Crypto Academy / Season 3 / Week 2 - Homework Post for professor @awesononso || The Genesis Blockchain || By @humblesoul

It's a privilege to be part of this week's class, From this weeks lecture, I have solemnly understood "What a Genesis Blockchain is, Some example and it significance". It is a great presence to see you in this week class and thank You @awesononso for the well-detailed lecture.Based on this week class, Here is my entry on the homework task.

These is a database that stores information or data in blocks technically and are chained together. Blockchain keeps records of data that are connected with the use of cryptography,these at most time are been controlled by a user or trader without a one person control, however it allows protocol to communicate and are connected publicly through a peer-to-peer network (P2P).

GENESIS BLOCKCHAIN

The word "Gensis" can also be referred to as an origin or outset of something. Therefore, These also known as Block 0 or Block 1 is the first Blockchain that was created without any precursory Block, it is hard-coded into a software application of a cryptocurrency, it is considered to be peculiar because after it other subsidiary blocks follows through.

In 2009, a developer by name 'Satoshi Nakamoto' (Although anonymous) launched this Blockchain that is based on poof-of-work system. This innovation which also is a decentralised platform was needed although most traders can not trust a Blockchain fully but with the Origin or Beginning, a starting piont can be seen and trusted.

WRITE ON THE BITCOIN GENESIS BLOCK AND ITS SIGNIFICANCE

Bitcoin was launched in the year 2009 by the idea developed by Satoshi Nakamoto (although anonymous). This was first of kind back then that has a decentralised trading system which can be access easily by other users connected to it and centers on Poof-of-work, this Blockchain created it first block of (Block 0)which when created was not linked or referred to any block that would serve as parent to it.

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The above image shows the detail of the hash that was generated when the first block was created. The image also depicts the actual reward that was sent to the block which was 50 BTC transferred to public wallet address and was mined at time, as seen below:

1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

It's been recorded and according to image above that since the wallet address is open, few kind-hearted individuals has sent some among of BTC to the wallet or block as an appreciation for the creation behind the system.

The reward or transfer that was sent to the block wallet it said to be fixed and cannot be removed or tampered, as the image belwo shows the status of the fund in the wallet:

FACT BEHIND CREATION
Today in the crypto system, if a block is to be created or launched is will take 10 minutes to do so but during the creation of this first block 0, it shows that it took 6 days to mine and fully functionalize, this is a mystery on it own which can't be traced as to the main reasons behind such transition.
The block 0 had an encrypted text that was has it own meaning which was created with a purpose, as you can see the image of the encrypted text below:

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BITCOIN BLOCKCHAIN SIGNIFICANCE

• FOUNDATION: The creation of this blockchain has laid a ground work as for other blockchain to be created under it, just like a when a contractor wants to erect a new building, a foundation must be made in order for blocks to formed.

• FINANCIAL EFFICIENCY: the blockchain allows users to transact without an intersection of a one man control.

• FINANCIAL INSTITUTE: the innovation has made it possible that funds can be saved or transferred through the system without any other banking system.

• With the use of the blockchain, a cryptocurrency transactions or dat are been stored on the block which makes it easier for the traders or miners to analysis when necessary.

• Miners or traders can earn a living or profit from the blockchain by investing on mining with Bitcoin or other related cryptocurrencies.

GO TO https://steemworld.org AND LOCATE THE STEEM GENESIS BLOCK (YOU MUST PROVIDE SCREENSHOT AND SIGN IN AS PROOF OF COMPLETION)

Here is the process