Image source

Hello everyone,
Am super excited to participate in this week's lectures. Frankly speaking,this week's lecture is quite interesting because prior to Now i have little or no knowledge about the history and genesis of cryptocurrency and indeed am very grateful to professor @awesononso for this amazing topic. While studying this lecture topic,I really learned a lot from this topic and all thanks to @cryptoacademy for organizing such amazing lectures.
Without wasting much time,I will proceed to answer the homework assignment based on the knowledge of what I learnt from professor @awesononso.

QUESTION 1

WHAT IS THE GENESIS BLOCK OF A BLOCKCHAIN?

Before I go into the full definition of Genesis Block of a Block chain,I will like to define the words individually.

Genesis

Genesis in a lay man's understanding simply means beginning. Everything in this world has a story line of where they originate from and same thing is applicable in blockchain. Therefore,genesis is the beginning,foundation,starting point or the origin of a thing.

Block.

Blocks on its own are files or records which when they are it together forms a block chain.Block has important role to play in the block chain of any cryptocurrency and its importance cannot be overemphasized.

Blockchain.

Just as the name implies,blockchain is the collection of files or records(blocks) and linking them up together in a computer system which makes makes it difficult to hack,change or even cheat the system.

Therefore,

The Genesis Block of a Blockchain can be defined as the first block of a blockchain according to professor @awesononso.

In my own understanding,Genesis Block of a Block chain is the starting point of all block chain. Each time you hear the word "start",it simply means to "begin".The genesis block is the foundation of all block chain. There is no history of previous hash or any other blocks before it.

The genesis block being the foundation of every other block is usually referred to as Block O although some other blickchains refers to it as Block 1.

Since the Genesis block has no pre-existing blocks before it,it makes it to stand out amongst others and one thing that is more phenomenal about it is the fact that for a new block to be formed,the hash of the Block O (genesis block) is added and that makes it the foundation of the new blocks formed.

QUESTION 2

•WRITE ON THE BITCOIN GENESIS BLOCK AND ITS SIGNIFICANCE.

THE BITCOIN GENESIS BLOCK.

Before I proceed,I will like to stare the fact That Bitcoin is the first and oldest cryptocurrency that ever existed and its still the number one cryptocurrency in existence currently.

Before bitcoin block came into existence,all that was invoke was fiat currency and the banking system which is being controlled by the government and their policies. But this was all centralized thus a need for a decentralized system aroused and someone took up the dream which birthed the bitcoin genesis block.

On the 3rd day of January 2009, an anonymous bitcoin founder(s) Satoshi Nakamoto made a bitcoin transaction which gave birth to Block O.

After mining the block then,a total of 50BTC was gotten as a reward but today the reward of mining a block is 6.25BTC which means that mining was easier then than now.

When the Bitcoin genesis block was formed in 2009, 50 BTC reward was sent to an address, which remains untouchable and can't be spent till now.

The wallet address in which 50 BTC were sent was
1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

Even though the account is untouchable and
there is no trace of Satoshi Nakamoto whereabout. But some loyalist of his has found a way of appreciating him for what he has done to the crypto world, they often pay in some coins into his wallet which has also lead to the increase of BTC in the wallet.

Normally, mining bitcoin takes only 10minutes to mine, that is, creating a fresh block after a previous one. Now, after the genesis bitcoin was produced, it took 6 days before the second block was created rather than the standard 10 minutes.

However, satoshi states that;

Bitcoin is much different from banking system, which cannot fail and won't need adminstration or government guarantee or pledge.

This message was identify on the heading of a report, the newspaper was broadcast on that same day the genesis block was created.
(image source

This message makes it clear that bitcoin is quite different from conventional banking method.

Significance of of bitcoin genesis block;

Below are few significance of Bitcoin Genesis Block in the world of crypto and to mankind at large.

• It stands as a manual and guideline for every other cryptocurrencies in terms of settings,arrangement and organization.

• It has made the dreams of a decentralized system a reality thereby creating room for more opportunities in the world of crypto.

• Many people has become wealthy through mining and carrying out of other transactions on the block chain.

• It has paved way for the birthing of other cry pro currencies.

QUESTION 3.
•GO TO HTTPS://STEEMWORLD.ORG AND LOCATE THE STEEM GENESIS BLOCK,YOU MUST PROVIDE SCREENSHOTS AND SIGN IN AS PROOF OF COMPLETIONS.

In order to locate the steem genesis block,I will have to follow the steps below.

• First,I will have to visit the website https://steemworld.org using my browser.

• When the page opens,scroll to the right hand side of your phone and click on sign in where you will have to input your steemit blockchain details(username and private posting key).

• While imputing your Login details,do not insert the @ sign in front of your username else it will tell you that your data does not exist in the blockchain.See the two screenshot below.

wrong

correct

• Once you're properly logged in,click on block explorer.

• Once you click on it,a bar will show carrying a number which is 1,and that's the block number.Click on OK to continue.

• Once you click on OK,the steem genesis block will open.

Once you follow this steps accordingly,you will surely see the steem genesis block.

CONCLUSION.

Indeed,everything in this world has a beginning and this topic took me round the bitcoin genesis block and I must confess that its such an amazing topic.

Thanks.

CC:
@awesononso
@steemblog