Hello everyone. This week lecture is about the Genesis block. I read the homeowrk thoroughly and now i am doing to do my homework task for professor @awesononso.
What is the genesis block of a blockchain?
What is block
The information is stored in blocks on blockchain. The blocks are the building elements of any blockchain. When a transaction is performed on blockchain, it get verified and then recorded in blocks. So we can say that the blocks contain the information about verified transactions. Once you entered the information in block, that cannot be change ever. The information in block is just readable, you cannot change it or hack it at all.
500311 blocks have been created till now on blockchain. This was started on 2009 with creation of Bitcoin technology. The transactional blocks consist of information about transaction. This information is recorded in digital form.
What is Genesis Block
The genesis mean the starting spot. The genesis block is the first ever block on blockchain. All the other block came after the genesis and all depend on the genesis block.
We know that the bitcoin is the first and largest crypto currencies. All the other crypto currencies are depend on it. The Satoshi Nakamoto introduced the Bitcoin technology to the world in 2009. With the invention of Bitcoin, the Genesis block was introduced.
This is the name of first ever mined block on blockchain network. This is base of all other blocks. This is a block which was mined for the first time and it got the reward of almost 50bitcoin.
The Genesis block is also known as Block 0. This block is quite different from all the blocks which are existing right now in the world. Every block is referenced to its previous block. So in this way we can trace the all blocks. But Genesis is the first one so it do not referenced to any previous block. It cannot be trace.
It performed the validation of the first transaction on bitcoin blockchain. And from then, the hash of this block is being use for creation of all the blocks. In this way, the genesis provide the base to all the blocks.
When a block is mined on the blockchain, 10 minutes are require for the next block. But when the genesis block was mined, the next block took 6 days.
Write on the Bitcoin Genesis Block and its significance.
The bitcoin is the first ever crypto currency. This was created by the Satoshi Nakamoto in 2009. Before that, there were no decentralized system for performing the transaction. The traditional banking system was not stable at that time so the Satoshi(an unknown person, no one knows who he was, where he is) introduced the bitcoin to the world.
And the Bitcoin genesis block is the first ever block which was mined on the blockchain in 2009. This was also created by the Satoshi. This block is the root of all the other blocks. This block is also known as block 0 because it was the first ever mined block. This block is the ancestor of all the blocks on blockchain.
All the blocks are added on blockchain after the mining of block 0. The Genesis block was mined on 3 January 2009, the day when an article was published with the name " The Times 03/Jan/2009 Chancellor on brink of second bailout for banks .
The "3/Jan/2009" is a secrete word which was there in comment section in the Genesis coding. After creation of bitcoin, genesis block and blockchain, the Satoshi vanished from the earth. So no one could get the meaning behind adding this word in the comment section. So this word is still a mystery. But some says that the Satoshi performed the mining of Genesis on 3rd January to response that article which was published on the same date.
Generally 10 minutes are required for the next block on the blockchain when one get mined. But when the genesis was mined, the next block was mined after the six days. The first mining reward was 50BTC but this amount is not withdrawable. It is not spent able.
Significance of Bitcoin Genesis Block
When the bitcoin was mined for the first time, it took six days for the next block at that time(today the usual gap between the blocks is 10 minutes). Some says that the Satoshi took 6 days to confirm about the stability of system. But the successful mining of Genesis block introduced the decentralized system to the world.
The successful bitcoin mining opened the door for thousand of other crypto currencies which are now working on different exchanges. All those are depend upon the bitcoin. And Genesis Block made the bitcoin this much successful and famous worldwide. This currency is the influencer and market trends are change with the ups and down of bitcoin price.
Just like this, the Genesis is the ancestor of all the block. It is a model to teach how to store information on blocks. This genesis block concept spread the idea of decentralized platform worldwide. Now the world is getting the benefits to the great extent from decentralized platforms.
- It is the foundation of all the blocks.
- This is first ever mined block.
- This block do no Referenced to its previous block because there is no block before this one.
- This block cannot be traced.
- The bitcoin first transaction was mined by the Genesis block. After the first transaction, the world experienced a decentralized system for transaction. The thousand of currencies are being introduced yet but the bitcoin is still the first and largest crypto currency.
- The Genesis block was mined the Bitcoin for the first time and the concept of decentralized platform was practiced actually. The world had a decentralized platform now to perform the transactions instead of traditional banking system which are centralized and always involved a third party. This system in somehow contribute alot to reduce the poverty ratio from world.
Question 3- Go to https://steemworld.org and locate the steem genesis block. ( you must provide screenshot and sign in as proof of completion)
1- Go to the https://steemworld.org
2- Then i clicked on Block explorer.
3- I wanted to see the first block, so i will enter 1.
4- The first steem block is appread. Multiple feaure of first bllocks are shown there such as timestamp, signing key, etc.
5- To sign in, i click on Sign in option on right corner.
6- Enter steemit name and active key.
In this lecture, i have learnt deep knowledge about Genesis Block. Th Genesis block is ancestor of all the blocks. It is actually the root over which all other block depend on. I am very thankful to the professor @awesononso for sharing this much informative lecture with us.