Steemit Crypto Academy Season 4 Homework Post For Task 3 The Genesis Block Submitted By @simeon00 Date:28-09-21
Question (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.
Answer (1a)
To begin with, the word Genesis is commonly applied to the beginning of something. Correspondingly, in blockchain terms, the Genesis block of a Blockchain is the first or initial block that was mined on that blockchain. As the earliest block, there would be no preceding block. This block in question is either portrayed as block 0 or block 1 according to the blockchain. The Genesis block functions or acts as the basis of the blockchain and determines how the subsequent blocks would be formed to comprise or make up the whole chain. All the blocks in the blockchain are joined by their hash all the way to the Genesis block, as illustrated in the image below.
Answer (1b)
The significances of the Genesis Block are as follows:
The Genesis block is unique as the only block in a blockchain that does not attach to a preceding block, and in virtually all cases, the initial mining rewards it unlocks are unspendable.
Besides, it forms the very basis of a Blockchain and often contains interesting stories,etc. For example, Bitcoin's Genesis block contains the current popular message that reads: "The Times 03-01-09 chancellor on brink of second bailout for banks." Of course this message points to the worsening financial status of the usual banking system of that era, and also to the reason for inventing cryptocurrencies such as Bitcoin and Ethereum.
ReferenceThe Genesis block maintains orderliness in a blockchain and determines how data should be stored in it. The Genesis block sets the pattern for every block on the Bitcoin blockchain. The way the contents of this first Block is carefully organized is followed by other blocks and defines the standard to be met for a new block to be mined.
The Genesis block led to the creation of cryptocurrencies beginning with Bitcoin. Bitcoin is believed to be the first successful Cryptocurrency. This digital coin influenced the invention of other decentralized cryptocurrencies, and indeed much later after Bitcoin was invented, there are presently multiple cryptocurrencies, all of which started with the Genesis Block.
Finally, the sole event of the Genesis Block mining unlocked doors of possibilities to the applications of Blockchain in the actual world, starting with the creation of Bitcoin which is believed to be the first application of the Blockchain technology that had been inactive for decades. At the moment, the Blockchain technology is utilized to solve many problems all over the world.
Answer (1c)
As has been explained at the onset, Bitcoin and other cryptocurrencies started with the Genesis block, the first block, for this block triggered the invention of the Bitcoin which was the initial Cryptocurrency. The Genesis block is represented as Block 0 and with a block reward of 50 BTC. To capture and view this block, i pasted the hash(000000000019d6689...), in the search bar of the Block explorer and it gave me the following results, (as seen from the screenshots below of the Bitcoin Genesis Block from the Block Explorer)
The Block reward for this block, also known as the coinbase reward, was collected in the wallet address, and they remain untouchable and apparently unspendable in the wallet.
Looking at the wallet below on the Explorer, it is obvious that there are more than 50 BTC available, and so this implies that there are presently 68.52265141 BTC from 3,052 transactions, check it out from the screenshot below.
Actually, from the wallet above, there are currently 3,052 transactions so far, and with a total number of 68.52265141 BTC.
The Genesis block has the coinbase transaction as the sole transaction in the block, which is considered as the first transaction in a block and it is this coinbase transaction that rewards the miners, and of course this type of transaction is always set off by miners when mining blocks.
The following screenshot depicts the coinbase transaction of Block 0, which is the Genesis Block.
The provision of cryptocurrencies has adjusted our view of finance and it's value. Granted, there had been other efforts to introduce these cryptocurrencies, however, the initiative was actualized as a result of the success attained by the founder of Bitcoin with regard to it's invention. By mining the Genesis block, the founder commenced the age of cryptocurrencies which has transformed the financial system, such as the conventional or regular banking system. Presently, there are multiple cryptocurrencies available and it is not out of place to conclude that the initiative will last for a longer time.