Questions to be done1
1a) What is the Genesis Block?
b) What are the significance of the Genesis Block?
c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
1a) What is the Genesis Block?
Before going to explain what Genesis block is, I’d like to brief out to you about what blockchain is.
Way back in 2009, a group or a person called Sathoshi Nakamoto invented the blockchain technology, and presented it to the world by introducing the bitcoin blockchain. Blockchain is a database which includes the records of all the transactions made via a platform which is also known as a public ledger which can save Immutable data. So the when we consider the structure of the blockchain, it consists with many blocks which follows the pattern of the Genesis block/the first ever block to be mined in a blockchain.
In a nutshell, the Genesis block is the origin of a particular blockchain system and it has no other previously linked blocks. Not only that, Genesis block will always pass a message of the start of a new blockchain.
In Crypto world,Genesis block is also called as block zero or block one in the system.
b) What are the significance of the Genesis Block?
Identification of decentralized transactions.
Year 2009 January 3rd, was the turning point in the world traditional,conventional finalancial transactions. With the identification of the Genesis block , the regime which was under the third parties or central authorities were broken by the decentralized transactions.Identification of digital currency.
Innovation of bitcoin Genesis block is the start of the journey of digital currency/cryptocurrency to the world. From 2009 onward upto now over 10,000 new crypto currencies have been come into the scene of Crypto and blockchain with Genesis blocks. Ex-Etherium Blockchain,Tron Blockchain,Steem Blockchain.Acting as a guider.
As I mentioned earlier, every block has a Genesis block. So this Genesis block and its anatomy will act as a guider to mine other blocks which linked to that particular Genesis Block.Open up trust worthy transaction opportunities.
With the identification of a Genesis Block,indirectly it passes a message that the blockchain which is under the Genesis block is working properly and the platform has a a good trust and a high security.No rewards for the Genesis block mining.
Another significance is that, not like other block chains, there will rewards allocated for the mining of a Genesis Block.
c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.
Bitcoin Genesis block is crowned as the first ever block to mine .This was mined because of the invention of Bitcoin by Sathoshi Nakamoto.
As the first step of exploring the Genesis block, I entered the bitcoin Genesis block hash tag(000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f) in the search column of blockchain explorer
With the window you get, copy paste the bitcoin Genesis block hash tag on the search bar.
Then the following details will appear on the screen.
At the bottom of the pop up screen, you can see the Genesis block wallet address (1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa) which is generated after the first block reward.
After the mining of Genesis block, it has received total of 68.52398229BTC.But total sent BTC was zero as because as I mentioned earlier, the rewards which received to Genesis block can’t be sent to another wallet.
According to the below window, there have been 3114 transactions were made on bitcoin blockchain.
Some of the latest transactions are as follows.
According to the coin market cap 18,871,875 BTC were mined.That is approximately 90% of bitcoins from its mining capacity.
Conclusion
With the innovation of Bitcoin, blockchain and Genesis block,world financial system has open up a new chapter.Genesis block,which the first block to mine in a blockchain is playing a vital part in this Crypto world.
This is the end of my Task 3 homework and Prof.@awesononso thank you very much for giving us such good support and knowledge.
Thank you very much professor!!!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit