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Mining genesis block

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Akash edited this page Nov 6, 2018 · 1 revision

Mining a genesis block happens when the person decides to start a blockchain. Let's call that person a blockchain creator. The blockchain creator will proceed as follows in order to mine Block 0 of the blockchain -

  1. Get a message signifying today's date and derogatory remarks about the bank/centralized banking systems/government/capitalists/corporate/conglomerate/donald trump
  2. Create a genesis transaction for the genesis block by including hash of that message in the coinbase field of the transaction input
  3. The output of the genesis transaction is the initial amount that is awarded to the first miner. e.g. 50 bitcoins. That value will be your COIN constant
  4. Set the lowest difficulty target by the definition of difficulty
  5. Select a nonce
  6. Solve until that difficulty target is reached which should be feasible
  7. Output the block and put that block as a constant in every client application. Let's call that constant GENESIS_BLOCK or BLOCK0
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