Crypto Academy Season 5 Beginners course - Homework Post for Task-3: The Genesis Blockchain has
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1. What is Genesis Block?
2. What are the significance of the Genesis Block?
3. Explore the Bitcoin Genesis Block and indicate how many transactions so far and the numbers of Bitcoins.?
The term Block in crypto world tend to be the digital infinity record of transactions that is distributed beyond the whole network of computer systems on The blockchain that takes place in a particular time, it program is written in such that it can’t be hacked or cheated on.
In every block on the blockchain, it saves data’s and amount of transactions, each and every time a new transaction take place in the blockchain, a digital documented ledger is added according to the participants. Blockchain is a Decentralized computerized information controlled by numerous participants which is also know as Distributed Ledger Technology (DLT). Transaction in the blockchain are written and saved with a rigid secret written (cryptographic) autograph known as HASH
With regards to the word GENESIS, we can understand that it’s picturing the beginning of a particular situation or event, even the Bible the Book of Genesis talk about the beginnings of creation and how things Came into existence.
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In this case, the Genesis of Blockchain is then known as the beginning of everything about the Blockchain. The Genesis Block is the first blocked mined in the blockchain, being the first block makes no block before it.
Bitcoin being the first crypto currency ever is considered the Genesis crypto ever mined in the Blockchain. The Genesis Block created the foundation for the BTC mining system and it isn’t the ancestral Block for every other block in the BTC Blockchain.
The Genesis Block was created by a developer named Satoshi Nakamoto in 2009. The so called Satoshi Nakamoto is a presumed person which isn’t well identified and this have brought about some arguments in the world of crypto currency.
1. IT SETS A STANDARD FOR OTHER BLOCKS: Being the first block ever in existence, it has a set standard for different blocks. It narrates how other blocks are assembled and structured. It’s therefore a mentor block for others to follow.
2. THE ROOT OF CRYPTO CURRENCIES: The Genesis Block has bitcoin as their first crypto ever developed which isn’t the most used crypto currency all over the world.
Within the period of 12 years after the birth of the first crypto currency (Bitcoin), over 10,000 other crypto’s have been created under the Genesis Block.
3. AN ADVANCEMENT STAGE TO THE BITCOIN BLOCK: it’s a Blockchain of orderliness which describes how data’s and informations should be stored in it. Genesis Block mentors other blocks available in the Bitcoin Blockchain. It has a watchful and secured structured arrangement which other blocks follows to know the criteria’s to be met to know when a new Block can be mined.
Concerning all the crypto currencies, the Genesis Block is the foundation of how it all started in the world of crypto currencies. Genesis Block brought about the revelation of the crypto currencies into existence.
Made believe that Satoshi Nakamoto which is presumed founder of Bitcoin and crypto currency commenced a transaction that Mined Bitcoin in the Genesis Block on the 3rd day of the month of January , 2009 which have lead to the adoption and creation of over 10,000 crypto currencies still in existence.
The Genesis Block is known as the block 0 which had a block reward of a bulk bitcoin of 50 in total.
below is the hash of this block and the wallet address
Hash: 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
Wallet address: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
Having access to this block, you must paste the Hash in the search bar of the block explorer using your internet browser.
At the first time of exploring the block you’ll decide if it’s the btc or other crypto blocks you want to access, and for this case we’re accessing the BTC Block. The photos below explains better
Transactions - 3150
Total Recieved - 68.52633738 BTC
Total Sent - 0.00000000
Final Balance - 68.52633738 BTC
Being able to understand the lectures by professor @awenonso, the Genesis Block is the root for other blocks and the founding fathers of the crypto currencies.
Thanks for reading through my entry for this contest. Best regards to professor @awenonso.
