Block zero, the Genesis Block, for bitcoin or any other coin, always contains instructions for the creation of coins. In the case of bitcoin, it was 50 BTC.
What is the difference between coins created in a Genesis Block and a "premine"? Does the term "premine" necessarily refer to coins created in addition to the amount dictated by a mining reward in block zero?
I'm creating a guide to understanding the blockchain for crypto noobs and would like to get other peoples' opinions on the matter. Thanks.
premine is when a certain amount of coins are sent to an address (or a number of addresses) BEFORE the official launch and distribution
usually justified by the neccessity to fund the coin development,prime example-Etherium
actually,if you look at the coinmarket's top list,there are so many premined coins:Cardano,Ripple,Etherium,Neo etc.
before one could filter all the premined coins on coinmarketcap.com,cannot find the feature anymore
genesis block on the other hand is a block that serves as the foundation for the blockchain,it is the first block of it and establishes the basis for all future blocks
in case of bitcoins,the first 50 coins are UNSPENDABLE
https://en.bitcoin.it/wiki/Genesis_blockthe developer,of course,can edit the genesis block so it is mined faster or gives a much higher reward,the so called "instamine"
in a way,every coin can be "premined" without the general public knowing
devs always have this advantage and can make sure a certain group of individuals are ready to mine it before it is released and then get a headstart,yet stay relatively "clean"
