Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 2 | The Genesis Block: The Beginning of the Beginning

mccoy02 (69)Beginner[2,4,5,6,7,9]in SteemitCryptoAcademy • 3 years ago (edited)

Thanks, professor @awesononso with today's class I've got to understand what genesis blockchain is and how it has significant importance in the world of crypto, with the information gotten from the class I would be sharing base on my research on what genesis blockchain is.

What is the Genesis Block of a Blockchain.

Just like every other thing in the world, there is always a beginning at which everything came into inception with much autonomy in the centralized financial system a new advanced system for users to make seamless transactions without giving much attention to third party users was introduced so that every user can be able to decide what they feel is right to do with their money securely the world of decentralized blockchain technology are all traced backed to genesis block which marks the beginning of all decentralized blockchain technology and gave birth to thousands of new cryptocurrencies today

Genesis block in blockchain is referred to as the first block to be mined in any cryptocurrency blockchain. also, the genesis block is the connection of continuous blocks that are used to store all transaction records and data that occurred on the blockchain network.
The genesis block is the foundation of all blocks there with the new block formed other layers of the block are formed with being genesis block which now forms what is known as a continuous blockchain block these blocks are formed continuously to keep all transactions record and date these blocks also help in keeping the blockchain network more secure.

In general terms, genesis blocks in the blockchain are referred to as the first or laying foundation in which all other block transactions in a block can be added to or connected to form a continuous unending block all other blocks trace their connection or beginning to the genesis block in any blockchain, genesis block begins the validation of all other blocks.

Write on the Bitcoin Genesis Block and its significance.

With bitcoin taken into consideration, we can trace its first genesis block to 3rd January 2009 when its first block was mined a 50btc reward which is still unspent to date was recorded.
Bitcoin genesis block laid a foundation which is followed by thousands of existing cryptocurrencies today in 2009 Satoshi Nakamoto created the first instance proof of work blockchain network.

Bitcoin a virtual digital currency base on decentralization can virtually be held by any user who is interested in digital currency by either buying from any recognized exchange or can be received from friends being the first known digital currency also serves as a fundamental backbone to other related cryptocurrencies.

The screenshot below shows a summary of the first bitcoin genesis block transaction with hash, confirmation block, and timestamp with additional address the first 50btc was sent to.

Source

000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
#hash

1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
#address

3rd January 2009
Date

Significance of the Bitcoin Genesis Block

Genesis block forms the foundation of all other blocks which means all other blocks form a link with the genesis block which provides security for the blockchain.
Bitcoin genesis block is the first mined block in blockchain network which forms the foundation for other upcoming cryptocurrencies
Bitcoin block keeps a record of all transactions with genesis block a link connection of all transactions is kept unedited till date.

Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).

To complete this task I need to first access steemblog main domain here https://steemworld.org

I will be signing up since I don't have an account by clicking on the signup.

Next, I will be inputting my steem account username and my private posting key

On signing up I will click on block explorer

On clicking on the block explorer steem 1 block is displayed which I will be clicking ok to access steem first blockchain below.

Conclusion

Genesis block in the blockchain is referred to as the first block to be minted in any blockchain the genesis block forms foundation on which all other blocks depend.

Bitcoin genesis block is the first block to be mined in the crypto space and it formed a bedrock upon which all other blockchain crypto token depends on.