The Genesis block- Steemit Crypto Academy Season 4: Homework Post for Task 3.
(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.
The advent of cryptocurrency has completely revolutionize how we carry out transaction with its benefits ranging from higher security to low transaction fees as well as timeliness of transaction to mention but a few. The emergency of Bitcoin in 2009 particularly has been of great significance in cryptocurrency transaction through it's adoption of blockchain technology.
These blockchains are build on Genesis blocks which are the bedrock of any blockchain.
What is the Genesis block?
The Genesis block coined from the word Genesis signifies start of something. All transactions of cryptocurrency make use of cryptography and adopt the blockchain technology that enables peer to peer transaction which are decentralized. Each blockchain thus have its own genesis block.
A blockchain is a collection of series of blocks that help in information storage concerning transactions that took place on a particular blockchain network say Bitcoin or Ethereum or any other cryptocurrency.
The genesis block of a blockchain thus refers to the first blockchain used in the process of mining on such blockchain. In such circumstance, the blocks making up a blockchain are made up of a distinct header composing of hashes with which it can be Identified with.
The various blocks are set on top of each other such that the first one(genesis block) is the foundation on which all other blocks are built. It is often referred to as block 0 or block 1 depending on the blockchain.
Once placed in stacks , it continues until we get to the end of the blockchain thereby forming a chain which are very secured.
Each block can be likened to a digital vessel in which data during transactions on the network are recorded on a permanent basis. As such, a particular block contain the most recent data on the transaction on a blockchain.
Each block thus function like a page found in a book such that once one page(block) is filled up, it gives way to another block(new page) in the blockchain. It is also worth mentioning that once a data on transaction is stored in the block, it becomes impossible to remove it or change it thereby making blockchain network very secure and largely safe from hacking.
The Genesis block is the first among all other blocks and on which all other blocks in the chain are built.
The Bitcoin genesis block can be accessed using
Block Explorer. Then use the hash 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
In the case of Ethereum, it can be accessed using etherscan
The hash for this block is 0xd4e56740f876aef8c010b86a40d5f56745a118d0906a34e69aec8c0db1cb8fa3
The steem Genesis block can be accessed using steemworld
The block ID is 0000000109833ce528d5bbfb3f6225b39ee10086
What are the significances of the Genesis Block?
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The importance of the genesis block for each cryptocurrency blockchain and the cryptocurrency world generally can not be overemphasized. These significance include:
- The invention of any genesis block outlines the mode of data storage in such blockchain. It function like a prototype on which all other blocks are built on. The arrangement of the various components of the genesis block dictates how subsequent blocks are going to be arranged on the blockchain. In other words, it sets out a tone or template or guideline which other blocks must follow in the blockchain. It lays a foundation in which when not met in terms of the properties, such blockchain might not function very well.
- Genesis block serves as a reference point as it trace or summarizes the data in each of the blocks found on the blockchain. It can be likened to the use of DNA in settling paternity dispute whereby a child's DNA can be traced to the parent so as to determine the true parent.
- The Bitcoin genesis block since it's invention has also become a reference point for all other cryptocurrency blockchains. Even though the concept of blockchain has been developed long ago, it's adoption in the Bitcoin blockchain in 2009 has hastened its acceptability in almost all other cryptocurrency. This is because many have come to understand it's contents, mode of operation and overall effectiveness.
Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
In order to to explore the bitcoin genesis block, we click bitcoin explorer
Once assessed, locate the search bar on the upper right top. The page below will be displayed.
Then copy and paste the hash of the block you want to assess.
The hash for the Bitcoin genesis block is
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
Once searched, it displays all the details of the genesis block as shown in the image below.
From the image displayed above, there are currently 705,724 confirmations on the Bitcoin blockchain and the block reward is 50 BTC.
Furthermore, there has been 3,076 transactions on it with a total of 68.52298859 BTC, and zero(0) BTC sent.
Cryptocurrency technology is continuously evolving and is expected to get even better in the future. With the widespread availability of more than 10000 cryptocurrency available in the market, it won't be long before it's adoption in every sector become a reality. This is because of the numerous advantages cryptocurrencies have over the conventional banking system. More interesting is the blockchain technology that is adopted by cryptocurrency to encourage seamless transaction between two persons.
Thank you very much@awesononso for this great opportunity to learn.
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