Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 2 |Homework post for @awesononso. The Genesis Block: The Beginning of the Beginning by @jollybake.
What is the Genesis Block of a Blockchain?
The beginning of something is known as the genesis of that thing, like in the bible creation when the animals were created and just one pair of female and male animals make up a myriad of the animals in the world even though we consume them daily.
In every blockchain, the first block ever generated is called the Genesis block. It is known as "Block 0" or "Block 1" depending on the blockchain.
Write on the Bitcoin Genesis Block and its significance.
In 2008 the stock market crashed, sending the global market into a tailspin, this crisis caused many to return to two institutions, the bank, and the government.Amidst the global financial crisis, Satoshi Nakamoto published a book titled; "Bitcoin a peer to peer electronic cash system". It introduces a transactional mechanism based on math instead of trust.
In January 2009, the Bitcoin blockchain goes live. The first block of data (the genesis block) was mined with a coded note left by Satoshi Nakamoto.source
The Bitcoin Genesis block is the foundation of a bitcoin blockchain I.e it is the first successful block created. Bitcoin block is known as "Block 0".
The dividend of mining a bitcoin at the initial time is more profitable than now due to Bitcoin halving.
The first Bitcoin mined and the secret message
According to the image above, the 50BTC was mined on 03-01-2009 at 19:15 but the miner was unknown which means that even though Satoshi Nakamoto must have played a role in the mining of the Bitcoin, he may not be the one that mined or might not be the only person involving in the mining of the Bitcoin.
Using the coinbase transaction, in the image above the miner claimed his reward and transferred it to a block, some school of thought believe the 50BTC transferred is not accessible but others believe that it is very much traded and accessible. Only time will tell us exactly what to believe
The secret message left on the transaction
5468652054696d65732030332f4a616e2f32303039204368616e63656c6c6f72206f6e206272696e6b206f66207365636f6e64206261696c6f757420666f722062616e6b73
Of course the above does not make any sense to a lay man. To understand it, a text converted is used.
After conversion, "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
source
Significance of the Bitcoin Genesis Block
A benchmark for the Bitcoin blockchain
Bitcoin Genesis block is a standard for other blocks in the bitcoin blockchain, it opens up to how data can be stored in an orderly fashion.
Due to the criteria the Genesis block set, other blocks in the Bitcoin blockchains has be formed and still forming to help better the economy.
An emerging of blockchain technology
Without Bitcoin Genesis blockchain there will not be crytocurrency and without crypto currency we won't be here learning, writing and understanding it.
The emergence of this blockchain technology has draws us from all part of the world to this decentralized platform called "Steemit'. Which was only possible because Satoshi Nakamoto was successful in his invention of Bitcoin.
The ancestry of Cryptocurrencies
When the block was completed, the first cryptocurrencies which is Bitcoin was formed.
Bitcoin Genesis block appeared as an option for individuals whose trust in the banking system is low to have a choice instead of accommodating the banking system at the time. Hence, it is the first successful crypto currency which focuses on empowering individuals and upon which other 10,000 block chains were formed 12 years after its emergence.
Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion)
Steemworld shows the above image when the link is clicked, click on block explorer.
Click on okay
Sign in with steem account number and private voting key.
Then the ok
The block details shows steem block details which includes timestamp, block id, previous id,signing key, witness, witness signature, transaction merkles Rc and extension.
Conclusion
The Genesis block of a block chain is the first block created in that blockchain. Each block chain follows a guild lay down by the genesis block , the Genesis block shows the standard which other blocks in the blockchain will follow.
Hello @jollyblake,
Thank you for taking interest in this class. Your grades are as follows;
Feedback and Suggestions
There are still some missing facts on the first and second questions.
You should have used screenshots of your own experience rather than using the ones from the lecture.
You should have mentioned significances different from the ones in the lecture.
Thanks again as we anticipate your participation in the next class.
Thanks so much professor @awesononso
Correction taken
Hi professor @awesononso
MY post has 9 hours left to pay out, yet no vote
Please do something
Cc: @steemcurator02