This is a repost of my previous post that was rated 8/10 by professor @awesononso and it expired before it was curated by @steemcurator02. I was later asked by my professor for this particular lecture to repost it.
Hello professor @awesononso, I am grateful to be part of your lecture about The Genesis Block, and here is my submission for the assignment you provided to the steemians.
What is the Genesis Block of a Blockchain?
Intruduction.
Blockchain is a decentralized system of secure and trusted distributed databases that document and share the transaction details across many nodes which are part of the network so that the data is not modified. Each transaction that happens on the blockchain network is distributed across all the nodes on the blockchain and every participant will have the same copy of the ledger, that is to say, a chain of blocks that contain information is called a blockchain.
The Genesis Block
The Genesis Block of a Blockchain is a general term used to describe the very first block in a Blockchain also known as Block 0. This term gets its name from the word Genesis which means the origin point of something created. There are no transactions in a Genesis Block because it blocks transactions of the first tokens ever created on that Blockchain.
In general, Blocks in a Blockchain are cryptographic links to the blocks before them which is also called the nonce (a number that can only be used once). Finding the nonce that works is how miners compete in successfully adding new blocks to the existing blocks. Each block contains data, hash, and hash of the previous block, the data that is stored inside the block depends on the set of the blockchain. For instance, the Bitcoin blockchain stores the details about the transaction such as the sender, receiver, and the number of coins. A block also has a unique hash which is used to identify the block and all of its content. However, in the Genesis Block, there is no previous block because the previous block’s hash is just a stream of zeros.
Write on the Bitcoin Genesis Block and its significance.
The Genesis of all Genesis’, Bitcoin Genesis Block came on January 3, 2009. Currently, Bitcoin is transferred by signing transactions including a value with a destination address, and miners verify those transactions to ensure they are legit. Miners are rewarded for the computational power they spend verifying transactions and provide stability and integrity to the security of the bitcoin network. The reward was initially 50 Bitcoin per block and then halved to 25 per block and now the reward is 12.5 bitcoin per block.
Due to the ever-changing amount of computers on the network, the difficulty level for mining is adjusted about every two weeks which allows the network to ensure a fairly predictable amount of ten minutes required per block.
The Bitcoin Genesis Block was mined using the same hashing algorithm as any other block but at difficulty 1. The previous hash is all zeros because no block came before it and it contains only one transaction to coinbase which gives 50 Bitcoin to a particular well-known address. Once the Block had been propitiously mined, its hash was codified into the bitcoin source code so that it alone would be acquired as the official Genesis Block.
How to find the Bitcoin Genesis Block.
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Significance of the Bitcoin Genesis Block.
Go to https://steemworld.org and locate the Steem Genesis Block. (You must provide screenshots and sign in as proof of completion).
Below are the steps to to explore the Steem Genesis Block
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In conclusion.
Most of the best investment opportunities in monetary societies are only available to the wealthy and a lot of people worldwide don’t have such kind of opportunities but this has started to change with the adoption of blockchain technology. Because Genesis Block is leveraging this powerful technology, the financial opportunities that were once only reserved for only the wealthy are now available to all, and with just a $5 deposit into the Genesis Block, a user can start earning and investing like the top wealthy.
Therefore I would like to thank professor @awesononso for such an awesome lecture which has greatly improved on my understanding about the Genesis Block.
You have been curated by @yohan2on, a country representative (Uganda). We are curating using the steemcurator04 curator account to support steemians in Africa.
Keep creating good content on Steemit.
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