The Genesis Block-Steemit Crypto Academy Season 4 - Homework Post for Task 3
Question#1
Genesis Block
Cryptocurrency is becoming increasingly popular in the modern-day. There is an essential need for those who do not understand what it is or how it came to be. This homework assignment might help you learn about the history of Cryptocurrency. Everything began with the genesis block. Let's look at what a genesis block is and how it acts.
Satoshi Nakamoto developed the Cryptocurrency blockchain network by mining the first block on the bitcoin blockchain. It is also referred to as Block “0” or the Genesis Block.
Making of Genesis Block
The major feature of the genesis block is a piece of text written by Satoshi. It may provide insight into why the bitcoin blockchain was developed. The famous statement from the Genesis block was "the time 3 January 2009 chancellor and on the brink of second bailout for banks." This was copied from the New York Times. Satoshi's use of this term also has a historical history.
Explanation
In layman's terms, the genesis block is the initial block in a blockchain. There are no transactions in the Genesis block because the genesis block blocks the reward for the first token generated on that specific blockchain. The blocks in Cryptocurrency are cryptographically linked to the block before them. This is referred to as the nonce.
If we can discover a valid nonce, miners will indeed be able to compete and successfully add a new block to the blockchain. In order to be successful, the nonce must take into account the previous block's hash. Nonce includes numbers, much like a captcha that can only be solved once. Then it will vanish for everyone. Blocks are safeguarded in this manner. It functions similarly to an authentication mechanism for each individual block. It verifies that a requested block has only been submitted once.
Furthermore, there is no prior block for the genesis block. So, what have the prior hashes been? They are simply a string of zeros; even with no transactions and no preceding block, computing the genesis block nonce is tough; adding all those zeros do not make the issue any simpler. The genesis block of all genesis blocks, “Bitcoin’s Genesis Block,” was released on January 3rd, 2009.
b) Significance of Genesis Block
• Because of the Genesis Block, the global economy will not collapse as it did during the 2008-9 recession. Genesis Block is a safe decentralized network in which everyone is free to invest and work as they see fit
• Since there is a finite supply of bitcoin (i.e. 21 million) across the world, no bank can create more or use it without the author's consent. It was a significant step toward modernization
• Various Cryptocurrencies are being generated as a result of the Genesis Block. It opened up new opportunities for those who regularly work remotely. Only because of Genesis Block, we get a large number of digital currencies been established up to this point
• By connecting all of the blocks with hashes using the nonce, each block is linked to the genesis block, allowing for the creation of new bitcoins
• Bitcoins are created as a result of the Genesis block, which allows for direct connection with consumers without the intervention of a third party
• People also honor Satoshi Nakamoto by depositing bitcoin in the Genesis Block. It cannot be returned, but it will allow people to express their gratitude to the owner.
C) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of Bitcoins.
We can effectively determine the current transactions and the number of Bitcoins mined by examining the website blockchain.com. It is significant for anyone involved in the crypto market. On the website's top, we can see the pricing as well as the total number of transactions completed on the blockchain platforms. The number of hashes is also computed on a daily basis. It is a very useful resource before investing in the Bitcoin market.
Exploring the Bitcoin Genesis Block
First of all, we need to go to the website that is blockchain.com. Then we have to click on the explore now an option in front of us.
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
This hash will be used to obtain the information regarding Block 0 or the Genesis Block.
The information obtained is quite useful. It says that
• Block 0 was mined on 3rd January 2009
• The total reward for this was 50BTC
• The current confirmations on the Bitcoin Blockchain are 701,591
• Its height is 0 and miner is also reported as an unknown
• It possesses a size of 285 bytes
• It has a nonce value i.e. 2,083,236,893
The wallet address that was used for this transaction was given as
1EN3bbs8UdVWA3i3ixtB9jQWvPnP9us4va
It will tell you the total transactions which are 3046 so far. It also tells you the total sent and receiving the amount. It has currently received a total of 68.52261351 BTC ($2,911,834.20) and has sent a total of 0.00000000 BTC ($0.00). The current value of this specific address is also given which is 68.52261351 BTC ($2,907,139.03). It is shown in the figure given below.
Conclusion
Satoshi Nakamoto's finding of the Genesis block was extremely amazing. It paved the way for the development of a vast online digital asset universe. It will soon dominate every aspect of existence. Until now, the Genesis block was a significant breakthrough.
Everyone will remember Satoshi's contribution to global advancement. The Genesis block not only permits the construction of new blocks using a nonce, but it also aids in the storage of each block's history, which ties straight back to the genesis of the block. The Genesis Block is the source of all things.