Genesis Block - Steemit Crypto Academy Season 4 - Homework Post for Task 3
.png)
Hello mates. This is my submission for the Introductory Courses, Task 3. I will attempt answering the first question and I hope you find this piece informative and helpful.
What is the Genesis block?
What are the significances of the Genesis Block?
Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
Genesis can be thought of as the starting point of any project, whereas Blocks are digital containers in which data relevant to network transactions is permanently saved.
In simple terms, the Genesis Block is the very first block of a blockchain. The Genesis block, also known as Block 0 or Block 1, is the initial block in a blockchain onto which additional blocks are created. It is the ancestor block that every other block can trace its history back to, without any previous hash.
The blocks in a Blockchain are built one on top of the other, with the Genesis Block serving as the base for all of these blocks, which continue to rise in height until the Blockchain is complete. Thanks to Satoshi Nakamoto, Bitcoin's Genesis block was the first proof-of-work blockchain technology. Because Bitcoin is the first blockchain network from which the now existing many other blockchain network picked a cue from in developing their networks, I will emphasize on the Bitcoin Genesis block.
When Satoshi Nakamoto built the Genesis Block for Bitcoin in January 2009, it was the first time we heard about a block. As a result, the Bitcoin Genesis Block can be considered the first block in the Blockchain system. On Sourceforge, Satoshi released the Genesis Block for Bitcoin, which contained the first 50 bitcoins. Although the 50 bitcoins in the Genesis Block cannot be exchanged or used, individuals continue to send bitcoin to that block. Block 0 is the ancestor of all bitcoin blocks and can be traced back to Bitcoin's Genesis Block. Interestingly, with the difficulty level set to 1, mining in the Genesis Block was easier than it is now, and the reward for mining was 50BTC instead of the current 6.25BTC because the rewards for mining a block halves by the current value every 210,000 blocks.
The Genesis Block forms the base or building block for all other blocks on the blockchain.
The Genesis Block specifies how data in the blockchain should be stored. The Genesis block acts as a model for all subsequent blocks on the blockchain, as it follows the systematic arrangement of the data in the Genesis block.
Lastly, the Genesis block of Bitcoin, the first successful cryptocurrency, was the first ever created. The Bitcoin genesis block served as a model for the development of the thousands of cryptocurrencies that exist today.
I visited Blockchain.com to explore Bitcoin's Genesis Block.
Below are details of the Genesis Block.
.png)
Highlighted here is the hash details, timestamp, miner which is unknown and you can see the difficulty level at the time, 1.
.png)
Here, you see the mining rewards also at the time which is 50BTC.
At the time of preparing this work, the address has transacted 3,112 times and total received BTC was about 68.52395982 BTC as see below.
.png)
Thanks for reading and credits to @awesononso for this lecture.
Do not use the #club5050 tag unless you have made power-ups in the last month that are equal or greater than any amount you have cashed out.