Crypto Academy Season 5 Beginner Course - Task 3: Genesis block@nova001
Greetings Crypto Friends
Continuing with the introductory course of the fifth season, this time I join the Beginners Course, conducted by teacher @awesononso in the [SteemitCryptoAcademy]community(https://steemit.com/trending/hive-108451) , with task 3: The Genesis block. So I hope to meet all the parameters required in this course.
Genesis blockchain
Source
1a) What is the Genesis block?.
b) What are the meanings of the Genesis Block?.
c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the amount of bitcoins.
a) What is the Genesis block?
The word genesis anywhere in the world is associated with the creation, beginning or beginning of something. Mostly it is associated with the end of creation, as specified in the first book of the bible, and with the creation of the world. The same happens when we want to investigate the origins of something, we say we have to go to the genesis of what is being investigated.
Currently the use of cryptocurrencies and the use of blockchain technology are in high demand, but everything that is happening and the acceptance that cryptocurrencies have in the world is due to the Bitcoin Whitepaper and the creation of the Bitcoin cryptocurrency.
The genesis block is the first block that is created in a blockchain, it is the beginning of a chain of blocks that will be formed based on the first block, that is, before it there is no other block but from the first block created the others blocks are interconnected with the first block by means of hashes.
The first block in history is that of the Bitcoin blockchain, which has been the spearhead showing the way forward for the other cryptos.
Structure of the genesis block.
Structure of Genesis blockchain
Source
The genesis block is the nervous system or central column of the Bitcoin ecosystem, since all the blocks are encoded, each node always knows the hash and the structure of the Genesis block, so if we follow up from any block it will take us to the first block. It is structured or has the following characteristics:
The marks of dates, times and the transactions that are made are registered, these are encoded marking the guidelines for the following blocks that will appear next.
Add the first 50 Bitcoins of the ecosystem, these Bitcoins cannot be used due to Satoshi Nakamoto creating a peculiarity in the creation of his code. Many fans transfer bitcoins to the genesis block as a kind of cult.
b) What are the meanings of the Genesis Block?
Blockchain technology is positioning itself in the world little by little, observing a trend that this technology will be the daily use in the very near future, a trend that has been observed since the appearance of the genesis block.
- The Genesis block of Bitcoin, rescued from many years of oblivion blockchain technology showing all the benefits and contributions that will serve the whole world in almost all areas, if not all.
- At a time when the world economy was not at its best, with the appearance of the Genesis block, many entrepreneurs of any kind have found a solidity and financial independence that have allowed them to be very competitive and without the limitations of centralized entities.
- Since its appearance, it has been the reference and guide in the formation of other cryptocurrencies. Today, the creation of approximately 10,000 cryptocurrencies has been registered, some successful and others that have failed.
Not only in the financial part it has been impacted, the world has realized that blockchain technology can be used and applied successfully to solve many problems that humanity suffers.
The world population, day by day, adds people who understand and understand the many advantages that blockchain technology offers and although any change is for the better, it will always have resistance, we will reach the point of no return and it will be so common to handle the terms of chains of blocks like the internet was when it first appeared.
c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the amount of bitcoins.
The way in which the Bitcoin Genesis block should be explored is done as follows:
- We enter the website https://www.blockchain.com/explorer
- In the search bar we enter the address of the genesis block which is the following 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f as shown in the following image.
- Then select BTC as shown in the following image and marked with a red arrow.
- Inside I can see the detailed information of the block as I indicate it with the red arrows.
In the following image you can see the number of transactions and the amount of bitcoin that is at the date of this publication.
Transactions so far: 3185
Bitcoins amount: 68.52669960 BTC
Conclusion
With this I finish my task 3 of the introductory course, of season 5 of Crypto Academy, hoping that I have been able to fulfill the required requirements.
Cc:
professor @shemul21
Professor @dilchamo
@steemcurator01
@steemcurator02