Steemit Crypto Academy Season 4 - Homework Post for Task 3 The Genesis Block by @olawole111
Hi, everyone 🤗 welcome to my beginners homework task 3 on the The Genesis Block
Lectured by @awesononso .
What is the Genesis block?
b) What are the significances of the Genesis Block?
c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
WHAT IS BITCOIN GENESIS ?
Genesis means a reference point or a starting point of something and the bible confirm Genesis as the beginning of the world, this can be related to cryptocurrency term bitcoin genesis is the beginning of bitcoin what I mean here is the starting point of bitcoin and is the first BTC blockchain that was first mined by satoshi Nakamoto in jan 3rd 2009 though nobody knows his identity till now.
In the world today now bitcoin is the mother of all cryptocurrency and it controls most of all other cryptocurrency and bitcoin genesis is also called block 0 which is a block that is hard coded in into the software using blockchain technology.
Bitcoin has offered so many people a very good living in life because now top nations and companies in the world are legalizing bitcoin as a means of payment now and am sure in the nearest future bitcoin will soar higher.
FEATURES OF BITCOIN GENESIS BLOCK
Bitcoin genesis hash : 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
The bitcoin genesis block hash consist of more that two hex zeros that is required in an early block.Block reward: Block reward is the first 50 BTC mined by satoshi which can't be spent because its unknown to the world maybe he still have the private key to the wallet address.
Hidden message This message is within the bitcoin Genesis block "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" this message was attached to the Genesis block to let the world know the purpose of creation of bitcoin.
What are the significances of the Genesis Block?
To stop bank intermediary: For year Now before the Creation of cryptocurrency banks have been in charge of finance all over the world and they use customers money for different purposes without the knowledge of the owner and any transaction that will be made most be know to the bank but in the new crypto world especially in a decentralized system no need for any interference between any transaction.
Reference for other blocks: The bitcoin Genesis is the first block in the history of cryptocurrency and it service a the reference block in which other blocks are built on.
The successful creation of the bitcoin genesis block has brought to the world a great opportunity to earn through cryptocurrency, so many new crypto asset have been created and many people now earn a living through bitcoin Creation and it also give people privacy over there financial asset.
Awakening of the Blockchain technology: The revival of blockchain technology have serve as a great means of help to the world as a whole.Blockchain technology has been applied to solve so many problem in the world today.
Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
To explore the bitcoin genesis block I signed into
https://steemworld.org
- step one: I signed into https://steemworld.org
- step two : I insert my username and my posting to login key
- Step three : It took me to the homepage of the website and I clicked on block explorer to explorer the block.
- step four : I choose to explore block 1, then I clicked on ok.
- step five it brought out the block details which entails.
Block Id : 0000000109833ce528d5bbfb3f6225b39ee10086
Time stamped: 16-03-24,17:05:00
Witness : initminer.
Previous Block ID is no previous no block before it : 0000000000000000000000000000000000000000
I tried exploring block zero but it was bring an error message that was why I explore block one
CONCLUSION
The Genesis block is a very important aspect of the cryptocurrency history that can not be forgotten, because it entails so many important information about the Creation of bitcoin which is the mother of all coin, though satoshi Nakamoto who is the founder is yet to disclose his Identity, but to be frank bitcoin has a huge impart in the world today and has earn so many people a living.