Steemit Crypto Academy Season 5 Beginners' course - Task 3: The Genesis Block
Introduction
Hello everyone, am very glad to
participate in this task thanks to the
prof and prof @shemul21 and I will be
answering the question for this task 3
which has to do with Genesis block.
Questions
WHAT IS THE GENESIS BLOCK?
(B) WHAT ARE THE SIGNIFICANCES OF THE GENESIS BLOCK?
C) EXPLORE THE BITCOIN GENESIS BLOCK AND INDICATE HOW MANY TRANSACTIONS SO FAR AND THE NUMBER OF BITCOIN
What is Genesis block
Genesis block is all about how block of Genesis came about, which also was the beginning of bitcoin and every other digital currency that we are enjoying today, it has to do with the beginning of blocks, at the same time it can also be said that it is the beginning of how decentralized token or digital token such as bitcoin came about and by this was done by Nakamoto Satoshi who is the father of cryptocurrency and all this event took place on the 3rd of January 2009. And this was the same the that bitcoin was first mined.
3rd of January always symbolize the beginning of decentralized currency or digital currency also blockchain and is always celebrated yearly to remember how blockchain came out which has been of help to so many people worldwide.
This also help in making individual be assured that their funds are safe because of the high security here.
Source
Block 0 was the first genesis block and few days(6 days) after that was the mining of block 1 which was introduced so that the will be sure that there is no error as the mining tech technology was introduced.
Genesis block also signifies how blockchain was been launched and how it structure is which all other upcoming block are being built on, it is also important to note that all the block that have succeeded and successful are always trace backed to the Genesis block.
WHAT ARE THE SIGNIFICANCES OF THE GENESIS BLOCK?
Genesis block help us in knowing everything about how digital currency came about, and Bitcoin Genesis block has to do with how every other cryptocurrency came about and it is by this block that every other token or coin that is successfully mine follow.
Currently we have up to thousands of cryptocurrency and their development is always being trace to the Bitcoin genesis block.Since when the first mining of Bitcoin started which was on 3rd January 2009, we now have so many coin that is being produced daily and by the knowledge of Genesis block it has really been of help because miners tap knowledge from it and at the same time use it in mining other token in our todays world.
The introduction of genesis block or the introduction of blockchain has really help individuals in terms of transactions in that the can now sit at their comfort zone and perform transaction without being in meed of any third party interference
It also brought about security of funds, in that it is only the individual that will have idea about the wallet balance no third party to leak it out and the security level here is very strong which make transaction more and very secured.
It also brought about how individual can perform transaction with one another without any geographical or distance barrier.
The knowledge of genesis block help do this with the technology of P2p system.It significance also bring about blockchain in which individuals are being charged low whenever the want to execute transaction.
Here, we can find records about blocks and how it came about, which is very important because even in olden days people will still make use of it in getting the information that the may want to know about how blockchain came about.
EXPLORE THE BITCOIN GENESIS BLOCK AND INDICATE HOW MANY TRANSACTIONS SO FAR AND THE NUMBER OF BITCOIN
When I wanted to explore the genesis block I first of all open the blockchain site which will contain the information that I need after it was opened and I did the necessary step I put the hash that I wanted to use in getting the information which was 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
which help me to be able to access the genesis block and once inserted I was able to.
Source
From the screen, I was able to see the the time in which the first block was mine and the particular time it was which the date was on January 3rd, 2009 and the time of the mining was 7:15 pm. I also saw the reward the miners got from that which was 50BTC from creating of the first block and the address in which this was sent to was 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
Source
The screenshot below was also part of the information I got from the block
Source
| Features | figures |
|---|---|
| Hash Address | 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f |
| Weight | 1,140Wu |
| Seize | 285bytes |
| Confirmations | 713,055 |
| Time | 2009-01-03 19:15 |
| Difficulty | 1.00 |
| Version | 0×1 |
| Bits | 486604,799 |
| Height | 0 |
| Miner | unknown |
Source
The image above has the information which about the reward which was 50.00000000BTC, the nonce which is 2,083,236,893, Transaction fee 0 and the volume 0
The screenshot below will show one of the recent transaction of bitcoin has at when writing my assignment
Source
CONCLUSION
Let me first of all thank Nakomoto Satoshi for discovering what we are enjoying today it has really been amazing for the topic I will say it was very interesting has I have gathered alot of know about the genesis block, Thank you to the prof and also my beginner prof @shemul21
