Steemit Crypto Academy Season 4 Beginners' course - Task 3: The Genesis Block by @thimalteb

Homework Task 3
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.

Before starting the proceedings, let’s give a look as to what is block chain and a block. Blockchain is a way to store digital data/ assets securely. This is absolutely different to the way of the normal conventional form of securing information with regard to transactions of fiat money; where digital assets/ data are secured without an interference of a third party and thereby it is so called to be as decentralized.

What is the Genesis Block?
Miners create the blocks and each created block is being linked into a chain which is known as blockchain and these blocks cannot be changed/ modified by anyone because it has got special encryption features.
As everything has its own origin, the blocks in the blockchain also has its own. So the first block of a blockchain is known to be as Genesis Block also it has no previously linked blocks. This block is also known as the 0 block.

1b) What are the significances of the Genesis Block?

• Though the blocks have previous has-Genesis block do not have a previous hash, because it is the first block and there’s no previous block in it.
• Normally the miners who mine blocks will gain rewards, but the reward given for mining of Genesis block will not be able to spent.
• Genesis block is represented as a model for all the other blocks and it clearly shows the path to mine a new block.
  In a nutshell, this Genesis block has emphasized how the blockchain will continue and how the data will be stored in it.
• Invention of Genesis Block had open up a very easy way to transact digital currencies without an interference of a third party and it also saves a lot of time rather than the normal conventional transactions.

1c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.

• As the first step you have to visit Blockchain Explorer web site
  

  
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• In the pop-up screen just copy and paste the following hash tag/ type block 0 on the search bar.
  

  
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• Then you can see the following details.

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To find out the total number of transactions and number of bitcoins we just have to click on the wallet address link, which is at the bottom of the above pop up screen.

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• With the window we get we can find out that, up to now there are 3046 total number of transactions were made through this Bitcoin Genesis block and 68.52261351 BTC are available. More importantly these available BTC in the Genesis block can't be spent for any purpose.

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This is the end of my homework and Prof.awesononso thank you very much for teaching s these wonderful facts.