Crypto Academy/Season 3/Week 2- Homework post for @awesononso by @kelechisamuel

Week one was amazing and I trust week 2 to be better, the lecture gives a general knowledge of Genesis block, Bitcoin Genesis block and some history incorporated in their formation and existence
I am @kelechisamuel and this is my homework post for @awesononso

WHAT IS THE GENESIS BLOCK OF A BLOCK CHAIN

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The word Genesis as we know is the first book of the Christian Bible which dwelt on the origin and the creation story of the world and humans at large, in the same vein the word Genesis also means a start point, an inception, a beginning or the act of something coming into existence

A block is what forms the block chain when they are arranged in series used to save up informations based on transactions that has occured on the block chain network and each block can be identified by it's hash separately

A GENESIS BLOCK refers to the first block of a particular crypto currency that was ever formed or mined, it gives a template for other blocks in the block chain to follow and move in the same pattern

WRITE ON THE BITCOIN GENESIS BLOCK AND ITS SIGNIFICANCE

• A BRIEF HISTORY
  Bitcoin as we all know is seen as the mother of crypto currency and it was first initiated on January 3, 2009 by it's anonymous founder Satoshi nakamoto
  The first ever Bitcoin block mined was done on that date and it was seen as the start of the crypto era, although some of people argue that the start of the era was about 3months before that date when the Bitcoin white paper was issued out
  The Bitcoin Genesis Block is the creation of a currency that is totally digitalized and decentralized. It gives users access to make transactions with peer to peer mechanism with no need for a trusted financial central body
  At first it was called block 1 but not anymore it is now called block zero(0) and every block is connected together holding information of the transaction that was made

• REWARDS
  The Genesis block at first was rewarded with 50BTC as stated in the lecture but not anymore, the reward for mining one Bitcoin block is 6.25BTC which will be shared among the miners
  Although the first transfer of 50BTC is not withdrawable

• TIMESTAMP
  As we know the average time for mining Bitcoin is 10minutes but after the block 0 the Genesis block, the next block took about 6days to mine although the hypothesis suggested that the software was produced on January 3rd but was tested until January 9th, which afterwards the test samples where deleted and the Genesis block was used as a template

• Block 0: 3rd January 2009; 18:15:05

• Block 1: 9th January 2009; 02:54:25

• EXPENSES
  It uses a proof of work consensus mechanism , because of how expensive it is to acquire a network hash rate, it makes it difficult for miners to mess with the transactions details

• HIDDEN MESSAGE
  "THE TIMES 03/JAN/2009 CHANCELLOR OR BRINK OF SECOND BAILOUT FOR BANKS
  The message was sent to indicate the reason for the creation of the Bitcoin block chain and also indicate that it was created at that particular date.

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SIGNIFICANCE OF THE BITCOIN GENESIS BLOCK

The creation of the Bitcoin Genesis block has a few significance which I will be listing a few below

• The mining of the Genesis block brings about trust that everyone can know how it started having equal right and opportunities for everyone

• It gives hope and room for the creation of other crypto currencies being the mother of crypto currencies which has birthed so many currencies in existence now

• Brings about the creation of other blocks because of the template from the Genesis block is being used to mine and build other blocks

STEEM GENESIS BLOCK

It is quite easy to find the steem Genesis block 1 as it was explained well in this lecture

• First visit www.steemworld.org, you will see a page like the one you can see below

• click on the sign in button to login to your account

• Put your username and your posting key

• Click on the block explorer to find the block 1

• Input the block number 1

• As we can see below, the block id, the witness and the time stamp of the block one

CONCLUSION

In conclusion, the Genesis block is really important and knowing it's history, significance and why it was created is a very beautiful knowledge and I am glad I gained that.

I also learnt about the steem genesis block and how to find it which was interesting, I really must commend @awesononso for this one, it was great

Thank you all for reading

Cc
@awesononso