Steemit Crypto Academy [Beginners’ Level] Season 3 Week 2 Homework by @awesononso "The Genesis Block: The Beginning of the Beginning"
Hello steemian ...
This is my new post in the Steemit Crypto Academy community, on this season 3 week 2. I will be working on a homework from professor @awesononso with the theme "The Genesis Block: The Beginning of the Beginning”.
SOURCE:https://www.stably.io/post/understanding-the-genesis-block/
This started when on January 3, 2009, an inventor or creator of bitcoin, namely Satoshi Nakamoto, who at that time issued bitcoin and announced it as a digital currency. The launch of the currency was in the form of 31,000 lines of programming code.
Initially there were only 50 bitcoins at the beginning of the emergence of a system which later on the system was called the "genesis block".
For that I will immediately explain it according to the homework given by professor @awesononso.
1. What is the Genesis Block of a Blockchain.
SOURCE:https://www.stably.io/post/understanding-the-genesis-block/
Genesis block is the origin of the creation of the blockchain system, the genesis block is the first block in the blockchain system. Another opinion says that the genesis block is the basis of the blockchain system itself. Generally, this blockchain genesis has the designation block 0 and also block 1 on some blockchains. Therefore, we can conclude that the genesis block is the most special block. Every mining in a block that occurs in the blockchain always refers to the previous block but the genesis block does not, because it is the beginning and reference for the blocks that follow. This genesis block basically serves as a reference for the next block to be built.
2. Write on the Bitcoin Genesis Block and its significance.
Bitcoin Genesis Block
This started when on January 3, 2009, an inventor or creator of bitcoin, namely Satoshi Nakamoto, who at that time issued bitcoin and announced it as a digital currency. The launch of the currency was in the form of 31,000 lines of programming code.
Initially there were only 50 bitcoins at the beginning of the emergence of a system which later on the system was called the "genesis block". This event is a very historic day for every digital currency development to this day.
The hash for the Genesis Block is:
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
If you look for it in your search it will immediately be taken to block 0 and you will be shown the transaction details. The picture is as follows:
It is written that the block was mined on January 4, 2009 at 01:15 (GMT+7) by an unknown person.
It was also explained that 50 btc had been sent to an account with the wallet address 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa.
When we check the wallet, we will find the following display:
It explains that the address has transacted 2,945 times on the bitcoin blockchain. The wallet at that address has received a total of 68,44903596 BTC ($2,296,360.43). The news circulating said that the amount was a form of gratitude from fans to Satoshi Nakamoto for his services. The Bitcoin Genesis Block was mined by a mysterious developer whose identity remains unknown to this day. The mining process also keeps a mystery because the coins that are mined are not known where they came from and the prizes cannot be cashed.
From this transaction, we can find Satoshi Nakamoto's secret message contained in the input section of the transaction. Message in the form of hex script: 5468652054696d65732030332f4a616e2f32303039204368616e63656c6c6f72206f6e206272696e6b206f66207365636f6e64206261696c6f757420666f7222616e6b73
When I converted the hex script at https://www.rapidtables.com/ there was an inscription that read “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”.
The majority of bitcoin enthusiasts conclude that the message is the philosophy and main goal of bitcoin. Where the purpose of bitcoin is to make a difference in function with conventional banking systems, of course bitcoin comes with advantages that do not exist in conventional banking systems.
Significance of Genesis Bitcoin Block
The following are some of the impacts of the historic event of the Genesis Block Mining by Satoshi Nakamoto:
The Genesis Block event brings innovation to the world about blockchain applications. Now, blockchain technology can be used to solve related problems that exist around the world.
The Genesis block is a reference in the Blockchain that regulates data storage procedures so that it will become a follow-up for new blocks later.
Bitcoin became the first and most successful cryptocurrency. Bitcoin gave birth to other cryptocurrencies that use the same system, namely a decentralized system. Starting from the genesis block, now there are thousands of cryptocurrencies.
With the discovery of bitcoin which originated from the genesis of the block, at least the progress of the human economy has significant progress towards a more modern economy.
3. Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
- The first step you have to do is write in the search https://steemworld.org, then this is how it looks (sign-in is not required, but I have signed in):
- select the block explorer menu:
- when you are prompted to enter a block number, then enter 1 (usually the number one will automatically appear), then press OK :
- after that, you will be immediately shown the details of the genesis block, it looks like this:
conclusion
Genesis block is the origin of the creation of the blockchain system, the genesis block is the first block in the blockchain system. Another opinion says that the genesis block is the basis of the blockchain system itself. Therefore, we can conclude that the genesis block is the most special block.
The Genesis Block event brings innovation to the world about blockchain applications. Now, blockchain technology can be used to solve related problems that exist around the world.
With the discovery of bitcoin which originated from the genesis of the block, at least the progress of the human economy has a very significant progress towards a more modern economy.
This is everything I know about The Genesis Block, I'm writing this based on some of the references I've studied.