Steemit Crypto Academy Season 4 Beginners' course - Homework Post for Task 3:The Genesis Block

Question

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.

1. What is the Genesis Block?

Blocks came to this world with the decentralized concept of a blockchain system where thousands of blocks are going to be connected to each other to form this system. As this is a chain, there should be a start with a very first coupling, that helps to generate, hold and continue the chain further. In a blockchain, this coupling is a Block. This very first block in a blockchain is known as “Genesis Block” and there is no other block previous to this block. Therefore, the genesis block is denoted with either 0 or 1.

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When it comes to cryptocurrency, the world’s first genesis block was created in 2009 as the Bitcoin genesis block in the Bitcoin blockchain. It was the block that recorded the first transactions that took placed within the bitcoin blockchain. Afterwards, thousands of cryptocurrencies came to know and these currencies have genesis blocks on their own.

As with all other blocks, the genesis block has its header that contains the blocks’ identity hashtag. When the genesis block reaches its maximum data capacity, another new block is created and connected to the genesis block. As with all other blocks, cryptography is used to record transactions in the genesis block too.

2. What are the significances of the Genesis Block?

As this is the first block of a blockchain, it has particular significances other than all other blocks in the chain.

• The genesis block is important as it is the first block in every blockchain. Also, this holds first transactions or the data set that occurs within the blockchain. the reward for the mining of this block cannot be spent.

• As there are no descendant blocks for the genesis block, there is no previous block’s hashtag in a genesis block.

• Genesis block contains all fundamental manipulating information. This information helps in maintaining and existing all ongoing activities in the blockchain. Transaction tracking, validating and rewarding processes are pre-defined in this block. And also these data and information are unique for a particular genesis block.

• The genesis block is the ideal block for all other blocks in a blockchain. It engages with formatting and creating the order of new blocks in a special way.

• Genesis block holds and generates every block and continues the chains to its end. All other blocks descendant from the genesis block will connect to this with their hashtags.