Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 2 Homework| The Genesis Block: The Beginning of the Beginning By @preshymukel
I'm participating in this week's task by Prof. @awesononso with great delight. I enjoyed every bit of the lecture Prof. Thanks for that wonderful lecture.
Here's my entry;
1. What is the Genesis Block of a Blockchain.
Genesis is simply regarded as the starting point or beginning of a thing.
A Genesis Block is that name given to the primary block a cryptocurrency ever mined. Data associated with transactions that occur on a blockchain network are permanently stored in blocks which are later on chained together. Every of the blocks on a blockchain has it's own header, and every such block is known by its block header hash separately.
The blocks are layered by one being on top of the other, with the Genesis Block as the base and each of these blocks consist of a hash from the previous block.
Blocks that have gone through validations and are proven successful are chained together hence the name blockchain.
The Genesis Block is regarded as Block 0. It can also be referred to as the blockchain ancestor block which other block can track their lineage to. Other blocks are added to the blockchain after the Genesis block.
2. Write on the Bitcoin Genesis Block and its significance.
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Bitcoin started it's operation on the 3rd of January 2009. The Bitcoin's Genesis Block (Block 0) was the first ever created block on the Bitcoin blockchain. It was created by Satoshi Nakamoto in 2009 and labelled a peer-to-peer electronic cash. Bitcoin Genesis Block started the Bitcoin blockchain and the existence of the world of cryptocurrency.
The Bitcoin Genesis Block was the first immutable database.
As the first block ever mined, the Genesis Block had a block reward of 50 BTC, and the reward was transferred to 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa' though the reward cannot be spent.
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f was the hash for the Bitcoin Genesis Block.
Source
Block 1 was mined 6 days after Block 0 and not the usual 10 minutes Bitcoin is been mined today, this led to the belief that Satoshi Nakamoto was trying to imitate the creation story from the Book of Genesis in the Bible.
Significance of Bitcoin Genesis Block
Everyone needs a starting point they can trust which is the reason why Bitcoin Genesis Block is very essential, because without a Genesis Block, miners will find it very difficult to trust the blockchain.
The Bitcoin's Genesis Block (Block 0) was the first ever created Genesis Block. This development led to the launch of cryptocurrency which is booming till date. The Bitcoin Genesis Block is the foundation of all cryptocurrencies
Bitcoin Genesis Block brought about blockchain technology which widely used for the storage of information in different sectors.
3. Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
Step 1:
To locate the Steem Genesis Block I visited the link below;
https://steemworld.org
Step 2:
When the page opened I clicked on sign in.
Step 3:
The next step was to input sign in details which is username and private posting key.
After inputting the sign in details, click on ok.
Step 4:
Click on Block Explorer.
Step 5:
Insert the number one (1) since the aim is to locate the first block, and click ok.
This is the Steem Genesis Block.
Conclusion
The Genesis Block is the foundation of Bitcoin and other cryptocurrencies as well as the blockchain technology. This origin of Genesis Block marks the initial creation of a revolutionary of digital currencies that have changed the entire financial landscape of the world at large.
The lecture was indeed impactful as it has inspired me to find out the Genesis Block of Steem and other cryptocurrencies. Thanks Prof. @awesononso once again for the impactful lecture.
Thanks for visiting my post.