STEEMIT CRYPTO ACADEMY [BEGINNERS’ LEVEL] | SEASON 3 WEEK 2| THE GENESIS BLOCK: THE BEGINNING OF THE BEGINNING

Genesis simply refers to the beginning of something.

Blocks refers to ledgers of information of transactions carried out in block chain currencies like Bitcoin. These blocks are connected by hash to make a chain.

The Genesis block is the first ever block of any kind of blockchain. The first block ever created in a blockchain is the genesis block. It is basically the foundation of any blockchain.

The Genesis block has no hash of its own though when it connects to the next block a hash is formed and therefore it indirectly defines the hash of the other blocks because all of them some its hash in them.

The Genesis block is normally referred to as block 0 and sometimes it is referred to as block 1 like on Steemit.

In ancient times the means of exchange were barter trade where people just exchanged the goods they had for those they needed. However different means of exchange were later developed like gold etc.

It is through this process that fiat money was created through being printed by the various central banks. Such a system is centralized in the sense that the governments and financial institutions are in charge of all the transactions. Furthermore the governments control the financial markets through policy and regulation making.

It is with all this happening that in 2008, the Bitcoin whitepaper was published with the intention of creating a decentralized system which worked through a peer to peer basis and not financial institution versus peer.

In 2009, Bitcoin the first ever crypto currency came into existence through Satoshi Nakamoto making the first transaction thereby creating the first block, block 0.

The creation of this block had such a huge impact as it created a whole new world of the crypto market. New forms of crypto currencies have come up and all have blocks of their own for example Steemit with block 1.

The availability of these crypto currencies has now made an active crypto market where people can trade i.e buying, selling the various crypto availaible.

Bitcoin’s Genesis block is definitely the most important block there is. It is the basis on which the whole blockchain technology is premised. Therefore all improvements and variations have been based on it, as with each blockchain coming up, improvements are made. People have based on that block to make progress.

The Genesis block of Bitcoin has created blockchain currencies and these currencies have platforms that are decentralized, have little charges compared to financial institutions, easily accessible and therefore being user-friendly.

One can say this is truly the future of the financial industry.

To see the block one has to go to https://steemworld.org

Then go to block explorer and then click ok for block 1

Above is an image showing the block through the yellow arrow.

Above is the image to confirm that the account has been signed in.

Thank you @awesononso for passing on such great knowledge.