Steemit Crypto Academy/season 3/week 2/ -Homework post for @awesononso
Its in a new week and im very happy to be eligible for the steemit crypto academy for the first time, this is an opportunity to learn more about crypto currencies from this week's assignment created by @awesononso.
Genesis also a synonym for Origin, root, source etc. which means the start or commencement of something. Just like we have the book of Genesis which talks about the beginning of the world, it also applies in this case too.
A block chain is a collection/group of blocks connected or linked together. Blockchains are used to store transaction related information on a blockchain network.
As the name suggest(Genesis block)-refers to the first or initial block in a blockchain, it is the outsets of the other blocks in a blockchain, it is the block which other blocks in a blockchain are connected to. Depending on the block chain, The genesis block is usually referred to as block 0 or block 1.
As the Original block, the genesis block has no preceding hash unlike subsequent blocks in a blockchain that reference's its hash.
A TYPICAL BLOCKCHAIN
Bitcoin is the most popular blockchain in the blockchain network, and is commonly known for being the first ever blockchain created, it is therefore the Adam of all blockchains.
On January 03, 2009 a presumed pseudonymous Satoshi Nakamoto a Japanese Cryptographer, computer scientist etc. mined the bitcoin genesis block; the first ever block to be mined on the bitcoin blockchain that was termed as "Block 0".The Bitcoin Genesis Block was mined using the same hashing algorithm as subsequent blocks but at difficulty 1. The previous hash is all zeros because it had no preceding block. the reward then for mining on the genesis block was 50BTC which is much higher than the rewards today. The bitcoin genesis block didn't contain any financial transaction aside from the block reward transaction.
On 9th Januray,2009. The second block that followed also called the "Block 1" was created.
Details of the bitcoin genesis block source
Another interesting thing about the Genesis block was; Satoshi Nakatomo left a secret message on the Coinbase Transaction of the Genesis Block. the fact the genesis was the first ever block to be mined and was by a mysterious entity, Satoshi included a cryptic hex sigscript, Sigscript is located in the input details of each transaction that indicates ownership of bitcoins sent by the sender. The hex sigscript can be found in the input of the transaction as show below
sorce
"5468652054696d65732030332f4a616e2f32303039204368616e63656c6c6f72206f6e206272696e6b206f66207365636f6e64206261696c6f757420666f722062616e6b73
"
The hex value was converted using a binary hex converter online converter
and it read;
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks."
Though the cryptic message didn't have a clear meaning many Bitcoin enthusiasts concluded that it was to stress on the main goal of bitcoin to replace the failed banking system.
The message hit the headlines of an article from The Times Newspaper that was published on 03/Jan/2009 the day the Genesis Block was mined.
The Bitcoin Genesis Block paved way for Blockchain Technology to come in place since it was the first block to ever be created.
The Steem blockchain also has its genesis block. This block is referred to as block 1. The details of this block can be accessed from Here
on the steemworld.org ,Click on block explorer.
the block number in the search dialogue box is initially . This is because the earliest block on the steem blockchain is block 1.
Click 'Ok'
below are the details
sign in to SteemWorld by clicking on sign in from the top right corner.
Every blockchain began with the first block. This is sometimes referred to as block 0, like in the bitcoin blockchain, or block 1, like in the steem blockchain. The genesis block is very significant in the blockchain as it sets the mining or validating standards for subsequent blocks to follow.
Bitcoin's genesis block contains only one transaction whereas steem's genesis block has none.
i will like to thank the professor @awesononso for giving me this opportunity to explore and learn more aboiut crypto currencies. Thank you all for reading.
CC: @awesononso
Hello @desiigner,
Thank you for taking interest in this class. Your grades are as follows;
Feedback and Suggestions
*I noticed that you had tried to paraphrase the lecture at some instances. Always try your best to be as original aas possible.
Thanks again as we anticipate your participation in the next class.
Thank you very much Professor for your guidance