Genesis Block is the name given to the first block mined on the Bitcoin blockchain. It means the starting block or the first block of a blockchain. In other words, it can be thought of as the subheadings of Bitcoin.
A blockchain consists of a series of blocks used to store information about transactions occurring in the blockchain network. The Genesis block is also sometimes referred to as “Block 0” or “Block 1”.
The most famous genesis block was excavated by Satoshi Nakamato on January 3, 2009. Theoretically, the genesis block is not a necessity. However, it is important to have a starting point that all cryptocurrency investors and miners can trust. Similar to how every chain starts with a ring; The genesis block is also the first link to launch the blockchain.
Genesis Block Properties
Genesis block; block height, number of transactions, timestamp, nonce and block difficulty. Their definitions are as follows;
Block Height:It provides the foundation of the first block with a height of “0 blocks” of the first block, on which additional blocks are added.
Number of Transactions: They are add-ons to transactions that take place on Bitcoin networks. However, it should be noted that there is only one transaction in the initial block. He received a 50 BTC block reward for Satoshi Nakamoto’s block creation.
Timestamp:It covers all blocks created since January 03, 2009.
Nonce:Nonce is an optionally assigned variable that the miner alternates in order to gain the right to add blocks to the blockchain.
Block Difficulty:It describes the difficulty in finding the nonce that gives the miner to add blocks to the blockchain.
Blockchain Technology
After the genesis block, which was the first block produced for Bitcoin, many different blocks and blockchains were produced. The blocks that rise above this block, called the 0 block, cryptocurrency has made the market much more lively. The fact that this technology is a fast and reliable method, especially in many areas, causes its use to become more and more widespread.
The use of block technology today; Election methods make it very difficult to bring them before the public, as they generally prolong the voting and election processes by ballot box. Especially when the cost of this situation is taken into consideration, the situation is almost impossible. When all these difficulties are taken into consideration, instead of making it available to the public directly, the public benefits from this technology through their elected representatives.
After the Bitcoin market exploded and rose gradually, many people started to use the benefits of this technology. Many people have entered this market because it is very fast and at the same time reliable.
