The Genesis Block
1. What is Genesis Block
The word Genesis is used to refer to the beginning of something. In Religion, it refers to the beginning of creation and life as we know it - the beginning of the beginning. The word also means the same thing in Blockchain terms.
Simply put, The Genesis Block is the first ever block of a blockchain. It is the Adam of all blocks having no previous hash or ancestry behind it. As the original, it is the common history of every other block on the blockchain. It indirectly defines the hash of other blocks with its hash referenced in every new block.
The Genesis Block of a Blockchain is regarded as the foundation of that blockchain. It is usually depicted as Block 0 on the Blockchain but some Blockchains refer to it as Block 1.
Now we have known what The Genesis Block is, let us look at the Bitcoin Genesis Block.
2. WHAT IS BITCOIN GENESIS BLOCK
In the beginning, there was fiat money and a conventional banking system. The Government controlled the whole financial system with their policies. Money and value were centralized.
But then, in 2008, the Bitcoin Whitepaper was published with promising details of a decentralized digital cash system strictly on a peer-to-peer level. The dream was realized on the 3rd of January, 2009 when the anonymous Bitcoin founder(s), Satoshi Nakamoto, made a Bitcoin transaction giving birth to Block 0, the Bitcoin Genesis Block. This single event would later lead to a wide creation and adoption of cryptocurrencies which is still happening 12 years later.
Mining the Genesis Block was easier than what we have today and the reward was a lot higher. The reward for mining a block today is 6.25BTC while that of the Genesis Block was 50BTC.
The hash for the Genesis block is:
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
These coins were sent to an address where it remains untouchable and seemingly unspendable.
The wallet address the coins were sent to is:
1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
If you check the wallet address on the Block explorer you would notice that there are more than 50BTC in the wallet. As of the time of writing this, there are 68.4BTC in the wallet from 2,945 transactions
Below is the screenshot of the transaction
Thank you for joining today's lecture.
#AweSME #someeofficial #SoMee #crypto #trading
1. What is Genesis Block
The word Genesis is used to refer to the beginning of something. In Religion, it refers to the beginning of creation and life as we know it - the beginning of the beginning. The word also means the same thing in Blockchain terms.
Simply put, The Genesis Block is the first ever block of a blockchain. It is the Adam of all blocks having no previous hash or ancestry behind it. As the original, it is the common history of every other block on the blockchain. It indirectly defines the hash of other blocks with its hash referenced in every new block.
The Genesis Block of a Blockchain is regarded as the foundation of that blockchain. It is usually depicted as Block 0 on the Blockchain but some Blockchains refer to it as Block 1.
Now we have known what The Genesis Block is, let us look at the Bitcoin Genesis Block.
2. WHAT IS BITCOIN GENESIS BLOCK
In the beginning, there was fiat money and a conventional banking system. The Government controlled the whole financial system with their policies. Money and value were centralized.
But then, in 2008, the Bitcoin Whitepaper was published with promising details of a decentralized digital cash system strictly on a peer-to-peer level. The dream was realized on the 3rd of January, 2009 when the anonymous Bitcoin founder(s), Satoshi Nakamoto, made a Bitcoin transaction giving birth to Block 0, the Bitcoin Genesis Block. This single event would later lead to a wide creation and adoption of cryptocurrencies which is still happening 12 years later.
Mining the Genesis Block was easier than what we have today and the reward was a lot higher. The reward for mining a block today is 6.25BTC while that of the Genesis Block was 50BTC.
The hash for the Genesis block is:
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
These coins were sent to an address where it remains untouchable and seemingly unspendable.
The wallet address the coins were sent to is:
1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
If you check the wallet address on the Block explorer you would notice that there are more than 50BTC in the wallet. As of the time of writing this, there are 68.4BTC in the wallet from 2,945 transactions
Below is the screenshot of the transaction
Thank you for joining today's lecture.
#AweSME #someeofficial #SoMee #crypto #trading
The Genesis Block
1. What is Genesis Block
The word Genesis is used to refer to the beginning of something. In Religion, it refers to the beginning of creation and life as we know it - the beginning of the beginning. The word also means the same thing in Blockchain terms.
Simply put, The Genesis Block is the first ever block of a blockchain. It is the Adam of all blocks having no previous hash or ancestry behind it. As the original, it is the common history of every other block on the blockchain. It indirectly defines the hash of other blocks with its hash referenced in every new block.
The Genesis Block of a Blockchain is regarded as the foundation of that blockchain. It is usually depicted as Block 0 on the Blockchain but some Blockchains refer to it as Block 1.
Now we have known what The Genesis Block is, let us look at the Bitcoin Genesis Block.
2. WHAT IS BITCOIN GENESIS BLOCK
In the beginning, there was fiat money and a conventional banking system. The Government controlled the whole financial system with their policies. Money and value were centralized.
But then, in 2008, the Bitcoin Whitepaper was published with promising details of a decentralized digital cash system strictly on a peer-to-peer level. The dream was realized on the 3rd of January, 2009 when the anonymous Bitcoin founder(s), Satoshi Nakamoto, made a Bitcoin transaction giving birth to Block 0, the Bitcoin Genesis Block. This single event would later lead to a wide creation and adoption of cryptocurrencies which is still happening 12 years later.
Mining the Genesis Block was easier than what we have today and the reward was a lot higher. The reward for mining a block today is 6.25BTC while that of the Genesis Block was 50BTC.
The hash for the Genesis block is:
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
These coins were sent to an address where it remains untouchable and seemingly unspendable.
The wallet address the coins were sent to is:
1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
If you check the wallet address on the Block explorer you would notice that there are more than 50BTC in the wallet. As of the time of writing this, there are 68.4BTC in the wallet from 2,945 transactions
Below is the screenshot of the transaction
Thank you for joining today's lecture.
#AweSME #someeofficial #SoMee #crypto #trading
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