Steemit Crypto Academy [Beginners' Level] || Season 3 Week 2 || The Genesis Block : The Begining of the Beginning || By @preshdan
I welcome all of us to this week's lesson and I greet you Professor @awesononso and my beloved steemians, am extremely happy to participate in this week's homework task, class and lecture on "Genesis Block". Meanwhile, let's go straight to the task of the day...
A Genesis Block is the name conferred on the first cryptocurrency block ever mined. A blockchain is made up of a series of so-called blocks that are used in storing information related to transactions that take place on a blockchain network. Each of the blocks contains a singular header, and each of such block is individually identified by its block header hash.
These blocks are arranged—one on top of the other, having the Genesis Block as the foundation—and they become bigger in height up to he time the end of the blockchain is reached and the sequence is finish. The blockchain-based cryptocurrency is made so protected and secure by layers and deep history of each sequence.
- Genesis Block is the name conferred on the first cryptocurrency block ever mined.
- It was in 2009 that Genesis Block was put into existence by a developer called Satoshi Nakamoto.
- The Genesis Block is the prototype of all blocks in the Bitcoin blockchain and as well constitutes the foundation of the Bitcoin trading system.
Blocks are efficiently digital containers in which data-related transactions on the network are recorded for an indefinite long time. A block can be likened to a record book page or a ledger and a block gives way for the next block in the blockchain each time it is "completed,". Consequently, a block is a permanent place where records are routinely kept such that, once written, is not subject to alteration or removal.
The Genesis Block, which is also known as Block 0, is thus, the actual first block or foundation in a blockchain upon which additional blocks are added. In an effective manner, it is the progenitor to which the lineage of every other block is traceable to because every block makes reference to the one preceding it.
Similar to all blocks, the genesis block was associated with reward and being the ever mined block that has no predecessor, this reward was exactly 50 BTC. The genesis block, being the first block in existence, cannot be connected to a former block, this gives it some weird properties and probably may have led to Satoshi’s decision to not give away the 50 BTC reward to Bitcoin’s transaction database. Dissimilar to the wide majority of Bitcoin blocks that are mined today, the genesis block was nearly indubitably mined by a computer with the use of its central processing unit (CPU). The first block had only a difficulty of 1, which implies that it was probably mined almost entirely instantly.
In 2008, November when the Bitcoin whitepaper was released before anything else, the world was amidst global recession which was referred to as the period of Great Recession. This period witnessed a striking appearance or effect of decline in national economies between 2007 and 2009, with a considerable number of countries seeing their unemployment rates skyrocket, housing markets plummet, and stock markets crash. Furthermore, many of both private and commercial banks collapsed, resulting to banks and governments around the world to start implementing fiscal policies intended to encourage struggling economies into action and functional activities—including slashing interest rates and quantitative easing.
Making reference to this situation, Satoshi made an inclusion of a hidden message making reference to The Times newspaper regarding the genesis block's coinbase timestamp parameter: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
- The Rising of other cryptocurrencies
The incipient transaction that took place in Bitcoin Genesis Block sparked off the extensive surge in power in the making of other cryptocurrencies in the blockchain. Currently, there are over 10,000, cryptocurrencies that has come into view since the arrival of the Bitcoin in 2009.
****Foundation for other Blocks***
Another significance of Bitcoin Genesis Block is that it serves as a foundational starting point for other blocks to begin the inherent nature or significant feature of the blockchain technology. It provides the sequence in importance and priority and guide on how other activities should follow in the ecosystem.Reactivation of the Blockchain Technology
Bitcoin occurs to be the first launched cryptocurrency in the world and it require to use some form of technology to execute its operations; and protocols renders human interference ineffective with solemn obligation of total independence. However, it selected and took the Blockchain technology which has for a long time been inactive and putting it to operative use. This has been a key propelling force in all cryptocurrency activities today.
- Login to Steemworld.org
- Click on block explorer
- Click on the "OK" for block 1
Below is the demonstration of this process with the screenshots numbered.
The commencing of blockchain technology experienced its spring from the uprising or apearance of cryptocurrency usage which was obviously true by simple observation from the Bitcoin Genesis Block. Additionally, this also have experienced the rising of other cryptocurrencies which has and is serving as another means of obtaining financial freedom.
Thank you for reading through my post.
Cc:.