Hello everyone, it's nice to meet again this week, this time I will try to complete the assignment from the professor @awesononso . The task this time is very extraordinary, I am very excited to do it.

The Genesis Block

What is the Genesis Block of a Blockchain?

Genesis Block is a special name given as a token of appreciation for being the first block in cryptocurrency. Basically blockchain consists of several blocks that are used to store information related to every transaction that occurs on the blockchain network. Each block has a unique header and later each block will be identified directly by the hash header of each block.

These blocks have levels in each block and make the genesis block the main foundation later they will continue to grow taller until the levels of each block are arranged in order. Levels and also sufficient history of each level make cryptocurrency a safe blockchain.

Block is a place that is shaped in digital and quite effective because every transaction that occurs will be recorded permanently. Each block has the ability to record all transactions in bitcoin, both new and old records. In other words, a block is a ledger that can store all data permanently.

Genesis block, also another name for block 0, this is the first block when a block is added to the blockchain.Not long after block 0 was released, then block 1 came out, just 6 days after mining the genesis block. The strange thing happened where the time lag that occurred between blocks was only 10 minutes.

Bitcoin Genesis Block

Write on the Bitcoin Genesis Block and its significance?

The bitcoin block Genesis is an example of a proof of work blockchain system and makes them a figurehead for every other block on the blockchain. In 2009 when paper money was still the main medium of exchange and all financial systems were still regulated by the government, Satoshi Nakamoto created a new thing called block genesis which made something happen that made many people familiar with cryptocurrencies.

In 2009, precisely on January 3, when Satoshi Nakamoto as the founder of bitcoin made a transaction for the first time with bitcoin and later created Block 0, Bitcoin Genesis Block. On January 3, 2009 also Satoshi Nakamoto announced to the public that bitcoin officially became a digital currency.

It's not as difficult as we imagine, mining the genesis block is fairly easy and we will get a reward for every mining block in the form of 6.25 BTC and for mining the Genesis Block itself we will get a reward of 50 BTC.

The hash for the Genesis Block is:
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

This is a detail of the transactions that occurred in block 0.

Here it is clearly written that the block was mined on January 4, 2009 at 01:15 by an unknown person.
It is also explained here that 50 btc has been sent to the account with the address 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa.
You can see it here.

The wallet from that address has received 68.44903596 BTC in total.

Significance of the Bitcoin Genesis Block

1. The bitcoin block Genesis is an example of a proof of work blockchain system and makes them a figurehead for every other block on the blockchain.

2. On January 3, 2009 Satoshi Nakamoto announced to the public that bitcoin officially became a digital currency.

3. The genesis block is fairly easy and we will get a reward for every mining block in the form of 6.25 BTC and for mining the Genesis Block itself we will get a reward of 50 BTC.

4. In 2009, precisely on January 3, when Satoshi Nakamoto as the founder of bitcoin made a transaction for the first time with bitcoin and later created Block 0, Bitcoin Genesis Block.

Go to https://steemworld.org and locate the Steem Genesis Block.

A. First you have to enter the page with the following link https://steemworld.org.

B. The second you have to singin.

C. The third you can see that you have successfully entered, then select block explorer.

D. In the fourth stage you will be shown as shown below after selecting the explorer block.

E. In the last stage you will see the details of the Genesis Blockchain.

Conclusion

Genesis Block is a special name given as a token of appreciation for being the first block in cryptocurrency. Basically blockchain consists of several blocks that are used to store information related to every transaction that occurs on the blockchain network.Genesis block, also another name for block 0, this is the first block when a block is added to the blockchain.

The bitcoin block Genesis is an example of a proof of work blockchain system and makes them a figurehead for every other block on the blockchain.In 2009, precisely on January 3, when Satoshi Nakamoto as the founder of bitcoin made a transaction for the first time with bitcoin and later created Block 0, Bitcoin Genesis Block. On January 3, 2009 also Satoshi Nakamoto announced to the public that bitcoin officially became a digital currency.

Sorry if there are words and writing that are wrong, if other friends want to comment, please comment in the comments column below.

Thank you for reading my writing, see you in the next assignment.

Best regards @karimjz

CC:
@awesononso