Crypto Academy / Season 3 / Week 2 - Homework Post for @awesononso | Genesis Block

What is the Genesis Block of a Blockchain.

At it is obvious by the name blockchain, It is a chain of many blocks that are joined to each other ends. These blocks are labelled as Block height and the first ever block is labelled block 0 or sometimes block 1 and this first ever block is called genesis block.

^{Image Source}

The genesis block is the first ever block of every blockchain. Every other block comes over the genesis block or we can say they are attached to each other ends. As discussed earlier it is labelled as block height 0 or block height 1, Foe example, In Bitcoin Blockchain genesis block is labelled as block height 0 where as steem blockchain genesis block is labelled as Block height 1. The genesis block initiate the blockchain. this block is the foundation of the blockchain.

Write on the Bitcoin Genesis Block and its significance.

The Bitcoin blockchain was the first ever successful blockchain. It was founded /mined by satoshi nakamoto and he's the one who carried first ever transaction on the blockchain. and the genesis block of blockchain had 50 BTC, which is untradeable. Due to some error it shows that 50BTC is untradeable Due to this there were some questions on the block that genesis block doesn't carried out with an actual transaction.

when first ever block was mined. it is obvious that there were not any bitcoin token present at that time. so w can only see a single transaction worth of 50 BTC from coin base to "1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa" this address. with hash "4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b" transaction id.

^{Transaction on the Genesis block of Bitcoin}

If we see the balance of that address today so we can see currently there are 68.44913596 BTC and a total of 2,946 transactions.

^{Bitcoin Wallet details where first ever transaction is carried out}

If we search for Block 0 for bitcoin on Blockchain.com we can see the the following Information .

If we check the first ever transaction of genesis block we can see the sigscript and if we convert it using the Hex to ASCII converter, we can see a secret message in it.

Hex Code: 5468652054696d65732030332f4a616e2f32303039204368616e63656c6c6f72206f6e206272696e6b206f66207365636f6e64206261696c6f757420666f722062616e6b73

ASCII code : The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

^{Hex Code From sigscript for the first transaction}

^{Secret code from Hex code and a tweet about that from kraken exchange}

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Significance of the Bitcoin Genesis Block

• The genesis block set standard/ rules for other blocks which are connected to its end. The rules/standards that are followed are hash, block reward, fee reward, root, merkie root, difficulty, etc.

• The foundation of genesis block of bitcoin gave motivation for creation of other cryptocurrencies and currently on today's date we can found 10,827 currencies on coinmarketcap.

• The first block of bitcoin mined the first 50 BTC and the coins are stored at the address "1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa" and by today address contain 68.44913596 BTC.

Go to steemworld and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).

• To explore the genesis block of steem blockchain lets visit steemworld.

• Visit the Block Explorer tab.

• Enter the Block number for genesis block, In case of steem block chain it is 1, enter 1 and click ok.

• Here we can see the details of Block 1 ( Genesis Block of Steem Blockchain).
  In this block there are 0 transactions placed.
  This block is mined by @initminer and if we visit this users profile we can see that this account's last activity was recorded 52 years ago.

Conclusion

Every blockchain began with the first block. This first ever block is known as the genesis block. It is labelled as block height 0 or 1. The Bitcoin blockchain is very significant as it sets rules/standards for the other block followed by genesis block. The first ever block of bitcoin contains only one transaction which is of 50 BTC and in steem blockchain the first ever block consist of 0 transaction. Thank you professor @awesononso for this easy to understandable and great lecture.

Thank You