Crypto Academy/ Season 3/ Week 2 - Homework Post For @awesononso by @giftye
A Genesis Block is what the first block a cryptocurrency ever mined, it is usually referred to as BLOCK 0 or BLOCK 1 in the case of steem. A blockchain is made up of series of blocks that are useful in storing informations connected to transactions that take place on a network of blockchain. Each block carries a unique header and can be readily identified on an individual basis by it's block header hash.
The Genesis block is the foundation block in a blockchain ; it is the foundation on which more blocks are added to form a block chain. Every block carries what is called "a previous hash tag" which references the previous block,but in the case of the Genesis Block,no such thing exists because there's no previous block to reference.
NOTE
The Genesis Block's hash is added to all fresh transactions in a subsequent block. This combination is what enables the creation of it's unique hash .
This action is continually carried out until all new blocks are successfully included to a blockchain.
Bitcoin Chain is the most famous Genesis Block and it was created on January 3rd 2009 by Satoshi Nakamoto
Now,there's a term referred to as a coinbase transaction and it is included in every block on the Bitcoin network.
For clarity, I'm going to try and define what a coinbase transaction is:
It is the first transaction ever made and placed in a block constructed by a miner. This transaction rewards the miner in bitcoins for a successful creation of a block connected to the network.
This message :
THE TIMES, 03/JAN/2009 CHANCELLOR ON BRINKS OF SECOND BAILOUT FOR BANKS
SIGNIFICANCE OF BITCOIN'S GENESIS BLOCK
- Everything must have a beginning,a foundation. So the Genesis Block is the foundation of a blockchain.
- Not knowing how a thing began makes one doubt the reliability of that thing. Without a Genesis Block,it becomes difficult for a blockchain to be trusted by miners.
- The message embedded in the Bitcoin Genesis Block is an example of one significance of Genesis Blocks,as they often contain enticing stories with hidden meanings.
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- Firstly,I would like to restate the fact that the steem Genesis Block is referred to as block 1.
- To locate the steem Genesis Block, I logged unto the steemworld.org website here.
- Next step was to click on the block Explorer,which brings a pop up👇
Where you type the number of the block you wish to explore.
- After clicking on "ok" you'll get to see information about the Genesis Block of steem.
NOTE:
The block height number is the number that is used to refer to the order a block should follow.
CONCLUSION
Satoshi Nakamoto's creation of the first Genesis Block ever on the 3rd of January,2009 was a turning point on the entire financial platform,and has brought a great revolution in the economic market.
The Genesis Block serves as a building block for Bitcoin and for all other alternate coins.
Hello @giftye,
Thank you for taking interest in this class. Your grades are as follows;
Feedback and Suggestions
I have seen that you have tried to do some research but it is not enough. You have to try to understand the lesson for originality.
There are still some missing points on the Bitcoin Genesis Block.
You were asked to sign in to Steemworld and not display your dashboard. Anyone can view your dashboard but only you can sign in with your posting key.
Thanks again as we anticipate your participation in the next class.
Thank you professor,will do better next time
Good day @awesononso ,my post shall be expiring by tomorrow and it hasn't received a visitation from @steemcurator01 or @steemcurator02. Can anything be done pls?