Greetings to you all my fellow blurters and to my honourable professor @nwabueze for the wonderful lesson you have shared which after reading through it, I came to understood a lot of this concerning Genesis Block and Satoshi Nakamoto which I want to share today. So without wasting time let's get started....
Discuss the genesis block in your own understanding
Genesis Block is also known as Block 0, which stands as the first block of a cryptocurrency like Bitcoin that was mined ever. In a nutshell, Genesis Block is the very first block upon which another blocks (i.e additional block) are added upon in a blockchain. In a Genesis Block the originality of every other block are trace back to where the block is originated from since all the block reference the one that is preceding it. This start with the process of validating the transactions of Bitcoin and Introducing another new bitcoin into existence.
In cryptocurrency, a block is consist of a series of so many blocks that are used to store information/data that are related to the transactions that happens on a blockchain network. Also as I earlier said, each of these blocks have layered that is one on top of another, with the Genesis Block that stands as the foundation which they grow in height until the sequence is completed and the blockchain is reached. It is the layers and the history of each of the sequence that makes blockchain based cryptocurrency to be very secure.
Genesis Block was created in 2009, where the pseudonymous Bitcoin founder, Satoshi Nakamoto, created the block and launched cryptocurrency which is widely known today.
The creator of Bitcoin Satoshi Nakamoto wrote a secret message as a raw data that is within the block which is stated below.
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks."
The message code is given as:
5468652054696d65732030332f4a616e2f32303039204368616e63656c6c6f72206f6e206272696e6b206f66207365636f6e64206261696c6f757420666f722062616e6b73
In order to get the above code and secret message visit Online Tool you will get the above result as shown from the image below
Who is Satoshi Nakamoto and what do you think of them?
Satoshi Nakamoto, is a very well-known named when mentioning or discussing about the words Bitcoin. It is the names used by unknown creator bitcoin cryptocurrency that we are trading on today. A lot of people are saying that Satoshi Nakamoto is a group of petsons whereas some are saying that it's just a single person. In the crypto industry once you Google the word the creator or founder of bitcoin, you will see Satoshi Nakamoto will be the name that you are going to see, meaning that he is the founder of bitcoin. But the questions is who is the main person called Satoshi Nakamoto.
However, it was after the creation of bitcoin in 2019 that the name became popular and invisible person that only even no one can tell little information about who really is Satoshi Nakamoto. As at 2011,two years after Bitcoin was created Satoshi Nakamoto posted about cryptocurrencies and ever since then no one can tell about his suddenly disappearance.
Several steps and been taken to identify the real identity of Satoshi Nakamoto, but none seem to bring out a valid evidence to the identity of Satoshi Nakamoto since he has never been interviewed or make any public announcement concerning cryptocurrency Investment and business for the world to know him.
Despite all these effort to identify Satoshi Nakamoto he has proven elusive. And so many people are claiming to be Satoshi Nakamoto without given a valid evidence. Some of these people who are claiming to be Satoshi are;
Dorian Nakamoto
Source
Dorian Nakamoto, is one of the highly profile person that the world are thinking he is the founder of Bitcoin. Around March 2014 a media firm that is into publishing, Identified Dorian Nakamoto as the creator of Bitcoin. The media firm even went ahead to and published and article that caused a lot of fuss in the crypto industry, due to the fact the firm was the first ever to that had make and attempt to revealed the Identity of the creator of Bitcoin.
The firm make a claimed that Dorian Nakamoto has several similarities with Satoshi Nakamoto. For example, Satoshi Nakamoto and Dorian Nakamoto come from the same political district and their are both Japanese.
Nick Szabo
Source
Nick Szabo is another person that the world are thinking he is the creator of bitcoin. Nick Szabo is a computer engineer and also a legal scholar. In 2008, he conceptualized a decentralized currency that he called Bit Gold,which was the forerunner to bitcoin. He described Bit Gold as the protocol or unforgeable expensive that can be used online without the third party involment.
Dominic Feisby who is an author was the one that described Nick Szabo as Satoshi Nakamoto. According to his fact he said that Nick Szabo writing pattern was exactly the same to that of Bitcoin white paper, where a series of bits can be created by a network of s computer without the involvement of a third parties verification.
Although, apart from the two people that I have briefly discussed above, there are several other people that are claiming to be the creator of bitcoin.
Genesis Block is very important in blockchain as it's help to check block continuously using complex mathematical problems that are first settle out with computers before miners can used they own brain to solve the mathematical problems. All thanks to professor @nwabueze for his wonderful lesson.
Thank you very much @josepha for taking part in this assignment. Your grades are as follows:
Keep making quality posts.