Steemit Crypto Academy[Beginner’s level] | season3 week2 | The Genesis Block
Greetings steem world. Thank you @awesononso professor for the notes on the genesis blockchain and my entry is below.
The Genesis Block
The word “genesis” is originated from the Bible and according to religion, genesis means the beginning. Genesis marks and means the initial start of anything.
The genesis block is the very first block of any blockchain. In this case, because it is the beginning, it has no past. It is the first block there was and is known as the original block among blockchains. Usually, the Genesis Block is the foundation of a blockchain because it is what starts the blockchain era.
The Bitcoin Genesis Block
In the beginning, money ad it’s value were centralized. This simply means that all transactions and the financial sectors were fully controlled by the government. In the early days, there was use of fiat money and conventional banking systems. Conventional banks acted as intermediaries between the savers and the borrowers.
As time went on in2008, the Bitcoin paper was published and it circulated containing promissory details of making the financial sector decentralized. A few people bought this idea and paid no attention to it until in 2009 when Satoshi Nakamoto(founder of the Bitcoin) made a transaction with Bitcoin. This opened very many eyes and gave rise to the Bitcoin Genesis Block. It is also referred to as the Block 0. Besides, it paced way for more crypto currencies that worked with the decentralized system to arise. These cryptocurrencies still work till today because more ripple are certain about them and know the value they hold.
When the Bitcoin was newly established, the rewards got from investing in it were high and very valuable than the current rewards got when one invests in Bitcoin. Earlier, the Genesis Block had 50 bitcoins but currently it is 6.25 bitcoins.
A holder of Bitcoin has to have personal private wallet where his or her Bitcoin is sent.
Currently there is a large group of people in millions who hold and invest in Bitcoin. It is said that after the mining of Block 0, it took six days for Block1 to be mined. This however was not expected because it had to take only 10 minutes for Block 1 to be mines after the mining Block 0.
Due to the delay of Block 1, some people claim it was as a result of need to check on the new technology so as to see if it was fully reliable or not.
Other scholars believe that the reason as to why it took six days for Block 1 to be mined after Block 0 is similar to the Biblical event of the beginning. In the Bible, it took six days of creation so these scholars relate to the Biblical meaning and claim that this is the reason for the delay of Block 1.
In the Bitcoin Genesis Block history, it is said that the founder left a secret message on the “coinbase transaction of the Genesis Block.” Different people have tried to interpret the message left behind but there is no direct answer. Though, they have come up with an answer that Satoshi’s goal was to boost Bitcoin and clear away the era of conventional banking by fixing its failures.
The Coinbase is a secure online platform where one can buy, sell, transfer and store crypto currency. The coinbase automatically rewards the holders of crypto currencies.
Significance of the Bitcoin Genesis Block
• Paving way for the Bitcoin blockchain
Since the Genesis Block is said to be the beginning, it gave way to the Bitcoin as each Genesis Block is a foundation for each Block in the Bitcoin blockchain. The content of the first initial block is followed by other blocks that are to be mined.
• Introduction to other crypto currencies
Bitcoin is said to be the very first successful crypto currency. Through its succession, it gave an opportunity for a rise of other cryptocurrencies in a decentralized blockchain system as well. There has been a rapid growth of crypto currencies ever since the Bitcoin was created. Currently there is an existence of over 10,000 crypto currencies which all began with the Genesis Block.
• The blockchain technology was awakened
In the past years before the coming of the Bitcoin, blockchain technology had never been put into use. It was just dormant until Satoshi awakened it with the invention of Bitcoin. ‘‘Tis was the very first time the blockchain technology was being used after a very long period of time.
This technology from then has been used even today.
Steem Genesis Block
Just like crypto currencies have a Genesis Block, Steem too has its Genesis Block which is referred to as “Block 1”. This marks the beginning of the steem blockchain. You can review the Steem Genesis Block on steemworld.org developed by @steemchiller.
You have to browse https://steemworld.org then click on Block explorer.
The next step is to click on Block 1 and then sign in.
After signing in with your account username and see the details of the steem Genesis Block.
In conclusion, The Genesis Block was able to pave way for the Block 0, that also brought about Block 1. This laid a basis on the formation of a blockchain technology that was helpful and still is used in our daily lives.
Thank you @awesononso professor for the lecture about this.