Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 2 Homework|
Introduction
Hello guys,
I write with joy in my heart on this very day because of the lecture delivered by our noble professor in the person of @awesononso on the topic " The Genesis Block: The Beginning of the Beginning ". To be honest this lecture has really impacted much to me as a person. It is on that note that I will be attempting the questions given in the home work task. I will be answering this questions based on my knowledge from the lecture and the little research I was able to carry out. Read through and make corrections and contributions where necessary. Let's get started.
Question 1:
What is the genesis block of a blockchain?
Blocks are building blocks of a blockchain.The word genesis means the beginning. Therefore, genesis block chain simply means the beginning of the blockchain. Now let's discuss the genesis blockchain in details.
In blockchain technology, the term genesis block is seen as the first-ever hashed block of any particular blockchain. In terms of information, the genesis block is completely different from other blocks. The genesis block is the only block that is different from every other blocks because it is the only block that is not been referenced to any other preceding block. The reward obtained from the genessis block is not always withdrewable. Note that the genesis block is usually block 0. It is also important to mention here that the genesis block serves as the origin where every other crypto currency gets it's own root from.
The first transaction validation on the bitcoin blockchain is performed by the genesis block. Now, the hash of the genesis block is used to create other blocks. The essence of creating the genesis block is to solve the financial problem of the time been.
Question 2:
Write on the Bitcoin Genesis Block and its significance.
The bitcoin genesis block is the very first ever crypto currency blocks. As we all know, the first ever crypto currency in the world is Bitcoin. The bitcoin genesis block is the most important block, as a result of that, all other blocks derive their root from the genesis block. The genesis block is the block we call the block 0. This is because it is the very first block to be mined. After the mining of the genesis block, all other mining follows. A news publication was done that carries the title Chancellor on brink of second bailout for banks, on that faithful day the first ever genesis block was mined.
Satoshi Nakamoto who happens to be the founder of Bitcoin in 2009 used same word in an encrypted format on the coin base transaction of the genesis block. After the first mining, in the bitcoin blockchain, the next took another period of six complete days. Note that it takes ten minutes for the usually average mining process to take place.
The first mining reward was 50BTC which was received by 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa but this amount is not withdrawable. It is not spent able. In the case of the time taken, it is believed that the timestamp was actually altered by the founder of bitcoin himself in the person of Satoshi Nakamoto. When the first mining took place, the genesis block was not used. Though the block has been created already, but he didn't use it to test the software. The block used for the mining was deleted after the lunch of the software which took place on the 3rd day of January 2009. Since the genesis block was not used that is what made the difference between they usual first day mining that took up to six days before another was done and the ten minutes average mining interval.
The significance of Bitcoin Genesis Block.
The importance of the bitcoin genesis block are as follows.
- Due to the successful mining carried out by the bitcoin genesis, a new level of decentralization came into existence. The idea of decentralization became wider because of this.
- Other crypto currency came into existence as a result of the bitcoin genesis block creation. Due to the effort made by the founder of Bitcoin, today over 10,000 more coins have been created as well.
- Based on the fact that the genesis block is organised in a systematic way, all other coins that came after also followed the same procedure. It's on that note that we say all other crypto currency mining gets it's origin from that of the bitcoin genesis block.
- As time goes on, bitcoin genesis block was put into use because today bitcoin is use for every form of trade all over the world.
Question 3:
Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
- To check for Steem Genesis Block, I visited https://steemworld.org
- Click on sign in.
When the sign in form shows up, you input the stem account name and posting key
Click on Block explorer
- Since my aim is to view the 1st bock, I will insert 1 and click on "OK"
The first Steem Block appears.
Conclusion.
Finally, this lecture, has really deepen my understanding about the bitcoin genesis block. Th Genesis block is the begining of all the other blocks. This lecture has really help me in no small way to understand and check the Genesis Block of Steemit. Bitcoin Genesis block is actually the origin over which all other block ate built. I must say Avery big thank you to the professor in the person of professor @awesononso for sharing this much informative lecture with us. I look forward to learn more from you soonest. Thanks prof., and I await you next lecture in no distance time.
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