Crypto Academy Season 3 Week 2// The Genesis Block// Homework Submission// Post for Professor @awesononso
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Question
What is the Genesis Block of a Blockchain.
What is the genesis block
The first block of a Blockchain or chain is known as the genesis block, also known as block zero. It's utilized to get a cryptocurrency started.
Satoshi Nakamoto, the Bitcoin founder, was the first to use that term to refer to the first block of the Bitcoin chain.
However, any chain of blocks will begin with a block with comparable qualities.
A genesis block serves an important purpose, similar to the foundations where a construction is later mounted or a roots. It is the beginning of the chain.
Similarly, because two nodes may only be coupled if they share the same genesis block, the genesis block ensures communication between them. If not the nodes would not be incompatible. It makes no difference how many blocks from zero there are; they all have the same origin.
Question
Write on the Bitcoin Genesis Block and its significance.
The initial block of Bitcoin
On January 3, 2009, the Bitcoin genesis block was produced. This block is clearly distinct from the other blocks in the chain since it is the only one that does not have a preceding block. As a result, various parameters were changed during its development.
Every Block generated has a space capacity of up to 100 bytes for information, out of which the miner can place additional information such as a memo.
The Bitcoin zero block has a unique and intriguing information that has been mentioned several times: The headline of "The Times newspaper of January 3, 2009" appears in the block's coinbase. This was presented as a test on the block's formation date.
The headline says: "The British Chancellor is considering a second bank bailout program."
There have been numerous analyses based on this headline. For many Bitcoin enthusiasts, the physical copy of that newspaper has become a keepsake. Many believe it indicates Nakamoto's desire to create a currency that he wouldn't have to rely on banks.
In addition to the cover of The New York Times, the Bitcoin genesis block contains the following information:
Six days occur between the construction of the genesis block and the launch of the software.
There are various hypotheses about this, however the designer has never explained why there is a wait. As the first block was set up on January 3rd, Nakamoto publicize the news of Bitcoin on January 9th 2009, the new electronic money system that uses a peer-to-peer Blockchain network, which could be used for transactions, been a digital asset, and the second block on the Bitcoin networking was created on that 6th day after the genesis block, i.e there was six days interval between the creation of the first block which is block 0 and the second block . This network, created by Nakamoto is completely decentralized and not subjected to a central server or authority.
The network's initial 50 bitcoins were mined by Block zero. These bitcoins have never been accessed or spent in any way. I believe this is due to how the code's was designed.
This is how Bitcoin's genesis block created the groundwork for all cryptocurrency projects.
Question
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 Steem Genesis block, we must go to https://steemworld.org and click on block explorer
On the Pop up dialogue click on ok
The details of the Steem genesis block will come up
For verification, I go to sign in, entering my username and my posting key.
Conclusion
The concept of Genesis Block began through the Bitcoin founder Satoshi Nakamoto who remains anonymous to the public and no know could identify the profile behind the name, and now that concept has become a focus of liberation from centralized financial system. That is why people foretasted that decentralization will continue to grow.