Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 2 | The Genesis Block: The Beginning of the Beginning - By @nachomolina2
This is my entry in the contest sponsored by @steemitblog: The Steemit Crypto Academy Weekly Update [ July 5th, 2021 ] : New Courses. Homework Post for @awesononso [Nigeria]: Steemit Crypto Academy [Beginners' Level] | Season 3 Week 2 | The Genesis Block: The Beginning of the Beginning. I invite all Steemit.com users to join. @juanmolina @betzaelcorvo @corinadiaz
1. What is the Genesis block of a blockchain?
Genesis block
My personal opinion
It is an alphanumeric representation whose sequence of symbols corresponds to the encryption of a virtual transaction which is considered the first of a series of subsequent data chains.
The encrypted code will be contained in subsequent records corresponding to subsequent P2P operations which recognize the first as the original and authentic creation of a larger universe of metadata.
Image created by the author, Steemit logo
1st mining transaction
The genesis block is the first smart contract issued by a blockchain and because it is unique in nature it does not have a referential hash of its creation. Therefore, it is called the zero block or block one, the same, in turn becomes a hash for any transaction made thereafter within the blockchain.
"By the fact of being primordial, it also represents the first token or set of these to be distributed in an ecosystem and thus the first entry or adoption that will have such economy."
Genesis block creation process.
For sure the blocks are created by proof of work PoW (proof of work) and miners try to create complex algorithms to earn rewards for the block.
However, regarding the creation of the genesis block the process varies since it is created by the blockchain itself storing the configuration and structure of the data in a first folder "genesis json" that will start the ledger.
Likewise, the hash will also have a specific encoding created under certain special conditions since it is not preceded by any other referential information.
Importance of the genesis block
The nodes operating in a blockchain require precedent information for the creation of a new block, remember that the architecture of a blockchain is sequenced in function of time contemplating exact dates and static codes whose structure has to be incorruptible.
Based on this, the importance of the genesis block whose pattern is the starting point for the rest of the blocks, represents the highest security factor for the derivation of any other encryption that occurs.
Intervene in the computer security of the blockchain.
"If you make an evaluation of the entire blockchain in a backward sequence, sorted by date and time of issuance, transaction data and verification number, you will undoubtedly arrive at the "genesis block" since each block also includes the hash of the last block accepted in the chain, therefore, according to my own criteria this emphasizes the traceability, security and transparency of a blockchain."
According to my own opinion, beyond the technical aspects that denote the importance of the genesis block, I want to refer to the exact day and time when the bitcoin genesis block was created (2009-01-03 19:15); given that at that very moment the decentralized economic system based on virtual assets that we know today was put into operation, which is approximately 12 years old in operation.
Self-sustainability of the ecosystem
The genesis block starts the mining process and the economic activity of the blockchain, according to my own criteria, after approving the transaction and creating the genesis block, the adoption process of a given cryptocurrency will begin, acting as a proof of faith that the blockchain works correctly and is a real and responsible project.
Likewise, the genesis block allows the start of the blockchain's financial administrative timeline where the commitment periods with customers, node operators, developers, reward payments (in the case of a content creation platform) will take place.
Initiates the transactional registration of the cryptocurrency.
Inclusive, it should be taken into account that the coin will enter the market to be quoted in the exchanges and become part of the cryptocurrency trading, generating its first trading history and graphical readings for technical analysis and fundamental analysis, as it will also start the process of market capitalization and stock market liquidity.
2. Write about the Bitcoin Genesis Block and its significance.
Blockchain technology consists of a storage of files or metadata stored in the form of packets of information called blocks. Every chain needs a starting link and meets a condition that each new block added to the chain contains the information from the previous block in order to follow a creation sequence.
The bitcoin genesis block marks the beginning of the blockchain therefore it is a universal block that does not contain previous alienated information to which to give a continuity, therefore, this block was created manually being validated in the six days after its creation becoming the first link in the chain.
According to my own criteria, at the beginning, this block was to be a kind of test which would allow me to supervise the development of the project and its possible acceptance by the masses as a decentralized token exchange mode.
Function
Its function is to serve as a source for bitcoin blokchain so that BTC could start operations. Nodes operating on the same blockchain need to recognize the genesis block in order to communicate, therefore, the bitcoin genesis block intervenes in the verification, creation and transactional validation.
It can be considered that the bitcoin genesis block was not only the beginning of the bitcoin cryptocurrency, but it is somehow involved in the beginning of all the other cryptocurrencies that have emerged since then. It is clear that each cryptocurrency has its own genesis block but in terms of its creation date they all post-date bitcoin.
It should be noted that as new blocks are added, the genesis block of bitcoin is further and further down the chain, which means that it could at some point represent some kind of computational difficulty. Based on this, the developers are working to ensure that the genesis block does not become an interoperability risk in the future.
Network security
The nodes are responsible for creating a hash per transaction, which encrypts the information to eliminate data vulnerability. Each BTC block contains the hash of the genesis block and the previous transaction in order to establish the creation sequence and achieve security, in this sense, the entire block chain is secured based on the genesis block.
The hash of the genesis block becomes the computer protection of the whole chain and its dynamics in the future time.
Being the result of a unique and unprecedented creation mechanism (since it is the first bitcoin block), we see that the entire security of the network is based on the mathematical algorithm of the bitcoin genesis block whose process is remote and irreversible.
sha-256
Bitcoin works with the sha-256 algorithm for transaction encryption, key generation, smart contract digital signatures and general blockchain computer security.
Power consumption
The sha-256 is considered a hash that is difficult to "crash" by some sort of sybil computer attack. However, as the computation progresses there will be more energy expenditure in the network which leads to the inference that on some timeline bitcoin as well as other blockchain will be forced to reinvent hash issuance.
In the meantime sha-256 allows bitcoin to give complexity to mining and yet, at present, node operators compete for the generation of thousands of hashes to feed the chain that started from the bitcoin genesis block.
Bitcoin genesis block
(My own thoughts)
According to the knowledge I have acquired in the development of this master class taught by Professor @awesononso I see that the meaning of bitcoin genesis block comprises several determining aspects which I could group as follows:
I can say that the bitcoin genesis block represents the establishment of the decentralized financial system which has globally influenced the way of seeing the economy and the exchange of currencies.
On the other hand, the bitcoin genesis block alludes to the implementation of an adaptable technological project that brings solutions to the modern world with different applications in all areas of knowledge, science, finance, family and personal life.
Bitcoin genesis block represents the acceptance and adoption by the masses of the new currency exchange that allows to store values without the need to depend on the FIAT and preserving its value in the future.
Creation of the network of nodes; it is from the genesis block when the miners will begin the activity of proof of work PoW to solve the algorithm of the next block or the mathematical pro problem.
Based on the blockchain technology and the installation of the other cryptocurrencies, the bitcoin genesis block represents the absolute model that served as a reference for the creation of new blockchains contemplating the mechanisms of security, consensus, communication between nodes and the creation of distributed networks without trust in a decentralized system where there is no dominant central figure.
3. Go to https://steemworld.org and locate the Steem Genesis Block (must provide screenshots and login as proof of completion).
First I go to https://steemworld.org and log in with my user @nachomolina2
Once logged in with @nachomolina2 I proceed to find the "number #1" block which is equal to the Steem genesis block
We find that the Steem genesis block was created at the exact date and time:
Timestamp 2016-03-24, 11:35:00.
Block Id: 0000000109833ce528d5bbfb3f6225b39ee10086
Previous Id: 0000000000000000000000000000000000000000
Note: It is evident that there is no block prior to genesis.
Additionally, the block explorer provides information about the token that was responsible for producing the block from which you can later check your account to verify that it is a real user and validate the data in your wallet.
I was particularly struck by the fact that the wallet contains only two transactions dating back 5 years.
A transfer made by @initminer to @steemit: 5 years ago Transfer 1091,000 STEEM to steemit.
A deposit made by @vdoh: 5 years ago Received 0.001 SBD from vdoh.
The transaction memo has a flagship statement which reads:.
"I believe in Steemit, I believe in You! Good afternoon, I want to invite you to support my post dedicated to my dream and development and good advertizing of community of Steemit! I want to make the balloon on which I am going to visit many large cities and to place the logo and the slogan Steemit on it. Support me and I will support you! URL : https://steemit.com/steem/@vdoh/rise-steemit"
Finally I proceeded to query in the block explorer the data of block #2 in order to validate the sequence of the chain which "by rule" should contain alienated the transaction of the Steem genesis block.
This concludes the exploration of the Steem blockchain through the block explorer: https://steemworld.org thereby verifying the Steem genesis block and the activity correlated to it as a function of time. According to the requirement demanded in the task set by the teacher @awesononso.
Conclusion
The genesis block is present in the history of every blockchain and represents the beginning of operations of the ecosystem. This transaction marks the beginning of the chain and is necessary for communication between nodes to take place in order to start the mining process. The genesis block will be contained in referential form in each of the blocks produced from the creation of the blockchain allowing traceability and security of the network.
Bitcoin genesis block is of great importance in the blockchain technology because from its creation the decentralized financial system based on cryptocurrency was launched, which has had a massive adoption giving rise to the creation of more than 10,000 cryptocurrencies during a period of uninterrupted operation of more than 12 years.
Cc: -
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@steemcurator02
@lenonmc21
@awesononso
Original content
2021
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