Crypto Academy / Season 3 / Week 2- Homework Post for professor [@awesononso]The Genesis Block: The Beginning of the Beginning by @elprofe62
What is the Genesis Block of a Blockchain?
The genesis block of a blockchain (blockchain technology) is the beginning or origin of cryptocurrencies and defines the shape of the blockchain to come, serving as its foundation, support and solidity.It is the root of a cryptocurrency and is represented as Block 0 on the Blockchain, it has no previous hash or antecedent, however some Blockchains refer to the genesis block as Block 1.
The genesis block does not have a hash, but indirectly defines the hash of other blocks, with its hash referenced in each new block and serves to guarantee communication between two nodes; since two nodes can only connect to each other if they both have the same genesis block.
The Bitcoin Genesis Blockchain and its significance.
On January 3, 2009, Bitcoin founder Satoshi Nakamoto made a Bitcoin transaction or mining reward of 50 BTC, generating the Bitcoin Genesis Block or Block 0, which later led to the widespread creation and adoption of cryptocurrencies.
The hash of the Genesis block is: 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
The first 50 BTC were sent to this address 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa , where they have remained untouchable, and will remain untouchable, because they cannot be spent.
For the block following the genesis block to be mined, 6 days had to pass, instead of the normal 10 minutes.
The mysteries of the Bitcoin Genesis Blockchain.
The Bitcoin Genesis Block has great mysteries; since it was mined by a very mysterious entity (with a pseudonym) and the rewards are not available is very strange. In addition to this Satoshi Sakamoto left a secret message in the Coinbase transaction of the Genesis block.
Evaluating the input section of this transaction, we see the following Hexadecimal Sigscript:
5468652054696d65732030332f4a616e2f32303039204368616e63656c6c6f72206f6e206272696e6b206f66207365636f6e64206261696c6f757420666f722062616e6b73
Converting this Hex to plain text using an online converter reads or translates into the following text :"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks".
What did Satoshi Sakamoto mean by this hidden message in the genesis block?
Perhaps many people think that Satoshi Sakamoto was predicting that cryptocurrencies would replace banks, but in reality he just wanted the title of The Times newspaper of that day to be recorded, symbolically as a transcendental and historic day for a new era (the era of cryptocurrencies) that began on that day (03/January/2009).
The Steem Genesis Block in steemworld.org
Many thanks to Professor @awesononso for providing us with this very interesting topic that many are unaware of.
Hello @elprofe62,
Thank you for taking interest in this class. Your grades are as follows;
Feedback and Suggestions
Thanks again as we anticipate your participation in the next class.
Fraternal greetings my dear brother, grateful for your evaluation and recommendation given, which I will follow to continue learning; since I am new in these subjects that I did not know completely, but that now I began to like as I never imagined.