Genesis Block-Steemit Crypto Academy Season 4-Homework Post for Task 3 || By @justiceanietie
Hello Professor @awesononso, thank you very much for this wonderful lecture which has really help me in understanding Genesis Block. I will be submitting the solution to my assignment on:
I will start by giving a clear explanation to Genesis Block.
The word Genesis signifies the beginning, origin or the starting of something new. However, Genesis Block is the process of beginning a Block where additional Blocks will be added in the Blockchain.
The origin of every Block is traceable to the Blockchain. On this note, the formation of new Blocks has its Genesis from the Blockchain.
All the transactions that takes place on the Blockchain network, has its transactional information stored on the Blockchain. The transaction Hash on the Blockchain, helps for easy identification of each transaction that takes place on the Blockchain.
Genesis Blockchain always grow in height until it reaches the end of the Blockchain. This means that, the Block are in layers and in a sequential form or manners.
The Bitcoin Genesis Block was created on 3rd of January, 2009, by Satoshi Nakamoto and this was the only model for the Blocks to strive in its Blockchain. He equally brought about the launching of booming in Cryptocurrency.
The significance of the genesis Block is not far fetch. Therefore, below are some significance of Genesis Block:
• Globally, the idea of inventing Genesis Block has brought about the application of Blockchain. In the financial sector, technology has really come to change and aid the process of transactions, compared to the manual system. On this note, it does not take time for transactions to be processed especially now that crypto currencies serves as a medium of exchange globally.
• All transaction Block is connected to the Genesis Block and this helps to direct and build the foundation of the Blocks. The Block always have data summary which bears the continuity of the Block.
• The creation of more than 10,000 Crypto currencies which are in a decentralized form by Satoshi Nakamoto in the Genesis Block, makes Cryptocurency to have a stand globally. Here, the users of the blockchain have a consensus on the Blockchain.
• The Genesis Block is the core of the Blockchain, this means that the Blockchain depends on the Genesis Block as the foundation of the Blockchain.
• The Genesis Blockchain helps miners to understand the origin of the Blockchain. On this note, without the Genesis Block, it would have been cumbersome to trust the Blockchain.
To explore the Bitcoin Genesis Block, the following guide is considered:
- on the web browser title bar, enter the below address
click on explorer, you will see a search button,
enter the Hash address and click search.
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
- The below page will pop up.
From the page above we can see the origin Block 0, 50 BTC, and a tatal confirmation of 701,447.
In order to know the total transactions and number of Bitcoin, below is the wallet address
1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
Click at the green arrow at the bottom of the previous page (screen shot), where you have the wallet address above, it will take you to the next page.
At this time, the wallet Received a total of 68,52260793 BTC. While the total Transactions are 3,045.
At this point, we have come to understand that the Genesis Block is also known as Block 0, or 1 depending on the Block. this is the origin of Block in which additional Block can be added on the Blockchain.
As at the time of publishing this post, we have a total of 50 BTC, and a tatal confirmation of 701,447.
At this time, the wallet Received a total of 68,52260793 BTC. While the total Transactions are 3,045.
Thanks for your time.