For this task, I shall provide answers to the first question as it is below.
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.
GENESIS BLOCK
The word genesis simply means the starting point of something. In relation to blockchain, Genesis Block is the first block produced in a chain of blocks for a particular cryptocurrency. It is the block that starts the blocks connected in a chain which is called blockchain. Before the genesis block is no other, every other block in the blockchain comes after the genesis block.
The term Genesis Block came about as a result of the mining of the first block of Bitcoin, the first cryptocurrency that existed. Every cryptocurrency blockchain has its genesis block. Many of the cryptocurrencies we have in the world today have their genesis block to be 1. Only Bitcoin has its starting block to be 0
The Genesis block is the primary, basic and foundational block of a novel blockchain to which every other block succeeding it are are attached. It is a unique kind of block as it remains the only block in a blockchain with no predecessor and has a mining or block rewards that cannot be collected or accessed by its miners.
IMPORTANCE OF GENESIS BLOCK
The Importance of the Genesis Block of any blockchain cannot be overemphasized. I shall discuss few.
The Genesis Block serves as a strong foundation for every other succeeding block to build.
As it is known that the foundation of anything is important, so it is in the blockchain of cryptocurrency. As the foundation of the Blockchain, Genesis block holds every block firm to allow continuous chain of blocks produced at the specified time frame.The Genesis block Serves as the Prototype every other blocks in a blockchain.
The Genesis block is the model for all other blocks. This means that all the blocks that comes after the Genesis Block must have the same height, width, volume making them look alike. This makes for identical chain of blocks we have in a blockchain.The Genesis Block gave rise to the birth of other Cryptocurrencies.
After the first block was mined and other cryptocurrencies inventors saw the way it worked, they could invent the cryptocurrency they had in mind. The idea from the first block ever produced in the cryptocurrency space gave them the insight they needed to build a cryptocurrency blockchain different from Bitcoin.It lead to the technology behind blockchain invention.
The technology behind blockchain invention is simply how transactions are recorded in orderly manner on blocks. In this manner, once a block is filled, another block attaches to the previous and begins to be filled up again. This sequence continues for as long as the blockchain exists and transactions takes place. Information on previous blocks can be gotten, therefore no transaction details can be lost as the blockchain works in a very transparent way.
BITCOIN GENESIS BLOCK EXPLORATION
The Bitcoin Genesis block was the first block of Bitcoin transactions and any other that was created in the crypto space. Since its creation, many blocks have been created. It would not have been easy to explore it if not for the fact that information on every block can be accessed by searching the block number or the hash of the block on any block explorer.
To explore the Genesis Block of Bitcoin, we search with the block hash 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f,
on the Bitcoin Block Explorer.
Some information contained in the Bitcoin Genesis Block
Block Hash: 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
Timestamp: 03 - 01- 2009 at 19:15AM
Number of confirmations: 708,738
Transactions: 1
Block reward: 50 BTC
Height: 0
Miner: Unknown
From the information displayed on the wallet in screenshot above, there has been 3,106 transactions and the number of Bitcoin that has been received into the wallet is 68.52391655 BTC.
This is the data on Bitcoin Genesis Block.
CONCLUSION
I am happy to have learnt about the genesis block and its significance in a blockchain and cryptocurrencies as a whole. I am also delighted to have completed this task in my crave for further knowledge on the subject of Genesis Block.
I have written in my understanding but I know I may not have satisfied the examiners. I look forward to corrections.