Genesis Block - Crypto Academy S5 - Homework Post for task 3

Hello everyone! I am here to solve task 3.

1a) 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.

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a) What is the Genesis block?

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Blocks came up with the decentralized idea of ​​a blockchain system in the present world where thousands of blocks are progressing to be interconnected to form this technology.

Be that as it may, a chain should start with a terrific first coupling, which helps keep any chain moving, catching, and continuing. During the blockchain, this pair can be a block.

This first block during the blockchain is considered the "native block" and is not a separate block before the current block. Therefore, the genesis block is represented by either a zero or a one.

When it comes to cryptocurrency, the world's first genesis block was created within the bitcoin blockchain in 2009 as the bitcoin genesis block. This was the block that recorded the primary transactions made at the end of the bitcoin blockchain.

Later, thousands of cryptocurrencies were deciphered and these currencies have their own origin blocks.

Like all different blocks, Genesis blocks have a header that contains a hashtag that identifies the block.

Once the genesis block reaches its maximum information capacity, another new block is created and attached to the genesis block. Like all isolated blocks, cryptography is used to record transactions within the genesis block as well.

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b) What are the significances of the Genesis Block?

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A lot happened from the mining of the Genesis Block.

1. A New Era: Mining of the Genesis Block led to the existence of virtual currency which is booming and making waves. Virtual currencies have a good impact on life and humanity as a whole.

2. A Backbone for Cryptocurrency: Even though the backbone allows humans to fully stand still, the genesis block of each blockchain stabilizes the cryptocurrency world these days. The genesis block is really specific and can always be in place.

3. Enthusiastic Blockchain Technology: Mining of the genesis block is specifically the bitcoin genesis block, as it is the primary cryptocurrency to ever exist, which has led to the creation of alternative blocks, not just on the bitcoin blockchain, though alternative cryptocurrencies as well. In other words, it highlighted the creation of the blockchain.

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c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins

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The genesis block of BTC was created by Satoshi Nakamoto. The reward amount for the primary block was usually fifty BTC.

However, Nakamoto, the creator of bitcoin, created these fifty BTC as a form of prohibition for payment and use.

These fifty BTC, which can never be spent, are the area unit in Satoshi Nakamoto's account. to view this block .

Check out on this link

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Here you will get hash address
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

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There you get block rewards
1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

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At the time, BTC was accessible and 68.52398229 BTC had a square measure of over 3114 transactions.

The last transaction was sent yesterday 2021-11-11 at 05:00 in the current block and sent 0.00001537 BTC

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Conclusion:-

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I would say with confidence that this is an important objective or milestone within technology, by providing an entirely new approach for future technologies to flourish.

The Genesis Block served as a lightweight to replacement technology used around the world, especially by giving it a cashless and decentralized face that was once most needed within the economic system. Genesis Block gives miners the confidence to trust the blockchain.