REPOST : Steemit Crypto Academy Season 5 Beginners' course - Task 3: The Genesis Block

This is the Task 3of the Crypto Academy Beginners course I am thrilled to take part in this task by @awesonoso This is where the fun is and with this lesson, we are learning more about the Gensis Block Let's get into it.

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a) 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.

What is the Genesis block?

Firstly, the term “Genesis” is a Greek language word that means “origin” or simply the starting or beginning point of something. Secondly, the block refers to the record box if a transaction is carried out on a particular blockchain.

Now, the genesis block is the first-ever block mined on a blockchain i.e. the initial block or simply the first block of everting blockchain is called the genesis block. Bitcoin being the first cryptocurrency took part in generating the initial most genesis block on its blockchain which is called zero or simply “Block 0” back in 2009 on 3rd January. This block was mined by the same man who’s behind the launch of Bitcoin namely known as Santoshi Nakamoto. Similarly, we now have many blockchains present and the first most block of each blockchain is called its genesis block. This genesis block can be represented as “Block 0” or “Block 1”.

The genesis block sets the foundation for all the upcoming blocks built which will build on blockchain and will continue building until reached a decided height. It is the genesis block that somehow directs the formation of other blocks generated on the blockchain. The genesis block stands out from all the other blocks since the genesis block precedes the formation of other blocks but there’s no reference block for the genesis block

Source

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What are the significances of the Genesis Block?

Significance of genesis block

• One of the prominent most significant of genesis block is it directs the formation of all the next blocks of blockchain i.e. it can be called reference block for each block formed on a blockchain.

• The first-ever generated block i.e. genesis block of blockchain has been a role model or inspiration for all the different blockchains with different native currencies. As we know the blocks are the base of blockchain hence this genesis block set the foundation for all the blocks generated on a different blockchain.

• Every block has its hash which is a unique text, this hash is formed with the reference of genesis block hence genesis block holds importance for the hash formation of other blocks.

• It was the bedrock in blockchain technology since it gave many ideas on the development of blockchain technology which now can be seen in the form of different blockchains we now have.

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

I’ll be exploring the Bitcoin genesis block in the steps given down below

• First I’ll go the blockchain.com whose homepage can be seen in the picture below, here I’ll click on the three lines icon present in the corner.

• Upon clicking here’s a list of options I can visit, I’ll be selecting blockchain explorer here.

• Now here on the block explorer page you can select the blockchain you want to explore I’ll be going with the default settings here which is bitcoin. Now here you can see the search bar we can search the number of the block we want to explore since we are exploring the bitcoin genesis block here I’ll enter “0”

• Now upon searching block 0 they asked me to confirm the blockchain I want to explore having block 0 as genesis block here I’ll select bitcoin.

• Now finally we can see the data of block 0 of bitcoin.

Hash 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

• Confirmations = 709,070
• Timestamp = 2009-01-03 10:15
• Height = 0
• Miner = Unknown
• Number of Transactions = 1
• Difficulty = 1.00

Merkle root
4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b

• Version = 0x1
• Bits = 486,604,799
• Weight = 1,140 WU
• Size = 285 bytes
• Nonce = 2,083,236,893
• Transaction Volume = 0.00000000 BTC
• Block Reward = 50.00000000 BTC
• Fee Reward = 0.00000000 BTC

Now for searching the number of transactions and bitcoins we will be going to the miner data which is present in the genesis block. Here in the picture down below you can see where I clicked to see the miner data

Now here we can see the number of transactions and bitcoin in the picture below.

This address has transacted 3,110 times on the Bitcoin blockchain. It has received a total of 68.52393887 BTC ($4,467,536.06) and has sent a total of 0.00000000 BTC ($0.00). The current value of this address is 68.52393887 BTC ($4,467,536.06).

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Conclusion

What an easy yet interesting task this has been, we covered the genesis block and its significance along with exploring the genesis block of bitcoin. For me, the genesis block is the first brick used for constructing a tall wall. It brought a change in the tech world of crypto and gave people ideas about the possible developments we can meet with hard work and showed new doors of success to cryptocurrency.

Lastly, I’d like to appreciate the professor for his efforts in designing the assignment and the lecture.