Created on January 3, 2009 by Satoshi Nakamoto unlike this block and that because it doesn’t have a block that precedes it, it doesn’t have a fastener. In addition, the bitcoin genesis block in the coinbase of this block contains the headline of the newspaper ‘The Times’ of January 3, 2009. This is presented as proof on the date of creation of this block. Specifically, the owner is: “The (British) Chancellor is considering a second bank bailout program”
The headline reflects Nakamoto’s idea of developing a cryptocurrency where trusted third parties, such as banks or institutional entities, will not be needed.
Its function is very important because a source block, no matter which cryptocurrency you select, looking back in your history, looking back you will always find your own genesis block as the root of that cryptocurrency. The genesis block is also important to ensure communication between two nodes. This is because two nodes can only be paired if they have the same genesis block. Otherwise, the two would be incomparable. It’s always good to know that each node has its own starting block, creating a huge network in which a more difficult genesis block can never be replaced by a less difficult one.
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