The Genesis Block
Crypto Academy Season 5
Homework post for task 3 by @sargoon

cover photo made by @sargoon

Hello, Steemit Crypto Academy community! Here I am with my third homework post on SteemitCryptoAcademy. In this homework, I chose the first homework question of the 3rd introductory course prepared by Professor @awesononso. I would like to start my homework by explaining the "What is Genesis Block?".

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.

What is the Genesis block?

In fact, it all started with the creation of the first block of Bitcoin on January 3, 2009. With this block, called the Genesis Block, the first mining system of Bitcoin was created. As I mentioned in my previous assignments, the reward of the first block created in 2009 was 50 BTC.

Since the creator of the block is unknown, many people think that the creator of the genesis block, the first mined block in history, was Satoshi Nakamoto, but this information is just a claim. The person who mined the first block is identified as "Unknown" on blockchain.com.

For every block mined after the Genesis Block for 4 years, the block reward was 50 BTC. After 2013, the block reward, which was 50 BTC, was halved to 25 BTC. Every 4 years after the creation of the Genesis block, Bitcoin's block reward will be regularly halved.

What are the significances of the Genesis Block?

The genesis block is actually the basis of the blockchain technology that everyone is talking about right now. I define the genesis block as the first chain created on the blockchain. Other blocks created after the Genesis block combined to form chains, and these chains combined to form the blockchain.

With Blockchain technology, the first foundations of which were laid with the Genesis block, we have been able to use cryptocurrencies anonymously for 12 years. The genesis block is of great importance because it laid the foundation not only for blockchain but also for decentralized systems.

With the creation of the Genesis block, altcoins created shortly after Bitcoin were linked to blockchains. Some of the new altcoins created today have created their own blockchains based on blockchain technology and the genesis block, it's literally an era change!

Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.

The Genesis Block is the most important event in the blockchain and cryptocurrency world. It is the rebirth of the digital world and currencies.

The Genesis block has been one of the most popular topics in the digital currency world for years, as Bitcoin is the oldest and first mining block. You don't need to type the entire hash of the block to view the Genesis Block. To view the Genesis Block easily:

• Go to blockchain.com, then click explorer and just type "0" in the search field.

• You can reach the Genesis Block by clicking BTC Block among the results.

• Since the Genesis Block is known as the main block of cryptocurrency mining, this block was named "Block 0" by blockchain.com.

• In the screenshot above, you can see in detail the operations of the genesis block with the hash code "000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f", which is called Block 0.

• A total of 3,127 transactions have been made to date for the address "1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa" defined for the Genesis Block, and the fee for these transactions is priced at 0.00000146 BTC.

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Conclusion

12 years ago, the biggest step of the future was taken with the genesis block created in 2009. In a few years, all cryptocurrencies will spread all over the world with the blockchain system on which the genesis block is based and will be the most used currencies legally all over the world. In the near future, cryptocurrencies will completely wipe out physical currencies from the market.

I was doing deep research on this assignment for two days and this assignment really informed me a lot. Best regards to Professor @awesononso for sharing this assignment. Thank you so much for reading my third Steemit Crypto Academy post! :)