Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 2 | The Genesis Block: The Beginning of the Beginning
QUESTIONS:
1.What is the Genesis Block of a Blockchain?
2.Write on the Bitcoin Genesis Block and its significance.
3.Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
What is the Genesis Block of a Blockchain?
The word Genesis as we know it to be, the beginning of the beginning. It is the beginning of creating or bringing something new. The Genesis block is a blockchain, considered as the foundation or the basis of that blockchain. It is mostly seen as Block 0, but other blockchains refer to it as Block 1.
It is the first blockchain with no referral block linked, which makes it unique. In simple terms, A Genesis Block is the first of all blockchains that define the hash of other blockchains with its hash reference indirectly in every new block.
Write on the Bitcoin Genesis Block and its significance.
Bitcoin Genesis Block is the first cryptocurrency created on a blockchain by Satoshi Nakamoto in a decentralized form to perform the same function as fiat money. Since it is the first cryptocurrency on a blockchain, it is called Bitcoin Genesis Block.
It was created on 3rd January 2009. The creation of bitcoin was due to the unstable reserves in the traditional banks. Rewards from its transactions are 50 BTC and can not be spent or collected by someone, which is high compared to today's reward, 6.25 BTC.
The Bitcoin Genesis Block transaction was done in response to an article published in a newspaper called The Times, and the heading was Chancellor on the brink of a second bailout for banks. The first transaction made on bitcoin took 6days for the second one to be made, but today, it takes 10 minutes.
The mystery behind Bitcoin Genesis is that it was mined out of blues and its rewards are unavailable. There is a secret message left on the coinbase transaction of the Genesis block by the Bitcoin founder.
The first transaction of a block is the coinbase, which its reward to the miner is automatically triggered.
The Bitcoin Genesis Block mining by Satoshi Nakamoto has the following significance;
• It has provided an opportunity for the creation of other cryptocurrencies.
• It has helped solve the problem of unstable reserves in traditional banks.
• It has also helped produce an alternative means of making payments in a blockchain.
• It has made those who believe and invest in earlier millionaires.
Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
• Go to the https://steemworld.org.
• Look for block explorer and click on it.
• Once you click on the block explore, a page will appear and type 1 to see the first block of steemit but start from 1 in the case of bitcoin.
• Click on ok, and all the details of the first block will display for you to see.
• Now sign in
In conclusion, it can be seen that, the creation of the bitcoin has help solved many problems like the unstable reserves in the traditional banks, provides alternative means of making payments and also help those who invested gain more and became millionaires.
Thank you
Cc: @awesononso
Hello @patrickbonyah,
Thank you for taking interest in this class. Your grades are as follows;
Feedback and Suggestions
Always try to apply more of your own knowledge on a task rather than paraphrasing the lesson.
Some necessary information is still missing on the second question.
You did not complete your sign to Steemworld. Also some parts of the Steem Genesis block are cropped out.
Thanks again as we anticipate your participation in the next class.