Crypto Academy Season 3 Week 2: Homework Post for Professor @awesononso | The Genesis Block: The beginning of beginning

in SteemitCryptoAcademy3 years ago (edited)

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It is a pleasure to submit my homework. Thank you professor @awesononso. You did a very great job. Based on my understanding about the topic, I am going to answer the questions the professor asked us. Below are the three questions He asked:

¶ What's Genesis Block of a Blockchain?
¶ Write on the Bitcoin Genesis Block and its significance
¶ Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).



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WHAT IS GENESIS BLOCK OF A BLOCKCHAIN

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In order to answer this question very well, there are key words I need to explain. Firstly, let's look at the word "Genesis"

GENESIS
The word 'Genesis' means the beginning. Genesis is often referred to the beginning of a thing. There is nothing that exists that doesn't have a beginning.

BLOCKCHAIN
Blockchains consist of series of blocks. These blocks in the blockchain are used to store information related to any transaction which occur on the network.

BLOCK
The block on the blockchains are very important because without them, there won't be history of transactions. By header the blocks possess, they can be easily identified. Since the block stores information of the transaction, therefore it can be called a 'record book' or 'ledger.'

With this understanding, Genesis Block refers to the beginning of the first block of in a blockchain. In essence, Genesis Block is the name given to the first block. Genesis block is a mother block , the block that gives birth to all other blocks. Every other block is laid on the genesis block.

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Therefore, Genesis Block of a blockchain is the foundation of that blockchain. It is either called block 0 or block 1 on the blockchains.



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WRITE ON THE BITCOIN GENESIS BLOCK AND ITS SIGNIFICANCE

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Btcoin is a digital currency which was birthed on the 3rd January, 2009. It is believed that Bitcoin was released to provide an alternative monetary system designed to resist the challenges faced by many traditional currencies. And of a truth, it actually solves the issue of inflation, counterfeit of traditional currencies, corruption and many other challenges.

Three months prior to the aforementioned date, a white paper was published. And there was a promise to make make the system a decentralized one, one in which no one has control over. That's it would not be regulated by government policies. And on the said date, 3rd January, 2009, a transaction was made on the block chain. This gave birth to block 0 which is the 'Btcoin Genesis Block'

The btcoin genesis block is considered the start of the Bitcoin blockchain—and the beginning of the cryptocurrency revolution.
Btcoin genesis block is the first ever block created. It is the block that gave birth to all other blocks.
At every start of any block, there is always mining. So it was for btcoin. Bitcoin Genesis Block was the first block mined, and the reward that came with it was 50BTC. But these days, mining reward for the new block is not that as big as 50BTC. This is because, there is a succession of block reward halving.

One can actually explore these information on on blockchain.
Below is the screenshot of how to explore.

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" SOURCE

By clicking on the explore, a page will display where all information can be accessed. The screenshot below shows some of the information one can explored.

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" SOURCE

The information like historical prices, the recent mined block, the mempool size of unconfirmed transactions, and data for latest transactions can be found on the portion of btcoin explorer.

SIGNIFICANCE OF BITCOIN GENESIS BLOCK
Bitcoin genesis block has a lot of significance. It's importance to the world of blockchain can not be overemphasized.

✓ One of the significances of btcoin genesis block is that there is orderliness in the storing of information. The block stores the information the transaction of performed on the blockchain.

✓ It gave birth to cryptocurrency revolution.
Since the first time the first block, Genesis block was mined, many blocks have surfaced. It is the btcoin genesis block that gave birth to many Cryptocurrencies. Today, more than 10,000 Cryptocurrencies are in existence.

✓ Blockchain technology,which was strengthened as a result of btcoin genesis block, has been used to solve many problems out there. Indeed, the technology has been the one of the major technologies which can't be overlooked.



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GO TO https://steemworld.org AND LOCATE THE STEEM GENESIS BLOCK (YOU MUST PROVIDE SCREENSHOTS AND SIGN IN AS PROOF OF COMPLETION.

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To locate the steem genesis block, the following steps must be taken:
✓ Go to https://steemword.org
The site opens with this page shown below

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✓ Click on the "block explorer."

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The page will then show this.

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✓ click on the "ok" on the block 1

The page will then shows the details of the steem block.

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You can sign in with your steem username and posting Keys by clicking sign in at the top, right part of the website.

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CONCLUSION

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Genesis block is the first block ever created. It is the the beginning of the beginning.
It is the foundation on which all other blocks are laid.
Bitcoin genesis block is the block that gave birth to all other cryptocurrencies. Bitcoin Genesis block has many significances.
The reward of mining of new block these days are not as big as when btcoin block was first mimed. This is because there is succession of new block halving.

CC: @awesononso

Written by @msquaretk

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Hello @msquaretk,
Why does your profile photo not show up when you sign in?

 3 years ago 

Thank you @awesononso for paying attention to every detail.
Actually, I used different browser, it was still not showing.
But then, I remembered that my profile picture was passport photograph.
See the screenshot of the profile that contains the passport photo graph I am talking about.

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Now, I thought If I change my profile picture to normal picture may be it will show. So, I changed it. See the screenshot of my profile after changing it to normal picture.

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Then, after that, I went to log in on steemworld.org. And now, it is showing my profile picture.
See the screenshot of the page on steemworld.org

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So, I think the reason it didn't show when I used passport photograph is that the size may be too small or the quality of the passport photograph is low.

Professor @awesononso, thank you so much. Your question made me learn what I didn't know.
Thank you Professor @awesononso

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