Crypto Academy Beginner's Course Season 4 Task 3: The Genesis Block

in hive-108451 •  10 months ago  (edited)


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1a) 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.

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GENESIS BLOCK

The definition of Genesis block is "the very first block in a blockchain". This is and seems pretty self-explanatory. When a blockchain is created, the very first block in that chain is referred to as the Genesis Block or sometimes called Block 0.

This term literally gets its name from the word 'Genesis' which means the origin point of something created. The genesis block has no previous block. This block I'm referring to is a gathering or assembling of information in blockchain technology. The genesis block is the origin point of any blockchain.

Tho every block in a blockchain stores a reference to the previous block, there is no previous block for reference in the Genesis Block. This means the Genesis Block has its “previous hash” value set to 0. That's, no data was processed before the Genesis Block.

Satoshi Nakamoto released the first block on January 3, 2009. The first genesis block to be created is the genesis block of the very first cryptocurrency which is Bitcoin. The Genesis Block encompasses the basic foundation of the Bitcoin trading system and is the main prototype of all other blocks in the Bitcoin blockchain.

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SIGNIFICANCE OF THE GENESIS BLOCK

  1. The genesis block bears the traces of how the chain will continue. This is because when a blockchain is created, the very first block in that chain is referred to as the Genesis Block. Hence, other blocks have structures associated with the previous block. Because this is the first block, it gives direction to all the variables needed to build the foundation of transaction blocks.

  2. The genesis block is the stepping stone in the creation of new blockchain. This set the pattern for other emerging cryptocurrencies with their blockchain.

  3. The genesis block reveals/shows the pattern for a systematic arrangement of data.

  4. Transactions are made easy with the help of the Genesis Block since it creates a faster way of making payments.

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EXPLORING THE BITCOIN GENESIS BLOCK AND INDICATING HOW MANY TRANSACTIONS ARE SO FAR AND THE NUMBER OF BITCOINS.

Bitcoin's Genesis block was created by Satoshi Nakamoto. I accessed the block through this Link. On exploring, I realized the reward amount of the first block was exactly 50 BTC.


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This is the hash address:

000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

The image above shows there has been only 1 transaction that has been made in this block.

The timestamp is
2009-01-03 18:15

The Block reward for this block was received in this wallet address: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa


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This can be accessed by clicking on this link. Address

You will realize has transacted 3,071 times on the Bitcoin blockchain. It has received a total of 68.52295185 BTC and has sent a total of 0.00000000 BTC. The current value of this address is 68.52295185 BTC.
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CONCLUSION

I'm much grateful to professor @awesononso for this insightful lecture. It has made me appreciate the Genesis Block. This lecture has broadened my knowledge on what the Genesis block is, its significance, and how I can explore this chain.

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