What is the Bitcoin Genesis Block? (With a surprise for you)
Posted by CHRISTOFFER VUOLO JUNROS
The initial block in a blockchain is known as the genesis block.
It is now known as block 0 in modern Bitcoin versions, however it was formerly known as block 1 in very early versions. Almost always, the genesis block is hardcoded into the software of the programs that use its block chain. It is unique in that thus does not refer to a previous block, and it generates an unspendable subsidy for Bitcoin and practically all of its derivatives.
The T-Shirt we designed for you.
The creation of the first block in Bitcoin's Blockchain is commemorated on this Bitcoin Genesis Block t-shirt. Wear this soft and lightweight tee to express that you support Satoshi's hardcoded declaration in the block. The headline (as shown above in hex) is contained in the coinbase argument.
Get the shirt here
The meaning behind the headline.
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," it says, referring to the disastrous fractional-reserve banking system. The phrase "second bailout for banks" might also imply that bailing banks was a problem for Satoshi in a presumably liberal and economic economy. The chosen theme may allude to bitcoin's goal.
Despite the fact that the average duration between Bitcoin blocks is 10 minutes, the following block's timestamp is 6 days after the genesis block. One theory is that Satoshi had been working on bitcoin for some time before seeing it on the top page of The New York Times, which encouraged Satoshi to release it to the public.
Why that date?
To match the headline, he/she/they mined the genesis block with a timestamp in the past. It's also plausible that, because to the block's low hash, he mined it for 6 days with the same timestamp before moving on to block 1.
According to the prenet hypothesis, the genesis block was solved on January 3, but Satoshi Nakamoto utilized that genesis block to test the program until January 9, when all the test blocks were erased and the genesis block was reused for the main network.
Perfect gift for crypto enthusiasts
Order this Bitcoin Genesis Block tee for yourself or as a unique present now. With the proper amount of stretch, it's comfortable and flattering for all crypto enthusiasts and cypherpunks. On the Blockchain, stay trendy.
Get the shirt here
Learn more in our Blockchain 101
//Christoffer Vuolo Junros
Founder of The Bitcoin Wardrobe