SteemitCryptoAcademy Season 3: Week 2 Homework (by @awesononso ) | The Genesis Block: The Beginning of the Beginning

Hello Steemit Crypto Academy,

I am excited about my first assignment for this season. This new format that started at Steemit Crypto Academy got me even more excited. I think the Beginners' Level assignments will teach me a lot about blockchain and cryptocurrency. I learned a lot of new information from this assignment. I want to thank professor @awesononso for this.

Introduction

Blockchain is a revolution, and this revolution has given us lots of new experiences. Even people who have nothing to do with technology or computer subjects started to turn to this field. The first step towards this was taken by Satoshi Nakamoto 12 years ago. This step is precious to the world. Although the creation process of Genesis Block is still a mystery, people started to trust this new market.
Blockchain, which offers a decentralized opportunity for financial markets and for people to manage their income. This technology continues to improve itself since the first day. It is a matter of curiosity what blockchain technology will offer us in the coming years.
In this assignment, firstly, I will try to answer What is the Genesis Block of Blockchain? Then I will try to explain the definition of Bitcoin Genesis Block and its importance. Finally, I will try to create a Steem Genesis Block with a practical example.

1. What is the Genesis Block of a Blockchain.

The genesis block is the first block of the blockchain. It is the platform that additional blocks are added to form a chain of blocks. This block is sometimes referred to Block 0 or Block 1. There is no previous block for reference in Genesis Block. This means that no data before the Genesis Block.
The Genesis Block forms the basis of the entire Bitcoin trading system and is the prototype for all other blocks on the blockchain. Satoshi Nakamoto, the developer of Bitcoin, created the Genesis Block in 2009. After the first block (Genesis Block), we can say that every block references the previous block as we know that a blockchain has multiple “blocks” linked together. A genesis block is unique. It is the only block in a blockchain that does not need another block.
Like every chain has a link, the genesis block is the first link to start the blockchain.

2. Write on the Bitcoin Genesis Block and its significance.
Located on the Bitcoin blockchain, the Genesis Block is equivalent to a 50 Bitcoin block reward. This block was created on January 3, 2009. The 50 Bitcoin reward earned through this block was made impossible for Satoshi Nakamoto to use. There are many mysteries and the popular one is: Why are the bitcoins within the original block unspendable? There are several comments for this question, and none of them is true. We can not read Nakamato’s opinions, I think.
The prize of 50 Bitcoin is located at an address belonging to Satoshi Nakamoto. Since January 3, 2019, 68.11 Bitcoins in the address can never be returned due to many transfers to this starting block address.

Significance of the Bitcoin Genesis Block

• The sentence that Nakamoto quoted from a newspaper headline when creating the first blog remains a mystery. This is the most enjoyable part of the crypto world. This excitement is bringing people into the blockchain world.
• People had the opportunity to meet a new financial instrument. For many years people were under the control of banks. Decisions implemented by a single center were shaping people's financial lives. However, this technology advocating decentralization has been a new experience for people.
• With the bitcoin world, people can both control their financial developments and pave the way for them to earn income in this way. It has been instrumental in opening new business areas especially for the new generation who knows how to use computers very well.
• Bitcoin is a revolution, and one person made this revolution. People have experienced that such a technological revolution is possible. With the Bitcoin Genesis Block, new revolutions like this will likely occur soon.

3. Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).

Step 1: I clicked the “Block Explorer”

Step 2: I clicked “Ok” part for Block 1

Step 3: Now, I can see all details of the Genesis Block. I will sign in now.

Step 4: I wrote my name and my password

Step 5: I am in…

Conclusion
The genesis block is the first block of the blockchain. Many people witnessed this event 12 years ago. But many people did not know what it meant. But now, even a non-techie has an idea about it. Why is that? Because blockchain technology advocates decentralization. This word is essential for people because people no longer want to be managed from a single center.
The first block created by Satoshi Nakamoto in blockchain technology is also a revolution for the finance market. People will now be able to store and increase their income even without banks. In addition, this first block created new job opportunities for the new generation. This technology, which is closely related to many people's lives in 12 years, is advancing faster. We should be ready for many new developments soon.

CC:
@awesononso