Genesis Block] - Steemit Crypto Academy Season 4 - Homework Post for Task 3
Hello dear friends. Hope you are all doing well. Today i am writing homework post for task 3 of Beginners fixed course. I'll be doing following questions of the task.
1a) What is the Genesis block?
b) What are the significances of the Genesis Block?
c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins
What is the Genesis block?
Genesis block as the name implies marks the beginning of blockchain . It is the first block of a particular blockchain. A block is a storage unit of data on a blockchain. Transaction performed on a blockchain are stored in the form of blocks and once a block is filled, new block is generated which is linked to previous block with hash (alphanumeric combination). In this way, a chain of blocks is formed and hence the name blockchain. So each block has a predecessor block except Genesis block. It is zeroth block or first block. So there is no block prior to it.
What are the significances of the Genesis Block?
Genesis block marks the foundation or parent or originator or ist block of blockchain. So it has great significance for every blockchain due to following reasons:
Prototype of records.
There is a definite framework for storage of data in a block. All the blocks minted after Genesis block follow the same arrangement of data storage as that of Genesis block. So Genesis block is a blueprint for other blocks. Except for hash of previous block that is missing in the genesis block, all the data that is contained in a genesis block is contained on other blocks too and is recorded in the similar manner as that in the genesis block.
Genesis block forms a foundation block of blockchain and the date and time of mining of genesis block has always a significant importance for marking the birth date of a blockchain or cryptocurremcy. Subsequent blocks do not hold such speciality. For example, genesis block of Bitcoin was mined and 3rd January 2009. No body is bothered about date and timing of other bl9cks.
Bitcoim Genesis block specific features.
Bitcoin genesis block marks the beginning of blockchain technology, hashing process and DeFi.With the mixing of BTC genesis block the eternal magic of cryptcurrency was blown out into the space which is expanding at lightening speed. The technical supuioity of blockchain that is influencing every field of life, owes its origin to the mining of Bitcoin and thereby to the genesis block. The fame of DeFi that seems to overtake traditional finance owes its origin to BTC.
Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins
Bitcoin Genesis block was mined in 03 jan 2009 by anonymous founder satoshi nakamoto . BTC Genesis block is numbered as zeroth and second block is therefore Block 1 . The first block was created after six days of creation of Genesis block for which several theories are proposed. Currently the block mining time of Bitcoin is about 10 minutes . Genesis block is unique in the context that it was created by satoshi nakamoto himself and block rewards were 50 BTC but no BTC was sent through the transaction.
Nakamoto left a message in the code of the block about which many speculations are put forth. The message reads
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
Exploring bitcoin genesis block,
IGo to bitcoin exploler website https://blockchair.com/search?q=0.
From the main page of above website, select blockchain which is Bitcoin in our case.
Once blockchain is selected, we get option to search for any block. For Genesis block type block number as 0 and search for it. All the details of block will be seen like.
Latest block = 708596
Transactions are stored on blockchain in the form of blocks and the first block of any blockchain is known as Genesis block . It marks the origin of that blockchain and therefore holds special place in that blockchain. Significance of Genesis blocks has been explaimed above .