Crypto Academy Season 4 Beginners' course - Homework Post for Task 3: [Genesis Block]

hopeofgod (56)Beginner[1,2,3,4,6,7,8,9,10]in SteemitCryptoAcademy • 3 years ago

INTRODUCTION
Am here again to submit my beginners' task 3 for the season 4. All thanks to the professor and the admin of this great community.
I must say it that professor @awesononso have made the task much easier with his explanations. Kudos to you all, you are all good teachers and deserve more.

Homework Task

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.

What Is Genesis Block?

When a cryptocurrency is mined for the first time, it's called the "genesis block". In a blockchain, data about transactions is stored in a chain of so-called blocks. Block headers are distinct to each block, and the block header hash is used to identify each block uniquely.
All of these blocks are stacked one on top of the other, with the Genesis Block as the foundation, and they continue to grow in size until the end of the blockchain is reached and the chain complete. Cryptocurrencies built on the blockchain are extremely secure because of the layers and deep histories of each chain.
Blocks are essentially digital storage in which data relevant to such network's transactions is irreversibly saved. It captures most or all current Bitcoin transactions that haven't shown in either previous blocks. A block is similar to a page in a ledger or log book. As soon as a block is "finished," a new block in the blockchain is created. In this way, a block is a complete record that cannot be amended or erased after it has been written.
When the first block are digitally signed, they are appended to the Genesis Block (also known as Block 0). Every other block may trace its history back to it, while every block refers to the one before it in the chain of inheritance. Blockchain transactions began to be verified and fresh coins were created.

The Significant of Genesis Block

The roles of Genesis Block can not be over emphasize in blockchain, the following are some of its significant.

It serves as the foundation for all other blocks: the Genesis Block is the first block which other block build on. It is the origin and the foundations which all other blocks build on. If there is not Genesis Block, there will be no block 1, 2,3.....
It proves the originality of the coin to the the miners: the Genesis Block is made of of the first transaction, this block prove the authenticity of the project to the miners.
It serves is the block which all other blocks gain there support from, and can always Trace there way back to.
The Genesis Block help us to know more information about a project, it store the date and time the first transaction take place.

Exploring Bitcoin Genesis Block

The Bitcoin Genesis Block also known as Block 0 was formed on the 3rd January, 2009. The block contain all the information of the first transaction.
The miner o the block was rewarded 50 BTC.
To Explore this information we have to visit the Bitcoin explorer on www.blockchain.com/explorer and paste the blow hashtag in the search bar.

000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

Then select BTC block. Then you will be taken to the block 0

^Source

The Block 0 consist of the following information. Hash: Confirmation: Timestamp: Height: Miner: Numbers of transaction: Difficulty: Merkle root: Version: Bits: Weight: Etc.

^Source