Genesis Block
Q1. What is the importance of Genesis Block?
Ans:
Genesis Block is the first block in the chain. It represents a historical significance, a remark that blockchain initiated from this point. It also defines the distribution of cryptocurrency, and set of protocols & inital data in the chain.
Q2. How is the Genesis Block different from other Blocks in the Blockchain?
Ans:
Genesis block is the 1st block and its unique because of its unique characteristics :
- Doesn’t contain a previous block hash because there isn’t any block preceding it.
- Consists of hardcoded data for initializing the blockchain network. (set by the developer(s))
Q3. Give example of Genesis Block?
Ans:
Ethereum’s Genesis Block, first mined in 2015 defined the distribution methods of ETH token for early adopters in a per-sale even before the blockchain network went live. Although, it didn’t directly dealt with the Consensus Algorithm. Many other cryptocurrencies copied the same method after this.
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