[Genesis Block] - Steemit Crypto Academy Season 4 - Homework Post for Task 3
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1a) What is the Genesis Block?
When a blockchain is created the first block in that chain is referred to as Genesis block or block zero 0. It was mined using the same hashing algorithm as any other block but at difficulty 1 the previous hash is all zeros because no block came before it.
The important decision of the blockchain such as chain configuration and mining level difficulty is taken in the genesis block. And it's the only block having no transactions in it. One thing to be remembered about blocks is that,each block is linked to its preceding block as well as the succeeding block, and in this way, a continuous chain of blocks is formed and hence the name blockchain.
Genesis block sets the standards for other blocks in the blockchain and marks the beginning of the blockchain. Satoshi Nakamoto mined the first block with the following code or secret message inside it.After decoding that that it comes out as “The times 03/Jan/2009 Chancellor on brink of second bailout for banks.” and there are many speculations about it.
After the mining of Block 0, it takes 6 days to mine Block 1.Normally, it would have taken 10 minutes and that odd delay of 6 days has induced many theories in action.
b) What are the significances of the Genesis Block?
In Jan 2009 mysterious Satoshi Nakamoto created a bitcoin genesis block also known as block zero 0, the first and the foremost block in the history of crypto by creating or mining 50 bitcoins for the first time.
The average time for a mining block is 10 minutes, but after the formation of the genesis block, it took 6 days for another block to mine, the reason for this is not known till now.
Blocks in the chain are interconnected and the previous block contains information and data for the next block to be formed but in the case of the genesis block, there is no previous block, the chain started from this block...
Significance of Genesis block Bitcoin
- It laid down the foundation for other cryptocurrencies. currently, there are more than 4000 cryptocurrencies in the market and it wouldn't have been possible without genesis block.
- Some people still send money to genesis block as a tribute to its creator. And currently, 68 plus bitcoins are present in Satoshi Nakamoto wallet which were only 50 at the beginning.
- Bitcoin genesis is the first of all other blocks in the bitcoin blockchain and probably the most valuable block as it laid the foundation stone for all other digital currencies.
- In blocks data about the bitcoin and transactions is permanently stored, and the next block is formed and this is the only way to release new cryptocurrencies into circulation.
- Transparency, security and Equity of blockchain are attracting more and more users from the globe towards the crypto world.
c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
The genesis block of Bitcoin is named block zero. It contained 50 BTCs. This first block of the Bitcoin named Block 1 was created after 6 days of the creation of block 0 or Genesis block. This block producing time of 6 days is contrary to the present time of 10 minutes and has several theoretically suggested logical explanations.
Nakamoto left a message in the code of the block."The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
For exploring bitcoin genesis block, I'll go to the bitcoin explorer websiteBlockchair
- Click on the dots from the top right corner to explore Bitcoin.see the screenshot below.
- Select Bitcoin and type 0.
- All information about Genesis Block will be shown…
- From the main page select blockchain as Bitcoin and scroll down until you find bitcoin Genesis Block details.
- After selecting bitcoin, the detailed Information about Genesis block was shown.
Current Block Hash:-
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
- Transactions included in this block.
Conclusion
Nothing in this world has come off its everything has its origin, just like this universe similarly the blockchain technology that is booming as far it's applications in diverse fields of life is concerned as its the origin and that origin of the blockchain is known as the genesis blockchain. Bitcoin being the parent digital asset has also its developer block known as the bitcoin genesis block.
Thanks, @awesononso for this wonderful lecture about Genesis blocks.