What is Genesis Blockchain Technology?

Genesis blockchain technology is one of the most disruptive technologies in today’s market. However, it doesn’t end there since we see new frontiers emerge with their application ranges. So far, the area left untouched is blockchain software integration within the web experience.

Genesis Blockchain is a protocol by which decentralized peer-to-peer networks transmit value to each other without a central trusted authority. Its individuated nodes use cryptographic protocols that can be used on the data stored in electronic, physical, or symbolic properties. It has been designed such that all participants in the network are equal, thereby creating a jurisdiction-less and trustless computing environment.

What is Genesis Block?

A blockchain’s initial block is known as the Genesis block. It is assigned block number 0 in modern Bitcoin versions but block number 1 in earlier ones. The genesis block is almost always incorporated into blockchain-based applications’ software. It’s one of a kind because it doesn’t refer to a preceding block. It provides Bitcoin and virtually all of its derivatives with an unspendable subsidy.

Hashes of the previous and subsequent blocks in the blockchain are linked, but they do not exist for the genesis block. Blocks in between use hashes of blocks before them, but there is no such block before the genesis block; hence it uses a placeholder hash in its place.

With the introduction of the first Bitcoin client, wxBitcoin, and the issuing of the first Bitcoins on January 3, 2009, the birth of the Bitcoin network was revealed. The first transaction in the first block was a single transaction that paid its developer 50 new bitcoins as a reward.

Bitcoin’s original design specified that the generation reward would start at 50 Bitcoins per block and be cut into two equal halves every 210,000 blocks for approximately four years. On November 28, 2012, the first halving dropped the reward to 25 bitcoins each block. The second halving occurred on July 9, 2016, lowering the reward to 12.5 bitcoins per block. This will not cease until all 21 million bitcoins are mined, expected sometime in 2140.

The Idea Behind the Genesis Block

The main purpose of the genesis block is to distinguish legitimate from illegitimate blocks. It does this by being connected to every other block via their hashes and having no predecessor and hence nothing to connect to.

People often wonder what the first block in a blockchain looks like. That question can only be answered by looking at the blockchain itself to see what was mined in the very beginning. 

The genesis block is there, and it is no different than any other block on the chain.

The first block in a blockchain is recognized as the genesis block. For Bitcoin and most of its derivatives, this means the first block, block 0, is almost hardcoded into the software. The contents of the Genesis Block cannot be changed without causing a fork in the chain because all subsequent blocks contain hashes of previous blocks.

The idea behind the genesis block was that it would have no predecessor to reference when it was created, hence its name. However, it does have something that qualifies it as a valid block: a valid Merkle root.

What’s the mystery of Genesis Block?

In the beginning, there was a mysterious block of data. It was the genesis block for Bitcoin, the first cryptocurrency to gain widespread attention.

The first 50 BTC created in the Genesis Block is unspendable, so computing out the “reward” for this first block is more complicated than looking at the current block reward. As of today, it’s worth approximately 54 million US dollars.

To find out what’s in this block and why it was created, we have to begin with Satoshi Nakamoto — the person (or group) who invented Bitcoin and published its whitepaper in 2008. No one alive has ever been able to identify Nakamoto or determine if they are still alive.

Nakamoto famously disappeared from the internet in 2010 and hasn’t been heard from since. The original code for Bitcoin still bears his name, but no one knows if that name represents an individual, a movement, or a group of people.

Whoever created Bitcoin was a fan of cryptography, which plays a central role in securing transactions on the network today. That person also had a strong interest in economics which isn’t surprising given that many of Bitcoin’s earliest adopters were libertarians.

Genesis Blockchain Key Features

1. Decentralized System Configuration and Management

The Genesis blockchain is a peer-to-peer, distributed, immutable ledger that allows for decentralized control over the system configuration, including consensus mechanisms, block production schedules, and economic parameters. This means that the Genesis block allows any organization to fully control its network without relying on any third party. While the network continues to operate globally in a decentralized manner, the system configuration is controlled by a centralized entity. This makes creating a system possible that is both secure, highly available, and scalable while still being controlled by authorized personnel at the central entity.

2. Private Network Communication

The Genesis blockchain provides a private communication channel between members of the same organization over public Internet protocols such as HTTP or HTTPS. Each member’s private key secures the communication, and thus only members can read and write messages to the network. This feature allows an entity’s members to communicate in real-time without relying on external servers and third parties. All communication information is stored within your organization’s own network, and no one else has access to it unless explicitly permitted by you or your agents.

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Here’s an easy guide on how to transfer your crypto assets over to HI

  1. Open your account on the hi Mobile or Web App. If you don’t have an account, sign up today
  2. Tap on the hi logo on the main screen to summon the menu, and click on Deposit
  3. Select the currency you’d like to deposit from the drop-down menu. Once you’ve selected the Crypto you are depositing, let’s say ETH, then copy over the Deposit Address to your clipboard. 
  4. Head over to your wallet where your ETH is currently stored (e.g., Binance) and follow the platform-specific instructions to withdraw.
  5. Tap on withdraw, paste the deposit address and send.
  6. Come back to hi, and you’ll be able to see that the funds are safe in your wallet and ready for staking.

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