Introduction

Hi everyone, this is rexxalo, and this is my entry on the homework task about the genesis block of the blockchain, and it's importance and significance.

1. What is the Genesis Block of a Blockchain?

What really is a Genesis block?, the term "Genesis" refers to Beginning or the pioneer phase of a phenomenon, in the bible, the first book is called Genesis, and it has the story of creation in it.

so when we talk about the genesis block of a blockchain, we are talking about the first ever completed transaction or block of that blockchain, with no history hashes.

The genesis block serves as the ancestor to other blocks on the blockchain, to which these blocks can trace their root with. Picture it more like how in the Christian faith, Adam was the first man on earth and from him all other men originated from.

All blocks on a blockchain are identified with hash headers, and it is based on the time they were completed on the blockchain, now this can give us an idea of what the Genesis block is denoted as in the blockchain.

Some blockchains identify the genesis block as "Block 0" and some others as "Block 1" due to varying preferences of the creators. This header clearly insinuates that the genesis block has no father, or no one before it, and so with this, we can understand that even the blockchain has a starting point like every other thing in life and nature.

The genesis block is almost always relatively easier to mine, with greater rewards, and this difficulty level in mining or creating a block increases as more blocks are made in the blockchain.

2. Write on the Bitcoin Genesis Block and its significance.

The creation of the Bitcoin Genesis Block Is a cherishable and precious happening in the lives of a lot of crypto traders as it kickstarted a development that changed the outlook of finance in the world and it looks like it is not going anywhere in years to come.

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HISTORY OF THE BTC GENESIS BLOCK

I know the genesis block should not have a history right, but the genesis block of bitcoin has some conspiracies surrounding it's creation and mining.

The BTC genesis block is said to have taken 6 days to mine! and even though this might just be a conspiracy, as the founder (who we would be looking into later) is said to have taken his time to test run the system to see how feasible the system was, and while creating the block finally, he took the time stamp backwards to cover the time it might have taken him to create the block. The coding of the first block according to satoshi commenced in 2007

The genesis block was founded historically on the 3rd of January 2009 probably as a new year's present to the future of finance and introduced a new method of decentralization.

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WHO IS SATOSHI NAKAMOTO?

Behind this name lies so many conspiracies, the person behind the name (could be a group) has managed to stay pseudonymous (writing behind a false name or identity).

He is reverenced in a way, and some of his followers even insinuate that he took the exact number of 6 days to create the block just as the almighty God took 6 days to create the world and rested on the 7th. Also, as a form of offering unto the creator of the block, his followers and others too dump bitcoin into the address of the first block, which, mind you does not allow any withdrawals.

A number of people have claimed to be Satoshi Nakamoto, but this name has claimed a number of achievements in the blockchain system development, including being responsible for creating the genesis block of bitcoin in 2009 after the white paper was released a year before.

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DETAILS AND SIGNIFICANCE OF THE GENESIS BLOCK

The Genesis block was worth 50btc at the time it was created, and at this time, the price of 1BTC was about $0.0008 in 2009, and that first block did a whooping increase as btc also increased in price to about $0.08 the next year. However, there was a hex put on this first transaction, that disabled any access to the 50BTC mined, there are speculations that it might have been a mistake on the part of satoshi nakomoto.

The Genesis block of BTC is the father of all other genesis block, so it can be referred to as the original genesis block of the crypto world, as through it, other cryptocurrencies sprang up .

The Hash for the Block 0 or Genesis block of BTC is: 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

putting that up in a search engine, we can now be exposed to the transaction details of the block as seen below.

screenshots taken from link

Here are some bullet points on the impact of the genesis block creation:

• The Decentralized system put into practice:
  There formerly was an idea of a decentralized system, where the "middle man" or central "authority" was not needed in transactions, and then few years after this idea came up, the genesis block brought it to life, as the transaction made by satoshi proved that the system is feasible, and this opened a new world of ideas to a lot of other developers.

• A new financial system is brought to the light:
  The creation of the block was a break through in the financial world too, as a new way of performing transactions with more speed and less fees to go with each transaction, and also elimination of banks when doing major or highly monetized transactions.

• Cryptocurrency became a reality by means of the creation of the genesis block:
  even though the whitepaper of BTC was published a year before the actual genesis block transaction was carried out, the success of the transaction and creation of the block opened up the crypto world, that made way for other coins that we refer to as the altcoins. As we know in present day, the crypto market is now a sector running into few trillions of dollars, all originating from a single block creation, if that is not a legacy, I don't know what is.

3. Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).

1. go to steemworld.org and identify the block explorer

2. click on block explorer and select "ok" for block 1

3. locate and take note of the steem genesis block details, select "sign in" at the top right of the screen

4. fill in your details and sign in as I have done below.

CONCLUSION

From this article, I hope i have been able to provide you with subsequent information about what the genesis block is, and it's significance, i thank @awasenonso for the informative lecture, i hope you like my article, and i await your corrections. Thank you!