What is Genesis Block?
Genesis Block (Initial Block) is a concept that started to be used with the creation of the first block of Bitcoin on January 3, 2009, by Satoshi Nakamoto. Genesis Block was not only the name given to the first block of Bitcoin, but also the name given to the first blocks of other cryptocurrencies. In this article, you can find the answer to the question of what is a Genesis Block.
What is Genesis Block?
It is the name given to the registry where the information registered on the blockchain is kept anonymous, decentralized, and incorruptible. The Genesis Block is the starting point of this registry and is the name given to the first block of a cryptocurrency created. Genesis Block, also called Block 0, has been an important beginning by paving the way for a new financial system for other cryptocurrencies developed after Bitcoin.
General Features of Genesis Blocks
Some features distinguish Genesis Block from other blocks. Blocks, in short, are the places where the records of transactions and confirmations made at a specific time are kept, and each block on the blockchain connects to the previous block and includes information about that block. The Genesis Block (Starting Block) is the only block that does not contain the last information block, as it is the first block created, and there is no block before it.
Bitcoin Genesis Block
The concept of Genesis Block used to express the first blocks of cryptocurrencies after Bitcoin, is the first thing that comes to mind when used alone. Because Bitcoin's Genesis Block is a pioneer for all cryptocurrencies. Therefore, instead of specifying the "Bitcoin's Genesis Block," the Genesis Block or Initial Block is usually referred to as Bitcoin's Genesis Block.
January 3, 2009, when Genesis Block was created, is considered Bitcoin's birthday. Bitcoin users send Bitcoin to the address (1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa) that contains the first 50 Bitcoins as a sign of respect and celebration since the day the Starting Block was created. An amount exceeding 19 Bitcoin was sent as a gift to this address belonging to Satoshi Nakamoto. However, 50 Bitcoins generated in the first block are non-spendable and non-movable.
Genesis Block also contains a message hidden by Satoshi Nakamoto. This message, hidden by being added to the Starter Block code, proves that the Genesis Block has not been produced before and documents Bitcoin's birthday. The letter includes The Times Newspaper's headline dated January 3, 2009: "The Times 03/Jan/2009 Chancellor on the brink of second bailout for banks" It is thought that this is a reference to the deficiencies and problems of the existing financial system.