecessor block.
The Genesis Block is the beginning block of every block-chain in which all other subsequent blocks are linked.
Below image gives a very clear picture of a blockchain.
The first block I marked is the Genesis block.
A blockchain has multiple blocks, each one of them contains recorded activity data and validated transactions. When one block is filled, it will be chained to the previously filled blocks. Each block usually contains a hash pointer as a link to a previous block, which makes the data linked together in chronological order.
Write on the Bitcoin Genesis Block and its significance.
The Bitcoin blockchain came into existence on Saturday 3rd January, 2009. The blockchain was launched by Satoshi Nakamoto. The launch of the Bitcoin blockchain started with a hardcoded block called the ‘genesis block’ or block O. The proper identity of Satoshi Nakamoto is unknown. No one actually knows if Satoshi Nakamoto is a man, woman or an organization.
After the launch of Bitcoin blockchain which started with block O called genesis block. It took Satoshi Nakamoto six days to mine the subsequent block after the genesis block.
Block height number is used to refer to the ordering of blocks. Bitcoin Genesis Block starts at 0.
As at the time of writing this post, Bitcoin block height number is over 600,000.
Bitcoin genesis block is special and unique. It's hardcoded block has 50 BTC reward subsidy.
Significance of Bitcoin Genesis Block
The evolution of blockchain technology through the Genesis Block is very significant in the history of Cryptocurrencies.
Here are some Significance of Bitcoin Genesis Block in blockchain technology:
The Bitcoin Genesis block is the first and the foundation of all the other blocks built on the blockchain system. It serves as a model for every other block on the Bitcoin blockchain. This block sets standard for all other subsequent blocks.
The success of Bitcoin Genesis block opened doors for other blockchain systems. The launching of Bitcoin Genesis block marks the evolution of first cryptocurrency in the world and this development gave rise to the introduction of over 10, 000 cryptocurrencies in our modern world.
Each Genesis block comes with a unique hash. This special hash is always used to generate hash for the next new block, and all other new blocks that are to be added to that blockchain.
In other words, every other block on a blockchain has its hash created from the genesis block.
Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
Steem Genesis Block was created on the 24th of March, 2016. Unlike Bitcoin Genesis block, Steem Genesis Block is also known as Block 1. To locate and explore the Steem Genesis Block
- Log on to https://steemworld.org.
Click on Sign In to log in
Enter your username, Private Posting Key and click OK
Click on Block Explorer.
Type 1 on the Block Number field and click OK.
The details of the Genesis Block be shown like this.
Conclusion
The evolution of blockchain technology through the Genesis Block is very significant in the history of Cryptocurrencies. I found it very interesting and it is an eye opener for me as a new person in Steemit Crypto Academy.
I am very happy to learn about the Genesis Block in this lecture by proffessor @wesononso.
I remain ever grateful to Steemit, Steemit Crypto Academy and @awesononso.
Thank you.
Hello @culzee,
Thank you for taking interest in this class. Your grades are as follows;
Feedback and Suggestions
You should have gone a little bit deeper on the second question.
You should have mentioned more significances than the ones mentioned in the lecture.
Thanks again as we anticipate your participation in the next class.