Explain the importance of the Bitcoin genesis block and describe its contents. Discuss the message hidden in the genesis block and its impact on the birth of Bitcoin.
Compare and contrast Ethereum's genesis block with Bitcoin's. What are the specific elements of the Ethereum genesis block, such as pre-funded accounts and smart contracts?
Use a blockchain explorer to find details about Steem's genesis block. What are the main components and transactions in this block? Provide screenshots and links to the browser used.
Compare the genesis blocks of Bitcoin, Ethereum and Steem in terms of goals, underlying technologies and communities.
Practical Question: Creating a Genesis Block Guide
Write a practical guide explaining how a newcomer can explore and understand the genesis block of a blockchain, using examples from Bitcoin, Ethereum and Steem.
Once again I must say it is an honor writing the engagement challenge for this sort of contest, the contest topic is educational and is engaging and I believe as a results of creating my entry I would learn a lot of new data and fact about blockchain Genesis block.
Explain the importance of the Bitcoin genesis block and describe its contents. Discuss the message hidden in the genesis block and its impact on the birth of Bitcoin. |
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As long as the blockchain ecosystem is concerned blocks hash and Genesis block are very important and essential to the growth and structure of a blockchain. I doubt if there is any blockchain technology that don't have any link to this terms I mentioned above.
Before I talk about Genesis block I would love to tell you more about blocks when it comes to blockchain technology, if you are familiar with web development or the logical development of softwares you will know that all the data cutting from the software I've been saved in a technology that provide proper storage for users and the application.
When you talks about logical structures and arrangement of software, the developers use MongoDB which saves Data and records in collectable, Mysql which save data and records in a tabular format that are formed by rows and column and Blockchain that stores it data and records in block which are linked and save in an irreversible format.
So therefore in some way blocks are storage technology that blockchains use to save data of a blockchain technology, that is to say blockchains technology are made up of different blocks which are tied together. In summary block is just like a new book where we fill out records with biros Instead of pencils that could be cleaned, same way we open open a new page when the pages filled the same way we open a new block when the previous one is filled with data and records. Using this illustration Genesis block is the first page of that book that usually has the number 0 because there is no other page before it and other page start counting after it like one two three and four etc.
Now the difference between other blocks when compared to the Genesis block, is that as the name implies Genesis block refers to the first block of a blockchain. Below are some features of the Bitcoin Genesis block.
• Every block other blocks is tied to this Genesis block
• Unlike the other blocks, this Genesis block is not tied, linked or chained to any existing block.
• The Genesis block produce the first set of Bitcoin, which was around 50 Bitcoin.
• Unlike other blocks that are mined within 10 minutes, the Genesis block was mind for roughly 5 days.
Importance of the Genesis Block
° Ancestors of the blocks: Bitcoin Genesis block was first starting point of the Bitcoin blockchain, because Bitcoin was the first blockchain then they genesis block of Bitcoin is the first successful block in the world. I believe we can call it root block.
° Birth Of New Technology: The creation of the first Genesis block was the birth of blockchain technology. Eat diverted the word from a centralized technology to a decentralized storage technology.
° Foundation to chain other blocks:
All thanks to the Genesis block that created a foundation where other newly created blocks can be added upon, without a Genesis block the linking of blocks would not be in existence or would have been a failed project
Contents of the Genesis Block
• A Block Number of zero =0.
• A Timestamp of January 3, 2009,
• A Time of at 18:15:05 GMT.
• A Nonce of 2083236893 that regulate difficulty level
• A unique hash of 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f.
The Hidden Message
The hidden message on the Bitcoin Genesis block is, "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," is significant for several reasons:
° Timestamp Verification: Th message is currently used as an active timestamp, that proves that blockchain block was created in the January 3, 2009.
° Reason the blockchain was created: according to famous newspapers on the 3rd of January 2009 an ugly incident occurred the affected the traditional banking system, so therefore Bitcoin blockchain developer was trying to pass a message that Bitcoin is yet to correct such traditional banking issues
Impact on the Birth of Bitcoin
° Decentralization was born
A new technology was born unike previous or existing technologies that saves data of users and applications on a centralized platform or tool like my SQL database, the birth of Bitcoin blockchain but in the technology that authorized decentralized data saving.
° A new banking system was born
The birth of Bitcoin blockchain brought about a different type of banking system that is totally different from the traditional banking systems where government control everything that goes on in the bank, the new technology gave users more right to the investment and their money in the banks or in their applications.
° A new investment opportunity
The birth of Bitcoin and its Genesis block, a new investment opportunity and source of income was generated. This is because since the birth of the Genesis block which happens to be the birth of blockchain and that of Bitcoin they have been a revolution that have made so many people successful when it comes to a financial aspect. Over days the Bitcoin blockchain has proven to be a very successful project that is what a valuable investment.
Compare and contrast Ethereum's genesis block with Bitcoin's. What are the specific elements of the Ethereum genesis block, such as pre-funded accounts and smart contracts? |
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Genesis of ethereum blockchain blocks differs from that of Bitcoin blockchain block and that is because ethereum was designed specifically to handle high duty jobs so therefore it was designed and embedded with a lot of powerful tools that would make it and enable it carry any sort of projects.
As I have said earlier in the course Bitcoin Genesis block was designed basically to combat the issues the face in the regular traditional banking system, owners of kiss capitals and funds depend on authority to control this money of theirs. Below are more defense between the bitcoin Genesis block and ethereum block.
| Feature | Bitcoin Genesis | Ethereum Genesis |
|---|---|---|
| Primary Function: | the Bitcoin Genesis block was created basically to bring an end or an alternative to the traditional banking system by creating a digital and a decentralized currency | the basic reason for the Ethereum Genesis block is quite different from that of Bitcoin blockchain Genesis block and that is because ethereum Genesis block were created to create a platform car support development and implementation of decentralized applications and advance smart contact |
| Structure: | The Bitcoin Genesis block is a much simpler Genesis block, because it contains only basic records like the block number, the block timestamp etc. | because of the type of job The ethereum blockchains runs like app development which we all know is a very complex activity, the structure of which the ethereum Genesis block was created is very much complex and cumbersome in size. |
| Market Cap: | the bitcoin block and it's ecosystem can only generate the maximum of 21 million Bitcoin as market cap | but ethereum on the other hand have a limitless market cap that is to say it can produce as much market cap it's neat to certify the needs of users and developers on the blockchain. |
| Turing-complete: | because of the nature and basic structure of the Bitcoin Genesis block it is said to have a lower or an incomplete Turing-complete which is known as the ability of a software to handle very complex actions or activities | because of the fact that ethereum was basically built to handle complex issue the developers of ethereum Genesis block made sure it's hard a complete Turing-complete, this is to help it who won the complex actions and activities of developing smart contact and decentralized applications without expressing bugs or crashing |
What are the specific elements of the Ethereum genesis block, such as pre-funded accounts and smart contracts? |
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If you have read the difference between ethereum block Genesis and that of bitcoin block Genesis you would have come across when I spoke about the other extra extracurricular activities that ethereum blockchain did that differently differentiate them and the way they work from that of the Bitcoin block Genesis.
• Pre-funded account:
This is one major difference be bitcoin Genesis block and that's of the Ethereum Genesis block, at the name implies Pre-funded account has to do with funding account before an action or activity took place. Before ethereum stood firm in the crypto ecosystem ethereum development team in funded account of individuals who trusted the blockchain and supported it during it famous initial coin offering where people were asked to exchange that Bitcoin for Ethereum coin Ether.
• Smart contract:
Smart contact amor like AI with machine learning training built with powerful programming language, that carries out activities on a blockchain without the help or aid of a human being. Smart contact are very essential and very powerful, this is because they have the capability and capacity to process thousands transaction in seconds or minutes without even getting tired, this technology really made they blockchain ecosystem a faster and more user friendly platform. This is because transaction are done in seconds faster than any human can do making the activities and actions on the blockchain seamless and trustworthy.
• State Trie:
The Genesis block has a state trie, which helps in the storing data of activities of the Ethereum blockchain like the basic data of a user account like his or her account balance and other data concerning an account activities. It's help in managing the general data of the whole ethereum blockchain, that is because it's currently I actively update data that happens on the blockchain and stores it for future reference or other uses.
• Consensus mechanism
Consensus mechanism of a blockchain has to do with the way and method in which blocks are created and how delegators or witness are elected. In summary it has to do with how they block government ran and how they block is efficiently optimized to help the blockchain grow. Initially the ethereum blockchain was using the proof of work contest mechanism but after some years they blockchain upgraded or better still change is consensus mechanism into the proof of stake consensus mechanism.
Use a blockchain explorer to find details about Steem's genesis block. What are the main components and transactions in this block? Provide screenshots and links to the browser used. |
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For this course purpose I'll be using one of the very famous steemit linked website developed by one of our very hardworking blockchain witness. The site have been trusted for a very long period of time and it have generated a lot of solutions to help steemians enjoy their stay.
Step 1: Go to your browser and type https://steemworld.org/. It's a website created by our witness @steemchiller, this website has different tools on his dashboard and this different tools has different purposes but for this course I would be using the block explorer.
Step 2: Click on the link and it would redirect you to a page with a number 6100000, , edit it and type "1" then click on the ok button to proceed.
Step 3:
We can see that there are different fighter data that are showed about the Genesis block, because there is no previous block before the Genesis that is why you're seeing so many data with null or zero values.
| Timestamp : | 2016-03-24, 17:0500, | |
|---|---|---|
| Block Id: | 0000000109833ce528d5bbfb3f6225b39ee10086 | |
| Previous Id and Merkle Root of | 000000000000000000000000000000000000000, Witness name | :initminer, |
| SigningKey: | STM8GC13uCZbP44HzMLV6zPZGwVQ8Nt4Kji8PapsPiNq1BK153XT and Witness Signature : 204f8ad56a8f5cf722a02b035a61b500aa59b9519b2c33c77a80c0a. |
Compare the genesis blocks of Bitcoin, Ethereum and Steem in terms of goals, underlying technologies and communities. Practical Question: Creating a Genesis Block Guide |
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| Feature | Bitcoin | Ethereum | STEEM |
|---|---|---|---|
| Terms Of Goals: | The Bitcoin Genesis block was built to bring an end or acts as an alternative to the traditional banking system by creating a digital and a decentralized currency | The basic reason for the Ethereum Genesis block is quite different from that of Bitcoin blockchain Genesis block and that is because Ethereum Genesis block were created to create a platform that support development and implementation of decentralized applications and advance smart contact on blockchain technologies | Steem on the other hand is a powerful and awesome project that was built to bring an end to the injustice done in the social media ecosystem by giving social media users or content creators sufficient power over their content and activities on social media platforms |
| Underlying Technologies: | bitcoin Genesis block uses a very powerful consensus mechanism is very powerful, it's also power consuming and very expensive to run, this consensus mechanism is known as prove of work consensus the mechanism. | On the other hand ethereum Genesis block is very powerful too but it's quite cheaper and easier to run, they government that run the blockchain elected through the proof of stake consensus mechanism. In summary the more stake you have the power you become | Steem Blockchain used a different consensus mechanism known as delegated proof of stake whereby users who have stake in the platform Is expected to elect 20 witnesses to won the blockchain efficiently and effectively. |
| Communities: | the Bitcoin community is mostly field with investors, although they are still different sort of people in this community but mostly it's a filled with investors | Although Ethereum is also a good investment idea it's attracts more of developers who wishes to use the platform to create the centralized applications as smart contacts. | In Steem blockchain there are developers and investors on the platform but they sort of people it attract more are bloggers or content creators who wishes to try out a new type of social media ecosystem |
| Block number: | Bitcoin Genesis block number is "0" | Ethereum Genesis block number is "0" | Steem Genesis block number is "1" |
Step 1: go to your browser search https://blockstream.info/, then you would see an awesome page.
Step 2: Just input the block number, as we are looking for Genesis block I typed in "0"and clicked search function. After clicking the data would automatically be presented as seen in the second image.
Output
Write a practical guide explaining how a newcomer can explore and understand the genesis block of a blockchain, using examples from Bitcoin, Ethereum and Steem. |
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The practical steps is very simple and efficient to use, from my experience I've noticed that in all the block explorers they process of getting this data is similar or even the same. Below is the practical step to access Bitcoin blockchain, explorer Ethereum blockchain explorer and STEEM Blockchain explorer .
Bitcoin Genesis block
Step 1: go to your browser search https://blockstream.info/, then you would see an awesome page.
Step 2: Just input the block number, as we are looking for Genesis block I typed in "0"and clicked search function. After clicking the data would automatically be presented as seen in the second image.
Output
Ethereum Genesis block
Step 1: go to your browser search https://etherscan.io/, then you would see an awesome page.
Step 2: Just input the block number, as we are looking for Genesis block I typed in "0"and clicked search function. After clicking the data would automatically be presented as seen in the second image.
Output
Steem Explorer
Step 1: Go to your browser and type https://steemworld.org/. It's a website created by our witness @steemchiller, this website has different tools on his dashboard and this different tools has different purposes but for this course I would be using the block explorer.
Step 2: Click on the link and it would redirect you to a page with a number 6100000, , edit it and type "1" then click on the ok button to proceed.
Step 3:
We can see that there are different fighter data that are showed about the Genesis block, because there is no previous block before the Genesis that is why you're seeing so many data with null or zero values.
| Timestamp : | 2016-03-24, 17:0500, | |
|---|---|---|
| Block Id: | 0000000109833ce528d5bbfb3f6225b39ee10086 | |
| Previous Id and Merkle Root of | 000000000000000000000000000000000000000, Witness name | :initminer, |
| SigningKey: | STM8GC13uCZbP44HzMLV6zPZGwVQ8Nt4Kji8PapsPiNq1BK153XT and Witness Signature : 204f8ad56a8f5cf722a02b035a61b500aa59b9519b2c33c77a80c0a. |
In Conclusion |
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In conclusion I must say the general topic is very interesting and I must say I enjoyed every part of it, blockchain Genesis blocks are very essential to every sort of blockchain, this is because it is the father of other blocks in that blockchain because all blocks shady on the blockchain is all linked to the Genesis block.
Thanks for going through remember STARRCHIS cares ❤️.
I am inviting friends @abdullahw2
@stream4u @drcrypto1
Upvoted! Thank you for supporting witness @jswit.
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Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
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Thanks friend
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Your post has been rewarded by the Seven Team.
Support partner witnesses
We are the hope!
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Hi there!
Great job on this insightful exploration of the genesis blocks for Bitcoin, Ethereum, and Steem. Your explanation of the importance and unique aspects of each blockchain's genesis block was clear and informative.
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I really appreciate your comment friend
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I always put SteemWorld as the first Steemit tool to come for data on Steem blockchain. It's not the only one but it is the first one I will visit. What about you, Starrchrist.
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Yes it's has been a guid to all steemians
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Do you happen to know another tools like this?
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Your article on genesis blocks is detailed and informative. The information how newcomers can explore genesis blocks is understandable and it will assist to them. The explnation of the Bitcoin genesis block is clear and understandable.
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It's glad hearing such from you my good friend
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Greetings
My dear brother I always acknowledge your knowledge on crypto topic ad you explain it very well and I must learn something good from your post. You have well explained about the bitcoin block Genesis hidden embedded message inside of it. Shared a detail overview in comparison of ETH with BTC which is quit clear and easy for understand.
Good luck
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Thanks friend I appreciate your comment, to are also an excellent writer
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