Steemit Crypto Academy [Beginner's Level] Season 3 Week 2| The Genesis Block: The Beginning of the Beginning
HOMEWORK
It feels so cool to finally become an active member of the Steemit Crypto Academy. Let's get going.
The Genesis Block of a Blockchain is basically the first block of a particular blockchain to be solved. Every other block in effect follows the lead and standard of the Genesis Block. The Genesis Block is the father of any other block belonging to that particular blockchain.
Write on Bitcoin Genesis Block and its significance.
The Bitcoin Genesis Block has led to the future of financial transactions as we know it today. Solving the first block (Genesis Block) caused a paradigm shift. Till today, most human begins on our planet are yet to wrap their head around the whole idea of blockchain technology.
The Bitcoin Genesis Block was started by Satoshi Nakamoto in 2009 when the first block solution was rewarded with 50BTC. Since than the rewards are steadily reducing as more have joined the 'mining race'.
Nkamoto left a message on the Genesis Block which read "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks". Some people believe that the message is there to remind us of the core values and the reason why we have blockchain technology with us today.
Till today the identity of Nakamoto is still unknown to the world, none the less some people still pay some sort of tribute to Nakamoto by sending some BTC the the wallet address that was used by Nakamoto. Upon creation the wallet was worth 50BTC, but with recent tributes paid to that address there is now about 68.13BTC in the wallet.
The importance of the Genesis Block of Bitcoin to the world cannot be over emphasised as it is seen by many to be the mother of every other crypto currency. BTC was the first project to make use of the blockchain and for that it can never be forgotten. Bitcoin Genesis Block sort of gave the blocks after it a purpose; it also led to the creation of so many other crypocurrencies and various blockchain products that we have today.
Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
I have illustrated with the aid of pictures above how to locate the Steem Genesis Block.
Conclusion
Blockchain technology has done us a world of good. I can't imagine a life without crptocurrencies.
To Satoshi Nakamoto, we will forever remain grateful to you for this very wonderful creation of yours.