Genesis block - Steemit Crypto Academy Season 4 - Homework Post for Task 3
Homework
a) 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 bitcoins.
2a) Who is Satoshi Nakamoto? b) Explore the Coinbase Transaction of the Bitcoin Genesis block. c) Find and decrypt Satoshi’s secret Hex message. What do you think the message means?
3a) What is a Cryptocurrency? b) What is Cryptography and how does it make cryptocurrencies secure? c) Explore the Steem Genesis Block and Sign in as proof of completion.
Hello Everyone!
I am happy to learn more about the Genesis block. It is really very interesting. The topic was well presented and it is understandable. This is my home work and I choose to answer the first question:
a) 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 bitcoins.
QUESTION A
The Genesis Block
Genesis block is the most important block in the blockchain. This is because, it is the foundation and the first block in the construction of a blockchain network.
In 2009, precisely on Saturday January 3, Bitcoin created it's first ever Bitcoin block originally referred to as "block 1", but later it was referred as "block 0". This is the very first block in the Bitcoin blockchain which is known as Bitcoin "Genesis Block", the first block of blockchain that was mined into existence.
This genesis block is the starting block of the Bitcoin blockchain and the beginning of the cryptocurrency blockchain revolution.
What is the Genesis block?
The Genesis Block is the first block in a blockchain upon which other blocks in a blockchain are added. Genesis block is also known as Block 0 or Block 1 depending on the blockchain network. It has no reference to any previous or predecessor block, and every other subsequent blocks in a blockchain are linked to it or can be traced back to its lineage.
In one sentence, the Genesis Block of every block-chain is the beginning block of that blockchain on which every other subsequent blocks are linked.
Below image shows the Illustration of the Genesis Block I created with photoshop.
An illustration of genesis block made with photoshop
From the illustration above, you can see that the genesis block labelled 'Block 0' is the first and the beginning block of the blockchain and it has only one hash. The next block which is the second block labelled 'block 1' is linked to the genesis block with two hashes generated using the genesis hash. The same thing is applied to block 2 and 3 as well as any other subsequent blocks in the blockchain . Block 2 has three hashes while block 3 has four hashes and all of these hashes are generated from the genesis block.
QUESTION B
What are the significances of the Genesis Block?
The genesis block of every cryptocurrency blockchain is very important and of great significant. These are some of the numerous significances of the Genesis Block:-
- It marks the beginning or commencement of a blockchain network.
- The Genesis block is not just the first and the beginning of every blockchain, it is also the foundation of all other blocks built on the blockchain system. It is the root of the entire blockchain of which without it the system will never work.
- It serves as a model and a standard for all other subsequent blocks on the blockchain.
- Every genesis block is created with a unique hash, and this special hash is what is used to generate hash for the next new block, and that of every other subsequent blocks that would be added to that blockchain. This means that the hash of every other block on a blockchain is created from the genesis block.
- Genesis blocks is significant because it ensures operation and communication between two nodes. Every node needs the genesis block to work compatibly with other nodes.
QUESTION C
Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
To explore the Bitcoin Genesis block, I visited Blockchain Explorer, https://www.blockchain.com/explorer. When I got to this page, I pasted this Bitcoin genesis block hash (000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f) in the search bar of the Block Explorer and hit enter button on my laptop.
I was taken to another page where I was to select between BTC block and BCH block, I selected BTC block, and it took me to Bitcoin genesis block.
The Bitcoin genesis block as you can see on the screenshot below was mined on 3rd of January, 2009 by 7:15pm GMT + 1. The miner of the Bitcoin genesis block is not known. It has 708,026 total confirmations on the Bitcoin blockchain and 50 BTC reward worth $3,129, 960.00.
Further more, to check how many transactions and the number of bitcoins, I clicked on the wallet address "1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa" and it took me to the wallet address.
From the screenshot below, you will see that the address, as at the time of writing this post has 3,100 transactions and has received a total of 68, 52387865 BTC worth $4,286,807.25 which is also the final balance and the current value of the address.
Conclusion
The genesis block is of great significant in a blockchain system and in the history of Cryptocurrencies. I found it very interesting and it is something every cryptocurrency investor should know. I am very happy to be part of this lecture.
My special thanks to our lecturer professor @awesononso for the wonderful lecture.
Thank you for reading my post and God bless you.