Steemit Crypto Academy |Season 3:Week 2|| The Genesis Block:The Beginning of the Beginning ||HomeWork Post for @awesononso

INTRODUCTION
It’s a great pleasure to participate in this contest and great appreciation go to professor @awesononso for this wonderful class study

Homework
What is the Genesis Block of a Blockchain?.

A block

• A block records all transactions before they are being entered by other previous blocks.

Blockchain

• Is a decentralized ledger that records assets across the computer system network.

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Genesis Block of a blockchain

• This refers to the number one first block in which other blocks in a blockchain are added.

• Genesis Block of a blockchain is the beginning of blocks in a blockchain

The Genesis Block of a blockchain is also known as Block 1 since it’s the beginning of blocks in a blockchain. The Genesis Block of a blockchain was introduced in 2008 and it was made a decentralized network system in the blockchain
The reward of mining the Genesis Block was 50BTC and currently today it’s 6.25BTC . The creator of the Genesis Block of a blockchain is known as Satoshi Nakamoto who is known for coming up with the first blockchain known as the Genesis Block of a blockchain and he was the first to make the blockchain a decentralized digital currency.

• The hash of Genesis Block is a combination of all added new transactions in a block .

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• A block hash is a reference number for a block in the blockchain.

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Write on the Bitcoin Genesis Block and its significance.

• Bitcoin is a cryptocurrency based on the peer to peer system .
  The bitcoin Genesis Block was introduced on 3rd January in 2009 and launched on 9th January the same year by Satoshi Nakamato making it the first blockchain cryptocurrency in the world with a mining reward of 50BTC.
  Bitcoin Genesis Block was the first example of proof of work blockchain system . Back then the reward for mining a Genesis Block was 50BTC while currently today’s its 6.25BTC implying that there was a great decline in the bitcoin due to the various crypto currencies that have been introduced to the world

The Bitcoin Genesis Block

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The hash for the Genesis block

• A hash is a combination of all added new transactions in a new block , A hash shows a reference number for a block in the blockchain .

In the bitcoin Genesis Block we have a coin base where you can sell or buy cryptocurrency in exchange for a fiat currency. A bitcoin base is the process where people send money from one person to another directly through the use of internet.

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Significance of Bitcoin Genesis Block

• Bitcoin gave an idea to investors who came up with various cryptocurrencies since it was the first to be launched in 2009 and it was the first cryptocurrency to be decentralized. As I talk now , we have got very many other crypto currencies that have been introduced and these currencies came into existence because of the idea of bitcoin .

• Bitcoin is the birth of cryptocurrencies for example the introduction of bitcoin gave an idea to other investors to come up with other cryptocurrencies which have become known by many people from different countries since all the crypto currencies are decentralized making transactions quick and fast.

• Bitcoin is decentralized in various systems networks so this created space for other cryptocurrencies to also become decentralized

• Bitcoin improved on the technology of the blockchain hence solving many problems of people in the world.

• Bitcoin shows the criteria on hi a new block can be mined .

• Bitcoin shows how data is stored in a blockchain.

Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
To locate the Genesis block, you go to
https://steemworld.org and click on it

Then after that click on block explorer to find block 1 and when block 1 appears , click OK since our main point is to view block 1

After clicking ok, find the block 1 on the Steem Block explorer and then tap sign in and this feature is found at the right top corner of the steem explorer

When you tap or click the sign in, you will be asked for your user name and password where they need you to use your private posting key to sign in
I used my username and my private posting key and signed in

Then click OK to sign in .

Conclusion
In conclusion , the Genesis Block is the beginning of blocks in the blockchain. The Genesis Block greatly impacted on the introduction of other crypto currencies since it was the first cryptocurrency to be introduced in 2009 and it was decentralized making transactions very quick and fast.