GENESIS BLOCK, STEEMIT CRYPTOACADEMY SEASON 4, HOMEWORK POST FOR TASK 3 @awesononso
Am glad to be here again, its always a pleasure going through your lecture @awesononso and this was not an exception as i leant so much. Am here to do the home work that followed after the lectures.
I will be attempting QUESTION 1
- WHAT IS GENESIS BLOCK?
B) WHAT ARE THE SIGNIFICANCE OF GENESIS BLOCK?
C) EXPLORE THE BITCOIN GENESIS BLOCK AND INDICATE HOW MANY TRANSACTIONS SO FAR AND THE NUMBER OF BITCOINS.
Before i go ahead to talk about Genesis Block, let me briefly say what block is.
A block is digital in nature, and is made up of data used for making transactions on a network. A block is capable of recording transactions made on the block chain. The records or information stored on the block are not easily erased or altered.
Now i have said what a block is, i will proceed to explain the Genesis block.
Genesis Block is a very unique block found on the blockchain. The word Genesis means starting point. Therefore, Genesis block is regarded as the starting point of all other blocks. Genesis block comes first before every other blocks having no block before it, thats why it is seen as block 0.
Genesis block forms the foundation for other blocks no wonder i call it the pioneer block or the father of all blocks.
Genesis block was mined for the first time in the month of January year 2009 by an individual or group of people( identity not certain). The first reward earned as this block was mined was 50.00000000BTC.
SIGNIFICANCE OF THE GENESIS BLOCK
The significance of the genesis block can not be over emphasized. The following includes some of its significance.
The Genesis block has no block before it, this makes it a unique kind of block.
The Genesis block is the very foundation for all blocks on the blockchain.
The structure of the Genesis block is in such a way that it describes all needed information to form the next transaction block.
The Genesis block is the first block that was mined.
The Genesis block, validated the first cryptocurrency ever existed.
The Genesis block has made decentralization possible.
The inception of the Genesis block has introduced the making of cryptocurrencies like the bitcoin and the rest, which inturn has made many wealthy and transformed lives.
EXPLORING THE BITCOIN GENESIS BLOCK, INDICATING TRANSACTION AND NUMBER OF BITCOIN
Before i go ahead with exploring the bitcoin Genesis i have this to say;
The bitcoin genesis block is the foremost block transaction done, the reward gotten from this transaction is said to be non spendable( can not be spent). It is believed that the bitcoin genesis mined in response to an article that was published on the times newspaper.
The following are steps i took to explore the bitcoin genesis.
Step 1: I log in to the web address for Genesis block explorer
Step 2: it opens up showing me block 0 and so features as seen on the screenshot. I read about the date mined and the total reward gotten from the mining.
Step 3: i scrolled downwards to see more features. There i saw the number of transaction done which 1, i saw other things like the timestamp and the hash.
Step 4: I kept scrolling down to see more then i saw the block transaction section comprising the amount of BTC found, the fee, the hash and the date. As seen on screenshot below.
From exploring the genesis block the number of transction i found is 1 and the number of bitcoin i found is 50BTC as seen on my screenshots
Genesis block is block has made a name in the crypto space, there is no way crypyocurrency is talked about without mentioning genesis block.
Its significance is so weighty.
I have learnt alot about it and trust me if not for @cryptoacademy and beloved prof @awesononso i don't think i would have come across this topic or learn about so am grateful for learning.
Thank you for reading
Regards