Hello everyone and a very warm welcome to you all. This is the season 2 week 3 of the blurtreadinghub, I am @nwabueze.

Blocks

Blocks are basically units of storage that contain data of transactions that have occurred. A block contains the time stamp, date, and amount of transactions. For there to be a blockchain there has to be an initial block that started the process.
The genesis block, often referred to as block 0, is the first block of transaction recorded in a blockchain; every other block is formed with similarities to it.

Talking about genesis block, I am going to focus on bitcoin. Bitcoin is a cryptocurrency that was created by Satoshi Nakamoto with its first transaction in 2009 effectively creating the genesis block.

The Genesis Block

A block can effectively be seen as a space or container where transaction records are stored in chains. Block 1 is similar to block 0 just as block 3 is similar to block 4. But in all they are similar to block 0. Block 0 is literarilly the ancestor of every other block because they share similar traits.

A block is also a set of mathematical puzzles that must be solved before a new coin is minted in the blockchain. The average time taken/required to solve a block in bitcoin blockchain is 10 minutes, but it took Satoshi Nakamoto about 6 days. Some say he was just trying to run the system long enough to detect any flaws while some other people believe it was an attempt to repeat the story of creation as written in the bible.

A noteworthy fact is that the creator of bitcoin ensured that the supply of bitcoin would be limited. There are only 21million bitcoins that can be mined, which means that subsequently, people would depend on the willingness of other coin owners to sell. People who will stand to gain the most from bitcoin in future are those who are willing to sacrifice their present for their future.

Mystery surrounding bitcoin

The first 50 bitcoins to be minted are literally impossible to spend . We really do not know if the creator designed it that way or if it was an oversight.

Conclusion

The genesis block opens up our eyes to the realities of blockchain technology. This has given many human beings a sense of hope and believe- decentralization is simply a masterpiece.

Assignment

Discuss the genesis block in your own understanding
Who is Satoshi Nakamoto and what do you think of them?

RULES:

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