Hello friends on steemit, how are you, I hope you are doing well? Its my pleasure to have been part of this class by Professor @awesononso i have benefited from this class because it have made me know the Genesis of Cryptocurrencies and blockchain, am grateful.
What is the Genesis Block of a Blockchain.
Genesis means:-
- the etymology.
- the beginning
- the commencement
- birth
- morning
- start etc
A genesis block in blockchain is therefore the first block that ever existed in a particular blockchain. It is the foundation upon wich other blocks can be added to the blockchain. From the creation of Bitcoin in 2009 by Satoshi Nakamoto till today, many coins have come into existence and each and every one of them have a genesis block.
The Genesis block is also refered to as block 0 though a few refer to it as block 1. It is called block zero because it is the first of it's kind and does not refer to any other block because no other existed before it. It's hash value is normally equal to zero and it can't be traded.
Since it's block Zero, other subsequent blocks will have sequential numbers with their hash set to the hash of the previous block because they originate from it and must contain in them a hash from the genesis block.
Write on the Bitcoin Genesis Block and its significance.
Before 2008, the only form of exchange for goods and services was the fiat currency which is been controlled by the government. On 31st of October 2008 the Bitcoin white paper was released and on 3rd of January 2009 a mysterious man known as Satoshi Nakamoto mined the first block of Bitcoin, which happens to be the first block that ever existed; the Bitcoin Genesis block. The mining if Bitcoin Genesis block birthed a decentralized system we're people can exchange values on a pear to pear basis without the interference of a middle man.
Bitcoin Genesis blocks is the first and most famous of all genesis blocks that ever existed. On this historic day of creation; (3rd January 2009) it happened that coincidentally, a New York Nation daily (New York Times) also carries a headline which coincides with the Coin base transaction used by Satoshi Nakamoto while mining the first block which if interpreted reads; The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
The reward for mining the first block is 50BTC but today, it is 6.25 BTC.Satoshi Nakamoto sent the first reward of 50BTC to a wallet where it can't ever be withdrawn nor spent. Instead, it appreciates as Bitcoin enthusiast have continued to send in tokens to the wallet in appreciation to
Satoshi Nakamoto for creating the first ever genesis block.
The hash for Bitcoin Genesis block is; 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f and that reward of 50BTC were sent to this wallet address;wallet address
Perhaps, all these mysteries surrounding Bitcoin Genesis block, are still seeking for answers, including the fact that it took 6 days to mine the second block even when we all know that all things been equal, that it takes 10 minutes to mine a Bitcoin block.
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The significance of Bitcoin Genesis block are:-
- A setting stone for Bitcoin and Blockchain:- because Bitcoin set a good record of orderliness will it's Genesis block, other Cryptocurrencies that sprung up subsequently followed the good lead.
- The birth of Cryptocurrencies:- the date Bitcoin Genesis block was mined was the exact date other Cryptocurrencies took root because it triggered the springing up of other coins that as at today, we have more than 10,000 other coins in circulation.
- An awakening call of blockchain:- Before January 3rd 2009, blockchain application was just a mirage until the Genesis block of Bitcoin was mined. It opened doors of possibilities and improvements that today, it is used to meet many human needs and even considered to be the future because it is believed that in the nearest future it will be adopted by government and can be used to solve big issues in certain areas like in ellection and medicine.
Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
Afyer you click on the sit above, it will take you to this page, from this page, below.
From here click on block explorer as the arrow shows. It will take you to the page below.
From the above screen, click ok and also clich on sign in.
After you enter your username and posting key, it will automatically sign you in as shown below.
Conclusion
In conclusion, we have been able to to establish that beginning of blockchain and Cryptocurrencies can be traced to Satoshi Nakamoto and the event of 3rd January 2009. The Bitcoin Genesis block is the begining upon which all other Cryptocurrencies began and took root, and for that we are ever grateful to Satoshi Nakamoto for all he did.
Bellow is a screenshot of the Professors review.
@awesononso @steemcurator02 attached is a review of the professor. Kindly curate.
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