It is my delight to participate in your class professor @awesononso Is really good to start from the beginning of the beginning as you put it. Thank you very much.
Here below is my homework task. I will present the answers as response to the questions asked. I really hope I meet your requirements.
What is the Genesis Block of a Blockchain.?
To to understand The Genesis block let's first of all understand how data are stored in a blockchain.
In computer, information or data are stored in a structured manner, which is know as database. When lots of information are collected together in a computer it may be difficult to filter or access it when the method of storage is not properly structured. In database, information are structured usually in a tabular format. The purpose for this is so that it will be easier to access or filter any information stored in the database.
In similar way, blockchain equally store information in an organised manner but the difference is the structure. In Blockchain data are grouped together and stored in a block. These blocks are chained using what is know as cryptography. Each block contains a transaction record of the present, cryptographic hash of the past block, the timestamp and it leaves the door open for new block. Put simply, When a block is filled, a new block makes reference to the previous block and create a link for future block therefore forming a chain. A filled block becomes a permanent part of the Blockchain which is irreversible.
Genesis block
With the above explanation we can now easily figure out what Genesis block is all about . The Genesis block is the first block and the most important block of the Blockchain. It sets the precedent on how the rest of the blocks in the blockchain and how the structure of the rest of the blockchain will be. Therefore the Genesis block is like the father of all the blocks in a blockchain. It sets the pace that is to be followed by the rest of the block in the chain.
Write on the Bitcoin Genesis Block and its significance.
As we have come to know from the above discussion of Genesis block, the Bitcoin Genesis block is of great importance as it is the first block ever to be mined by Bitcoin and equally the very first for all cryptocurrencies.
This block was formally called block 1 but now called block 0 later client. The block was mined on January 03, 2009 by 7:15 pmt +1. The miner is anonymous. Many however believed that it was mined by Bitcoin founder,Satoshi Nikamoto himself.
Just like every other mining, the miner was rewarded with 50 BTC. This is the first BTC ever to exist and the first set of cryptocurrency.
The BTC was sent to an address believed to belong to Satoshi. Interestingly, this first BTC has remained unspent.
The timestamp for BTC is set to 10 minutes; meaning that it will take 10 minutes in-between for new Bitcoin block to be mined. However the Genesis block took about six days before another block was mined. Many person's has argued why it was so. Some speculate that Satoshi was probably test running the Bitcoin has to know if it was stable; others believe that the delay has other purposes. Whatever be the reason, it is yet unknown just as the identify of the founder of Bitcoin and the reason why the first Bitcoin has remained unspent.
Significance
Since Genesis block is the father of all Bitcoin blocks, all the benefits of Bitcoin can be attributed to it.
1: It the first ever block of Bitcoin and first block of cryptocurrency. Many cryptocurrencies exist today. Thanks to the first block that sets the pace.
2: It sets the pace for immutability of Blockchain.
3:It sets the pace for peer to peer transaction limiting third parties.
4: It makes international transactions cheaper, in terms of low transaction fees.
Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
To do this, we goto steemworld.org. we need to add /@ and our username to sign-in.
Example: steemworld.org/@mobibliss will sign me in.
Then scroll down to locate block explorer.
For steem, block 1 is the Genesis block.
Choose 1 in the box that appears.
The first block of steem was mined on 24th March, 2016.
Time: 17:05
Miner is : initminer
CONCLUSION
Genesis block is the first block of a blockchain that sets a model for other blocks.
The Bitcoin Genesis block is the first block of Bitcoin Blockchain and also the first block in cryptocurrency. The benefits of that block is same with the benefit of cryptocurrency as it is the father of them all.
Steem block was first hashed in 2016 by witness initminer.
Here are the screenshot of the rating by professor @awsononso.
Please include the hashtag #awesononso-s3week2
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