What is Genesis Block?
The Genesis Block is the first block in the blockchain and contains unique characteristics that distinguish it from its posterior blocks. It’s the only block that doesn’t source a former block, as there are no blocks before it. Rather, the Genesis Block is hard coded into the blockchain’s protocol as the starting point.
- The creation of the Genesis Block is a pivotal step in the creation of a blockchain, as it establishes the original state of the network and sets the parameters for posterior blocks in the chain.
- The creation of the Genesis Block is generally done by the blockchain’s creator or by the network’s agreement algorithm.
- The Genesis Block frequently contains a special communication or sale that serves as a timestamp for the creation of the blockchain.
- For illustration, the Genesis Block of the Bitcoin blockchain contains the communication” The Times 03/ Jan/ 2009 Chancellor on point of an alternate bailout for banks,” which references a caption from a UK review and serves as a timestamp for the creation of the blockchain.
Components Defined in Above Image of Genesis Block
- Block Number: Block Number defines the height of the block. A height of the block is defined as the total number of preceding blocks. For Genesis Block, it is 0 because there aren’t any blocks before it.
- Previous Hash: A hash is generated through the cryptographic algorithm combining the Previous block’s transaction meta data. For Genesis Block due to the absence of preceding block, this field doesn’t contain anything.
- Data: A block consists of multiple transaction’s data, and meta data like block number, timestamp, Merkel tree root etc. For genesis block, this field is hardcoded to bootstrap the blockchain network.
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