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

Homework

1. What is the Genesis Block of a Blockchain.
2. Write on the Bitcoin Genesis Block and its significance.
3. Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).

What is the Genesis Block of a Blockchain.

The blocks in a blockchain contain information about the blockchain. All blocks are interconnected with a predecessor block containing details about the previous block.

The genesis block of a blockchain is the first block of the protocol. This block is known as Block 0 which other blocks are added to the blockchain in connection to the genesis block. In a blockchain, each block contains details of the previous block. But unlike other blocks there isn’t any previous block to have details of the genesis block. All other blocks will start form 1 and has the previous hash to build up a sequential order.

Starting from the genesis block other blocks are numbered from 1 onwards. Genesis block is 0. These block numbering is known as Block Height Number. A genesis block is a unique block in the blockchain as it doesn’t predecessor block which contains details about the genesis block.

A genesis block contains hidden meanings and important facts about the blockchain. It can be considered as a foundation of a building. If the foundation of the building is weak the whole building will be collapsed. The same theory can be applied for the Genesis block as well. Genesis block is the strength of the blockchain.

blockchain image Created by me using MS word

Write on the Bitcoin Genesis Block and its significance.

Bitcoin is a digital cryptocurrency which was developed by Satoshi Nakamoto as a peer to peer cash system. Bitcoin is a trading system in the crypto world.

Blocks are files which are used to store data about the blockchain permanently. When a block is filled with information then another block is created. This is the way that the blockchain is created.

Bitcoin genesis is the most famous Genesis block among all. The Genesis block of Bitcoin has special significance. It contains a special message- “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”.

source
This message was written was written in the Genesis block of the bitcoin. The most significant feature in Bitcoin’s Genesis block is that from the message it depicts that the genesis block was not created before that date and pre-mining has not been occurred before that date. This makes a fair assurance of distribution. There are predictions that Satoshi has made this statement in relating to the economic crisis happened in 2008.

It was said that as a result of this mysterious saying in the bitcoin Genesis block, user later has tend to donate some amount to the genesis block of bitcoin but it has never been able to move again. It is also a significant feature that genesis block of bitcoin is just as a fountain. Significance is that Genesis block was time stamped for 6 days while others were 10 days. The block chain technology was first started processing with the emergence of bitcoin 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 which is our well-known cryptocurrency also has a blockchain. The steemit blockchain also has a genesis block and is named as Block 1. As steemit users there are few steps to follow if a user wants to check the details of the “Steemit Genesis Block”.

To get the details of the Steemit Genesis Block visit https://steemworld.org/home.

01.First log into steemitworld.org using the private posting key.

02.In steem blockchain tools click on Block Explorer.

03.Then enter the block number as 1 and click ok.

04.The details of the Steemit Genesis Block can be viewed in this window.

CONCLUSION

In our life everything has a beginning which has different turning points. Each turning point is connected together to build-up a whole story in life. The crypocurrency blockchains start with a Genesis block which is the foundation of the whole blockchain.From among all the cryptocurrencies bitcoin is the most significant cryptocurrency. The features of bitcoin blockchain are famous among all cryptocurrencies.

Thank you @awesononso for teaching this valuable lesson about the history of blockchains.