Steemit Crypto Academy Season 3 Week 2 // The Genesis Block : The Beginning of the Beginning by @blayforson

blayforson (60)Beginner[2,8]in SteemitCryptoAcademy • 3 years ago

Greetings to everyone,

I'm very happy to take part in this class by professor @awesononso. Thanks for your amazing lectures sire.

What is the Genesis block of a blockchain ?

Firstly, I'll start by defining the term "Genesis", which means the beginning or the start or creating of something whereas "block" is the make up or building blocks of a blockchain.
So therefore, Genesis block refers to the beginning and first ever block of a particular blockchain( first to exist).
Thus, is the basis or foundation of a blockchain upon which other blocks are formed or build on. Genesis block marks the beginning of all decentralized blockchain technologies. Also they are used to store all transactions records and data through the connection of continuous blocks in the blockchain network. Genesis blocks are also termed as block 0 and serves as the origin of a particular cryptocurrency with which it can be traced to it's source or root. Others also called it block 1 including steemit.

Write about Bitcoin Genesis Block and its significance.

Well, Bitcoin Genesis block is the most important genesis block because it happens to be the foundation of other cryptocurrency upon which they can used to linked back. It was the first block mined on Bitcoin cryptocurrency blockchain by Satoshi Nakamoto in January 2009( made first transaction) the founder of Bitcoin. The reward for mining was 50BTC when mined and was transferred to the same Satoshi Nakamoto. But one amazing thing was that this reward cannot be spent or collected by anyone because it serves a purpose of the foundation to other blockchain that are generated. It tooks Satoshi Nakamoto 6 days before doing another or his second transaction after the first one was done but today, it only takes about 10 minutes to made transactions. He created Bitcoin Genesis block purposely because of the instability traditional banking reserves.

Blockchain.com

Significance of Bitcoin Genesis block

It has serves as a source of guide or role model to other blocks in the blockchain (building blocks)
Serves as a source of inspiration to other blockchain or who are yet to form.
Serves as a high transparency and security blockchain network. It puts trust in people to start switching from banks to blockchain.
As a geologist, I can say that it is the bedrock of blockchain technology. This is because a lot of cryptocurrency have learn a lot from this. Eg: tron, ethereum,etc.
Also form of foundation or basis of the Bitcoin trading system.

Steem Genesis block

This was the first block created in steemit blockchain. In steemit, it is called block 1 which was created in 2016.

To start this process or to access steem genesis block;

I first of all visited steemworld.org, where below screenshot displays. So from the display I pick Block Explorer.

So from there, I typed 1 in the block number and press OK.

I signed in with my username and posting key as password.

So from now I can read the steem genesis block.

This was created on 24th March, 2016 at 16: 05.

Conclusion

To conclude, I can say that Genesis block is the beginning and the first ever block of a particular blockchain. Bitcoin Genesis block at the other side has serves as a guide and role model to many cryptocurrencies. I can say that I have learn something from this lectures.