Crypto Academy / Season 3 / Week 2- Homework Post for professor [@awesononso]..The Genesis Block: The Beginning of the Beginning by @drmax1
1. What is the Genesis Block of a Blockchain.
The Genesis Block of a Blockchain is known as the first block of any cyptocurrency like Bitcoin, Ethereum, Steem etc. It is the foundation on which another blocks are being included to form a chain of blocks,that are meant to store data related to transaction that happen on a blockchain. At times the blocks is regarded as Block 0. In the blockchain each block store data that occurred at the prior block. But the Genesis Block don't store data of the prior block for reference purpose. In the genesis block the hash is included to transactions that happen newly in the block which is users to form unique hash.
The most renounce Genesis block was the one created by Satoshi Nakamoto on 3rd January which is known as "Bitcoin Chain". About 50 bitcoin reward is unavailable which no one else know expect Satoshi Nakamoto who make the announcement. Coinbase transaction is involves in every block within the Bitcoin network. The transaction is known as the number one transaction of a block that is place by miner which is design by them, it reward miner in bitcoins whenever they create a block that depend on the network.
Although Satoshi Nakamoto wrote a message using this code below:
If you convert the message using Online Tool you will get a result as shown below:
Secret Message of Satoshi Nakamoto
"The Times 03/Jan/,2009 Chancellor on brink of second bailout for banks".
Satoshi Nakamoto message shows that Bitcoin Genesis block couldn't have been created before that date. The message proves that there was nothing like mining before that date, proving trust, accountability and fairness in distribution. There are so many principles to why Satoshi Nakamoto make used of that particular word.
2.Write on the Bitcoin Genesis Block and its significance
The Bitcoin Genesis Block is very significance as is a standard of orderliness in the blockchain which is tell how information is to be kept.
The Genesis block is been use to resolve several problems that occurred in the blockchain especially when mining.
The Genesis Block stand as the foundation of building other blocks in the blockchain. This make the bitcoin genesis block to be see as the starting point in the race of cryptocurrency. They is also a basis for trust whenever miner started mining.
3.Go to https://steemworld.org and locate the Steem Genesis Block (You must provide screenshots and sign in as proof of completion).
To be able to see the Steem Genesis Block all you have to do is to follow the steps below.
Step 1: Go to https://steemworld.org
*Step 2:" Click on Block Explore.
Step 3: After you have click on Block Explore, click on Ok for Block 1
Step 4: At this point will see the informations of the genesis block.
Step 5: Sign in with your Steemit and private posting key.
The Genesis Block is known as the number one block that is form before any other blocks can be form in the Bitcoin blockchain network.