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Genesis Block

Intermediate

The Genesis Block is the very first block in a blockchain network, often referred to as Block 0. It serves as the foundation for all subsequent blocks and is manually coded into the blockchain's software. In Bitcoin, the Genesis Block was mined by Satoshi Nakamoto in January 2009 and contains a hidden message referencing a financial headline. It holds symbolic and historical significance, marking the launch of a new decentralised financial system. Every blockchain has a Genesis Block, which sets the protocol rules and initial distribution of tokens or coins.

Related Words

Gas Limit

Intermediate

The gas limit defines the maximum computational effort a user allows for a transaction. Too low a limit can cause the transaction to fail while still charging a fee; too high may result in wasted fees.

Gas Fees

Beginner

Gas fees are payments made to execute transactions on Ethereum and similar blockchains. These fees compensate validators and can vary based on network demand, impacting how quickly transactions are confirmed.

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