Analyzing a wallet from its earliest stages has always been a reliable method of judging how well the wallet has prospered since its development. Tezos Fundraiser wallet has been regarded as the safest wallet for storing Tezos (XTZ), so how about having a glimpse of what it looked like in its earliest development stages?
The article records some key statistics concerning the Tezos fundraiser wallet and pairs it with several popular cryptocurrencies like BTC and ETH to help you understand the wallet in a much better manner.
What is Genesis Block in a Blockchain Technology?
If you are a blockchain enthusiast or love reading about such technologies, you might be well aware of the term “genesis block”. But you need not worry even if you don’t have a clue of what the term implies. Here is a short introduction of what the genesis block of any blockchain technology looks like.
Genesis block (or what we often call “block 0”) refers to the first block created under a blockchain, which is responsible for further creating new blocks. Each block in a blockchain contains some information related to its proceeding block, but in a genesis block, there are no pieces of evidence of the previous block.
Genesis Block Under a Hash Function
As talked about before, a hash function demands a set of alphanumeric characters as inputs to give out a set of coded alphanumeric characters as outputs. A hash function forms the building blocks of a blockchain and thus, it’s necessary to understand genesis block in terms of the hash function.
Considering a hash function, a genesis block’s previous hash has a value of 0, which simply indicates that the function didn’t receive any set of data before the blockchain’s genesis block. The succeeding blocks will begin with number 1 (known as “block height number”) and their set of the previous hash will be set to be the previous block.
Block height number of genesis block = 0
All the transactions processed in the blockchain inherit some evidence of the genesis block’s hash, which in turn facilitates the creation of a unique hash. This is process is carried till the addition of newer blocks into the chain.
Genesis Block under XTZ
XTZ (or Tezos) is the native currency developed on the XTZ blockchain. One thing that makes it different from other blockchains like BTC is its means of development. Unlike Bitcoin, Tezos can’t be mined and demand a different process of generations (known as Proof-of-Stake (PoS)).
But definitely, like every cryptocurrency, XTZ also didn’t exist until their genesis block was developed. And thus, it’s extremely crucial to pay heed to XTZ genesis block to understand the technology better.
Why do we Need the Genesis Block?
Is the concept of genesis block important while studying or investing in a blockchain? What all does it offers? Can it be replaced with any other concept? Here are the answers to all your questions along with the reasons behind relying on the concept of the genesis block.
Makes a blockchain trustworthy
The fact isn’t hidden that a huge number of blockchains enter and leave the world of crypto, making it extremely difficult for an investor to trust newly-formed blockchains. And this is where the concept of blockchain comes as a savior!
Trusting a blockchain would become incredibly tough as the miners won’t have a clue of the initial point of the chain. and since genesis block describes the development of the blockchain, it helps the miner to develop trust over the chain.
The initial point of a blockchain
Genesis block can be called the foundation of a blockchain. It is the beginning ring of a physical chain. and thus, a miner is bound to begin from a common point to develop trust over the process.
Major Tezos Fundraiser Wallet-Related Trends
Since now we know what genesis block is, we are all set to look at some major statistical trends observed in XTZ and Tezos fundraiser wallets. Given below are some key trends to consider concerning XTZ genesis block and development.
Total contributions in XTZ
Witnessing a journey from BTC block 473626 to 475622, there was an overall collection of 65,681 BTC and 361,122 ETH, which implies that BTC contribution accounted for 62.5% of the contributions, while ETH accounted for the rest 37.5% in the fundraiser period.
Contribution in Bitcoin requires a proper online registration that was called during the fundraiser window. Though there were late registrations too, they were merely 0.07%.
· Total XTZ supply
There will be 4-year vesting between DLS and Tezos foundation that will be carried forward monthly. Analyzing the total number of Tezos created over the genesis block, we can see that the total supply of 763,306,929.69 tokens by locking 20% in the vesting contracts.
Number of wallets funded
The foundation saw 30,317 wallets being funded over the period, which would offer the recommended allocation of 20,035. The median contribution turned out to be 2,331.
The Gini coefficient
The Gini coefficient measures the dispersion from 0 to 1 over statistical data. To generalize the results of the calculations,
|0||Equal allocation under a set|
|1||Allocation towards a single element|
The Gini coefficient of our set of data turned out to be 0.878. Comparing the result to other blockchains, we observe that the coefficient is slightly higher than that of ETH crowd-sale (which is 0.832).
Tezos vs. Ethereum
We’ll be concluding our discussion by comparing XTZ and ETH on several bases. Given below is the table.
|Bases||Tezos (XTZ)||Ethereum (ETH)|
|Price (as of March 4, 2021)||$3.83||$1562.40|
|Block time (in seconds)||3||<20|
|Transaction charges||$0.00232||0.65 ETH|
|Consensus mechanism||Proof-of-Stake||Proof-of-Work, then PoS|
The Bottom Line
Tezos could capture a significant market share due to the numerous advantages that it enjoys over other blockchains. Thus, it won’t be unjustified at all to call these tokens an impeccable component of future economies.