SEC S19-W2 || Exploring the Genesis Blocks.

_{Featured image created from Canva.com account.}

Explain the importance of the Bitcoin genesis block and describe its contents. Discuss the message hidden in the genesis block and its impact on the birth of Bitcoin.

➜ The importance of the Bitcoin genesis block and describe its contents.

Bitcoin genesis block is a very first block that mined on the whole Bitcoin blockchain after its launched. This is a point that signifies the start of the Bitcoin blockchain and serves as the basis for all upcoming blocks. After Bitcoin genesis block confirmed, then all the future blocks refer to the genesis block which mean it creates a unchangeable and continuous record of transactions in a bitcoin blockchain.

01/03/2009 is the date when the Bitcoin blockchain created after founder Satoshi Nakamoto generated a first block that is Bitcoin genesis block. Bitcoin genesis block is hardcoded into the Bitcoin blockchain and it has a special fixed programing that is predefined at the time when it was form in the blockchain such as Mining new Bitcoin difficulty level, the maximum number of Bitcoin that can only produce on a blockchain.

Bitcoin genesis block does not refer other blocks as it is a first block on the network but it is a reference for next blocks to make sure they are linked to each other correctly and securely, further when there is any attempt made to change the block it will cause the entire blockchain break.

Bitcoin genesis block contents, has no block before it hence it is stand as origin of network while the other blocks refer the previous block before them. Additionally, it contents timestamp which is January 3rd, 2009, then difficulty levels. Bitcoin genesis block also content a transaction called the coinbase transaction, which gives Satoshi Nakamoto 50 bitcoins, is included in the genesis block. As usual with all Coinbase transactions, this transaction makes no reference to any earlier transactions.

➜ Message hidden in the genesis block and its impact on the birth of Bitcoin.

Satoshi Nakamoto has sent a hidden message within a Bitcoin genesis block which will remain forever on its place. "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" was the message he added as digitally hidden. and this message was originated from a newspaper. Satoshi Nakamoto has not provided any statement on the meaning of this message. However, people believe that this message meaning is it’s an opponent of the traditional financial system which also includes the Government banks bailout during the 2008 financial crisis.

➜ Impact on the birth of Bitcoin.

The hidden message indicates the reason behind Bitcoin creation as it’s an alternative of existing banking systems which will be complete decentralize, transparent and safe from the government centralize control. Now the individual will have a complete ownership and the power on his money.

The impact on the birth of Bitcoin is clearly raised awareness and encouraged early interest in Bitcoin. It addressed to people who are looking for an alternative to the current financial system and pointed to the transformative possibilities of this new technology.

The Bitcoin has defined its vision that as a social and economic dissatisfaction against the problems of the current financial system as well as a technological innovation.

Compare and contrast Ethereum's genesis block with Bitcoin's. What are the specific elements of the Ethereum genesis block, such as pre-funded accounts and smart contracts?

Genesis block of Bitcoin and Ethereum are the origin point for their own blockchain network. To ensure the maintain existing functionality and security, these Genesis blocks defined a parameter by identifying starting point and become reference for the next coming blocks. As a starting point Bitcoin and Ethereum genesis block does not link to the previous block but all other blocks after genesis block linked to the previous block in the block chain. Both these blockchain can breaks when modification occurred out of the set criteria.

The difference with Bitcoin and Ethereum Genesis block in regards to the initial supply of their coins. Bitcoin does not support initial supply of Bitcoins, instead every new Bitcoin is generated through the mining that reward to the miners for their contribution of verifying transaction and adding blocks to the Blockchain. However, Ethereum genesis block provide pre-fund accounts that created in pre-sale process. The initial supply of Ethereum coins was done via crowd sale wherein the interested people can buy it against Bitcoin. The main objective of this pre supply of Ethereum coins is to provide financial support to the Ethereum network platform development and providing first liquidity.

The way of functionality Bitcoin and Ethereum Genesis block, the Bitcoin Genesis block is simple and containing basic data like block header, coinbase transaction wherein Satoshi Nakamoto received 50 bitcoins. However, the Ethereum genesis block is complicated as it includes provide facilities for the smart contract. Ethereum Genesis block does not have any smart contract but it provides a platform that support smart contract. The smart contracts are actually the way of codes that run automatically on a Ethereum network blockchain and executes when meet specific condition, parameter. This functionality enables on Ethereum blockchain to provide decentralized applications called as dApps.

Bitcoin genesis block has a aim as digital decentralize currency which is opponent of existing banking system. However, the Ethereum Genesis block is multipurpose that creates a platform to support smart contracts and decentralize application. These differences show the two blockchain network with different aim and purpose.

➜ Specific elements of the Ethereum genesis block.

1️⃣ Pre-funded Accounts: These accounts are created at the time of Ethereum crowd sale to provide initial Ethereum coin to the users who participate in a pre-sale and fund the development.

2️⃣ Smart Contracts: Smart contracts in the block made it easier to distribute pre-mined ETH to these pre-funded accounts. The main feature of Ethereum is a smart contract system which enable network to provide decentralize applications.

3️⃣ Data: The Ethereum genesis block contact data of block number (0), timestamp, hash value for security.

4️⃣ Initialization of the State: It's created the Ethereum network starting point and make ready for blockchain to process the execution for upcoming transaction and smart contracts.

Use a blockchain explorer to find details about Steem genesis block. What are the main components and transactions in this block? Provide screenshots and links to the browser used.

➤ Visit Site https://steemworld.org/

➤ Login with your Steem account name and Private posting key.

➤ Click on "Block Explorer".

➤ The Block Number window will appear, enter number 1 and click to Ok.

➤ Now you will see the Steem Genesis Block.

➤ Following link used to the browser for Steem Genesis Block: https://steemworld.org/block/1

➜ Main components and transactions in the Steem Genesis Block.

1 - Timestamp: 2016-03-24, 21:35:00, at this time the first Steem block created called as Steem Genesis Block.

2 - Block Id: This is Steem Genesis Block ID. The next Steem block will refer/linked to this Steem Genesis Block ID.

3 - Previous Id: This ID shows everything 0 means this is first block which does not refer/link to any previous block.

4 - Witness - This is a Steem miner. User initminer has mine this Steem Genesis Block.

5 - Virtual Operation - This says that the miner initminer has produce the block and received 1.000000 VESTS (0.001 SP) as a producer reward.

Compare the genesis blocks of Bitcoin, Ethereum and Steem in terms of goals, underlying technologies and communities. Practical Question: Creating a Genesis Block Guide

➜ Comparison of Genesis Blocks Bitcoin, Ethereum and Steem in terms of goals﹕

Bitcoin, Ethereum and Steem each of these three blockchain network has different goals. The Bitcoin first goal is to create a decentralize digital currency that regulates without the need of a central authority like banks. It's purpose is to provide electronic cash system that peer-to-peer and independent banking system that provide online payments. Bitcoin this concept came out in the context of the 2008 financial crisis stating the necessity of unaffected financial system to the failing of traditional banking system.

Ethereum goal is to provide a decentralization platform that will allow decentralize apps/dApps and smart contracts. Ethereum aim is to expand the way of blockchain technology application above cryptocurrencies. Ethereum wants to build a platform that completely process automatically based on trust agreement and computer controlled programmable transactions which will be accessible to everyone.

Steem goal is to establish a decentralize social media ecosystem network that benefits users for curating and creating content. The Steem primary purpose is to provide alternative to the existing social monetization system wherein they are providing a complete ownership and control to their contribution by content creating and curating. The Steem concept is to motivate and encourage user involvement for their content creation/curation by rewarding them via cryptocurrency.

➜ Comparison of Genesis Blocks Bitcoin, Ethereum and Steem in terms of technologies ﹕

Genesis Blocks Bitcoin, Ethereum and Steem, each of these three organizations uses a different base for their technology which is customized designed in order to meet their specific requirements and the way of functionality.

The Genesis Block of Bitcoin is use Proof of Work (POW) technology which creates pretty straightforward, safe and unchangeable record transaction. The Bitcoin has improved its security and unchanging nature due to their main features of technology that includes fixed maximum supply is 21 million bitcoins, unidentified transactions, and decentralized mining.

The Genesis Block of Ethereum is multipurpose platform and along with the transaction the platform supports decentralized apps (dApps) and powerful smart contracts. Ethereum Genesis Block initially using a Proof of Work (POW) technology, but then they replace with Proof of Stake (POS) technology with Ethereum 2.0 which allow them to increase energy efficiency and scaling. The main features of Ethereum technology help them to create an excellent platform suitable for many different kinds of uses, the Ethereum main technology features includes the Ethereum Virtual Machine (EVM), a Turing-complete programming language called Solidity, and the capacity to run smart contracts.

The Genesis Block of Steem is specially developed its blockchain technology for social media platform that focus on high performance and scalability. Steem technology uses a technology Delegated Proof of Stake (DPOS) which makes possible for its platform to increase speed on block times and the scale ability. The main features of the Steem technology allow its platform to provide rewards to the users for their inputs to the platform in regards to the creating content and curating. In this Steem main technology features it involve to reward the user by Steem Power, Steem Dollars, and liquid Steem coins.

➜ Comparison of Genesis Blocks Bitcoin, Ethereum and Steem in terms of communities﹕

The Bitcoin community involved with investors, technology professionals those who support freedom, and early users those who support of digital currency. This community is organized and operates towards how the Bitcoin function regards as a asset of value, security, decentralization, and financial independence. The Bitcoin community has decentralized control, meaning that the any decisions for Bitcoin blockchain are finalized through a majority vote by blockchain miners, developers, and users.

The Ethereum community involved with peoples who always looking to extend the limitation of the blockchain technology. People with this mind set are part of this community who could be a developer, entrepreneurs whose making startup with this blockchain, companies who want to build on this blockchain, and people who are interested in support of this blockchain technologies. Every individual in the Ethereum community is hard working towards creating and developing decentralized apps (dApps), developing solutions in blockchain technology, creating and developing smart contracts, and decentralized finance (DeFi). Ethereum community organizational structure is semi-decentralized wherein the Ethereum organization is actively involved with others in coordination and development of blockchain technology projects.

The Steem community involved with peoples who are active on a social media, creating a content, curating others content, people who support to the Steem blockchain technologies. Steem community encourages social participation, people who building community and developing those communities, content monetization, users with a special focus on recognizing, supporting and rewarding user self-generated content. Steem community organization is decentralized system wherein other users select the Steem witnesses (Miners) by their votes who will be create blocks and take decision on a blockchain network. Steem community also involved with peoples who skilled on creating and developing applications, other projects on Steem blockchain technology.

➜ Create a Genesis Block Guide.

Remember that the creating a Genesis Block means initiating a new blockchain network which need an in depth understanding and awareness of multiple things. The first step of creating a Genesis Block is understand the aim, plans, and goals for the blockchain project. Understand and make list of issues that you would like to resolve with this blockchain and how the blockchain will function that it will solve the issues.

The first block means Genesis Block of blockchain is created by the founder or by system based on community agreements which mostly includes the message and information about a sale on the blockchain launch date.

Then select a particular base technology that is suitable for your blockchain like Proof of work (POW), Proof of stake (POS), Delegated Proof of Stake (DPOS), Proof of Capacity (POC), Proof of Activity (POA). The decision of selecting base technology will show how your blockchain works and reach to the users.

The next step and important part are the initial token or coin distribution. Decide what will the way of supplying token or coin at initial stage like will it be pre-sale, through mining, or any other way. This decision can reflect and show the foundation of your blockchain business model.

The next is set up your blockchain network behavior, this can be done by mentioning the features of your blockchain like block and block size, difficulty level for mining, or reward system. This behavior will show your blockchain scales and performance. Just like Bitcoin, how they add a newspaper headline in their genesis block, you can also do similar and add a hidden message in your blockchain genesis block that show your project vision.

Further, taking security audit is highly important for your blockchain safety hence making sure that the correct cryptographic protection is set to protect your blockchain genesis block and a whole blockchain.

Now, before launch your blockchain project in public access finalized the technical details wherein you can conduct a multiple technical test on your blockchain application, on the genesis block, and on entire blockchain. Ensure nodes are communicating, confirm no issue with block validation process. By following this you will identify and making sure that your blockchain application, genesis block, and entire blockchain is bug free and no issues with them before launch in public.

Create a rule for community participation and management as this will ensure continue ongoing development and adaptation and maintain a strong and dynamic ecosystem.

Write a practical guide explaining how a newcomer can explore and understand the genesis block of a blockchain, using examples from Bitcoin, Ethereum and Steem.

Understanding the genesis block might show information regarding the blockchain community, technology, and purpose. Information given below will assist beginners in exploring and understanding the Bitcoin, Ethereum, and Steem genesis blocks.

➜ Bitcoin genesis block.

1️⃣ Visit a block explorer like Blockchain.com or Blockchair, to look at the Bitcoin genesis block.

2️⃣ Click to Explorer section to enter into blockchain details.

3️⃣ Enter "0" in the search box and click to search. As the genesis block can be locate by searching for block number "0".

4️⃣ Blockchain.com is support 3 blockchain explorer Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH). Hence, it provides all results of those specific blockchain who are associated with the block number "0".

5️⃣ To understand Bitcoin genesis block, click on "BTC Block 0" from the search result. You will get a below window.

Now on this window, to understand bitcoin genesis block a newcomer can look at the information like Block Header, Timestamp, Coinbase Message, understand the context, check the Hash, transactions, Merkle Root, Mining Difficulty. How many Bitcoin (BTC) minted.

➜ Ethereum genesis block.

1️⃣ Visit Ethereum dedicated block explorer etherscan or Blockchain.com.

2️⃣ Enter "0" in the search box and click to search.

3️⃣ Now you will see the below window. On Blockchain.com, you will get similar window after click to "ETH Block 1" from the search result.

_{Ethereum genesis block on etherscan.}

_{Ethereum genesis block on Blockchain.com.}

Now on this window, to understand Ethereum genesis block a user can look at the information like Block Header, Timestamp, understand the context, check the Hash, transactions, State Root, Mining Difficulty. How many Ethereum (ETH) minted.

➜ Steem genesis block.

1️⃣ Visit Steem Block explorer like https://steemdb.io/ or steemworld.org

2️⃣ On https://steemdb.io/, there is a search box at top right corner.

3️⃣ To locate Steem genesis block, type 1 in the search box and it will give you result.

4️⃣ By click on the search result, you will see the details of Steem genesis block like below.

Now on this window, to understand Steem genesis block a user can look at the information like Block Header, Timestamp, understand the context, witness name who process this block, under virtual operation you will see the same witness name who process this block and understand how much Steem Power he got as reward to produce this block. In the Json section you will understand the other details of Steem genesis block like block id, witness, transaction merkle root, witness signature, signing key.

Author,
@steam4u
_{If you like this blog, you can join me in the comment section of this blog.}