Examples of Genesis Block
The conception of the Genesis Block is set up in numerous popular blockchain networks, including Bitcoin and Ethereum.
- In the case of Bitcoin, the Genesis Block was created by Satoshi Nakamoto, the creator of the network. The block was booby-trapped on January 3, 2009, and it contained the communication” The Times 03/ Jan/ 2009 Chancellor on point of an alternate bailout for banks” as a reference to the fiscal extremity at the time. The block’s hash is 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f, and it set the difficulty position for booby-trapping new blocks at the smallest possible value.
- In Ethereum, the Genesis Block was also created by the network’s generators, including Vitalik Buterin. The block was booby-trapped on July 30, 2015, and it established the original set of network rules and parameters for the Ethereum network. The block’s hash is 0x0000000000000000000000000000000000000000000000000000000000000000, and it set the maximum number of coins that could be in rotation at 72 million.
- Other blockchain networks also have their own Genesis Blocks, each with its own unique characteristics. For illustration, the Genesis Block in the Litecoin network has a different hash than Bitcoin’s Genesis Block, and it set the original price for booby-trapping new blocks at 50 coins. In the case of the Ripple network, the Genesis Block wasn’t booby-trapped, but rather created by the network’s generators and validators.
Genesis Block in Blockchain
A blockchain is a decentralized digital tally of deals distributed across different computer networks. Each block in the chain contains a list of deals and a reference to the former block, creating a chain of blocks that can be vindicated and traced back to the veritably first block in the chain, known as the Genesis Block.
Table of Content
- What is Genesis Block?
- Components Defined in Above Image of Genesis Block
- Features of Genesis Block
- Why Genesis Block is Needed?
- How to Verify Genesis Block
- Significance of Genesis Block
- Examples of Genesis Block
- FAQs on Genesis Block