Crypto Academy /Season 3 / Week 2 / Homework Post for Professor [@awesononso] || The Genesis Block

What is the Genesis Block of a Blockchain

Genesis Block

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Genesis block is the initial block of a blockchain. It is the ground upon which all other blocks that will be mined will be added to to form a chain hence the name, blockchain.

The genesis block is referred to by some protocols as the Block 0 while some other protocols call theirs the Block 1. For every block produced in a blockchain, it stores reference to the block before it but the genesis block being the initial block produced does not reference any block because there is no block before.

In a new block, the genesis block hash is added to all new transactions in that block.
This combination is then used in creation of the new blocks hash. This process will continue to repeat itself untill the last block of that protocol has been added to its blockchain.

Write on the Bitcoin Genesis Block and its significance

Bitcoin genesis block

Bitcoin genesis block was created on the 3rd of January, 2009 by the anonymous satoshi Nakamoto. This block is different from every other Bitcoin block because it was the first Bitcoin block to ever be produced. That is, I was the starting point for the mining of Bitcoin.

Also, the Bitcoin genesis block had in it's data the coinbase of the block which when interpreted, contained the headline of a newspaper on the day of it's creation.
The headline depicted Nakamoto's idea of eliminating the activities of trusted meddlemen such as banks and other financial institution.

The input sigscript which he wrote goes like this
5468652054696d65732030332f4a616e2f32303039204368616e63656c6c6f72206f6e206272696e6b206f66207365636f6e64206261696c6f757420666f722062616e6b73

And when interpreted, using an online converter, it read
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks."

Some data in the Bitcoin Genesis Block include;

• Block height: 0
• Timestamp: 03/02/2009, 18:15
• Number of transactions: 1
• Nonce: 2,083,236,893
• Block difficulty: 1
• Transaction fee: $0.00

• The Block height refers to the number of blocks preceding the given block but since it is the initial block, then it has its block height to be Zero(0). The highest block in a blockchain depicts the most recent block.
The numbering of Blocks is according to the order of their production in the blockchain.

• Timestamp is universally used to record and save the time and date of an event. Note that time stamps are not always accurate and don't necessarily need to be accurate.

• Nonce (number used only once) refer to that number that miners all around the world are working hard to discover so that they can validate a block and then recieve the block reward. To change the Nonce is simply to cause a change in the hash.

• Block difficulty is a number which determines the time it may take in adding a new block to the blockchain. This block interval ensures that the time taken to validate two blocks are equal and for Bitcoin, the block time/block difficulty is 10 minuites.

Significance Of Bitcoin Genesis Block

• The purpose of a genesis block is as essential as the operating system to the computer. It is the kick off phase of mining a cryptocurrency. The bitcoin genesis block helped to kick start the most popular crypto coin in the world today for without it, there wouldn't be any mining and consequently no Bitcoin. It is the foundation for other Bitcoin blocks that will be added to the chain.

• The communication between the nodes of Bitcoin is facilitated by its genesis block because only two nodes that share similar genesis block can be paired. If they do not share the same genesis block, then the both nodes will not be compatible.

• Bitcoin Genesis Block gives to miners the trust which they need to get from the project (satoshi nakamoto) developer. The genesis block to the minners is more like a 'do as I do' play out and so it shows the miners what to expect and how to go about their mining activities.

Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).

• First, I open steemworld.org and then login.

• Next, I click on block explorer
• on the next page that opens, I select the block which I want to view it's transactions. since I am interested in the genesis block ( first block) then I input 1 and click on OK.

• On the he next page contains details of the steemit genesis block.

Conclusion

• A Genesis Block refers to the foremost and first block that is mined in a cryptocurewncy protocol. A blockchain is a continuous link of blocks that is built upon the the genesis block. It is the mother block and so is made reference to in all other subsequent blocks.

• The genesis block brings about order of mining and trust in the world of cryptocurrencies.

Regards to professor @awesononso