Genesis Block - Steemit Crypto Academy Season 4 - Homework Post for Task 3

Hello fellow Steemians and welcome to my home work assignment entry submitted to Prof@awesononso this week the Prof talked about Genesis Block and it's significance without taking much of your time, let's dive into the business of the day.

Genesis as the name implies means origin, start or beginning of something. So from this, we say that ; Genesis Block aka Block 0 is the starting Block in which other additional blocks in the Blockchain will be added to. It can be seen as the origin that every additional block will trace its lineage back to thereby being the foundation of the Blockchain also it defines how additional blocks will be formed.

In a Blockchain, there are series of blocks which are used to store information that are transactions related which occur on a Blockchain network. Each block contains a special header, and each of this block header hash is used to identify the particular block.

These blocks are in layers one on top the other and as earlier mentioned, Genesis Block is the foundation and they grow in height until the sequence is complete ( when it reaches the end of the Blockchain).

In 2009, January 3rd to be precise, Satoshi Nakamoto created the Bitcoin's Genesis Block which was not only a pattern/model for all other blocks in it's Blockchain, but it also launched the boom in cryptocurrency that is still on going till today.

• Without the Genesis Block, it will be difficult for miners to trust the Blockchain since they wouldn't know the starting point, origin or beginning of the Blockchain.
  So the Genesis Block helps miners know when and how it started.

• As earlier mentioned the Genesis Block can be seen as a foundation of a building, which may collapse without a starting point that is solid. In this above illustration, the solid foundation is the Genesis Block while the building is the Blockchain, so as a building can not stand without a foundation, so it is with the Blockchain it can not stand without the Genesis Block.

• The Genesis Block is able to give direction to all variables that are needed to build the foundation of transaction blocks. This Genesis Block bears summary data about the format, and bears traces of how the chain will continue.

• Satoshi Nakamoto the creator of Bitcoin's Genesis Block introduced the world to cryptocurrencies for the very first time. This his creation over 12years ago has led to the creation of over 10, 000 Cryptocurrencies which are also in a decentralized fashion.

• The invention of the Genesis Block has led to the application of Blockchain in the real world. And this Technology has made things easier for us (humans) in all sectors of life especially the financial aspect as Cryptocurrencies are now used as a medium of exchange and transactions can be done in a very short period of time.

To explore the Bitcoin Genesis Block;

• I went to Blockchain.com and inserted the hash address

000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

and click on search

• As you can see from this Block is titled Block 0 and the Block reward is 50 BTC and it has 701, 087 confirmations.

• I then proceeded to click on the wallet,

1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

and as the time of writing this homework, the Wallet received a total of 68.52247562 BTC and a total of 3, 041 transactions.

I will like to appreciate the Prof @awesononso for this wonderful class, I learnt a lot in the lectures and while performing the task I learnt even more.
I now know how to navigate the blockchain.com site with ease and without confusion I can now differentiate between Cryptocurrency and cryptography.
I look forward to your next class.
And also thanks to other fellow Steemians reading my entry and the professors also who are going to be reviewing the task.
Thanks everyone.

Cc;
@dilchamo
@nane15
@sapwood