Today's lesson is very important. Thank you Professor @awesononso for giving me such a beautiful lesson. I learned a lot about Genesis block. I hope the lesson will be helpful for everyone.
1 - What is the Genesis Block of a Blockchain.
Genesis Block is the first block of any Blockchain. Genesis block is reffered to Block 0 or Block 1. Before Genesis block, there was no block in that blockchain. If a blockchain has n numbers then it starts with the genesis block then the rest of the blocks come step by step. I tried to explain through the image below:
In the illustrated image above, you can see the genesis block is the first block of a particular Blockchain. Genesis block contains all the information as the first block. Actually, we can say that the genesis block is the foundation of a blockchain. Here all the information is stored in the block so no information can be deleted at will.
2 - Write on the Bitcoin Genesis Block and its significance.
Bitcoin Genesis Block
Bitcoin is the first cryptocurrency and the first-ever genesis block Bitcoin Chain was minded on January 3rd, 2009 by Satoshi Nakamoto. The first block has 50 Bitcoin as a reward, but Satoshi Nakamoto has not yet said whether it was actually mined.
Satoshi Nakamoto left a message in the code of the genesis block. The message was:
The meaning of this message is not yet known. The message was actually a headline in the New York Times.
I visit https://www.blockchain.com/ and found Block 0 and Block 1 timestamp. Look the six days gap from 3rd January to 9th January.
Satoshi Nakamoto is a mystery to everyone and there are some more mysteries about Bitcoin. It takes 10 minutes to generate one block after another but it took 6 days to create the next block of genesis block. Again why everyone still sends Bitcoin to the genesis block. Different people have different ideas about these.
Significance of Bitcoin Genesis Block
The significance of Bitcoin genesis in cryptocurrency is very important. Because of this we have got cryptocurrency today. Currently over 4000 cryptocurrencies depend on this block. Also, digital currency cryptocurrency would not have been born today if Satoshi Nakamoto had not created the genesis block.
Bitcoin Genesis Block is the prototype of all other blocks in the Bitcoin blockchain. Genesis block begun validates the bitcoin transactions which is great.
3 - Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
Steem Genesis Block was created on 24 March, 2016. To locate Steem Genesis Block I will do the followings:
- First of all I visit https://steemworld.org and sign in with my user id and posting key.
- After signing in then I click "Block Explorer".
- Now I enter 1 for Steem Genesis Block because Steem Genesis Block started with 1.
- Here you can see the details information of "Steem Genesis Block".
Conclusion
We learned a lot from this lesson on Genesis block. Cryptocurrency has started from this genesis block. Bitcoin's genesis block has played the most role since it was the first genesis block. The Bitcoin genesis block is a role model for many cryptocurrency genesis blocks.
Hello @ellipsebd,
Thank you for taking interest in this class. Your grades are as follows;
Feedback and Suggestions
Your arrangements is good but your presentation is affected by some lacking information. There are still some necessary facts missing on the first two questions.
You really should have tried to mention more significances from your point of view or research.
Thanks again as we anticipate your participation in the next class.
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Thanks. I will try to do more research in my next homework.
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