Crypto Academy / Season 3 / Week 2 - Homework Post for @awesononso

doctor23 (64)mutedBeginner[2,4,5,6,7,9]in SteemitCryptoAcademy • 3 years ago (edited)

QUESTION 1
What is the Genesis Blockchain.

Blockchain Genesis

Before explaining the term Blockchain Genesis, i will explain the meaning of genesis. Genesis shows the beginning of something. Everything has a beginning, so should blockchain. Let me use the example of genesis in the Bible, it is the first book of the Bible. It is the beginning of the book, it explains the start of life as it talks about life.

Now lets talk about Blockchain Genesis, this actually the name that was given to the first block that was ever created in the blockchain. It is said that the first ever block was done by Satoshi Nakamoto; which still remains anonymous to weather it is a single person or a group of people. This was also aimed at stopping the double spending problem.

The first block or the genesis block on the blockchain was created after Satoshi sent a total of 50btc to the genesis block, and was then named block 0. the blockchain was made to be managed by a peer to peer network. And to be used by a public ledger. The blockchain technology was made for the records not to be unalterable by using a distributed computing system coupled with high Byzantine fault tolerance; now with this, we notice that the first ever transaction carried out on the genesis block can still be viewed. This was made to by pass the traditional system of the banks where everything seemed to be centralized. In the decentralized system, now everyone has power over his/her account.

QUESTION 2
Write on the Bitcoin Genesis Block and its significance.

The Genesis of Bitcoin Genesis Block

Just as I mentioned above, bitcoin genesis just like that blockchain genesis is the name that is given to the first ever Bitcoin that was mined. Still with oour famous anonymous creator, Satoshi Nakamoto, he created the first bitcoin genesis block in 2009. the genesis block was rewarded by a total bitcoins of 50, using the sourceforge software.

So, to this; the Genesis block contains 50 bitcoins. In addition to this 50btc, it was allerged that people and users of bitcoin have been sending in some amounts of bitcoin to the said address, this is most due to the fact that they want to pay their tributes in thanks giving for the creation of bitcoin since the creator remains anonymous.

As explained the first block with the total amount of 50btc in additions to the tributes, remains unspendable, the second block, or block 1; was mined shortly, which was 6days later though the average timestamp between blocks is 10minutes. Bitcoin back then was just known to be more of an experiment even after the second block, it took a while before people started believing in it. And up to date it remains the highest used cryptocurrency in market capitalization.

The nakamoto account has a current value of over 1 millions; making him one of the largest holder of bitcoin. Well I still hope some day Nakamoto will resurface and withdraw his Bitcoin from the account.
The hash of the genesis block is
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

I have always wondered to what the Nakamoto secrets message was all about;
The times 03/01/2009 chancellor on brink of second bailot for banks*
It was actually a hex which can be converted to ascii using online converter.

Significance of the Bitcoin Genesis.

I will give the various significnce of the Bitcoin genesis in point form.

the bitcoin genesis set a platform for other cryptocurrencies. Shortly after the introduction of bitcoin, there came in the ethereum, and other cryptocurrencies, with over 10,000 different cryptocurrencies being listed in the coinmarketcap.com.
the bitcoin genesis acted as stepping stone for the bitcoin blockchain. So in this regards the bitcoin genesis acted as a model for the other blocks on the blockchain.
-- the invention of the bitcoin genesis came about with the advancement of technology. The technology has proven to be more secure.
the bitcoin genesis actually took people away from the site of the centralised system being mostly banks which were most often controlled by government.
of this day, we have seen countries engaging in the utility of cryptocurrencies in their various sectors, for example El Savador using cryptocurrency as a legal tender, which was all thanks to the bitcoin genesis.