What is the starting point of every blockchain? Find out by diving into the genesis block definition.
What Is A Genesis Block?
The genesis block, sometimes referred to as Block 0, is the name of the first ever block recorded on its respective blockchain.
What You Need To Know About The Genesis Block
Every blockchain consists of a series of blocks that permanently store information related to the transactions conducted on it. When a block is broadcast to the network, it references the one preceding it. However, genesis blocks are the first in the chain, so they have no former records to refer to and are usually hardcoded into the software.
In the case of Bitcoin, the genesis block dates back to the 3rd of January 2009. It had a reward of 50 BTC that is set to be forever unspendable. However, it’s not known whether this rule was made intentionally. Besides, if a user moves a coin into the Genesis Block, it will never be possible to retrieve it.
The hash of Bitcoin’s genesis block is unique because it features two extra leading hex zeros compared to the other early blocks. Here it is: 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
Satoshi Nakamoto also left a message within the Bitcoin genesis block. Aside from the regular block data, within the coinbase parameter, there is a headline from The Times that reads: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”.
But what does this message mean? Most likely, it was included in the genesis block as a timestamp, although the headline also references the reason for Bitcoin’s creation. The next block, known as Block 1, was mined six days after the genesis block. This is unusual as the typical timestamp gap between blocks equals 10 minutes.
There are different theories regarding what this delay means. Some think that Nakamoto was mining the genesis block for six days to ensure that the Bitcoin system is stable and backdated the timestamp, while others associate it with a Biblical story of God’s six-day world creation.
