CryptoAcademy season 3/week2-homework post for prof @awesononso-The Genesis block by @joelmaxwell

Hello steemian Am very grateful for participating in this lecture by prof @awesononso

WHAT IS GENESIS BLOCK OF A BLOCK CHAIN

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Genesis is the first book in the holy Bible
Block is making movement towards something
Blockchain is a digital ledger that store information such as bitcoin
From the topic, we will know about the first movement or step taken towards a digital ledger that stores information and can be used for transactions,Genesis is a greek word meaning origin,the Genesis block of a blockchain is also a way of saying the origin of blockchain,i can also say the coming into existence of a blockchain which has to do with how it was first introduced.

Genesis block of a blockchain is the linage in which other block are being created from or reference to,it is also named the Block 0,it was being mined in 3 January 2009 and the mining was done by a Japanese cryptographic name Satoshi Nakamoto after publication was made on white paper on the 31 October 2008.And since this event occurred I can say that that this innovation has great impact in the world because it is through this that other coin were being mined.

The genesis block day celebration was first initiated by Trace Mayer,people all over the world usually pay tribute to the first miner Satoshi by sending a small fraction of Bitcoin to the Genesis block address and till date the block has upto 68.13btc,which is about $131,527 which is higher than it originally began with which was 50btc.

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The image above is how the block zero transaction was.

The first version of Bitcoin0, which is the original Bitcoin codebase is being written in the coding language which c++ and the window in which it was being mined in those days was the GUI mining application

A man by name Hal Finney was the first individual to perform a transaction with Bitcoin and this took place 3 days after the coin was being sent to him by Satoshi.

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WRITE ON BITCOIN GENESIS BOOK AND IT SIGNIFICANT

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Above is the Bitcoin Genesis block

The Bitcoin Genesis block is a very unique block in which other coin are being reference to it invention
The Bitcoin Genesis block is the first,famous and foundation of other cryptocurrencies coin which was mined by a Japanese cryptographic Satoshi,it is through this foundation that other coin are formed.it was developed in 2009 after the publication about it in 2008,the Bitcoin Genesis block is also the prototype of other coin

There was a secret message Satoshi which was the miner instilled within the raw data of the block though it is hard for people to understand this message but many people believe that the secret message which appear in the headlines of an article in 3 January 2009 of the London Time was about the mission statement of Bitcoin.the message was " chancellor on the brink of second bailout for bank"

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And during this period of 2007-2008 there was a financial crisis in London and when the Bitcoin was mined most individuals spoke about the difference between the financial institution(banks) that needed government to bail them out in the year 2008.
It was said that Satoshi spent 6days in mining the Bitcoin,test the coin and made sure of it stability.Satoshi with the mining of Bitcoin has impacted million alot of people in the world with his technology.bitcoin means binary digit coin in which alot of cryptocurrencies trader may not know the meaning

SIGNIFICANCE OF THE BITCOIN GENESIS BLOCK

• FOUNDATION OF CRYPTOCURRENCY

Bitcoin is the first coin that was introduced and through it invention that other cryptocurrencies were formed making it not only famous but also a foundation laid for every other coin that is being mined today

• STORAGE OF DATA

It aids in the storing of data and information for a very long time through the ledger system known as digital ledger system

• TRUST

The introduction of the genesis bitcoin and it transparency,stability from time gave people the mindset of trusting other coin now in circulation such as the litecoin,ripple etc

• DECENTRALIZATION

This also aid in the introduction of the decentralized system in the economy where you are in control of your dunds and can make transaction without a third party,you are your own boss and your parlour or bedroom can be your office

FROM YOUR BROWSER,LUNCH https://steemworld.org to locate the steem Genesis block

• In order to locate the steem Genesis block which is also known as Block 1
  You will first click on the address http://steemworld.org

• click on sign in
  Before this your private posting key should be ready
  

• enter your steemit username and your private posting keys

• locate the block expolorer and click on it

• you will see 1 appearing in a space this show that it is block 1,click on ok

• Now you can see the steemit blockchain,you can see the producer,witness, and even the signature here
  Wow such a wonderful thing

CONCLUSION

The lecture was really interesting knowing about the Genesis of blockchain,which os actually how blockchain was form and by who,one of the most interesting part i picked is the secret message of Satoshi the first miner of bitcoin.

I also found interest in the genesis of Bitcoin which is also block 0 and the foundation of all other coin.not only that best i was able to locate the steemit blockchain and know about our very own steem,it was really interesting.

Cc;prof @awesononso