Hi steemians,
I'm dhanux94. First of all, I would like to thank Professor @awesononso for providing the details. Your lecture was very important to me for this homework. I learned a lot about the Genesis Block.
I will answer the first of the three questions you mentioned. I also kindly invite professor @awesononso to check out my homework I did below.
Question
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?
Speaking of the Genesis block, it has to do with bitcoin. Because this is the first part of the bitcoin blockchain. Hence the name "Genesis". Its other name is zero "0" block. When a blockchain is born or the first block of that blockchain is created, it is called a "Genesis Block".
The Genesis block has always been strictly encrypted with applications that use blockchain. It acts as the base for bitcoin's trading system and serves as a prototype for other blocks in blockchain. A blockchain consists of blocks used to store transaction information on a blockchain network. This origins began with the early creation of bitcoin by its founder, Sathoshi Nakamoto. The genesis block is said to have occurred on January 3, 2009, the day bitcoin was created. It was the first transaction block in the Bitcoin blockchain. Later, thousands of cryptocurrencies were discovered and these currencies have a genesis block.
Like all other blocks, the genesis block has a title, and the hash tag identifies the block. When the Genesis block reaches its maximum data capacity, another new partition is created and linked to the genesis block. Like all other blocks, the Genesis booth uses encryption to record transactions.
Simply put, the Genesis block is the origin of the first block or blockchain technology.
b) What are the significances of the Genesis Block?
• The Genesis block has provided inspiration for the introduction of various cryptocurrencies.
• Since this is the first part of a blockchain, it has special significance except for all the other parts of the chain.
• This Genesis block, which stores the knowledge in a blockchain following a well-built pattern, operates as a plan on how the later parts will work.
• Contains all the basic manipulation information for Genesis censorship. That information helps to keep track of all the activities that are constantly going on in the blockchain.
• Generation censorship set up a fast-track method of payment. Easy to transact without banks.
• Each part of the Genesis block is captured and generated and the chain is maintained until its end.
All other descendants of Genesis Censor are associated with their hash tag.
• There are currently over 10,000 cryptocurrencies in the world today and it all started with the Genesis block.
• A new dawn has begun with a decentralized financial system that is different from the existing financial system and economic system in the world.
c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
The first part of the Genesis block created by Sathoshi Nakamoto at BTC is designed to lock in the prize money of 50 BTC so that it cannot be spent or utilized. It is deposited in that account. We can take care of it. To do so, go to Blockchain.com.
When you go to Blockchain.com you will see an interface like this. It shows an orange circle named Bitcoin Explore.
Now Select the Bitcoin Explore there.
Then select Bitcoin explore from the interface you see and go to it.
Use following hash tag to visit genesis block of Bitcoin.
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
Search hash tag using search bar to view the information of the genesis block.
The details of the genesis block will appear.
Explore wallet
According to the information, there are 3052 transactions up to date with 68.52265141 BTC. These BTC cannot be spent.
The last transaction sent to this block is today the 2021.09.26 at 04.43 and 0.00177918 BTC was sent.
Thank you😊
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