Steemit Crypto Academy Season 4 Beginners Course-Homework Post For Task 3:The Genesis Block
Good day everyone,
I am very delighted to be part of this wonderful lecture and on the topic on the genesis block. I will like to thank our noble professor @awesononso for that wonderful lecture. I really enjoyed and learnt a lot so am kindly here to present to you my work.
Below is my submission for the homework task.
What is the Genesis Block. What are the significances of the Genesis Block. Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
The Genesis block we are basing on in this task is simply a blockchain technology that was brought into existence first by a great man who was known as Satoshi Nakamoto in the year 2009. Although the launching of the Genesis was very complicated but they tried their possible best to make it happen. At this point, I will like to let you know what Genesis Block is all about.
As we all know especially the Christians, Genesis is a term in the Bible which simply means the beginning or the origin of an existing thing. So at this point bringing bringing Genesis and Block together means the origin or the beginning of the block, as we all know the block we talking about here is the blockchain. So Genesis Block is the origin or beginning of blockchain.
Some also explain the Genesis Block as Block 0. And the number 0 as we all know is the starting of numbers so they say it was the first block to be brought about by this great man. Bitcoin and Blockchain where all brought into existence by Satoshi but from my research I got to know is that till date no one knows this man we are talking about.
I will like to mention some of the features of the block 0. But before I get to that, I want you all to know that there is a lot of astonishing features since it was brought into existence that makes it very different from other blocks that was created along the line. Below are some of them:
Time involved in mining new blocks: It took Satoshi only and only six minutes to mine the first block.Also when they where about mining the second block it took them a couple of days and from my research it was six days. From a lot of analysis from researchers, they say they where given it a try to make sure the technology is stable.
The amount of Bitcoin been mined: A total number of 50 bitcoins was the first bitcoins to be mined by Satoshi. Bitcoins at that particular time was it known and the demand for it in the market was very low. That made people at that time to send them to private addresses. The 50 bitcoins this great man creased is still in the Genesis Block as we speak now and cannot be bought or used by anyone.
The significances we have in a Genesis Block are many but I will like to emphasize on the main ones. Below are some of the significances of a Genesis Block:
New forms of crypto currencies created that serves as a means of exchange. When Satoshi was done creating Bitcoin and also making it possible to mine that 50 amount of Bitcoins, there have been thousands of Bitcoins created today in the crypto market. And am boldly saying without the genesis block, those new cryptocurrencies we are seeing today would have not been brought into being.
Using this block as reference to other blocks. All the new blocks that has been generate today was through the trend of the genesis block. This Genesis block we talking about is used by all generators of new blocks today that simply means that it perform duties for all other blocks in the blockchain we see today. And more to the point, because these new blocks uses the trend of the genesis block, any details you need any about any block can be gotten from the Genesis block since it has been stored on its system.
The blockchain technology was created and brought round in the financial system of this world since it got to have value in the market. So the bringing up of Genesis block has made a total change when sending or receiving money without the requirement of a middleman no matter the location of the sender or receiver. It has also ended the slow way in sending of money in our normal banks we know.
- Click on this link Bitcoin Explorer and the homepage will appear.
Copy this address 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f and paste it in the search engine after the homepage opens.
After you search for the address, two blocks will appear down the page and then you kindly click on the BTC block.
After clicking the genesis block will appear and it will be named as Block 0.
When you then click on the block, some brief stories will be shown about the block.
Because of the value of BTC in the market 50 bitcoins is now equivalent to $3,287,691.00
When you scroll down you will also see other features like the Hash address. The Hash address is 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
Below it is the number of confirmations which is 706,062.
Below that one to is the Timestamp which is 2009-01-03 18:15
When you also check below it is the height which is 0.
Below is a screenshot of all the features.
- If you look into the screenshot, you will get to know that the number of transaction made is only one and it is simply one because of the first 50 bitcoins the great man mined.
The transfer Hash is 4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b
The receivers address is 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
When you click on where I have labeled which is the address, you will be shown the first address Satoshi used for his transfer.Below is a screenshot of it.
- A new page will appear where you will see the number of transactions which is 3,079 with a total number of 68.52320975BTC and at $4,288,841.66 based on the market currently.
- As you can see below on the screenshot, you will see the last amount of BTC transferred which is 0.00021000 and the day and time shown as well.
Genesis block and Bitcoin has really help a lot of people around the world and has made transactions very easy. I will like to say a big thank you to the great founder of Genesis block and Bitcoin for making all these exit.
They really thought a lot and they knew in future the world will be based on cryptocurrency.Because they tried their possible best and making this exist, many manufacturers has also followed their trend and as we speak today we have thousands of cryptocurrencies.
Although people don’t still know about what cryptocurrency is but bet me in a few number of years, the whole word will now be controlled by cryptocurrency.
Thank you very much professor @awesononso for that wonderful lecture and May the good Lord be with us and bless us all.