Crypto Academy | season 3 | week 2- homework post for @awesononso | the genesis block | @doyoy
what is the Genesis block of a blockchain?
what comes to your mind first when you here that word? first let us break the word down as we have been taught back then in school.
Genesis:
Genesis means origin. when we say origin we mean the place, venue, time, point where something start, derived or the basic source.
Block:
Block are files where data and transaction about a cryptocurrency are permanently recorded.
Blockchain:
Blockchain is an increasing list of records (block) that are attached together through a cryptography.
Now we can easily say Genesis block of a
blockchain is the very start of a block that was mine in a blockchain e.g steem, HBAR e.t.c where other blocks are derived from
Bitcoin genesis block
Bitcoin genesis block can also be called block 0, and it was mined on 3rd January 2009.
Bitcoin is a cryptocurrency developed by Satoshi Nakamoto. before the release of BTC the code contain early framework of an IRC and a trade by barter trading. people believed the name Satoshi Nakamoto was adopted just for this purpose (creating Bitcoin) because after the launching of Bitcoin no one can get in touch with him again and no one can trace him which makes Bitcoin founding remain a mystery.
After his disappearance, it was discovered that the first 50 Bitcoin that was mined cannot be trade. this lead to a debate amongs the fans and insider of Bitcoin on this issue. some people believed he did it intentionally while some believe it was a mistake on his part this lead to people doing research to know the cause but the only thing they could find out was that there was a web address in the Genesis block but this does not provide answer to the question and the most painful pain is that Satoshi Nakamoto could not be found.
Another thing is that Nakamoto did not just disappear after mining the genesis block and first Bitcoin, he mined BTC for years, he is the largest BTC holder (roughly 1million BTC) but the surprising thing is that he did not moved his coin before disappearing neither did he moved it after disappearing in 2011.( is this not a mystery)
Bitcoin does not give room for middleman, third party or any corporate bodies to intervene between BTC and the consumer and it is not possible to hide any proof of bad thing because BTC stores all it's transactions forever hences making it possible to follow up all activities of miners.
A man named Finney was the first person to trade with btc in line with Satoshi Nakamoto and for now only 21 millions of Bitcoin can be mined and currently 18.5 millions has been mined already. if 21 million was mined in the he future it means nobody can mined Bitcoin again except they change their protocol to accommodate more mining.
Significant of Bitcoin genesis block.
1 . it serves as an eye opener and clear way for other cryptocurrency.
2 . it shows the way and pattern other block will follow hence serve as a guide.
3 . it has a block secret message which is 'brink of second bailout for bank' which tell us the major aim of creating cryptocurrency.
4 . it forms the foundation of the Bitcoin trading system.
5 . it is the most famous genesis block.
6 . the first 50 btc cannot be spent
7 . after the first block it takes 6 days to mine another block but it is now adjusted every two weeks.
8 . the only block that don't have to be downloaded is the full node reason be that it has the Genesis block written directly into their software.
How to locate steem genesis block.
1 . Log in to https//steemworld.org
2 . click on block explorer
3 . type block 1 or simply type 1
4 . it will bring out all the details about steem genesis block but you can decide to login. just click on sign in.
5 . you will be ask to type your username and posting key.
6 . click on ok.
In conclusion,
The Genesis of anything be it cryptocurrency or not is a very important aspect. it tell us the origin and the must important reason for the creation of the coin and also it serves as a landmark or plan for the cryptocurrency.
Thanks to professor @awesononso this is my homework post.