Genesis Block is the name given to the first block mined in 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 processes 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 requirement. However, it is valuable to have a starting point that all cryptocurrency investors and miners can rely on. For example, each chain starts with a ring; The genesis block is also the first link that starts the blockchain.
Genesis Block Properties
Genesis block; block height, number of processes, timestamp, nonce and block difficulty. The recipes are as follows;
Block Height:It provides the foundation of the first block, which has a height of “0 blocks” of the first block, on which additional blocks are added.
Number of Transactions: They are add-ons to processes that take place on Bitcoin networks. However, it should be noted that there is only one process in the starting 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 hassle of finding the issuing nonce so that the miner can add blocks to the blockchain.
After the genesis block, 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 fields, causes its use to become more and more widespread.
The use of block technology today; Election techniques make it very difficult to bring them before the public, as they often 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 gradually increased, 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.