Crypto Academy Season 3 // The Genesis Block (Homework Submission Post) for Professor @awesononso // By @olawole111
INTRODUCTION
Good day professor @awesononso am so delighted to partake in this week two lecture, infact I have gained a lot from your lecture,I really love the way you break things down, it makes it very easy to comprehend and was really impactful. Weldone sir!!
What is the Genesis Block of a Blockchain.
Firstly,looking from the perspective of of a lay man Genesis means the beginning,the root , the starting point of something and block in terms of blockchain is where all cryptocurrency transactions are stored or kept for future reference, now merging Genesis and block
GENESIS BLOCK
Genesis block is referred to block 0,meaning the origin block, the Genesis Block of a Blockchain is regarded as the foundation for other cryptocurrency like ETH,STEEM,TRONS, DOJE etc.
Write on the Bitcoin Genesis Block and its significance.
Why looking into genesis block, bitcoin genesis block can not be left out because is the father and foundational block for all coin.
3rd of January, 2009 the first transaction was made by bitcoin founder Satoshi Nakamoto, on the bitcoin genesis block.
mining the Genesis Block was easier than what it use to be today and the reward was a lot higher than that of today.The reward for mining a block today is 6.25BTC but now that of the Genesis Block was 50BTC.
The significance of Bitcoin Genesis Block
The Genesis block is a foundation for every block on the Bitcoin blockchain in which every other coin was built on and it serve as yard stick for their arrangement.
The Bitcoin Genesis Block is a very secured blockchain and other upcoming coins follow their footsteps.
The Bitcoin Genesis Block has created more opportunities and has meet several problems in the world, thanks to Satoshi Nakamoto for this opportunity.
In bitcoin genesis block transaction data are stored permanently and it's we secured for future reference.
Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
- STEP ONE : Firstly we will open the link https://steemworld.org/
You can click on sign in and enter your account name and posting key
- STEP TWO : click block explorer
- STEP THREE: Click on ok to explore the block 1
- STEP FOUR : Having clicked block one here we can see all the information for the Steem Genesis Block .
CONCLUSION
Thanks to @awesononso for this beautiful lecture and assignment I have learnt new things in steemit and cryptocurrency in general, thanks ones again for the opportunity.