The Genesis Block: Part 1

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Before understanding what the genesis block is, let's know what a block is. A block is actually the smallest unit of a blockchain capable of containing transactions data of a cryptocurrency within a specified time and subjected to a validation process done cryptographically before the block which is a unit of records actually added to a blockchain. A block can be a record of all recent transactions in a network or can be a reference to the block that preceded the present block.

Afternoon what a block is, to understand this outside an example. Imagine your building a house. It's just like creating a blockchain each blocks cemented on top of another to make the structure or overall buildings stand out are just like the tiny unit of records that are stacked in a blockchain.

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These fixated blocks when dried cannot be mutilated easily without affecting the house. This illustration applies to blockchain the blocks used in the house a unit of records used to make up a blockchain true chronological chain linked to each other through cryptography and distributed to all those who participate in a network.

So from this example, weekend define blockchain as series of records linked to each other using complex cryptographic functions and I held by a distributed network of computers who confirmed the Validity of transactions on the network unanimously.

It is actually used in some religious circles to denote the beginning. For example, the genesis of Man. It is actually known by all Christians as the first book of the Bible that tells us the creation story. Although there are some theories making rounds on the media that the Bitcoin source code actually contain some extracts from the Block of genesis, we do not know for sure as this claim is yet to be found out.

As the name, the genesis block is the very first block to be validated on a blockchain which becomes the foundation on which other blocks is built on. It is classified by a zero block height, an empty transaction record and a previous hash value.

Solution

Genesis block is also the first ever blocked to be mined in a sequence of blockchain. Other blocks are based n this genesis block and are linked through cryptography with each block containing historical information about the other.

These layers of blocks and the embedded historical information of each sequence are what makes a blockchain based. Bitcoin's genesis is called block zero while steem's is called block 1 meaning that the genesis block can actually be one or zero depending on the type of blockchain.. the let's talk about the genesis block of Bitcoin and how important it is.

The Bitcoin genesis block is the most significant block in the history of cryptocurrencies and blockchain. It became the first practical case for a concept that had been in Oblivion for years that's why its genesis blocks stands out as the most significant block. Bitcoins stood out in the park even when several other projects tried implementing a distributed ledger technology to tackle the double-spend problem.

The information of Bitcoin genesis block marks the beginning of the crypto Revolution and it's became the foundation and which other blocks and blockchains can trace their ancestry. It was the first ever bitcoin blocked to be mined after the other blocks goes through proof of work validation process before it is added to the blockchain.

On a normal, bitcoin gets created in the mining process and is rewarded to the minor who could solve the proof of work. But in January 2009, the genesis block of Bitcoin created the first bitcoins and due to the specific code written on the genesis block by its founder, these coins could not be spent or traded. The situation caused an uproar with so many mysteries as regarding why the founder made the first coins non-tradable.

Assumptions hadid that the founder or creator made the coins unavailable for thread because the transaction that brought these first coins to existence didn't fulfill the proof of work consensus mechanism and there were no real transactions in the genesis block. Nothing was actually validated that's why it was not worthy of spending.

Could that be a secret message to bitcoins genesis Blu-ray regards to how the non-traded coin emerged to save the world from a Decaying financial system? Let's find out in my next post.

Disclaimer :Any financial and crypto market information provided in this post was written for informational purposes only and does not constitute 100% investment advice. It's just basic knowledge every crypto trader or investor should have