Crypto Academy Season 4 Beginners' course - Task 3: The Genesis Block by@usmanismail882
Introduction
Good day everyone, I’m really glad to be a participating in the beginners fixed courses, where on this topic I will be discussing about The Genesis Block, We all know how much Cryptocurrency has changed millions of people’s financial status, Much Reagrds goes to Satoshi Nakamoto for his wonderful invention of Bitcoin - which is the Father of cryptocurrency and been the first miner. Thanks to prof @awesononso for taking up this course and teaching us more about Genesis block.
Entry Question
- What is the Genesis Block?
- What are the significance of Genesis Block?
- Explore the Bitcoin Genesis Block and indicate how many transactions so far and the amount of Bitcoins
What is Genesis Block
I believe in life there is nothing that is created that doesn’t have a source where it was created from, this source is where everything starts from like where it all began, that also lead us to the word "Genesis" which literally means a beginning or where something starts from, like the Genesis mentioned in the Bible which explained the creation of heaven and earth and how God created the world , That also brings us to the said question which is Genesis Block.
Genesis Block is known as the first ever block of bitcoin that was mined, it is also known as the first Block that was created which is also known as Block 0, this block 0 is like the main foundation which all Bitcoin block were built on and each Block on the Blockchain can still be traced back to the first Block which is Block 0.
This Blockchain contain series of blocks which are used to store information that are basically related to the transactions made on the bitcoin blockchain networks.
What are the significance of Genesis Block
Creating exchange medium: After Bitcoin was created on 3 January 2009, till March 2010 - basically no exchange was created, must users then, were using the platform to catch some fun, Laszlo Hanyecz made the first transaction which is about 10,000 BTC and it was used to bought 2 pizza, later the coin is recognized all over the country and it’s mostly used as a mode of transactions which is safe and low risk.
More fluent financial service: With the creation of Genesis Block, even Banks are realizing how useful it is running their services through cryptocurrency, because of how safe and efficient it is, which make them show interest in implementing ledgers to be used in banking and there are also cooperating with other private companies in creating private blockchain. And banks like UBS are reported to have already open a research lab which is dedicated to blockchain technology in order to see how blockchain can be used as financial service and also reduce the cost of services.
Awakening of blockchain technology: All over the world many organizations and business owners across the globe are always in the look out for the best way to make more profit in economy that has gone down due to one issue or the other in other to make more profit than loss, the coming of blockchain technology opens up more opportunity which brings more profit to the investors, blockchain literately get involved in almost all industry that stores data. With the awakening of blockchain technology, many companies and investors are buying on the idea of using this technology for the operation of their respective businesses.
Explore The Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins
In other to explore Bitcoin genesis block, first step you take is search for the following website (https://www.blockchain.com/explorer).
After logging on to the website, the next thing you do is to paste the following address on their search bar
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f, which will directly take you another layout, then you click on BTC Block to enter bitcoin genesis block.
After clicking on the BTC Block, you will be directed to a layout which shows Block 0 and it also explained when the first coin was mined which is on January 03, 2009, it also state the time when the coin was mined which is around at 7:15 PM GMT+1 and other valuable information.
image source
The picture above shows the following information;
hash address of the first mined coin = 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
Shows the corresponding confirmation number which is 706,068
It also shows the time and date for the minted block which is 2009-01-03 19:15
It also shows the height of the said block which is = 0
And when you scroll down the page you will be able to view more information on the Block 0, the image below shows the corresponding information on Block 0,
The image above shows the transaction details of the first coin mined on Genesis Block, which shows that they were able to mined 50.00000000 BTC, also shows the hash address which is = 4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b, by clicking on the hash address of the page, you will be able to see more detailed information on that transaction, which is shown below
All the above images show all the corresponding information you can find on Bitcoin Block 0.
When you clicked on the Coin-base address you will be able to view the transactions that was done on the wallet.
The image below shows the wallet which some individuals or group of people contribute coin to all the time in other to show appreciation to Satoshi Nakamoto for inventing such a wonderful mode of transaction making millions of lives much easier, on this address it shows that it has transacted about 3,080 times on bitcoin blockchain, it also received a total of 68.52321533 BTC which is equivalent to about $4,302,669.99 and up till today no coin have been withdrawn from it, And the wallet address is = 1DreVNoTYGhsQNRUJ2h7S46xbiTyVGhAvo.
The picture below shows the corresponding transactions done on this block.
And from the screenshot above, it also shows the time and date that the last transactions that was made which is 2021-10-19, at the time is 01:20 which is few days ago.
Conclusion
From the lecture made by prof @awesononso, it can be seen and understood that cryptocurrency which was developed by Satoshi Nakamoto has changed millions of lives and also helps most business owners from closing up their respective businesses, also brings about technology revolution all over the world.
#club5050 😀