Do you know that the Genesis block has an essential role in Blockchain?
This block cannot be changed or moved because if you change it, every added block will no longer be valid, and the entire network will also be in chaos!
Previously, INDODAX Academy had discussed more Blockchain. For those of you who don’t know, watch it here!
Blockchain records a digital transaction that cannot be changed and consists of interconnected nodes. Now each of these nodes has a complete copy of the entire Blockchain!
When a new transaction is on the network, these nodes will verify the transaction and add it to the additional block.
After the additional block is successfully added to the Blockchain, this transaction becomes permanent and cannot be changed anymore.
So, the beginning of this Blockchain started from one point, namely the first block of the Blockchain, the Genesis block.
Block itself is an effective digital container because data related to transactions on the network is recorded permanently.
A block will then record the most recent transactions that have not yet entered the block.
This Genesis block is arguably the first block in the Blockchain, aka no previous blocks have been produced other than this Genesis block at the beginning.
Usually, the Genesis block contains key information that starts the Blockchain itself, for example, timestamp and protocol version.
Satoshi Nakamoto used the Genesis block for the first time in the year two thousand and nine, when he started Bitcoin.
Now in Bitcoin, this Genesis block is also known as block zero!
Not only Bitcoin but every Blockchain certainly has a different and unique Genesis block, of course!
In other blockchains, such as Ethereum, this Genesis block is used to analyze smart contracts and contains “ethash”, a smart contract used to generate block hashes on the Ethereum network.
Not unique, Genesis blocks, such as Blockchain dash, also have an important role in security. Still, Genesis blocks are also used as important parameters, such as inflation and the first block award rate.
Wow, the story behind the formation of Blockchain is also interesting.
We hope this discussion will make you understand more and make you want to know more about Blockchain and crypto assets, OK?
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