What is a genesis block in blockchain?

In a blockchain, when a new block is added, it references the previous block to establish a chronological order. However, the Genesis block does not have a previous block to refer to, as it is the very first block in the chain. So, what exactly is a Genesis Block in Blockchain? Let’s explore and understand its significance.

What is a blockchain and how does it work?

A blockchain consists of a series of so-called blocks that are used to store information related to transactions that occur on a blockchain network. Each of the blocks contains a unique header, and each such block is identified by its block header hash individually.

Why is a genesis block not a hash?

Reference Point: Since the Genesis block is the first block in the blockchain, it does not reference any previous block. Therefore, it does not have a previous block’s hash associated with it. 5. The Genesis block serves as the starting point for the entire Bitcoin blockchain.

Does Litecoin have a genesis block?

Every blockchain based crypto currency must have a blockchain, which is the ledger for the currency. For example, Litecoin has it's own genesis block which is completely different than the Bitcoin genesis block. Every block in a blockchain has a parent block, except the genesis block which has no parent block.