Steemit Crypto Academy Season 4 Beginners' course - Task 3: The Genesis Block: by @rhyda
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1a) What is the Genesis block?
b) What are the significances of the Genesis Block?
c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
1a) What is the Genesis Block?
Before we dive into what Genesis Block is it’s always important to know the keywords and that’s “Genesis” and “block”.
Genesis simple means the start of something.
Block is a group of transactions that are grouped by PoW for verification.
Now that we know what Genesis and Block mean, let’s talk about Genesis Block.
Genesis Block is the first block to ever be created in the blockchain.
When a blockchain is created, the first block to be created is what we call the Genesis block or block 0.
The Genesis block shows how other blocks come together to form an entire chain.
It’s usually know that the block in the blockchain is linked together by hash.
In the Genesis Block, there are no transactions because it blocks rewards of the first token ever created on that blockchain. In general, blocks of a blockchain are linked together cryptographically to the block before them. This link is called the nonce.
Miners compete in finding a nonce that works by adding a new block to the blockchain.
The first Genesis Block to ever be created was in the year 2009 by a profound programmer called Satoshi Nakamoto whose true identity is still unknown.
b) What are the significances of the Genesis Block?
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Bitcoin is considered to be the first-ever cryptocurrency to be created and is now taking over the world in a decentralized manner. Ever since it was created successfully, there have been other cryptos created to run on the decentralized world. Which are over 10,000.
The uniqueness of Genesis block makes it stands on its own in a way that it doesn’t have a blueprint and its rewards can’t be spent.
Ever since the Genesis block was created in the year 2009, it has then revolutionized to take over the financial world where transactions are now done without the help of a third party and also makes its system difficult to hack through since it runs on a decentralized basis making it different from the local banks.
Ever since the Genesis Block was created, it has been the building block for others. That is to say that the Genesis blocks serves as a reference for others.
c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
In other to demonstrate with you guys how I explored the Genesis block I decided to visit the blockchain page where all the relevant information we need for our demonstration can be found.
- On the blockchain webpage, click on the menu bar located at the right side of your screen.
- A menu bar appears showing Exchange, Wallet, Explore and Institutional and in this case we are going to be dealing with explore. Then you click on it.
- Click on the search box and paste this address: 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f or you change the currency to BTC and type in block 0 in the search bar
- After I pasted the address given above.
A message appeared with a brief description of block 0, the year, date, and time it was mined, and the amount mined.
It also indicates the amount of 50btc to the U.S dollar. Which is 50btc is equivalent to $2,738,944.50
It also gives me information on
The hash address is 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
Confirmations = 703,791
Timestamp = 2009-01-03 18:15
Height = 0
Miner = for which that person is unknown
Number of transactions made = 1
Let’s take a look at Blockchain Transactions.
In this case, the blockchain transactions shows the amount of btc which is 50.00000000btc
Fees: 0.00000000 BTC
(0.000 sat/B - 0.000 sat/WU - 204 bytes)Hash address which is different from the first address 4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b
Date: 2009-01-03 18:15
Address that was used for the transaction: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
- When you click on the address used, it takes you to another page which shows in details about how that transaction was made, the input and out put of the transaction.
Conclusion
The introduction of cryptocurrency into the world is and have been the greatest thing to have ever been done and I think with much effort done it will shape the economy of the world where people won’t have to worry about their funds.
With the explanation and screenshots provided we Annie know how he idea of crypto car into existence and how things are done in the crypto world.
Thanks to professor @awesononso to giving us search a wonderful lecture and I’m glade to have participated in this task. I stop here by saying all screenshots and explanation were done by me on ow I understood the lecture.
All screenshots taken and used were take from blockchain.com