. In many cases, the genesis block is hardcoded into the blockchain application software.</p>\n<p>After the genesis block, all new validated <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">
that usually contain transactions and other activity data are attached via a \"chain\", forming the blockchain. Despite the name, there is no actual chain binding the blocks together. However, they all contain data that references the previous block and derive their value from the preceding blocks.</p>\n<p>The genesis block is the only one that does not contain any reference to a predecessor block by design. In most cases, the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining-reward/">
mining rewards</strong></a> unlocked from validating and processing the genesis block are considered unspendable.</p>\n<p>As the name suggests, genesis blocks form the foundation of blockchain technology. The <strong>first-ever genesis block</strong> was mined on 9 January 2009 and marked the beginning of not just blockchain technology but also cryptocurrencies, specifically <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin./nThe genesis block of Bitcoin contained the message \"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks\" which referenced the global financial crisis. The Bitcoin genesis block contained a reward of 50 BTC.</p>\n<p>The genesis block was created by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-satoshi-nakamoto/">Satoshi Nakamoto</strong></a>, an <strong>anonymous entity</strong> (or entities), also known as the creator of Bitcoin. 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":377,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Geotagged NFT?","slug":"what-is-geotagged-nft","section":"G","keyword":"Geotagged NFT","status":"published","definition":"3D version of street art with corresponding coordinated to the physical location of said street art.","content":"<p>A <strong>geotagged non-fungible token (NFT)</strong> is a type of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-non-fungible-token-nft/">NFT that includes the geographic coordinates of a specific street art along with its 3D rendering.</p>\n<p>Geotagging involves extracting precise metadata about the global positioning of the art. This includes the exact coordinates and an <strong>accurate digital rendering</strong> or other related digital media, like websites or videos.</p>\n<p>Non-fungible tokens, or NFTs, are digital assets that possess unique value. They do not possess a tangible, physical form and can be traded like other crypto tokens. NFTs follow the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-721/">ERC-721 standard. Each NFT comes with a certificate of authenticity or a digital token that verifies the ownership of the asset.</p>\n<p>While some NFTs are digital collectibles with no real-life equivalent, geotagged NFTs provide a unique spin. Each geotagged NFT has an equivalent piece of street art somewhere in the world.</p>\n<p>The coordinates of the location are included in the NFT along with the digital representation. This provides the owner of the NFT with ownership over the actual artwork. The owner of the NFT can then choose to resell the physical art piece and transfer the ownership of the street art itself.</p>\n<p>Geotagged NFTs are considered <strong>non-invasive</strong> and provide artists with the opportunity to put their works for sale without having to physically relocate them. Collectors are able to own street art from anywhere in the world since the technology that NFTs are built on is <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized.
/nThe original art remains completely intact after the purchase while the digital reproduction allows street artists to monetize their works efficiently.</p>\n<p>Each geotagged NFT is unique and contains different geospatial metadata, like coordinates and altitude. If someone were to sell an NFT of artwork on the East Side Gallery in Berlin, Germany, the coordinates would be 52.5050° N, 13.4397° E.</p>\n<p>Geotagged NFTs provide a niche opportunity for crypto enthusiasts and collectors to bring real-world data into digital technologies. This connects the digital and real-life art worlds and <strong>creates a new meaning of ownership</strong> for both the artists and the NFT owners.</p>\n<p>While the owner inherits the right to keep or sell the NFT as they wish, the artists are eligible to receive royalties each time the NFT is resold to a new owner.</p>","level":"medium","meta_title":"What is Geotagged NFT? Definition & Meaning | Crypto Wiki","meta_description":"Geotagged NFT meaning: Geotagged NFT - 3D version of street art with corresponding coordinated to the physical location of said street art.","meta_keywords":null,"language":"en","created_at":"2022-03-16T07:55:47.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-geotagged-nft"},"prevSection":{"id":375,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Gas Limit?","slug":"what-is-gas-limit","section":"G","keyword":"Gas Limit","status":"published","definition":"the maximum amount of cryptocurrency that a trader is willing to spend on transaction fees.","content":"<p><strong>Gas limit</strong> describes the highest amount of Ether that users are willing to pay for a transaction on the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum blockchain network. Gas refers to the transaction fees to conduct the procedure.</p>\n<p>Gas limit may vary based on the complexity of the blockchain activity in question or the desired transaction speed. Given the size of the Ethereum ecosystem, it can experience surges of increased transaction activity. Therefore, transactions with a higher gas limit are prioritized in the queue.</p>\n<p>If a trader chooses a high gas limit and the whole amount is not used up during the transaction, the remaining change returns to the user’s <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wallet/">wallet. The complexity of a transaction depends on what services were used. Typically, operations that interact with smart contracts lead to higher transaction costs due to the resources required.</p>\n<p>Gas limits help prevent issues of programming codes mischarging or overcharging for the transactions, particularly in the case of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a>.</p>\n<p>The terminology of gas and gas limit is analogous to a car. Transaction gas acts like the fuel which helps the transaction move forward, while the gas limit acts like the fuel tank.</p>\n<p>Following the analogy, a driver must keep track of how much gas is required for a journey from point A to point B without any inconvenience or the need to cancel it altogether. Ethereum traders set gas limits to ensure their transactions are completed without interruptions or failure. If a transaction fails, the user is not refunded for the gas used in the operation.</p>\n<p>Ethereum users can check the preferred and recommended gas limits on the ETH Gas Station. They can set the gas limit for their operations using ETH wallets like <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-metamask/">MetaMask.
","level":"easy","meta_title":"What is Gas Limit? Definition & Meaning | Crypto Wiki","meta_description":"Gas Limit meaning: Gas Limit - the maximum amount of cryptocurrency that a trader is willing to spend on transaction fees.","meta_keywords":null,"language":"en","created_at":"2022-03-16T07:42:05.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-gas-limit"},"currentChapter":"G","currentSection":"what-is-genesis-block","chapterTitle":"G","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-genesis-block","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter G
What is Genesis Block?
Genesis Block MEANING:
Genesis Block -
the first validated data block that starts a new blockchain.
Let's find out Genesis Block meaning, definition in crypto,
what is Genesis Block,
and all other detailed facts.
Genesis block, block 0, or block 1, is the first block that starts a new blockchain. In many cases, the genesis block is hardcoded into the blockchain application software.
After the genesis block, all new validated blocks that usually contain transactions and other activity data are attached via a "chain", forming the blockchain. Despite the name, there is no actual chain binding the blocks together. However, they all contain data that references the previous block and derive their value from the preceding blocks.
The genesis block is the only one that does not contain any reference to a predecessor block by design. In most cases, the mining rewards unlocked from validating and processing the genesis block are considered unspendable.
As the name suggests, genesis blocks form the foundation of blockchain technology. The first-ever genesis block was mined on 9 January 2009 and marked the beginning of not just blockchain technology but also cryptocurrencies, specifically Bitcoin.
The genesis block of Bitcoin contained the message "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" which referenced the global financial crisis. The Bitcoin genesis block contained a reward of 50 BTC.
The genesis block was created by Satoshi Nakamoto, an anonymous entity (or entities), also known as the creator of Bitcoin. There have been some questions and speculations regarding the six-day interval between the time quoted in the genesis block message and its actual date of release.
