Title: The first transaction ever in cryptocurrency ... beautiful! Post by: junoreactor on February 05, 2018, 07:43:29 AM Here it is > https://blockchain.info/fr/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b
Wondering: for the first block to be validated, it is necessary to validate transactions (mining) in order to receive the reward for the new block created. So... What was traded the first time for this reward to be granted? Or in other words: what did the first miner validate to receive 50 bitcoins? Quick Google search says that the first transaction block of the Bitcoin blockchain, named Bloc Genesis, was created on January 3, 2009 at 6:15 PM. The first 50 bitcoins generated have not changed their address: At a technical level, the first 'coinbase' is special. These 50 btc cannot be spent and the address cannot be changed. The very first transaction (coinbase) of the Genesis block is not a valid transaction. It is not part of all transactions. (Antoine Ferron). A "coinbase" that may contain arbitrary data, Satoshi Nakamoto inserted in this first block the title of an article from the Financial Times of the day: The Times 03 / Jan / 2009 "Chancellor on Brink of Second Bailout for Banks". Details about this block: Number of transactions: 1 Total production: 50 BTC Estimated volume of transactions: 0 BTC Transaction fees: 0 BTC Size: 0 (Main channel) Date (timestamp): 2009-01-03 18:15:05 Time of receipt: 2009-01-03 18:15:05 Relayed by: Unknown Difficulty 1.00 Bits 486604799 Size: 0.2783203125 KB Version: 1 nuncio: 2083236893 Block Reward: 50 BTC Hash: 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f Previous block: 0000000000000000000000000000000000000000000000000000000000000000 Following block (s): 00000000839a8e6886ab5951d76f411475428afc90947ee320161bbf18eb6048 Root Merkle: 4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b Reception address: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa What I don't get is: even if this block is out of nothing, it had to generate a reward for the validation of 50 btc that do not exist, to a miner who did not validate anything... I think a little further: if we assume Satoshi received 50 btc to validate an nonexistent transaction that does exist. In his first transaction, was he the only one able to validate his own transaction? Title: Re: The first transaction ever in cryptocurrency ... beautiful! Post by: ranochigo on February 05, 2018, 08:50:50 AM Wondering: for the first block to be validated, it is necessary to validate transactions (mining) in order to receive the reward for the new block created. Mining is just the inclusion of transactions into the Blockchain. Every full nodes on the network would verify the transaction.What was traded the first time for this reward to be granted? Or in other words: what did the first miner validate to receive 50 bitcoins? The whole point of mining is not for miners to validate transactions. They can choose not to include any transactions other than the coinbase transaction. Coinbase transactions doesn't need a reference input.What I don't get is: even if this block is out of nothing, it had to generate a reward for the validation of 50 btc that do not exist, to a miner who did not validate anything... Mining is also the distribution of Bitcoins. If you don't give BTC even if someone mined a block which doesn't have a transaction other than the coinbase, the supply would be hard to regulate. Some blocks today also do not have other transactions other than the coinbase. I think a little further: if we assume Satoshi received 50 btc to validate an nonexistent transaction that does exist. In his first transaction, was he the only one able to validate his own transaction? Any nodes that run the reference Bitcoin client can validate the block and testify that he did deserve that amount of Bitcoins since his block matches the target.You get the block reward (+ transaction fees) if you mine a valid block that matches the target, regardless of how many transactions you include. |