Crypto Academy / Season 3 / Week 2- Homework Post for professor [@awesononso]The Genesis Block: The Beginning of the Beginning by @obikay
The Genesis Block of a Blockchain.
The genesis [beginning] block of a blockchain is the first and foremost block in a block chain. The genesis block is the fundamentals on which more or extra blocks are joined so they can form a chain of blocks, also known as a blockchain.
The block is occasionally referred to Block 0. Each block in the blockchain safe a reference to the previous block. Unlike the Genesis Block, no such previous block for reference.
In practical terms, it also implies that the Genesis Block has it’s previous hash value which is set as 0.
Before the Genesis block, there has been no procession of data. The whole blocks are with sequential numbers beginning with 1, and with the previous hash which is set to the hash of the previous block.
Genesis block hash is been added to all the new transactions of a new block.
The combination is used to generate a special hash.
The operation is done over and over till new blocks are been added to a blockchain.
Bitcoin Genesis Block and its Significances.
The heightest popular Genesis block was Bitcoin Chainthat was generated by Satoshi Nakamoto on 3rd January. The block contains a 50 Bitcoin reward which is not available till time indefinite.
It is not certain, if it was mined or not mined and Satoshi Nakamoto made no comment.
Coinbase transaction is involved with each block on the Bitcoin network. The Coinbase transaction been the first transaction the miner positions in a block that was created by them; this transaction is a transaction that rewards a miner ( in bitcoins) for profitably generating a block to be passed on to the network.
All round the genesis block Bitcoin, there was a message by Satoshi in history. With the Coinbase transaction, using the normal block data, this message was added by him :
In Hex Sigscript
5468652054696d65732030332f4a616e2f32303039204368616e63656c6c6f72206f6e206272696e6b206f66207365636f6e64206261696c6f757420666f722062616e6b73
Which can be converted to a text saying ;
“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”
Which I converted using this Online tool
The message was referring to a new York times headies, proven the Bitcoin genesis block was possibly not generated before the date. Which means no pre mining before the date, convincing fairness in distribution. The welcomed theory as to why satoshi applied this particular headline was it was a philosophical message in reference to 2008 economic crisis and the following bank bailouts.
Significance of Bitcoin Genesis Block
The Genesis block is a standard of orderliness in the Blockchain and is been specific of how data ought to be kept in it.
Bitcoin been the first victorious cryptocurrency encouraged the generation of other cryptocurrencies in a Decentralized way. After the creation of Bitcoin 12 years ago, we now have up to 10,000 cryptocurrencies thanks to the Genesis block.
The occurrence of the Bitcoin genesis block mining gave rise to the application of blockchains and now can be used to resolve different issues today.
Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
To locate the steem Genesis block you must
- open your browser and type:
steemworld.org
- click on the block explorer
- press ok for block 1
- Here you can see the information of the genesis block. Then click on the sign in with your Steemit name and private posting key.
The Genesis block is the no.1 and the starting of block chains. The block was the first block of Bitcoin ever mined and it also gives shape to the footing of Bitcoin trading system and is the replica of all the other blocks in the Bitcoin block chain.
Thank you professor @awesononso for the lecture