(The Genesis Block) - Steemit Crypto Academy Season 4 - Homework Post for Task 3 | by @nickzy
QUESTION
2a)Who is Satoshi Nakamoto?
b)Explore the Coinbase Transaction of the Bitcoin Genesis block.
c)Find and decrypt Satoshi’s secret Hex message. What do you think the message means?
Who is Satoshi Nakamoto?
Satoshi Nakamoto is the person or persons who developed Bitcoin (BTC), Nakamoto claimed to have been writting the Bitcoin code in 2007 with the Bitcoin white paper been published the following year. The Bitcoin network was created in 2009 when the Genesis Block(the first block ever) was mined. Later that year Nakamoto created the bitcoin.org website as a way to educate the general public about Bitcoin and to collaborate with other developers. In December 2009 Nakamoto stepped down from bitcoin.org and left a man named Gavin Andresen in charge of developers operation. The mysterious developer of bitcoin claimed and hold on to other things and that Bitcoin was left in very capable hands.
In the following year the first Bitcoin transaction was recorded which was between Nakamoto and Hal Finney. In that same year Laszlo Hanyecz purchased two Papa John's Pizza for 10,000bitcoins. Since then they have been speculations as to who satoshi Nakamoto might be. Some believe the mysterious figure could be a man, others a woman and some believe its neither , a bot they say.
The identity of Satoshi Nakamoto has been a mystery since the publication of the Bitcoin White Paper up till date there is no hard proof.
Explore the Coinbase Transaction of the Bitcoin Genesis block
As you can see from the above screenshot Block 0 was the first ever block that was created on the Bitcoin Blockchain known as the Bitcoin Genesis block that was created in January 3 2009. This block had a reward of over 50bitcoins which is about $2.7m in the present market price.
The above images shows us the hash , the timestamp ,the number of transactions, the block reward, the number of confirmations etc, it basically shows us almost everything that is to be known about the block
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Viewing the wallet from the above screenshot we can see it has received over 68.52271297 and the balance remains the same which means it has remained unspent since its creation.
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From the transactions, i discovered there are accounts that keeps sending a stable amount of BTC to the address with no BTC been sent back ,from my time of writing the latest transaction was on 2021-10-08 00:20. Bitcoin been a kind of life changer to some people they send the Bitcoins like a thank you token to Nakamoto .
c)Find and decrypt Satoshi’s secret Hex message. What do you think the message means?
From the above image you can see Nakamoto's Hex message perfectly highlighted by me in the input section of the Coinbase Transaction .
The Hex message was [5468652054696d65732030332f4a616e2f32303039204368616e63656c6c6f72206f6e206272696e6b206f66207365636f6e64206261696c6f757420666f722062616e6b73]
Used the online tool Hex to ASCII Converter to convert the Hex to “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”
In January 2009 the British government was running low on the amount of money available in banks for lending to business men and private individuals. There had been a first bailout that happened in 2008 which cost about £500 billion and thesame thing was about to happen so i think Satoshi Nakamoto's Hex message that came with the first block was about the situation that was happening then and he taught Bitcoin could be a solution to that.
Conclusion
Satoshi Nakamoto, whoever he,she or they are have changed alot of life's today even though no one knows he's identity he remains a hero. Bitcoins has brought forth many new life changing currencies all thanls to Nakamoto.
I want to specially thank @awesnonso for the wonderful lesson he gave on this. I've learned alot. Truly Appreciated