- 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.
First, we consider about word "genesis" then it gives some meaning to the story. As we know that word means the origin of something so that we can take some similar words to clear this idea further. Those are root, source, beginning and start etc. As we studying about Crypto then we have the chance to study so many insane sides of those Crypto or I like to say that as Cryptography. Genesis Block means the beginning of a blockchain.
This Genesis Block is denoted as Block 0 or sometimes as Block 1, anyway this is the foundation for the blockchain. If we have a close look into it then we can realize it has some set of instructions to define itself. So that the other blocks also follow these instructions of Genesis Block. All the blocks link to each other by their hash.
As we know every blockchain consist of a chain of blocks and those blocks are the simplest way of defining that blockchain. Each block contains the previous block's data. The above figure shows it very clearly.
Significances of the Genesis Block
In the previous section, we discussed "Genesis Block" here is the time to move into the importance of having a genesis block. So that I like to list down some points according to my knowledge.
Making a strong foundation for a Blockchain
We know this is a set of information stored in a respective manner is simply can be identified as a genesis block. It shows the way how to act in the blockchain so that we can say it is the role model in the blockchain.
New era for Cryptocurrency
A few years back people didn't trust virtual money or we can say digital money but after the role of the genesis block concept, they understood there is something we can believe and they realized this is a stable concept to make an investment. The nearest example is Bitcoin, We'll discuss this further in the next section.
Revelosion for Blockchain system
After the achievement of this concept most varieties of Cryptocurrencies formed, nearly more than 10,000 Cryptocurrencies are present.
Bitcoin Genesis block
Due to some reasons, we can define Bitcoin as the grandfather of Cryptocurrencies because it was the first stated Crypto in this genesis block method. Therefore it was the reason for everything or we can identify this incident as a historical event.
On 3rd January in 2009, Satoshi Nakamoto did the first transaction that was the main point tend to the mining of the Bitcoin Genesis Blockchain. This single-story made a huge revolution in the Crypto world. Now we'll have a look at that in detail.
We all know that in the genesis blockchain the primary key will be the hash so that I'll mention that hash of Block 0 below.
By using this hash you can find Blog Explorer, for that you have to copy the above hash and just search.
Here we can find some interesting thing in the wallet, that is still it has more than 60 BTC. This is the activity that changed thousands of people's lifestyles and built another market as Crypto. Below I will mention some facts about the wallet when I'm writing this post. These all transactions show gratitude for the person who changed the people's status, Satoshi Nakamoto.
Here we can see a total of 3,030 transactions and the available Bitcoin value is 68.52177051
This is all about my task 3 about the Genesis block so I gained vast knowledge about the above mention topic.