What Is Genesis Block?
Also known as: Block 0, Block Zero, First Block
In short
The genesis block is the first block of a blockchain; because there is no block before it, it contains no reference to a previous block, is hardcoded into the node software, and is the starting point on which all other blocks in the chain build.
On a blockchain, each block contains the hash of the previous block, and these links form the chain. Because the genesis block is the first link of this chain, its block height is considered 0 and its previous block field is filled with zeros. Node software embeds the genesis block in its code; a node verifies whether it is following the correct chain starting from this point.
Bitcoin's genesis block was created by Satoshi Nakamoto on January 3, 2009. A headline from The Times newspaper of that day, reporting that a second bailout for banks was being considered in the UK, was included in the block's coinbase field. This note is seen not only as proof that the block was not created before that date but also as a symbol of Bitcoin's critique of the traditional financial system. The 50 BTC reward in this block cannot be spent, due to the structure of the software.
The genesis blocks of other networks, such as Ethereum, can contain initial state information such as starting balances allocated to presale participants. Test networks and new projects are also launched with their own genesis blocks.
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