The Genesis Block - Crypto Academy S5 - Homework Post for task 3
2a) Who is Satoshi Nakamoto? b) Explore the Coinbase Transaction of the Bitcoin Genesis block. c) Find and decrypt Satoshi’s secret Hex message. What do you think the message means?
Who is Satoshi Nakamoto?
Satoshi Nakamoto is regarded as the founder(s) of cryptocurrency. He initiated the first cryptocurrency known as Bitcoin and composed its White Paper. The Bitcoin white paper was published in the year 2008, and he also established in the same year the bitcoin.com field.
Satoshi was the first to mine the first Bitcoin block the following year after it was introduced. The first block mined is the Genesis block.
The name Satoshi Nakamoto is a mystery till date. Moreover, The name Satoshi Nakamoto has assumed a pen name, and it's still undercover.
Although it's sad not knowing his true biography, he is appreciated for having brought a tremendous change because cryptocurrencies have evolved Worldwide.
Explore the Coinbase Transaction of the Bitcoin Genesis block.
To explore the Coinbase Transaction of the Bitcoin Genesis block, Visit the official blockchain website here and find the hash to see the transaction details. Go to explore and Search block 0 in the search bar available.
Displayed will be the transaction details.
We realized this block was mined by an unknown person on January 03, 2009, at 6:15 PM GMT.
The rewards earned by the miner(s) of this block was 50.00000000 BTC and was sent to this address
A total of three thousand one hundred eleven(3,175) transactions have been made so far, with the address worth 68.52684975 amount of BTC; however, 0.00 BTC was sent.
c) Find and decrypt Satoshi’s secret Hex message. What do you think the message means?
To find Satoshi’s secret Hex message, visit the Genesis block as illustrated above. Go to hash as indicated below
Find inputs, below it is the secret message in Hexadecimal base, make a copy as shown below.
To decrypt this secret massage this tool is required. Paste your address in your HEX address bar and tap on Hex to ASCII to convert the secret message.
The decrypted secret message is “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”.
However, this secret message encoded on the blockchain was an article published in The Times on January 3rd, 2009.
This was exactly the same day the Genesis block was mine. What Satoshi Nakamoto really meant to communicate is uncover, but however, I believe that it was to accentuate the banking system to make the realization of its vulnerability. This is to make people understand the evolution of the world's finances.
Thank you.@ryzsfa