Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 2 Homework| The Genesis Block: The Beginning of the Beginning

INTRODUCTION

Greetings to all of us at steemit cryptoAcademy.
It feels good hanging around gurus, atleast you will become one, one day. Thank God I finally attained the community criteria.

I had the privilege to had paticipated in the wonderful and all impacting class as hosted by an erudite professor @awesononso.

With the impact, I feel qualified and competent enough to sign in my assignment.

(1) what is the Genesis Block of a Block chain?

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Genesis in general context simply means begining, that is first to be. Thus, genesis block simply imply to beginning, starting, first or foundational block.

Genesis Block; this is the nomenclature accorded to the initial block of a cryptocurrency, like Bitcoin, ever excavated.

A blockchain is made up of several blocks that are useful to storing data related to transactions which occurred on the blockchain network.

Each of these blocks inholds a special header, thus, each such block is individually known by its block header hash.

These blocks are carefully arranged in stratum, one ontop of another, having the Genesis Block as the foundation, and they increase in height till the final stage of the blockchain is attained & the sequence is accomplished.

One of the things that gives a block chain based cryptocurrency is much security is the deep history and stratum of each sequence.

The Block 0 which is popularly known as Genesis Block, is the base block upon which other/ subsequent blocks in a blockchain are attached. It is essentially the ancestor so that every other blocks could trace its descent back to since every block possesses a traceable history to the one that comes after it. This initiated the process of validating transactions of bitcoin and making new bitcoins available.

The nearest block, which is the Block 1, was not
mined not until six days after the block 0, also known as Genesis Block. But it's already known that timestamp gap between block should be 10 minutes. So, this was a very odd incidence.

WHY THE DELAY

However,few theories had been brought up as regards to the delay: Some theories has it that Nakamoto exhausted 6 days mining or creating the original block to test run the Bitcoin system so as to ensure that it was stable, ''then backdated the timestamp',
while more some cultish followers are of the believe that Satoshi intended to refresh the story of God's rest after he had created the world in 6 days.

Mysteries of the Genesis Block

Taking off with the fact that "Satoshi Nakomato" as a name even sounds fictitious, the Genesis Block & the discovery of Bitcoin remains a puzzled with mystery. Just a little time after Bitcoin was launched, "Satoshi Nakamoto" disappeared from the face of the earth with little or no trace entirely. This fortunate incident encouraged the continuous inexplicable that surrounds what we call "the Block."

The initial fifty Bitcoin Could Not be expended which triggered the curiosity of the fans.
The beginnings of the Genesis Block's were sidon in the argument as regards a fine point of its existence: The code which rendered the Genesis Block efficaciously untradeable an intention or was it a mistake on the side of Nakamoto?

It's true that the Genesis Block directs to a web address, printed into the Genesis Block's code that link splayed an error information when activated. The system couldn't find the initial 50 - BTC transaction in its database, and as such, the expending transaction was rejected. This in other words considers the transaction of the Genesis Block's as fake transaction by the original Bitcoin punter.

But what was Nakamoto's essence of making the first BTC to be non - tradeable? Or, should we accept that it was a mistake?
Overtime, This became the base of much argument among Bitcoin fans & insiders.

The developer's precision was enough conviction to make most believe that it was hardly an error
It's likely that Nakamoto had wrote the code for the Genesis Block just exactly the way he wanted it. But the reason will to hang in the beyond our understanding since the glitch was not addressed until the disappearance of Nakamoto.

(2)Write on the Bitcoin Genesis Block and its significance.

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The Genesis Block of Bitcoin's was the earliest instance instance of a proof - of - work in the blockchain system and it is the pattern for every other blocks in its blockchain.

Satoshi Nakamato who is the man that developed Bitcoin, created the Genesis block
In 2009, a mysterious invention which magnanimously announced the cryptocurrency progress which we still withness today.

The early Nakamoto protegees formed the Satoshi Nakamoto Institute "SNI" in November 2013, to enlightened the public on the history and vision of Bitcoin’s development. Among many other interesting informations, one of the massive remnants Nakamoto's online existence is housed in; A very extensive enumeration of forum posts, fragmented into subject categories, that the creator of Bitcoin wrote while he was still working on the project.

Many Bitcoin lovers hold the Genesis Block in a manner of cult - like respect, as they do to its faceless creator. Lovers are attracted to Bitcoin's esoteric construct and percular vocabulary with the zeal of one obsessed with a refined arcade game.

Devotees of Bitcoin have been making donations of small amounts of Bitcoin to the Genesis Block as a way of showing gratitude to Satoshi Nakamoto.

The Secret Message of Bitcoin's Genesis Block

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The Secret Message of the Bitcoin Genesis Block is another enigmatic of this invention. The secret message was instilled by Nakamoto within the Block's unprocessed data; (The Times 03rd, January, 2009 Chancellor on brink of 2nd bailout for banks)

Even though He, Nakamoto did not comment on the significance of this text, many are of the believe that it is meant to be a mission statement for Bitcoin.

The text occupies the header for a publication of The (London) Times in 3, January, 2009 edition which is about the failure of British government's to arouse the economy sequel to the 2007 – 08 financial crisis. Therefore, was not comfortable inoculating such idea of possible failure of a big financial establishment, hence wanted Bitcoin to be uniquely in that regard.

Most people are of the opinion that the reference that Nakamoto made as regards to the article in the Genesis Block code was a clue as to how Bitcoin is distinct from the big conventional investment banks that required government bailouts in 2008.

The reason Bitcoin cannot be bailed out is because of it's process which terminates the middleman. Thus, there's no room for third party, nor corporate body to interfere between customers and the BTC.

Basics of Bitcoin

Bitcoin; this is a kind of cryptocurrency, which is maintained on the peer to pear electronic currency that was developed by Satoshi Nakamoto. It refers to the system & concept of the venal dais and "bitcoin", the small "b" has to do with the virtual neologism that is traded.
Actually, there are no real coins, hence, the "bit" or binary digit, which is the most basic unit of information in computing, before "coin."

In the context of cryptocurrency, blocks entails files where informations as regards the Bitcoin network vis-avis its transactions are recorded eternally.

Each time a block is filled up with bitcoin transactions, in other words, completed, it excuses the proceeding block in the blockchain.
The way to generate or release novel cryptocurrency into circulation is only through mining. That's to say, to mine bitcoin is same as to mint currency.

Just like gold, the abitrary creation of Bitcoin is not done. Gold ought to be mined out from the ground, and Bitcoin must also be be mined through digital means.

Afterall, the founder of Bitcoin, Nakamoto had stipulated bitcoin supply should be limited & finite just like gold. The total amount or volume of BTC that can be mind is only 21 million. Thus, the the planet's supply of BTC will be tapped out any time miners had unlocked this given quantity, unless Bitcoin's protocol is changed by someone to permit for a larger supply.

Bitcoin network checks & double checks itself ceaselessly through complicated mathematical puzzles that been firstly resolved by computers, followed by human bitcoin miners. Unless the math problem is validated, nobody goes on with any bitcoin trade.
One other fail-safe is that, since all transactions are stored for till eternity, the miner's actions can be traced always, which is the reason it is impossible to hide evidence of any wrongdoing.

SIGNIFICANCE OF BITCOIN GENESIS BLOCK

The giant move made by Satoshi Nakamoto into exploring the Genesis Block was a great way paver which leaves an indelible mark in the soil of blockchain system.

Let's talk about few of it's significance;

• A dream come to reality:
  The mind been a strong engine has the ability to think logically on how to bring into existence what was not naturally created.

Inventions always comes with one challenge or the other. Hence, requires teem effort since no man is an island of knowledge.

The Bitcoin's had been a work of the mind for years, just like a dream, but the arrival of the blockchain network made it a realization.

• Pace setter:
  The possibility behind the realization of the Bitcoin Genesis Block had engulfed several scholars in deep curiosity, and as such had sent them into great research, coming with more blockchains. And of course with measurable ideas tapped from the already existing.

(3)Gotohttps://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).

The following are the steps to locate the steem Genesis Block...

⏩ Access https://steemworld.org by logging it through your browser

⏩Click on sign in at the top right hand side of the new page as seen in the image below...

⏩Sign in with your steemit username and posting key,

Signed in

⏩Click on Block explorer

⏩ My intention is to view the first block, so I go for it by inputting 1 in the space provided. Then, OK

⏏️Then, below is first Steem Block properly displayed.

CONCLUSION

To be honest, The class was very rich with quality impacting content.

Now I have learnt that there is actually a given volume of Bitcoin 21million as developed by Satoshi Nakamoto which when totally tamed would lead to the end of the planet supply.

But I'm too curious to know....

(1) Why did he or she put an embargo in the volume of BTC to be mined.

(2) what will the BTC market behavior be like when the planet supply is tapped off

(3) why is it that virtually everything that surrounds BTC, vis-avis the developer, seems a mystery.

These and more are questions that are yearning for answers

Regards to professor...
@awesononso