Steemit Crypto Academy Season 4 Beginners' course - Task 3: The Genesis Block
Hello everyone. I am very thankful to the professor @awesononso. In this assignment, i will explain the Genesis Block in detail. So let's start the homework task.
What is the Genesis Block
Before 2008, there was no concept of the crypto currencies and blockchain. Then in 2008, a new technology, named as the blockchain was introduced to the world. The main and basic purpose of this technology was to introduce a system to perform the transactions without involvement of the third party.
The genesis block is the foundation of the blockchain. This block define how all blocks on the blockchain will structure to form a chain.
Key points
- The Genesis block is the first ever mined block on the bitcoin blockchain
- The genesis block was mined on the 3 January 2009 by the Satoshi Nakamoto
- This block is linked with all the blocks on the blockchain through the hash function.
- All the blocks on the blockchain can be tracked back to the Genesis block.
- The Genesis block is the foundation of the blockchain
- This blockchain define how all blocks on the blockchain will structure to form a chain.
Main characteristics of the Genesis Block
1- First Ever mined block:
2- First 50 Bitcoins
3- Block creation time
4- Secrete Message
The Genesis block was mined on the third January 2009. The message which was delivered on this block was
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks". Source
This system is now used all over the world to send your funds or to perform transaction in less cost without involvement of the third person.
Question 2- What are the significances of the Genesis Block?
No one can access your personal information. The users feel more secure in this technology. The transactions can be performed between person to person.
Question-
Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
1- Go to the Link
2- On the search bar, paste
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
3- The whole detail about the transaction appeared on the screen.
The Genesis block is also known as the 0 Block as it is the first block which was ever mined. This block was mined on January 03, 2009 at 11:15 PM GMT+5 by unknown person. This block was generated by the Satoshi Nakamoto. It currently has 702,526 confirmations on the Bitcoin blockchain. The miner(s) of this block earned a total reward of 50.00000000 BTC ($2,132,867.50). The reward consisted of a base reward of 50.00000000 BTC ($2,132,867.50) with an additional 0.00000000 BTC ($0.00) reward paid as fees of the 1 transactions which were included in the block. The Block rewards, also known as the Coinbase reward, were sent to the 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa. A total of 0.00000000 BTC ($0.00) were sent in the block with the average transaction being 0.00000000 BTC ($0.00) Source
The hash of this transaction is 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
. The block size was 285Bytes The transaction volume of the 0 block is 0.0000000BTC with block reward 50.0000000BTC, weight 1440WU and fee reward 0.0000000BTC.
The merkle root of this transaction is 4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b, the difficulty is 1.00, nonce is 2,083,236,893. This transaction was performed on 3 January 2009 at 23:15. It currently has 702,526 confirmations on the Bitcoin blockchain
Block Transaction
In the block section, you get the following information.
When i clicked on the hash, i get the following page.
To get to know about the wallet address, i clicked on the below marked space.
This address has transacted 3,054 times on the Bitcoin blockchain. It has received a total of 68.52266257 BTC ($2,922,995.20) and has sent a total of 0.00000000 BTC ($0.00). The current value of this address is 68.52266257 BTC ($2,922,995.20). Source
When you scroll down the page, you get to known the information about the transactions.
The last transaction was performed at 2021-09-28 03:40.
Conclusion
Thanks to the professor @sapwood and @awesononso for this amazing lecture and the bundle of information.