[Genesis Block] - Steemit Crypto Academy Season 4 - Homework Post for Task 3
Hello lovely people around the globe. Today i am writing homework post for task 1 of Beginner's fixed course. I'll be doing following part of the task.
1a) What is the Genesis block?
b) What are the significances of the Genesis Block?
c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins
What is the Genesis block?
To understand the concept of Genesis block, we should first have basic understanding about data storage mechanism on the blockchain. Data is stored in the form of blocks and blocks are linked to each other. So a blcok is the basic unit of storage of information. To put it simply, we can understand it as, a block is the name given to certain amount of information regarding an asset's transaction performed over certain period of time.
Depending upon the size of block, each block store some amount of transaction data and when storage capacity of a block is exhausted, a new block is formed. In this way , chain of blocks is formed. One thing to be kept in mind about every block is that , each block is linked to its preceding block as well as succeeding block, so in this way continuous chain of blocks is formed and hence the name blockchain.
Let's come to the concept of Genesis block now. The word "genesis" means "origin". So the Genesis block of a blockchain refers to the first block of the blockchain or we can say say zeroth block of the blockchain. It means that there is no block prior to Genesis block and all the blocks of that particular blockchain are linked to the Genesis block when their origin is traced back as they they come into being after the Genesis block. So I can say that the Genesis block is the parent block or originator block of the blockchain.
What are the significances of the Genesis Block?
Genesis block being parent block of a network holds special place for that network. Significance of genesis block that i am able to recall is put forth below .
Blueprint of Blockchain.
Genesis block represents the blueprint of the blockchain because the subsequent blocks mined after the genesis block contains the information in the same format and in same order as that of genesis block, so genesis block represents the prototype block for all the blocks mined in the blockchain after its origin.
Foundation stone of hashing process.
As mentioned above, each block os linked to its predecessor and successor blovk by hash. Genesi block has hash of no previous block but its hash is transferred to all other blocks although not its complete replica.
Parent of cryptocurrencies
This point holds true for Bitcoin genesis block. With about more than 4000 cryptocurrencies existing in the market. The cryptosphere is widening day by day. Bitcoim being the parent coin has paved way for all these cryptocurrencies and the the genesis block of the Bitcoin being the parent block is therefore directly linked to launch of these cryptocurrencies in the market.
Foumdation stone of technology
Attractive features of blockchain like security, transparency, auditability, accountability, and anonymity has made it an attractive technology and is therefore gaining access to diverse fields of day to day use like Banking and Finance , Record Keeping in revenue, health, information technology etc. All these utilities of the blockchain can indirectly be linked to the genesis block because it is the creation of genesis block that gave rise to other blocks and the blockchain technology thereby.
Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins
Bitcoin Genesis block is the first block of the Bitcoin blockchain. Bitcoin being creation of an anonymous founder satoshi nakamoto, its genesis block was also created by his transaction in 2009. The genesis block of the Bitcoin is named as block zero. It contained 50 BTCs. This first block of the Bitcoin named Block 1 was created after 6 days of creation of block 0 or Genesis block. This block producing time of 6 days is contrary to present time of 10 minutes and has several theoretically proposed possible reasons.
Nakamoto left a message in the code of the block about which many speculations are put forth. The message reads
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
For exploring bitcoin genesis block, I'll go to bitcoin exploler website https://blockchair.com/search?q=0.
From the main page select blockchain as Bitcoin.
At top of next page, a search bar is there. Type block number as 0 and search for it. All the details of block will be seen like. The current block at the time of writing post was 704250.
Hash
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
Conclusion.
The blocks being storage unit of information form the storage structure of the blockchain. The first block of a blockchain is known as Genesis block , like genesis block of Etherium blockchain, Bitcoin blockchain etc. It is the prototype block of every blackchain and has great significance for that particular blockchain.