The Genesis Block- Crypto Academy S5 - Homework Post for task 3

in hive-108451 •  2 months ago 

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Introduction

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Hey Steemians!

I am super happy that the Season 5 of the crypto academy has started. I am Kehinde Micheal and my username is @msquaretwins on this platform. I warmly welcome you back to to the crypto academy after two full week break. By the way, how was the break at your end? Mine was well spent as I was able to do some important stuffs and rested. This post will address the questions posted in the homework section for task 3 of the beginners introductory post as presented by Professor @awesononso. Happy reading!


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1a. What is the Genesis block

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When you hear of Genesis, what comes to your mind? Perhaps, the first book of the scripture, Bible. Yes Genesis is the beginning of the scripture and may I tell you, that the meaning of genesis itself is " the beginning of a thing" or the commencement of something. Now what does block mean in cryptocurrency? Just like a register your teachers use to record your name in primary or secondary school, block also function the same way. In this case, block keeps the records of all transactions and data done on a network. Having said this, let's now look at the meaning of Genesis block.

In cryptocurrency, as I have said earlier, the transaction data are recorded in a block. If a previous block is filled up, it is then hashed and another one will form. This is how the block keeps forming an then the series of the blocks known as Blockchain. The Genesis block therefore means the first hashed block in the chain. It is the first block that is mined in any blockchain. Just as chassis serves as the foundation of an automobile, in the same way genesis block can be regarded as the foundational block of a blokchain. It is the beginning of the blockchain.

Genesis block in any blockchain is often written as block zero or block one. All other blocks in a blockchain are attached to this block and directly linked to it.

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b) What are the significances of the Genesis Block?

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The Genesis block is very importance in blockchain and it significance can never be overemphasised as it serves as a solid rock upon which all other blocks stand. Also, Genesis block in a blockchain is only block that stands alone that does not not dependent on any block. In other words, it is independent block, because many other blocks depend on Genesis block to function but itself depend not on any block.

Additionally, Genesis block has proved to be significant in that it serves as the foundation of the blockchain and also contains some vital information of the blockchain. For example, the important message that was sent by the believed father of cryptocurrency, Satoshi Nakamoto was contained in the Bitcoin genesis block. This helped many individuals to be able to read the message sent by the aforementioned being. Not only that, The genesis block also serves as a way for blockchain developers to do some modification to entire network for maintaining the perfect functionalities of the network.

Another important reason why Genesis block is very significant is that it helps miners to know the exact time the operation of the blockchain began. If this is not known, it would be hard for hem to trust the network. There will not be a point of agreement for the miners.


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c. Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.

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To explore Bitcoin Genesis block, we go to blockchain.com
• From the main page as displayed below, we search "0" as seen in the search bar indicated in the image below by a red arrow.

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Then the image below will display for you. Click BTC to see the Genesis block of bitcoin.

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• when you do this, the Genesis block will display the necessary information for you as seen in the image below.

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The information contain in the Bitcoin Genesis block is written below;

Hash:
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
Confirmations: 709,666
Timestamp: 2009-01-03 19:15
Height: 0
Miner: Unknown
Number of Transactions: 1
Difficulty: 1.00
Merkle root: 4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b
Version: 0x1
Bits: 486,604,799
Weight: 1,140 WU
Size: 285 bytes
Nonce: 2,083,236,893
Transaction Volume: 0.00000000 BTC
Block Reward: 50.00000000 BTC

To know the transaction contain in this, click the address in the picture above as indicated by a red arrow. Then to the page displayed below

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blockchain.com


A total number of 3,117 transactions were contained therein.


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Conclusion

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It is indubitably that the Genesis block is very important in blockchain as it serves as the foundation upon which all other blocks are mounted. It also helps us to know the exact time a blockchain network begins it operation. Not only that, it make it easy for miners to trust the network and to reach an agreement.

Special thanks to Professor @awesononso for this great lecture.

Thank you for reading.

Written by: @msquaretwins
Cc:- @awesononso

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