Genesis block

he blockchain-the original blockchain-is a decentralized database that contains a list called blocks, with a continuously growing and neatly arranged record. Each block contains a timestamp[6] and a link to the previous block: the block chain is designed so that the data cannot be tampered with-once recorded, the data in a block will be irreversible.
The design of the blockchain is a protective measure, such as (applied to) a highly fault-tolerant distributed computing system. Blockchain makes hybrid consistency possible. [7] This makes the blockchain suitable for recording events, titles, medical records, and other activities that require data to be included, identification management, transaction process management, and provenance management. Blockchain has huge potential for financial disintermediation and has a huge impact on leading global trade.
In 2008, Satoshi Nakamoto first proposed the concept of blockchain. In the following years, it became the core component of the electronic currency Bitcoin: as the public account book for all transactions. Through the use of peer-to-peer networks and distributed time stamp servers, blockchain databases can be managed autonomously. The blockchain invented for Bitcoin makes it the first digital currency to solve the problem of repeated consumption. Bitcoin's design has become a source of inspiration for other applications.
In 1991, Stuart Haber and W. Scott Stornetta first proposed a block-encrypted protection chain product, which was subsequently published by Ross J. Anderson and Bruce Schneier & John Kelsey in 1996 and 1998 respectively. At the same time, Nick Szabo conducted research on the mechanism of electronic currency decentralization in 1998, which he called Bitcoin Gold. In 2000, Stefan Konst published a unified theory of encryption protection chain and proposed a complete set of implementation plans.
The blockchain format was first applied to Bitcoin as a solution to make the database secure without requiring the credit of the administrative agency. In October 2008, in Satoshi Nakamoto's original paper, the two words "block" and "chain" were used separately, and when they were widely used, they were collectively referred to as block-chain. By 2016 It was turned into a word: "blockchain". In August 2014, Bitcoin's blockchain file size reached 20 gigabytes.
By 2014, "blockchain 2.0" became a term for decentralized blockchain databases. For this second-generation programmable blockchain, economists believe that its achievement is "it is a programming language that allows users to write more sophisticated and intelligent protocols. Therefore, when the profit reaches a certain level, You can get income from the completed freight orders or the dividends of the shared certificate." Blockchain 2.0 technology skips transactions and "an intermediary agency that acts as an arbitration for money and information in the exchange of value." They are used to keep people away from the global economy, as they expect, to protect privacy, to enable people to "convert the information they hold into currency," and to have the ability to ensure that the owners of intellectual property get benefits. The second-generation blockchain technology makes it possible to store the "permanent digital ID and image" of an individual, and provides a solution to the "potential social wealth distribution" inequality. 14 -15 As of 2016, blockchain 2.0 off-chain transactions still need to go through Oracle to enable any "external data or events based on time or market conditions [really needed] to interact with the blockchain".
In 2016, the Central Securities Exchange (NSD) of the Russian Federation announced a pilot project based on blockchain technology. Many institutions with regulatory powers in the music industry have begun to use blockchain technology to build test models for collecting royalties and worldwide copyright management. In July 2016, IBM opened a blockchain innovation research center in Singapore. In November 2016, a working group of the World Economic Forum held a meeting to discuss the development of blockchain government governance models. According to an Accenture survey on the development of innovative theory, the 13.5% utilization rate of blockchain in the economic field in 2016 has reached the early stage of development. In 2016, industry trade organizations co-created the Global Blockchain Forum, which was the predecessor of the Electronic Commerce Chamber.
This concept was proposed in Satoshi Nakamoto 's white paper, and Satoshi Nakamoto created the first block, the "Genesis Block".
On January 3, 2009, Satoshi Nakamoto , the founder of Bitcoin , left an unchangeable sentence in the genesis block:
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks (January 3, 2009, the Chancellor of the Exchequer is on the verge of implementing the second round of emergency bank assistance)."
It was the moment when Britain’s Chancellor of the Exchequer Darling was forced to consider a second attempt to alleviate the banking crisis. This sentence was the headline of the Times’ front page that day.
The timestamp service and proof of existence of the blockchain, the time when the first blockchain was generated and the events happening at that time are permanently retained.
Bitcoin company BTCC launched a service "Chain of the Millennium" in 2015, that is, blockchain lettering service, which is based on the above principles. Users can engrave text on the blockchain through this service and store it forever.