Steemit Crypto Academy Season 4 Beginners' course - Task 3: The Genesis Block

sherazsultan (64)Beginner[2,3,4,5,6,7,8,10]in SteemitCryptoAcademy • 3 years ago

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 first ever currency which was mined is the Bitcoin. The transaction was performed in 2009 by a person Satoshi Nakamoto. The word Genesis mean the start of any thing. So the Genesis block can be define as the first block on the blockchain technology.

The Genesis block also known as the 0 Block. It was created by the Satoshi Nakamoto in 2009. This is the first ever mined block on the bitcoin network. The main characteristic of this block is it can not be tracked because this is the first block. We know every block on the blockchain is linked with its previous block. So we can track all the block on the network.

This block is the starting and first ever mined block. On the blockchain, all the blocks are linked with the genesis block through the hash function and every block on the blockchain can be tracked back to the Genesis block.

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.

Screenshot (2196).png

Main characteristics of the Genesis Block

1- First Ever mined block:

The Genesis block is the first ever mined block. All the blocks on the blockchain are linked with the Genesis block through the hash function and can be tracked back to this 0 block. This block is the foundation of the blockchain.

2- First 50 Bitcoins

The amount which was mined first in the genesis block was 50 BTC. Those 50 BTC are still there on the blockchain because the Satoshi created a code to made these 50 BTC untouchable. No one can spend these coins.

3- Block creation time

The bitcoin blockchain require 10 minutes to create a block on the network. But after mining the Genesis block, the Satoshi took 6 days for creation of the next block. No one knows what the reason behind this much delay. Some people claim that this time was took to observe whether the network is working properly and stable or not.

This invention was actually a great favor on the world. In the return, the minors send some BTC time to time to pay a tribute to the blockchain founder, Satoshi. But this person never seen ever after this innovation. No one knows who that person was and where is he now.

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

On the same date, an article with the same heading was published in the London Times Article. But there was no link of this article with this block apparently. This article was about the failure of the British government to raise the economy of the country. The Satoshi never explained the meaning behind this message which he delivered on his first block but it is said that this system was actually introduce to replace the centralized system to perform the transaction. The third person was the target to cut while performing the transaction.

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?

The genesis is the first ever mined block which is consider the foundation of the blockchain. This system then changed the world completely. We now have entered into a new era where the finance system is so easy and fast. We can transfer money to any one without the involvement of the third party. The middle man concept is cut down in this technology.

This block was the first step toward a technology which has reduced the corruption in banking network. The blockchain technology has reduced the criminal acts in the finance system.

The Genesis block was mined successfully and from then, the creation of the crypto currencies started. After the bitcoin, hundred of thousand currencies created. This has opened the door of advancement for the world.

The genesis block define the how the other blocks on the blockchain will be structure to form a chain. This is the start of the blockchain technology and named also as 0 block. All the block are linked with this block through the hash function. But no one can track the Genesis block because there was no previous block to the genesis block.

The Genesis block give the idea to structure the other blocks. It can be said as the reference block. The idea of the blockchain was so old but it became possible because of the creation of the Genesis block. This block made the concept of the blockchain a truth for the world and this technology has now made the world more advanced and secure.

No one can access your personal information. The users feel more secure in this technology. The transactions can be performed between person to person.

Screenshot (2196).png

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

Screenshot (2947).png

Screenshot (2948).png

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

Screenshot (2949).png Screenshot (2950).png Screenshot (2951).png

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

Screenshot (2196).png

Block Transaction

In the block section, you get the following information.

Screenshot (2952).png

When i clicked on the hash, i get the following page.

Screenshot (2954).png Screenshot (2955).png Screenshot (2956).png

To get to know about the wallet address, i clicked on the below marked space.

Screenshot (2953)_LI.jpg

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

Screenshot (2960).png

When you scroll down the page, you get to known the information about the transactions.

Screenshot (2962).png

The last transaction was performed at 2021-09-28 03:40.

Conclusion

The Genesis block is the world first block which is also known as the 0 Block. This block is the foundation of the blockchain. This first ever mined block was mined on the 3 January 2009 which has change he world greatly. We have entered into a new era where the finanace system has became so strong, fast and secure.

Thanks to the professor @sapwood and @awesononso for this amazing lecture and the bundle of information.

#academys4-intro03 #cryptoacademy #genesisblock

3 years ago in SteemitCryptoAcademy by sherazsultan (64)Beginner[2,3,4,5,6,7,8,10]

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