Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 2 Homework Post for @awesononso – The Genesis Block

Thank you so much professor @awesononso for this lesson. It's a great pleasure to learn about the Genesis block. Indeed, I got to know things I didn't know before now about cryptocurrency blockchain. Below is my homework task for this lesson. Please join me!

INTRODUCTION

For every cryptocurrency blockchain in existence, there must be an initial transaction which is the first of its kind. Such transaction will lead to a formation of a block. Such block becomes the first of its kind on the blockchain and becomes a foundation upon which succeeding transactions are built on. In this case, the block is called a Genesis block. In a cryptocurrency space like this,it is important to learn about the Genesis of cryptocurrency transactions and how the knowledge pumped into this development has changed lives and improve the populace.

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THE GENESIS BLOCK

The Genesis block of a blockchain is the first block of that block chain. It is the foundation upon which all other blocks are built on. It is the basis or building block upon which every mining/transactions are made in a blockchain. Put differently, Genesis block may be referred to as block 0 indicating the first-ever mining of a cryptocurrency in a block chain. For every cryptocurrency in existence you must be a first instance of transaction recorded in a blockchain. The initial block generated from such transactions is a Genesis block.

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Bitcoin Genesis block was built by the supposed bitcoin founder Satoshi Nakamoto after successfully achieving a dream of a digital cash system in 2009. After Satoshi's bitcoin transactions, an initial and/or original block was developed which was the first ever. This block became the Bitcoin Genesis block. this action created an avenue for other transactions on the blockchain. The transactions were rewarded with 50 BTC. The Genesis block of Bitcoin is 12 years and it has a huge number of transactions built upon it.

SIGNIFICANCE OF BITCOIN GENESIS BLOCK

1. Setting transaction standards: The Genesis block is very crucial because it sets a path in which subsequent blocks must follow. It is a measure of standard expected of every other transactions which will generate a block.

2. Creation of a wider cryptocurrency space: The steps taken by satoshi has created a wider cryptospace in the world today. There are loads of crypto coins in the digital globe and this was made possible by the person who took the initial step.

3. It has opened the eyes of people to see the real advantages of a decentralized system.

4. By attempting to replace the conventional banking and financial system it serves as a bailout to those who have trust issues. Bitcoin transactions is solely peer-to-peer and decentralized.

STEEMIT GENESIS BLOCK

The Steemit genesis block was created in March 2016 and it's known as block 1. Below is the steemit Genesis block screenshots from https://steemworld.org/

CONCLUSION

Every blockchain has its block which was the first in that blockchain. Cryptocurrency transactions carried out in such a blockchain will then be based on the standard of the Genesis block. The genesis block has some significance as seen in this lesson. It is the stepping stone for other subsequent transactions and blocks. In a nutshell, the Genesis block is the reason for the existence of blockchain transactions.
Thank you so much for your time! I really appreciate.
Cc:
@steemitblog
@ateemcurator01
@steemcurator02
@awesononso