Crypto Academy Season -3 Week 2 - Homework Post for @awesononso
Hi! Professor @awesononso, thanks for your explanation on the homework task for the week.
This is the submission for my homework for the week.
Let us define the term. Genesis means the beginning or creation of something. Blockchain stands for blockchain, so we can identify the genesis block as the first block of each blockchain. These types of blocks are used to initiate cryptocurrency and assign block numbers to it.
A blockchain is a series of blocks used to gather information about transactions that take place on a blockchain network. Each block contains a unique header and is individually identified by the header hash. These blocks are arranged in a row, the original block is the background and the height increases until the end of the block chain is reached and the chain is completed.
The Genesis block performs its function of ensuring communication between two nodes. These two nodes can only be merged if they have the same configuration block, otherwise the two nodes are incompatible. It's important to know that each node has its own starting block, which creates a big boost as the harder parent block can never be replaced by a less difficult one.
2 Write about the Bitcoin Genesis Block and its meaning.
The Bitcoin genesis block is the first request to test the blockchain system, and it is also a record of all other blocks in the blockchain. This was actually founded by Satoshi Nakamoto on January 3, in the year 2009. The first block is 50 bitcoins, which was acquired by Satoshi Nakamoto within 6 days in 2009. The interval between blocks was 10 minutes, which caused user confusion.
Genesis Block, also known as Block 0, because it is the first to add additional blocks to the blockchain. Other blocks can search for their descendants, as long as these blocks are related to the blocks before them. This is the beginning of verification of Bitcoin operations and the arrival of new existing Bitcoins.
January 2021 is the 12th anniversary of the birth of Bitcoin. These twelve years have witnessed the development of Bitcoin, albeit full of challenges. Today, the emergence of Bitcoin can be said to be the development of cryptocurrency, which has created an excellent blockchain ecosystem. Some developers are planning new formulas for creating and storing configuration blocks. This is because the large number of writes in the blockchain currently has the risk of transaction delays.
The origin of the genesis block is "become your own bank". This was and is still a prediction for Bitcoin and other cryptocurrencies. This is why some experts assert that society will continue to grow until global economic independence is achieved.
Go to https://steemworld.org and locate the Steem Genesis Block (you must provide screenshots and login as proof of completion).
To log into our Genesis block, we need to go to https://steemworld.org and click on the "Explore" block
Then click OK to select one
We will see the Genesis block details and continue to login, enter our username and password to publish
I have already sign in.
Thank you for the time spent to read my post.