Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 2 | The Genesis Block: The Beginning of the Beginning
What is the Genesis Block of a Blockchain.
Before understanding what is Genesis block, I think we should first understand, what is block.
A block is a a storage unit of information recording transaction of an asset. 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 blog 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.
With the above mentioned basic information in mind, I think we are now in better position to understand the concept of Genesis block. We know the literal meaning of "genesis" is "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 block chain are link 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 off the blockchain.
Write on the Bitcoin Genesis Block and its significance.
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. 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.
Source Bitcoin blockchain structure
Significance of genesis Block.
Blueprint of Blockchain.
Genesis block represents the blueprint of the blockchain because of the subsequent blocks mined after the the genesis block contain 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 Bitcoin blockchain after its origin.
Parent of cryptocurrencies .
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.
Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
This task has already been shown by professor very well. We just have to reproduce the same. Go to steemworld. Org and below interface will be seen.
- As shown above, click on blockexploler. Next it will ask for block number. Number 1 is written by default. Just click on ok amd see the block details as below.
To log in to the steemworld. Org, click on top right corner as shown by arrow in the screenshot. Click on sign in. Next enter steemit username and private posting key. Click on sign in and that is it.
Conclusion.
The blocks being storage unit of information form the scaffold 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.
Hello @drqamu,
Thank you for taking interest in this class. Your grades are as follows;
Feedback and Suggestions
Your work lacks a lot of necessary information. Please try to always do research to produce content that would make your post rich and educative.
Some parts of the Steem Genesis Block are cropped out.
Thanks again as we anticipate your participation in the next class.
Thank you. Although i am not satisfied with your grades.