1. concept
The Genesis Block, also known as Block 0, is the first block of a blockchain. It marks the inception of a new cryptocurrency and is hardcoded into the software of the application that uses its blockchain.
1.1 Bitcoin Genesis Block
The Bitcoin Genesis Block, created by Satoshi Nakamoto in January 2009, contained the text message "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks", likely as a political statement against the instability of fiat-based economies.
2. significance
The Genesis Block holds a special significance in the history of a cryptocurrency. It often contains a unique message or data, serving as a timestamp of the cryptocurrency's creation and a symbol of its founding principles.
2.1 Ethereum Genesis Block
The Ethereum Genesis Block was created in July 2015, marking the launch of the Ethereum network, which introduced the concept of smart contracts to the blockchain world.
3. technical
Technically, the Genesis Block is the only block that does not reference a previous block. It's hardcoded into the software, and its hash is often a known constant.
3.1
"In Bitcoin's Genesis Block, the hash is '000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f'."
* All terms and definitions may update as the Cryptionary improves.
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