Introduction
Our topic this week is The Genesis Block. This is actually a very important issue and one that everyone should know. Because the number of users in the world of cryptocurrencies is increasing, but many users do not have enough information. I will do this homework with pleasure so that everyone can learn about such a beautiful and important subject.
First of all, I would like to thank Professor @awesononso for choosing this important topic and presenting this beautiful lesson to us, and then everyone who read my homework.
I wish everyone a healthy and beautiful day.
1. What is the Genesis Block of a Blockchain.
All living things, species and all beings have an ancestor. The same is true for humans. You can think of the creation block as the ancestor of cryptocurrencies, which created and diversified. We all know that the meaning of the word Genesis already means creation.
The genesis block means the first block of any blockchain system. All blocks that make up the properties of this first block have the same features, but this is not the case for the genesis block. Because while blocks are being created, each block is linked to the previous block, but since there is no block before the genesis block, the genesis block is a unique block. The genesis block of a blockchain therefore forms the basis of that blockchain. This fundamental block of genesis is often referred to as Block 0 or Block 1 in the blockchain.
2. Write on the Bitcoin Genesis Block and its significance.
The Bitcoin Genesis Block was created by Satoshi Nakamoto on January 3, 2009, when he made a transaction called Block 0, which led to the formation of the Bitcoin Genesis Block.
This block, which started the blockchain and cryptocurrency world, has a 50 BTC block reward. These first 50 BTC are defined as non-spendable or non-movable. This is because it is the first transaction. If in any way the block miners try to spend this reward, the system will reject it. Later, due to the halving every 210,000 blocks, the block reward decreased to 6.25 BTC with the last halving on May 11, 2020.
If we want to find the first hash value of the genesis block of BTC, the operations we will do are as follows:
- First, we go to https://www.blockchain.com/en/?utm_campaign=expnav_logo.
- Then we click on the Explorer section that I have shown in the screenshot. Then, in the section that appears, we search by typing 0 in the block search section.
- Then we click on the BTC option on the screen that appears.
- As you can see in the screenshot, there is information about the BTC genesis block. The Hash of the Genesis Block is: 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f.
- As we said before, these 50 BTC were sent to a normal wallet that cannot be touched and spent.
The account address to which the coin was sent: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
- When we go to the address of this wallet, we see 68,44913596 BTC instead of 50 BTC.
The reason there is 68.44 BTC in this wallet is because users often have a way of thanking Satoshi Nakamoto.
Another issue that should be mentioned is that the 2nd block created after the genesis block is created in exactly 6 days. Many people have seen the reason for this as a possible error in new technologies. Others claimed that it was created on purpose in 6 days. He considered the reason as a reference to the story of the creation of the world in 6 days.
The Bitcoin Genesis Block has many mysteries. These mysteries have many mysteries, such as the lack of rewards, getting it out of the blue, and Satoshi's genesis block leaving a secret message on the Coinbase transaction.
For those wondering about this secret message;
- We come to the bottom of the page by following the steps we followed to find the genesis block that we have shown before. Then we click on the hash field I showed with the box.
- Then, when we scroll down a little on the page that appears, the section with Sigscript, which I show with the box, welcomes us.
- When we convert this Hex code in any Hex converter, we get the message that welcomes us: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”.
Importance of BTC Genesis Block
- The Genesis block is the main layout of a blockchain. As we said before, all blocks created have the characteristics of the first block and are produced in similar ways. The BTC genesis block has been the model for each block on Bitcoin.
- The BTC genesis block is also the ancestor of cryptocurrencies and enabled the creation of other cryptocurrencies. There are more than 10,000 crypto assets today.
- Blockchain has helped people not only in the crypto market but also in many other areas. For example; we can say that it is used in any election or voting.
- Thanks to the creation of the BTC genesis block, a safer and more transparent peer-to-peer communication has been realized, unlike modern banking and centralized systems. At the same time, it has prevented the time and money spent in modern banking techniques.
(Many screenshots in this section were taken by myself from https://www.blockchain.com/.)
3. Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
Step 1
- First, we go to https://steemworld.org/.
- Then we log in
Step 2
- After logging in, we click on the "Block Explorer" option.
- We write 1 on the screen that appears and click the "Ok" option.
- Then Steem Genesis Block information appears.
Conclusive
As we said before, we talked about the fact that every living thing and entity has a beginning, and we did research on genesis blocks of blockchain, BTC and Steem. Once again, we have seen important points and how important their place in our lives is.
At the end of this lesson, we learned that the first of the genesis blocks is the BTC genesis block. In fact, the importance of the effect and place of genesis blocks on humanity will come to the fore more in the coming years.
Day by day, I think that we will see that the blockchain system is used in many areas by crossing the border with cryptocurrency assets.
Thank you again to everyone who has read my homework so far. Again, I wish everyone a nice and healthy day.
CC: @steemitblog @awesononso
