Crypto Academy Season 3 Beginners’ Level - Homework Post for WEEK 2 : [THE GENESIS BLOCK: THE BEGINNING OF THE BEGINNING] by @reddileep for Professor Awesononso

reddileep (67)in SteemitCryptoAcademy • 3 years ago

HOMEWORK WEEK 2

Entire Question

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).

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INTRODUCTION FOR GENESIS BLOCK

Basically, Genesis Block is the 1st block that is used to create any Cryptocurrencies. So, in a Blockchain, we use this Genesis block as a foundation block of every block. Therefore, it will be placed at the bottom of the Blockchain. Here we use this Genesis Block to store every Transaction. Bitcoin is the 1st Genesis Block which was used in a Blockchain in 2009 by Satoshi Nakamoto.

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HOW IT WORKS

Like I previously defined, Genesis Block is used to Store Transaction. But we don't just store them. Because there is a specific algorithm that is used to store that Transaction information in a block. This algorithm generates a HashTag to use as a Header in this Block. This hashtag is linked to every other block in the blockchain. Also, once recorded, we can't delete those data as it is Decentralized.

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Further, Genesis Block is also, defined as Block 0 and then the second Block is Block 1. In this way, these blocks are continuously formed as a chain in the Blockchain. However, the most important thing is the other blocks have the hash code of previous blocks and the Genesis block is the 1st block without a previous block.

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INTRODUCTION FOR BITCOIN GENESIS BLOCK

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Bitcoin Genesis Block is the 1st Block in the Blockchain which created by Satoshi Nakamoto. Also, he is the founder of Blockchain and Genesis Block. This Bitcoin Genesis Block changes the world's currency method into a Digital Currency method. The original Genesis Block was created by staking 50 Bitcoins.

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HOW IT WORKS

All the Blocks creating in the Blockchain are accomplished by mining. It means, solving computational puzzles including hash code creating. We have commonly known it as Cryptography. This is a very complex task done by powerful computers. However, in the first mining process, it was not difficult to obtain mines from a low-level computer, as there was no competition in the mining network like today. Therefore, Satoshi Nakamoto was able to create the Bitcoin Genesis Block and today it has been very successful.

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BTC GENESIS BLOCK AND ITS SIGNIFICANCE

Nowadays, we can see a good development in this cryptocurrency world and it all started with this Genesis Block. Therefore it has great value and that's why top Bitcoin gainers send some coins to the address that containing 1st BTC deposit. In fact, they do it to honor Satoshi Nakamoto.
Below I have attached a screenshot of this wallet address which I have taken from the Block explorer

Wallet Address - 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
Current Transactions - 2,945
Current BTC Quentity - 68.44903596

Further, this Bitcoin Genesis Block is the 1st Block in Blockchain Technology. I think, if Satoshi Nakamoto didn't make this Bitcoin Genesis Block, we may not be able to use this blockchain technology yet. So, now we have a lot of Cryptocurrencies. Even in centralized exchanges, these decentralized cryptocurrencies are used because they are more popular.

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STEEM is the Basic Cryptocurrency that we use for our steemit platform. It is also a blockchain-based cryptocurrency and it has a genesis block. It is known as Steem Genesis Block and especially it is Block 1. Below I have located the Steem Genesis Block step by step.

STEP 1

First of all, we can browse https://steemworld.org, and then we can sign in using our steemit user name and private posting key like I highlighted in the below screenshot.

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STEP 2

Now We can select Block Explorer from the given tools. (See the below attached image)

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STEP 3

After selecting Block Explorer, we have to click "ok". (Here we can see the number 1 as the default option)

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STEP 4
Now we can see every detail of the Genesis Block of Steem.

Now we can realize that the Genesis Block is the foundation of every cryptocurrency and it is very significant for keeping the value of a cryptocurrency like Bitcoin. Further, the genesis block can be defined as block 0 or Block 1 according to the choice of the coin like block 0 for Bitcoin and Block 1 for our Steem Coin. Also, I understood that, among every cryptocurrency, bitcoin is very special because it is the 1st cryptocurrency that has given birth to every cryptocurrency and it is currently the most valuable coin in Digital Currency World. In fact, bitcoin value can affect most of the other cryptocurrency's values even Steem.

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This is my Homework Post for Week 2 and all the screenshots and cover image are created by me

At the end of this article, I would like to appreciate professor @awesononso for his valuable lesson and it was very helpful for me to understand this topic.

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