CRYPTO ACADEMY::::::: HOMEWORK FOR BEGINNER'S CLASS BY @sammylinks
Hello everyone,
I'm very grateful for the rare opportunity offered by this wonderful academy where several lectures from our seasoned crypto-professors are impacting great crypto knowledge to us all.
This post will centered on the homework tasks
as stated below was given by our crypto-professor @awesononso from his lecture on GENESIS BLOCK AND ITS SIGNIFICANCE. The answers which is solely from my understanding of the lecture and the researched work will form the sections of this post
WHAT IS THE GENESIS BLOCK OF THE BLOCKCHAIN
WHAT IS THE BITCOIN GENESIS BLOCK AND IT'S SIGNIFICANCE
GO TO https://steemworld.org/ AND LOCATE the STEEM GENESIS BLOCK
WHAT IS THE GENESIS BLOCK OF THE BLOCKCHAIN
As the name implies, Genesis refers to the beginning. It suggests the very first beginning (if it's a good syntax). The beginning of any act or e event can be properly referred as the GENESIS of that act, event or something. For instance, In 1885, an inventor by name Carl Benz develop a stationary gasoline engine motor car.
As the picture above, the first ever motor car developed by Carl Benz in 1885 serves as the GENESIS of the development and modernization of the several motor cars in the world now.
WHAT IS THE BLOCK IN THE BLOCKCHAIN
However, Block as a term or concept can be employed by several Fields with different meanings. But in cryptocurrencies, it is simple and easy to understand.
Since cryptocurrencies Exchange and trading are duly recorded and once, it is accurately achieved. It is stored together as a single unit before another records will be started again. The once completed records in a single unit is known as a block. Whenever a block is completed for another block to be started to be recorded. The very first one will be verified and validated. This acknowledgement might comes in very forms. Like solving a computational puzzles as in case of POW, "burning" as in the case of POB, or by a high staked-weight as in case of POS etc. Once the acknowledgement or validation is done within some time limit like 10 minutes, 4 seconds etc by a certain people known as the miners or witnesses etc. A reward will be issued to them and a new block will be open to be completed and validated. There are many blocks that are validated and layered for another ones in a long chains. These several chains of block of cryptocurrency records work perfectly on a technology called BLOCKCHAIN.
RELATED CONCEPTS OF GENESIS AND BLOCK TOGETHER.
As early established, every act and event have a start or origin as human beings owe their origin from Adam. Thus, the origin or start is referred to as the GENESIS.
The very first block or compilation of first cryptocurrencies Trading and Exchange recorded and validated as a single unit or a block is the Genesis block of that digital coin.
There are many types of cryptocurrencies after the successful story of Bitcoin, the first ever cryptocurrencies that are tradable on peer to peer level and purely decentralized. Every types of these cryptocurrencies including the Bitcoin have their first ever transaction recorded and validated as a block. This first ever block is called the Genesis block.
Blockchain are series of blocks that are validated. The first ever block on the Blockchain is the Genesis block. Those Genesis block are mostly labeled as the Block 0 or Block 1.
Since the blocks on the Blockchain contain the information of the previous Blocks validated before them. For the Genesis block, it does not contain any information of previous blocks because there's no previous blocks. Genesis block serves as the ancestor of the blocks in the Blockchain. Also, the blocks contain the information of previous validated blocks in the Blockchain. Those vital information that connects those blocks together involves the hash number. The combination of hash of the Genesis block always stated as 0 or 1 with the new transaction of the new blocks forms the unique hash of the new blocks. The process of repeating the producing unique hash of the new block form the connection between the blocks create the Blockchain technology. The hashing number on the blocks stemming from the unique number 0 or 1 of Genesis block form the block height.
SIGNIFICANCE OF GENESIS BLOCKS IN BLOCKCHAIN
There are many importance of Genesis block in the Blockchain have engeared into the world of cryptocurrencies. The transaction networks in our conventional financial institutions like banks are centralized and their financial decisions are not open for every users to know more about their deeds. But in decentralized system, there's transparency and there is a strong trust in the network. This is possible because of the openness of the Genesis block like the rewards, the timestamps, block height, other receipts of the transaction etc.
WHAT IS THE BITCOIN GENESIS BLOCK AND IT'S SIGNIFICANCE
The Bitcoin Genesis block is the name given to the first ever block of Bitcoin that's mined. The Bitcoin GENESIS BLOCK is the origin and the beginning of the Bitcoin blocks that's validated. It forms the foundation of the Bitcoin transactions and serves as the prototype of blocks in the bitcoins.
The Genesis block of the Bitcoin is labeled 0 and serves as the lineages of other blocks because of other blocks in the Blockchain contain the the hash of the Genesis block and the new details of the transactions of the particular block forming their unique hashing. Each blocks in the Blockchain have a block height which is orderly numbering of those blocks starting from the Genesis block. Although the block height can be manipulated by the miners with their specific reasons but block height is the numbering of those bltcoins specifically. The connection between the Genesis blocks and other blocks forms the Blockchain technology.
Some details of the Bitcoin Genesis block is shrouded with great mysteries just like the identity of the inventor.
As the picture above indicated, some of it's information are known Includes.
- Hash number
- Block height
- Timestamps
- The rewards for the miner
- The origin of the miner
- The number of transaction confirmation in the Genesis block.
- The recipient address
Another detail of the Genesis block includes
- The Hex sigscription and it's meaning.
The meaning when converted tallied with that the headline of the reputable newspaper. THE TIME. Which reads " CHANCELLOR ON THE BRINK OF SECOND BAILOUT FOR BANK". Which emphasized on the problems of the conventional banking sector and the positive glimpse of cryptocurrency.
The mining time and the reward of the Genesis block of Bitcoin varies with what we have now. It's took 6 days for another block to be validated which is part of the great mysteries and the reward was 50BTC as of 6.25BTC of today.
SIGNIFICANCE OF BITCOIN GENESIS BLOCK
The importance of Bitcoin Genesis block is very vital to the world of cryptocurrency being the first ever digital coin.
The ancestor of other Bitcoin blocks.
As offsprings takes some unique characters of their parents so as the parents from the fore-parents. Those good characters forms a great bond in the various blocks in the Blockchain. Those bonds includes the hash numbers, block heights etc.TRANSPARENCY
Genesis block engeared openness into the world of cryptocurrencies. Genesis displays all it's details making cryptocurrencies very unique and interesting.RESOURCEFUL
Blockchain technology have been as a decentralized platforms that have been designed for a long time but was not employed until the introduction of cryptocurrencies with the success of Genesis block makes blockchain technology very resourceful, useful and important.
GO TO https://steemworld.org/ AND LOCATE the STEEM GENESIS BLOCK
The steem Genesis block is the very first ever block of the cryptocurrencies Trading and Exchange on the steem to be witnessed and validated. It is labeled as "BLOCK 1".
OVERVIEW OF STEEM GENESIS BLOCK
As the picture above shows, the time when it is created as the TIMESTAMPS: 2016-03-24, 17:05:00.
- THE BLOCK HEIGHT: 1
- THE BLOCK ID OR HASH: 0000000109833ce528d5bbfb3f6225b39ee10086
- THE WITNESS: @initminer
HOW TO LOCATE THE STEEM GENESIS BLOCK.
To locate this unique block found in https://steemworld.org. These steps should be followed.
STEP ONE
LOG into the STEEMWORLD WEDSITE
With the user's account name and private/posting passwords.
STEP TWO
Click on the button BLOCK EXPLORER.
STEP THREE
IMAGE Source
Search for the block height 1.
STEEM FOUR
The STEEM GENESIS BLOCK AND DETAIL will be displayed successfully.
CONCLUSION
Genesis block is the beginning of the records and confirmation of the cryptocurrencies transaction in the Blockchain.
The uniqueness of the Genesis block is very significant because of the transparency and reliability that it introduced in the world of cryptocurrencies.
The introduction of cryptocurrencies whose records are validated as blocks makes blockchain technology very important.