The Genesis Block - Steemit Crypto Academy Season 5 - Homework Post for Task 3
Hello to everyone. I'm going to do the homework called Genesis Block today because I think I need to complete the beginner level assignments. It's a very interesting subject. Let's start.
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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.
a) What is the Genesis block?
a) What is the Genesis block?
Everything has a beginning. Just as this world had a beginning, humanity also had a beginning. Cryptocurrency, which attracts a lot of attention today and is used as an investment and payment tool, also has a beginning.
The word Genesis, which is the subject of the article and forms the concept of Genesis Block, has meanings such as creation and the beginning of everything.
Blockchain technology also has a beginning. Blockchain, as we all know, consists of blocks. Each block is added to the previous block to form a chain.
So where does the first block come from?
The name given to the first block we searched for is the Genesis Block. Actually, the name given to the Genesis Block is 'Block 0'. Later, the other name given to the Genesis Block was Block 0, since the first block added to Block 0 was called 'Block 1'.
After all, the first block that the system created should have been block 1, and this was actually the 2nd block. That's why Genesis Block is also known as Block 0. Doesn't it make sense?
The most famous Genesis Block is the Genesis Block of the bitcoin system. The first block of the Bitcoin blockchain, block 0, was created by Satoshi Nakamoto on January 3, 2009.
b) What are the significances of the Genesis Block?
b) What are the significances of the Genesis Block?
Genesis Block is important because it is the first block. It is the mainstay of the system. The next block is linked to the genesis block. The third block is connected to the second block. Thus, a chain was formed and this chain was called blockchain. Maybe all blocks (blocks) in the chain are equally important, but the first link (block) was always more important. Because if the first block was not created, where would the other blocks connect and form a chain?
Features related to Genesis Block are:
Number of transactions: The number of transactions in the first block, the Genesis Block memory, is only one.
Block height: Genesis Block forms the basis of the next blocks. That's why it has no height. It can also be called zero height.
Timestamp: The time and date when a miner started generating the head of the block. Speaking for the Bitcoin Genesis Block, the timestamp of the bitcoin genesis block is January 3, 2009. For other blockchains, this information varies.
Nonce: This is a variable and an arbitrary number. A miner tries to add a block to the blockchain, constantly changing this number. For the Bitcoin Genesis Block, this value was 208393.
Block difficulty: I think this is the most enjoyable thing to tell. We said that a miner tried to find a variable named Nonce to add a block to the blockchain. The difficulty of finding this variable is called the block difficulty. Speaking for the Bircoin Genesis Block, the block difficulty was 1. Currently, this difficulty is expressed in very large numbers.
c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
How can we find Bitcoin Genesis Block?
For this, let's go to the website https://www.blockchain.com/explorer.
Let's write 0 where I indicated in the red rectangle. Why do we write 0? Because the block number of Bitcoin Genesis Block is 0. We are looking for it too. Let's press enter after typing 0 in the shown place.
Here is all the information about block 0 in the screenshot below.
What date and time was it produced? - 2009-01-03 20:15
What is the height? - 0
Who dug? - Unknown (Satoshi Nakamoto)
What is the difficulty? - one
What is the block reward? - 50 BTC
Here we can find answers to questions such as and more.
And in the screenshot below, there is information about this address.
What is the total number of transactions? - 3123
What is the amount of BTC received? - 68,52569155 BTC
Conclusion
Everything has a beginning. Blockchain systems also have a starting point. Blockchain systems consist of blocks added to each other. The starting block is called the Genesis Block.
Thank you for reading.