Crypto Academy / Season 3 / Week 2 - Homework Post for Prof. @awesononso
Hello Steemians,
How are we all doing? It's another wonderful Grace to be here again this week and am so happy to be one of the participants. I have read and understood the class taken by Prof. @awesononso. Follow me as I take you a journey of answering the questions given to me by Professor.
What is the Genesis Block of a Blockchain.
The. Word "Genesis" is the begining of something. While the word "block" is what something is made up of. This combination of words, that is, "Genesis block" is the begining or root of the building of a Blockchain.
Genesis Block is the first block in any Blockchain based protocol. It can be define as basis of which additional block are added in order to form a chain of blocks. Genesis block is also known as block 0. Each blocks in the Blockchain always has a link to the previous block but Genesis is a unique block without a previous block.
Genesis block does not have any previous block but has it's "previous hash" which value is set to 0. This value "0" means there is no data process before the creation of Genesis Block but all other block that was created after Genesis Block has sequential number starting from 1, and will have a "Previous hash" set to the hash of the previous block. Genesis block as a unique hash as the first in the history. It's hash is added to all new transactions in a new block. The combination of it's hash with the new transaction in a new block is used to create it's unique hash and this process is repeated until all the new blocks are added to a Blockchain. However, The first block was mined by an anonymous developer called Satoshi Nakamoto, containing 50 bitcoins and it took him 6days to accomplish the process in 2009.
Bitcoin Genesis block is the first and famous Genesis block. It serve as the fundamental basis for Bitcoin's trading system and also act as a prototype for other blocks in the Blockchain because it the first to have a successful Genesis block. The first ever Genesis block was mined by Bitcoin creator, Satoshi Nakamoto in the year 2009. It was the most famous block that has 50-bitcoin reward that is unavailable forever.
Genesis block is the first of Bitcoin blockchain and is untradable Because it doesn't contain any transaction nor can the token from this block be traded or used in any transaction. But, other blocks after bitcoin creation can be traded because they contain transaction that can be used. Genesis block is a block without a previous block. It's the first block and it serve as the leader or root for other cryptocurrency. After the first Bitcoin Genesis block that was mined, the next block that was mined was successful after 6 days and the usual average time for a mining process to take place was 10 minutes.
However, the Genesis block was mined 3/Jan/2009. An headline was also released the same day which is 3rd of June 2009 , ‘’Chancellor on brink of second bailout for banks’’. This headline, was the same coded words that was encrypted on the coinbase transaction of the Genesis block by Bitcoin founder, Satoshi Nakamoto. The mining process holds a deep mystery because the token was mined out of nowhere and of course the rewards were also made unavailable.
All the code word can be found on the input of the transaction, the Hash Hex Sigscript word is:
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
The Hex is a coded words but it can be converted to normal text with an online converter to read as "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks."
source
The significance of Bitcoin Genesis Block.
Bitcoin Genesis block is the first in the hisyory of blockchains. The successful mining of the Bitcoin genesis block gives oppurtunity to a new level of decentralization starting from "Block 1" and serve as a source of inspiration to other Blockchain oriented platform.
There is foundation of high transparency and security in the blockchain technology because it Bitcoin Genesis block as already layed the foundation that was invented by a anonymous develop called Satoshi Nakamoto.
Bitcoin Genesis block also serve as a role model to other Blockchain and it is a sample that other Blockchain learn from. Especially, how data is being stored in the process of Bitcoin Genesis block.
The idea of the creation brings into reality of the use cryptocurrencies. Bitcoin is the first, role model, root etc. In the crypto world and it can be used to provide solution to problem and also meet different need.
I will be showing us how we can locate the Genesis of steem block by visiting https://steemworld.org.
From your browser search for steemworld.org. while you can also visit by clicking on the link above.
After this, it will show you the steemworld he page, which I will be showing us below. Click on block Explorer,
After when you have clicked on it, it will show you a search box, where you can input the block number.
After that, it will show you exactly what you search for, as you can see below.
Above is Steem Genesis block. But, I won't stop there, because I would be signing in with my acct name and posting key. Click on sign in, at the upper part of the Steem Genesis block by your right hand side.
After that, it will show you Steem Genesis block in you own account, as you can see below in my account.
In Conclusion, Bitcoin genesis block is the first in history and also the most unique Genesis block that has no parent block because every Block in a Blockchain has a parent block.
I read and undertood the topic tititled "The Genesis Block" by Prof. @awesononso. Sincerely, I must say I really enjoyed this topic because it as really added to my knowledge. I will to use this medium to appreciate Professor for bringing up this topic and to those that will be reading my post.