Steemit Crypto Academy [Beginners’ Level] |Season 3 Week 2 | The Genesis Block: The Beginning of the Beginning
Hello everyone here in in this community!
it is a great pleasure to participate in this session of the lecture delivered and I will like to thank Professor @awesononso for his marvelous presentation of the lectures.
This week lecture is based upon the Genesis Block of blockchain, Bitcoin Genesis block with its significance and how to locate the Steem Block. Based on this lecture content, I am so delighted that I will be able learn about what blockchain is, the history behind these cryptocurrencies and also how to locate our almighty Steem block.
AN OVERVIEW OF WHAT BLOCK IN A BLOCKCHAIN IS.
Blockchain is an empirical related of interconnected linked of blocks that forms a book which displays records of transactions information’s on each block of the chain.
The blockchain contains ambiguous number of the transactions on bitcoin and other cryptocurrencies which linked its functionality across many electronic computer networks in a more and more precise system. The Blockchain as describe as a book is a collection of blocks which contains individual ledger transactions of cryptocurrencies. This blocks contains files which is subjected to unchanged data network. It is observe that, blocks provide or retain all information of cryptocurrency transactions and these blocks are then hacked or tout to duplicate to form a variety of hash tree. The cryptographic hash of an existing or occurring block is present in each succeeding block and also precedes and followed in the blockchain system .
WHAT IS THE GENESIS BLOCK OF A BLOCKCHAIN?
Genesis block refers to the earliest and original block which forms the fundamental basis in a blockchain. The genesis block can be describe as the mother of all blocks and it is independent from any block since it’s the initial block to ever design.
It’s observed that, new blocks rely on this block for a guide and its serve as a precedent which give birth to new precise blocks on the blockchain. Several new blocks has been design and it all gave reference to the genesis block which is therefore addressed as the Block0 or Block1 but when it’s Block1 this implies it’s the first Block.
All cryptocurrencies are built from this Block and it’s recognized on all the blockchain of the cryptocurrency transactions.
THE BITCOIN GENESIS BLOCK
The Bitcoin Genesis Block was the first ever block to be mined on the cryptocurrency blockchain. These intervention was to release people from the ambiguous government policies on the conventional banking system.
The bitcoin founder Satoshi Nakamoto dream came true who happen to be the first to mined the bitcoin cryptocurrency blockchain, and this his intellectual intervention came to realization from an abstract phenomenon to actual phenomenon on 3rd January, 2009. The genesis block mined as at then was 50BTC which was so easy to mine and the attached rewards was much higher as compared with today’s own stating at 6.25BTC. However, the peculiar hash block was mined at a coins that was unusual to be spend, this is because, the address to the coin was been sent to and was not permissible and therefore it was left untouched and could not be converted into liquidity.
The intervention of bitcoin project by Satoshi Nakamoto has transformed the lives of technological intellects and people who wishes to browse the internet to learn and also earn profit gains. The bitcoin genesis block0 after 3rd January, 2009 took a period six days to mine the block1 unlike the normal 10 minutes now due to inherent or unobvious reason behind. But, there were an intimidation statement that tries to compare it to the creation story as our religious believes but others too anticipate that the accuracy level was been checked to ensure that the network standards were met to be able to function to expectations
It was seen that an information was left in the system “A hex script was left in and when this was converted in to words” which in words could be read as “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”. source
With this statement, there were no distinctive meaning on it or there were no literature that interpret its meaning but most bitcoin users explains it as an objective or goal that is on to provide the benefits the conventional banking system could not provide to people and this came up in the article from The Times Newspaper that was been released and published on the day the Genesis Block was mined.
SIGNIFICANCE OF THE BITCOIN GENESIS BLOCK IN BLOCKCHAIN
The bitcoin genesis block in the blockchain has been impinge with several importance, below are some of the significance;
Bitcoin genesis block open the way to other cryptocurrencies in the world today. As it stance, numerous number of cryptocurrencies has been develop from the guide of the bitcoin genesis block. The bitcoin genesis block then becomes a knowledge stream in which all other cryptocurrencies precedes from it and followed.
In addition, it is observed that the world today are now driving towards cryptocurrencies and relies much efforts on it due to its transparency and accountable as compared with the physical banking system. Many investors now are investing in the crypto world rather than the banking sector.
Blockchain technology as indicated that data cannot be change makes it reliable to keep records on the bitcoin genesis block. The records saved here is permanent and will be forever verifiable to its function.
Since the bitcoin genesis block is the first to mined it is therefore refers as theory or model that new cryptocurrencies can rely on for more literature on the blockchain
Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
To start with, I visited the Steem genesis block through the link Go to https://steemworld.org
I click on the sign in bottom and a pop-up menu appears
I entered my username and my private posting key
After that I click on the Block Explorer icon
A pop-up menu appear written Block number with 1 inside and I click on ok
Finally, the Steem Block Explorer/Block1 opens
After that I Sign Out
CONCLUSION
The blockchains is a collections of blocks that is contains unchanged data which permanently saved. The Genesis Block of the Blockchain as described as the Adam of the Blockchain is the original Block in which the Bitcoin Genesis Block was the first to be mined, Satoshi Nakamba was the founder and it have really impacted a lot of positive influences in the world today with cryptocurrencies trading everywhere.
I am so grateful to participate in the lecture and homework assignment as well and send much gratitude to Professor @awesononso. Thank you for reading my post!
Hello @salim15,
Thank you for taking interest in this class. Your grades are as follows;
Feedback and Suggestions
You need to understand the topic better in order to fully be able to express yourself. Some statements were really not easy to understand.
There are some missing points on the first and second questions.
Thanks again as we anticipate your participation in the next class.
Thank you Professor, I will do exactly as you suggest, I will work on them and improve it in the subsequent class and my grades as well. I really appreciate your concern Sir.