Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 2 HOMEWORK POST| The Genesis Block: The Beginning of the Beginning by @offia66.
Greetings Steemians.
Hello Prof @awesononso the lecture was a blast and really a good one and we appreciate you. Thanks.
Homework.
What is the Genesis Block of a Blockchain.
- Just as the name implies this refers to the origin of a blockchain.
The Genesis block of a blockchain is the foundation of any blockchain on which other blocks are formed or built upon. In every blockchain the Genesis block is the first block that comes into existence.
No preceding block before the Genesis block.
No hash exists before a Genesis block.
The Genesis block describes the hash of all succeeding blocks that forms the chain( this simply means that all other blocks formed after the Genesis block follow a sequence already laid by the Genesis block). Every block formed has a prototype block and carries data about the preceding block.
- The Genesis block is labeled or referred to as block 0 and in some cases referred to as block 1. The Genesis block is the ancestry of any blockchain.
Write on the Bitcoin Genesis Block and its significance.
- The Bitcoin Genesis block is simply the first Bitcoin block to ever be mined.
Bitcoin is a digital or a virtual currency system which was developed by an anonymous programmer popularly known by the name Satoshi Nakamoto. It is Decentralized and peer-to-peer. The Bitcoin digital currency was initiated with the aim to replace or eradicate a flawed moneytary transaction.
In 2008 the Bitcoin white paper was brought to the notice of the general public by the anonymous programmer (Satoshi Nakamoto), but the Genesis block (The first block) was mined on the 3rd of January-2009 Every other blocks on the Bitcoin blockchain trace their ancestry to the Genesis block that was mined in 2009.
- Mining the Genesis block was a lot more unchallenging compared to what we have today and pays off 8 times more than what we have today. The payout for mining the Genesis block was 50 BTC while payout for mining today is estimated to be around 6.25 BTC which is quite challenging.
The hash of the genesis block (000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f). The Hash is matchless as it contains two extra leading hex zeros than required by other early blocks.
The 50 BTC reward from the genesis block was sent to the address, 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa. It is also believed that Bitcoin traders send a token to the Same address in form of an appreciation to Satoshi Nakamoto. The Genesis block reward of 50 BTC will remain untouchable forever and the people that have sent their Bitcoin token to this address will not be able to retrieve the funds sent.
The Bitcoin genesis block is the most popular and most significant Genesis block among other Genesis blocks. The Genesis block of Bitcoin is quite significant as It contains a special/secret message left on it by Satoshi Nakamoto. The first Bitcoin block (Bitcoin Genesis block) to ever exist was created on the 3rd-Jan-2009 and remains the first cryptocurrency to ever exist.
The secret message of Satoshi Nakamoto:
"5468652054696d65732030332f4a616e2f32303039204368616e63656c6c6f72206f6e206272696e6b206f66207365636f6e64206261696c6f757420666f722062616e6b73".
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Source
Which was translated by an Hex to Ascii converter says:
“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”. It's believed that the message is related to the financial crisis in 2008.
Significance of the Bitcoin Genesis Block.
The mining of Bitcoin Genesis block gave rise to a lot of things.
A new era: The mining of the Genesis block brought about existence of virtual currency which is booming and making wave. Virtual currencies have been of great impact to humanity.
A backbone for cryptocurrency: Just as the backbone enables humans to stand erect so the Bitcoin Genesis block stabilized the world of cryptocurrency today. The Genesis block is and will always remain a very unique and a matchless one
Stirred up blockchain technology: the mining of the Bitcoin Genesis block since it is acting as the foundation brought about other blocks been created and not just on the Bitcoin blockchain but also other cryptocurrency. In other words it ignited the creation of Blockchains.
Go to https://steemworld.organd locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
- Steem Genesis Block
Steem been one of the most popular cryptocurrency Today also has a Genesis block where it all started from and this Genesis block of steem can be accessed by visiting: https://steemworld.org
The Genesis block of steem was created on 24th- March-2016 and it is labeled as block 1. The block created on that 24th-March-2016 is where every other block on the steemit blockchain can trace there ancestry.
- once the site is accessed, steem blockchain tools surfaces on the screen of your system click on Block Explorer.
- since we are here for the Genesis block we click OK for Block 1.
- Right from here we can see all the data or the information about the steem Genesis block.
- Since we were instructed to log in, from the top right-hand corner we tap on sign in, then put in all necessary requirements like username and private posting key.
In conclusion everything in life has a begining and this is also applicable to cryptocurrency. The Genesis block of any blockchain stands as the foundation of the blockchain. Every other block formed takes numbers after that of the Genesis block (i.e if the Genesis block is block 1 the succeeding block will be block 2 the one that follows is block 3 and so on and so forth). The Genesis block is really significant in every blockchain. The significance of Bitcoin Genesis block is that it ignited the creation of Blockchains.