Crypto Academy Season 3 Week 2 | Intermediate Homework Task Article for Professor @awesononso | Topic: The Genesis Block: The Beginning of the Beginning

We are now starting another week here in the academy and I am glad to take part in this course discuss by @awesononso and do the homework tasks given to the topic, "The Genesis Block: The Beginning of the Beginning" as given.

Homework Tasks:

<sub>1. What is the Genesis Block of a Blockchain.
2. Write on the Bitcoin Genesis Block and its significance.
3. Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).</sub>

We are all aware that we are now dealing with the cryptocurrency world, and we cannot deny the fact that we will frequently come across the terms Blockchain, Block, Genesis Block, and a variety of others. Now, in this article, I will discuss some facts about the assigned tasks that I am aware of.

What is the Genesis Block of a Blockchain.

_{Image Source: Youtube Channel: Skalex}

Everything that we seen in this world, their is a beginning, It doesn't evolve or created on it's own and the same as to what we are dealing with now in the world of cryptocurrency, their is also a beginning.

If we refer to religion, Genesis definitely means the beginning of the creation of the world and we can also describe it into the Genesis Block of a Blockchain as the beginning of a block in a Blockchain. We already know from the discussion that the Genesis Block is the very first block in a specific blockchain; however, in terms of the Genesis Block of a Blockchain, it is the beginning block or the ancestors of a blockchain to which every other block can trace its lineage back to because every block references the one preceding it.

The Genesis Block of a Blockchain is referred to as Block 0, but in some cases, it may also be referred to as Block 1. This block was the ancestor of all blockchains that we can trace their lineage back to, as we all know, every blockchain traces back to a previous one.

Write on the Bitcoin Genesis Block and its significance.

_{Image Source: Quora.com}

The world has just changed after the anonymous person, Satoshi Nakamoto founded the very first Blockchain which is Bitcoin way back the 3rd day of January 2009 that made the first cryptocurrency transaction of the Block 0. To let everyone know, the first block transact by Nakamoto has contains the string: The Times 03/Jan/2009 Chancellor on brink of second bailout for banks that we have seen in the image which is in raw Hexadecimal version of the message.

Because of the way the code is structured, the first block creation sent 50 BTC to an address where they cannot be spent. The bizarre thing is that that address now has a balance of 68.44903596 BTC, with 50 BTC of it unusable, but the theory is that the remaining ones can be used. Since 2009, people have sent BTC in various amounts to this address 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa, totaling over 2,945 transactions at the moment.

_{Image Source: Blockchain.com}

Significance of Bitcoin Genesis Block

Since the creation and transaction of the first Blockchain, which is the Bitcoin, it has unquestionably changed everything because it has opened the door to many opportunities for the development of other cryptocurrencies and has spread out the process where this has been implemented to all the projects we've encountered so far. Since the Bitcoin Genesis Block was created, a decentralized system has allowed it to spread widely as it is implanted and serves as the foundation of all blockchain.

We are all aware that Bitcoin has had a significant impact in recent years, particularly when it comes to cryptocurrencies and Blockchain Technologies. Since its inception, we've seen a slew of cryptocurrency projects emerge and follow the system's implementation, which has allowed them to thrive. Many other well-known cryptocurrencies that use the same system include Ethereum, Dash, Bitcoin Cash, and many others, which we can identify when we go to their block explorer because it is the same as a bitcoin block.

Go to https://steemworld.org and locate the Steem Genesis Block.

There are approximately 10,000 cryptocurrencies available today, one of which is the Steemit Blockchain. Now, we will explore the Steemit Blockchain and discover and locate the Steem Genesis Block.

To get to this, we need to go to the Steemit Blockchain block explorer which is in Steem World. Just click on the link below then login.

STEEMWORLD.COM

The next step is to look for the Block Explorer and then click it to be redirected to another page.

After clicking the Block Explorer, you will be redirected to a page where you will see the Block Number we could search for, as shown below.

Finally, simply click OK to view the details in the Block Number we entered, which is in Block Number 1.

Here we can see the complete details of Block 1, also known as the Steem Genesis Block. This is the very first transaction or block on the Steemit Blockchain. The following information is provided:

• Timestamp
• Block Id
• Previous Id
• Signing Key
• Witness
• Witness Signature
• Transaction Merkle Root
• Extensions

Conclusion

For us to have enough understanding of what we are dealing now most especially here in the world of cryptocurrency, we need to know everything and its beginning, we need to research some information to it for we wall know that what we are now is not easy. Since the start of Blockchain Technology and Cryptocurrency their is a big changed that happened and we are part of it but if we don't know where and how was all of this started, we will never know or be succeeded in our journey.

We all have discovered and learned that cyrptocurrencies has a beginning and that is Genesis Block of a Blockchain all happened after the first block transaction implanted by the Bitcoin Founder Satorshi Nakamoto and it bring a big changed of what we are dealing with here in the Cryptocurrency world.

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This would be my homework task from @awesononsos Beginner's level Week 2. I've appreciate all the efforts and information I've got from the lesson and I'm looking forward to the next lesson next week.

Thank you also to all the Steemit Team who initiated this new project and to all curators who supported this project.

That would be all, thank you and God Bless!!!

GIF Footer Credits to @baa.steemit

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Your Crypto Steemit Academy Student;