Healthy knowledge on Steam Alliance About What A Genesis Block Is

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The Genesis Block

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Well when we hear of the word genesis for most what often comes to our mind is the bibil account of genesis which explains the beginning of creation or man's existence from the bibil's record at least. Now with that said the word genesis generally refers to the starting point of anything, the very first step in it's creation and often used to describe the origin of a thing before its major development.

Now when it comes to blockchain technology and cryptocurrency in general when we talk about the genesis block we are referring to the very first block ever to be created or the first block of a particular blockchain. They are generally refered to block 0 or block 1. The genesis block lays the foundation which hence serve as a guide or as a stepping stone to the creation of other blocks in the blockchain. No block comes before the genesis block, before it no block was formed it is the very first block of a blockchain.

The very first blockchain to be created was the bitcoin genesis block, the bitcoin genesis block gives rise to the creation of other cryptocurrency block following in the guidelines of the first blockchain ever to be created. The bitcoin genesis block was created on 3rd January 2009 by Satoshi Nakamoto. The bitcoin genesis block was not only the first block on the bitcoin blockchain but also it was indeed the very first block ever to be created and as such we would very well know that it plays a major role in the development of other Cryptocurrency blockchain with that said let's look at some notable significance of the bitcoin genesis block;

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Significance Of The Bitcoin Genesis Block

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1) The bitcoin genesis block sets the pattern to how the rest of the block in the bitcoin block are created. The bitcoin blockchain is a very strong one and bitcoin being strong fundamentally is not surprising seeing the amount of technology it takes to create a block and for the creation of new blocks it is the genesis block of bitcoin that sets the standard for the creation of new blocks on the blockchain

2)Before bitcoin there is no other cryptocurrency formed, it is the first cryptocurrency formed and the creation of the bitcoin genesis block in 3rd january 2009 marks the creation of the very first blockchain thereby allowing other projects to follow in it's footsteps. The creation of the bitcoin genesis block has set the model for the creation of other newer projects after it, all cryptocurrency comes into existence after the creation of bitcoin hence it sets the genesis block sets model for other cryptoassets.

3)The ongoing revolution of cryptocurrency taking over the traditional financial system was only made possible with the creation of the first genesis block which is bitcoin genesis block which gives birth to the first cryptocurrency and sets the model of the creation of others.

4)Cryptocurrency today ensures that we can have speed transaction without any need for Intermidiary which was kick-started with the creation of the first genesis block which give rise or birth to the creation of other cryptocurrency.

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Exploring The Bitcoin Genesis Block And Indicating How Many Transactions So Far And The Number Of Bitcoin

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Well the bitcoin genesis block is denoted as block 0, i went to bitcoin explorer and put the hash of this very block 0 which was 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f and this very block opened up

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Well this very block 0 was mined in January 3rd 2009 and the miner of this block received a total of 50 Btc($3,140,070.00)as a reward for mining this block 0 otherwise known as the genesis block. From the image we can see the difficulty level of this block as 1.00 and the block height which was 0 and the confirmations which is 706,612 and other information about this block 0.

The block 50 Btc which was given to the miner for successfully creating the block 0 as mining reward was sent to this coinbase wallet address 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

THE WALLET

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Here we can see the information about the said wallet address.

We can see the number of transaction so far as of when am making this post which is 3,085 and we can see that the total amount of bitcoin received so far by this wallet address is 68.52357407 Btc and total btc sent is at 0.00000Btc making the final balance to be 68.52357407 still since it hasn't sent out any btc till date.

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Conclusion

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Well really happy for the creation of this genesis block and glad to be in this space as they are many who are still in the dark about cryptocurrency and blockchain technology. Cryptocurrency creates financial freedom for the masses which is what we are all craving for and eliminates the major issues of our centralised global financial institutions today. And the genesis block of bitcoin is the mother to other cryptocurrency which we are grateful for indeed no wonder some even do send bitcoin to a address believed to belong to Satoshi Nakamoto to show appreciation for creating the bitcoin blockchain.

Any unsourced image are my original contents/property