Crypto Academy /Season 3 /Week 2/ Homework Post for @awesononso || Genesis Block of Blockchain ||
Thank you prof for yet throwing light into the concept of genesis block. Your course is well understood. In my understanding, I shall complete the homework task you gave.
What is the Genesis Block of a Blockchain.
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Genesis Block is the name assigned to the first block in any digital or cryptocurrency blockchain network.
The Genesis Block of a Blockchain also known as the block 0 is the very first block of any blockchain network upon which all others are attached. It is the the starting block of the blockchain network of any cryptocurrency. This means that every cryptocurrency has its unique and different genesis block.
The Genesis Block do not have a reference broadcast because it is the first block. Because of this reason, they the genesis block is hard-coded into a software.
While for Bitcoin, the genesis block is numbered 0, some other cryptocurrencies name it 1.
The Genesis Block for a Blockchain begins when the first transaction in that blockchain is done. More transactions are made until the block is full. One it is filled, another block is automatically created and chained to the genesis block which is referenced on the new block. As I have stated earlier, the genesis block do not reference any block as it does not have any block before it.
Write on the Bitcoin Genesis Block and its significance.
The Bitcoin genesis block has a unique Hash that contains two additional hex zeros different from other blocks.
The Bitcoin Genesis Block Hash: (000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f)
This is the address of the Bitcoin Genesis Block:(1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa)
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The Bitcoin Genesis Block was created in 2009 by Satoshi Nakamoto the founding father of Bitcoin and cryptocurrency to which initiated the first blockchain transaction. Bitcoin Genesis Block started the first example of Proof of Work blockchain technology and it is the shape or pattern which every other block that follows it takes.
Unlike some other cryptocurrencies, the genesis block for bitcoin started with 0 every other block formed after was named accordingly 1, 2, 3, 4, 5, etc attached to each other, forming a chain called block chain.
According to history, after the first block was formed, it took sex days for a new one to be formed. In the normal sense of how Proof of Work blockchain was designed it was meant to be 10 minutes.
People are of different opinion of why the above happened. While some said Satoshi was testing the blockchain system, others believed he was trying to Copy the order of God's creation.
Though the founding of bitcoin, genesis block and blockchain technology is understandable, it remains a mystery to many.
It was said that Satoshi was no where to be found after the first blockchain transaction where bitcoin was launched. This event triggered many persons to be interested in what is called a block.
As people inquired to know the point where the Genesis Block was created, it made the Genesis Block unmarketable.
The Genesis Block is a web address made up of codes, it displayed an error message upon its activation. This failure led to the trapping of the first 50BTC that was sent to the Bitcoin Genesis Block as it could not really be traced. It happened that though the BTC was in the Genesis block, it could not be seen therefore could not be transacted.
Since the blockchain technology is fully in use, fans of the great developer Satoshi Nakamoto sends in part of the BTC they mine into the Bitcoin Genesis Block to appreciate him for his effort as any quantity of bitcoin sent to the block cannot be removed. This is their way of reverencing Nakamoto as he is the only one who has the brain behind the code in the Genesis Block.
Significance of the Bitcoin Genesis Block.
1. It ensured the continuity and safekeeping of bitcoin:
The development of bitcoin wasn't meant to be a short-term event. Bitcoin was meant to be used for transactions for a long time. Genesis Block developed to be used for the blockchain technology made sure of this and bitcoin has remained. It is also on this Genesis Block that the first bitcoin that was mined was saved even though they were not tradable at that point. Other blocks chained to the genesis block has been created and this has ensured the storing and thriving of Bitcoin until today.
2. It forms the foundation and baseline for every other block in a Blockchain.
The Bitcoin Genesis Block is the block which started the blockchain. It is strong block to which blocks that comes after it are attached. It is different from other blocks even though they takes its shape and structure.
3. It serves as the safe for Satoshi Nakamoto.
As explained earlier, it has a unique code which only the founder understands therefore it can only be accessed by him. Miners who send bitcoin there to appreciate him do not get access to their coins anymore even though they wish to change their minds. So the block serve as a safe for the father of Blockchain technology.
3. It provided a platform for every cryptocurrency to develop Genesis blocks.
It was after the Bitcoin Genesis Block was created that other cryptos started the use of blocks to store there crypto assets. This has made every crypto has its unique Genesis Block coined from the idea of Bitcoin genesis block.
Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
In order to carry out this instruction of locating the Steem Genesis Block, I went to steemworld.org and took the following steps.
Step 1: I click on block explorer.
Step 2: Since Steem Genesis Block started from 1 and 1 had been entered in the box, I click ok.
Step 3: On the next page that included information of the block, I clicked sign in, entered my username and posting key and click ok to sign in.
Step 4: I am already signed in according to the screenshot below.
The screenshots I used are kind of blurred. My android phone couldn't give better images of those screenshots so I had to manage them that way.
Conclusion.
Bitcoin Genesis Block developed by the inventor of Blockchain technology started the Genesis Block. Every cryptocurrency has its Genesis Block peculiar to it. While some starts from 0, others start from 1. Genesis Block is the block to which preceeding blocks in a Cryptocurrency blockchain are attached.
Cc:
@steemitblog
@awesononso
@lenonmc21
Hello @tmighty,
Thank you for taking interest in this class. Your grades are as follows;
Feedback and Suggestions
Your screenshots of the Steem Genesis Block are not clear. It seems you have tried to use whatsapp to edit the pictures. Try to use an app like canva next time.
Some information is still missing on the Bitcoin Genesis block.
Thanks again as we anticipate your participation in the next class.
Thanks professor for your review.