[Genesis Block] - Steemit Crypto Academy Season 4 - Homework Post for Task 3

1a) What is the Genesis block?

Everything in our life are categorized with a beginning and an end. In our ecosystems Blockchain is no different, the beginning or starting of a Blockchain is known as Block Genesis, it is also known as Block 0 or 1, depending on how you want to name it, this represents the starting of the chain of blocks that will give life to a net.

The first to use this identifier was the entity Satoshi Nakamoto, when creating the first block of Bitcoin and then they joining it to the second block of the cryptocurrency, in this method the entire Blockchain was born, since the Genesis Block represents that starting and then lays the foundations for building the blockchain.

The genesis block of Bitcoin has many features, since it does not have or does not come from a previous block, its reference was a message that the entity left and was the cover of a British newspaper, It was also he who made and made the first transaction of 50 bitcoins for the network, even these bitcoins are immutable and non-transferrable.

b) What is the significance of the Genesis block?

A touchstone for the Bitcoin blockchain:

Life must be governed by certain rules, orders and parameters to fulfill the essential objectives this is precisely what the Genesis Block represents, since it gives the base of how data is stored, the amount of information it will contain. the following nodes, So the genesis block will be the rule to be followed in the whole chain of blocks and the blocks that follow.

The birth of cryptocurrencies:

It is the greatest legacy of the Genesis Block, since it represents the starting of everything in the world of cryptocurrencies,new cryptocurrency, every new network, new token, has as its beginning point and representation the Bitcoin Genesis Block created by Satoshi in the year 2009.

The awakening of blockchain technology:

We are in the digital age, this was when bitcoin started with its genesis block, there are currently thousands of decentralized networks that are working to improve, advance and solve the problems of daily life, there are already 3.0 networks with transaction speeds and scalability Impressive, in just 12 years of the emergence of cryptocurrencies thanks to Bitcoin, a promising future can be seen.

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

We search in our browser Blockchain.com and press the word "Explorer"
Then we will see different information about Bitcoin, on the right side we have the block search engine, that is where we enter 0 to search for the Genesis Block.

In the block finder we enter 0 in finder.

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It gives us 3 results, so the one of our interest is that of Bitcoin.

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At this point we can see the date and time of the block, also the amount of the first transaction.

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Here we can see the hash number, the number of confirmations, the bits and the weight of the block.

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And in the latter we can see all the information of the Genesis Block. At the time of performing this task we can see that this address has 3084 transactions and a value of 68.52356849 BTC equivalent to US $ 4,182,167.43.

CONCLUSION

We are always ready to advance ourselves and our knowledge of the Blockchain network every day, always knowing where we come from and where we are going, Knowledge is power, so we have access to every information we have at our fingertips. Must take advantage.