The Genesis Block - Steemit Crypto Academy Season 5 - Homework Post for Task 3
1.a) What is the Genesis block?
b) What are the significances of the Genesis Block?
c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
What is Genesis Block?
Genesis literarily means the beginning,now relating it with cryptocurrency and blockchain, it means the very first block that was mined, A blockchain consist of many blocks but there is always an initial block which is known as the genesis block or block 0.With the successful mining of the first block other block can now begin to follow suit. Bitcoin which is known as the first cryptocurrency mined the first ever block in Jan 3rd,2009 using the proof of work consensus mechanisms, it was after the block 0 that the next block know as block 1 came up days after the successful mining of the first block it is important to also the founder of bitcoin is Satoshi .
I will also love to shed more light as to what block means, block is used to store record of transaction permanently. The first ever transaction of 50 Btc that was carried out by bitcoin founder Satoshi Nakamoto still remains untouched neither can it be traded nor withdrawn.
What are the significance of the genesis block?
The genesis block is indeed significant and I will be mentioning below how the block has helped shapen the blockchain world.
The genesis block serves as a bedrock for other block,it makes it easy for block to be tracked and traced form inception to he present stage. The block 0 which is called the genesis bock serve as ancestors to other block on the blockchain.
The genesis block paved way for the decentralized system we now enjoy today. Since a block is now linked together with another and actively function together to make the blockchain as awesome as it is today makin it better than the centralize system that has a lot of limitations
The advent of the first genesis block which was btc gave birth to other cryptocurrency we have have today, the success is what other cyptocurrency and alt coin are trying to duplicate today. If it hadn’t been successfully we wouild probably not have as many coin as we have today.
The success of the genesis block gave rise to the confidence people have in cryptocurrency today, on of the goal of crypto is to solve the limitations we have experienced in the centralized system for a very long time. With the blockchain system, things have no been easy.
With genesis block in place one can track the progress of a particular blockchain no matter how long it has existed.
It is also important to state that with the success of block 0, the decentralized system and it advantages such as seemless transactions, less transaction fee, speed, immutability etc came to play.
Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
Step 1: Log in to https://www.blockchain.com/
Step 2: type in the block "0"
Step 3: Get the information required.
Step 4: Transaction so far is highlighted in red.
Conclusion.
To everything in life there is always a beginning,the success of Bitcoin genesis block paved way for other cryptocurrency that is now prevalent today. Blockchain system has proven to be really efficient when compared to the traditional style that existed before it.
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Thank you for reading.