Crypto Academy Season 3 Week 2: Homework Post for Professor @awesononso | The Genesis Block: The beginning of beginning
Thanks to Steem Crypto Academy organizers for allowing someone like me to participate in this assignment!
I am Timileyin Oyelaran by name and I'm a Nigerian.
Here is my submission to @awesononso assignment for the week 2
1.
What is the Genesis Block of a Blockchain.
Everyone knows what the book of Genesis in the Christian holy book entails, it explains the reasons why God created everything he created and also explain how God created the world and heaven, so it is, when it comes to blockchain.
With this particular question, I will be giving brief explanation on what blockchain, blocks and genesis block means.
Blockchain:
Blockchain is defined according to Oxford dictionary as;
“a system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network” source
This definition actually makes it clear that blockchain is not only the system of storage for Bitcoin, it encompasses Bitcoin and other cryptocurrencies that uses the storage method.
Blocks in blockchain:
Blocks are files (we can also call them storages) in which all transaction records and other data concerning Bitcoin and other cryptocurrencies are kept permanently
These blocks are part of the reasons for blochain safety.
Genesis block:
Genesis means beginning
Blocks are files for Transactional record
So, genesis block is the name given to the first ever created block in the blockchain system. It was created by a developer called Satosh Nakamoto in 2009.
This particular blocks doesn't have any block as it's predecessor.
This genesis block is used as prototype of all other block in blockchain, this means before any block is created on blockchain the background of Genesis block must be considered.
- It is the first block to be created
- It is the foundation of all cryptocurrencies trading
- It contains just 50 Bitcoin
2.
Write on the Bitcoin Genesis Block and its significance.
Bitcoin is programmed to be finite and limited in supply as gold, so, Satosh Nakamoto's vision is limited to 21 million of BTC mining, which means there won't be Bitcoin mining immediately it reaches the programmed amount. This can only be changed if the Bitcoin genesis block is corrected.
Bitcoin genesis block is known as block 0 by some group and it is also called block 1 by another group of people. Everyone has their reason for the name given, those that call it block 0 said this because it is the starting point of all blocks while those that call it block 1 said it because it's the first block to exist without predecessor.
Bitcoin genesis block was mine on the third day of January year 2009 (03-01-2009) where the miner of the block earned the total reward of 50 bitcoins
A detailed picture of the bitcoin genesis block
Whereas, the second block was intended to be mined in 10 minutes but surprisingly it doesn't happen the way it was intended. The mining was not able to be completed until the sixth day (6 days).
Bitcoin genesis block is said to entails encrypted message which was broadcasted in a newspaper in January 2009.The hidden(encrypted) message in the GENESIS BLOCK read thus:
"Chancellor on brinks of second bailout for banks” this was found in a publish by THE TIMES publisher. Below is the image proof
Source
- Bitcoin genesis block is the first block to exist in blockchain, this makes it the template for other genesis blocks in cryptocurrencies
- Up till the present moment, the developer of this genesis block is pseudonymous. I.e the real person is not know aside from the name he dropped which is Satoshi Nakamoto
- The foundation of Bitcoin genesis block still remains riddled and mysterious
- The first 50 Bitcoins to be mined on genesis block could not be spent.
All the above listed points are good reason why we should see the importance of going deep to the foundation of block genesis
3.
Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
I logged in to https://steemworld.org with timileyin988 as the username and my posting key which is privately for me.
Then I clicked the home symbol on my screen. It then shows many options that I can click, I clicked the block explorer and I press the ok button without changing anything then it shows the image below
Here is what comes out after pressing ok, I hope you can see my login proof by checking the top. You will see timileyin988 and my Steem profile picture.
Conclusion:
Success don't just come without past investment, To be able to succeed in our endeavors; it's required of us to know about the past. Knowing about the past will help us to determine and set up what we will base on.
Bitcoin is the template of all other cryptocurrencies, it will be hard in reaching the goals of creating other cryptocurrencies if there's no thorough investigation about how the genesis block start, it's reason and what the results was