Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 2 Homework|
Introduction
My fellow steemians,
It's a pleasure on my side to be in attendance in this wonderful lecture which was presented by our very own able professor in the person of @awesononso on the topic " The Genesis Block: The Beginning of the Beginning ". Sincerely, this lecture has really brighten my knowledge and understanding as regards the topic under review. After attending the lecture which was well delivered by the professor him self, I have resolve to attempt the assignment task. I will be answering this questions based on my knowledge from the lecture and the little research I was able to carry out. Read through and make corrections and contributions where necessary.
Question 1:
What is the genesis block of a blockchain?
Blocks as we all know literally is use in building. In the case of blockchain, blocks are the building blocks of a blockchain. Now, the word genesis as included in the term blockchain means the beginning of the blockchain. Now let's discuss they term "genesis block".
They term Genesis block in the blockchain technology refers to the first-ever hashed block of a particular blockchain. Genesis block is completely different when compare to other blocks in terms of information on the blockchain. It's important to mention here that genesis block among other blocks is the only block that is very unique and it is not referenced to any preceding block. It's also important to note that the rewards obtained from the genesis block is not always withdrewable. Genesis blocks are normally block 0 and it serves as the origin or beginning where every other coin gets it root.
The genesis block is used to perform the validation of the first transaction on the bitcoin blockchain. Since then till now, the hash of this block has been used to create other blocks. Now, it is important to note that every created genesis blocks on the blockchain have some stories behind their creation. In the case of bitcoin genesis block, it was created to solve the financial issue at that moment.
Question 2:
Write on the Bitcoin Genesis Block and its significance.
The very first ever crypto currency in the world is Bitcoin. The Bitcoin genesis block is the most important block as far as crypto currency blocks is concerned. This is because all other blocks derive their origin from this very genesis block. It is important to mention here that the Bitcoin block which happens to be called the block 0 is the very first block to be mined after which the mining of other blocks followed. On that faithful day where a news article with the title Chancellor on brink of second bailout for banks was released was the first day genesis block was first mined.
Now this title was exactly same word that was encrypted by the founder of Bitcoin Satoshi Nakamoto in 2009 on the coinbase transaction of genesis block. It is also important to note here that after the first mining of the block of bitcoin, the next mining was done after a period of six complete days. It takes ten minutes for the usually average mining process to take place.
Now the issue of the time it took for the first bitcoin block to be mined, which was done and then it took six days for another to be done, against the usual average time of ten minutes, is a theory which was believed that the timestamp was actually altered by the founder of bitcoin himself in the person of Satoshi Nakamoto. He didn't use the genesis block to carry out this mining process even though the genesis block was already created at that time he used a different block and after testing the software he deleted the block and at the lunch of his softwaree which took place on the 3rd day of January 2009 he now decided to lunch it using the genesis block. That is what made the difference between they usual first day mining that took up to six days before another was done and the ten minutes average mining interval.
The first mining reward was 50BTC which was received by 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa but this amount is not withdrawable. It is not spent able.
The significance of Bitcoin Genesis Block.
The significance of bitcoin genesis block can not be overemphasized, the following are some of the importance of the bitcoin genesis block.
- A new level of Decentralization came into existence when the successful mining of the bitcoin genesis took place. And the success of this also gave room for the wider spread of the idea of decentralization.
- The bitcoin genesis block creation is what gave room for other cryptocurrencies to come into existence. Because of the effort of Satoshi Nakamoto in the creation of bitcoin, it gave room for others to create other crypto currency and today we have about 10,000 different currencies in existence.
- The genesis mining process of other crypto currency gets it root or origin from that of bitcoin genesis block and since bitcoin genesis block is organised in a systematic way other crypto are following the same steps to do theirs as well.
- Due to bitcoin genesis block, the coin is put into use as you can use it to trade anything at anywhere around the world today.
Question 3:
Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
- To check for Steem Genesis Block, I visited https://steemworld.org
- After clicking on Steemworld, I click on sign in.
When the sign in form shows up, you input the stem account name and posting key
Click on Block explorer
- Since my aim is to view the 1st bock, I will insert 1 and click on "OK"
- The first Steem Block appears.
Conclusion.
In conclusion, this lecture, have really broaden my knowledge as well as understanding as regard the topic under review, i have learnt deep knowledge about Genesis Block. Th Genesis block is ancestor of all the blocks. I must also say that I have never had any reason to check the Genesis Block of Steemit. Bitcoin Genesis block is actually the root over which all other block depend on. I want to say a very big thank you to the professor @awesononso for sharing this much informative lecture with us.
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