Steemit Crypto Academy [beginners’ Level]|| Season 3 Week 2 Homework || The Genesis Block: The beginning of the Beginning.

Am happy to be part of this awesome lecture by prof @awesononso. The lecture is ver accurate and engaging and having gone through the homework and requirement, I decided to attempt the homework. Here is my entry below.

Genesis in it literal meaning means the very first before any other, it is also reffered to as “block 0”. Linking it with this subject (blochain) means the very first block that was ever mined in a blockchain. We all know that to everything there is always a beginning or starting point. It is applicable to blockchain too.This subject will not be complete if I fail to mention what block is. A block can simply be defined as a digital ledger that is used to store informations such as transactions on a blockchain, it is permanent in nature and can’t be manipulated,removed or altered. After the mining of the first block, other blocks can now follow,making reference to the block preceeding it. Its is also important to mention at this point that bitcoin’s Genesis block was the very first to be ever mined in the cryptocurrency world.

I will be writing extensively on Bitcoin Genesis block which is the very first to be mined in the cryptocurrency world.The first bitcoin was mined in January 3,2009 by it inventor whose identity remain hidden even by those trading and using the digital currency. The only information available to many is the name of the inventor or miner as the case may be. His name is “Satoshi Nakamoto”. He disappeared after mining the first block. The first block to be mined has a reward of 50BTC unlike what we have today which is not up to 10BTC for any succesfull mining.

This block and the subsequent early blocks has two or more hex zero and also has a coded message in the coinbase parameter. This was proven about Bitcoin in that the message encoded in the genesis block by Satoshi Nakamoto read

This was confirmed in a newletter published later on and it is believed by many bitcoin enthusiate that the message was the reason for the creation of the digital currency.

The value of the first block mined has increased drastically because people has been sending BTC to the address I appreciation.Another interesting thing to note about the genesis block was that after the first block, it took another sis days to mine another block.

• The significance of the genesis block is to be the model or basis of the bitcoin trading system. In other word, the bitcoin genesis block will be the prototype which other block will look like. In fact all other block will make reference to the preceeding block.

• Secondly,it also opened up the world to crytocurrencies and its possibilities. It no more a news that the world is gravitating towards crypto (digital asset) even more than their centralized native currencies.

• lastly just as the name implies, genesis block also open up the world to the blockchsain system where informations can be stored in block. This is also called the digital ledger sytem that is permanent in nature.

”Go to http://steemworld.org and locate the steem Genesis Block (You must provide screenshot and sign in as proof of completion).

• I visited http://steemworld.org

• I clicked on block explorer
• I clicked ok for block 1

• I got the details of the genesis block

• I signed in to steemworld

Conclusion

Thanks for this eye opening lecture @awesononso. I've learnt a lot in the course of attempting this homework. I look forward to more interesting lectures and warm remark from you.