Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 6 | home work submission post for @awesononso | Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement by @alexanderpeace
CRYPTO ACADEMY/ SEASON 3/ WEEK 6- HOME WORK POST FOR @awesononso / ON satoshi Nakamoto, Wei Dai, crypto units of measurements BY @alexanderpeace
Greetings,
Am glad to be a part of another beautiful week in the crypto academy. The lecture was quite interesting. Thank you professor @awesononso for the lecture.
When I was growing up things usually get spoilt in the house and when my parents ask, we will say it's not us and my mum will always say for example;
so you mean nobody spoilt this shoe.
Hence nobody always took the blame for all the bad things. This no body has always been a mystery person till date and the same phenomenon applies to SATOSHI NAKAMOTO.
Satoshi NAKAMOTO is the mystery name of the individual or individuals who invented Bitcoin. Satoshi Nakamoto in 2008 published a white paper promising a decentralized cash system which will be strictly on a peer to peer level. This was because of the chaos and challenges encountered then because the conventional banking system and the use of fiat currency was controlled by the government and their policies thereby making money and value to be centralized.
Satoshi Nakamoto made the first Bitcoin transaction on the 3rd of January 2009. Satoshi Nakamoto's invention of Bitcoin is seen as a bailout from the already existing failed banking system.
He invented a decentralized means of transaction leading to the creation of Blockchains.
Satoshi Nakamoto's identify still remains a mystery He was said to have communicated through electronic means having no personal or background details which made it difficult to identify the person behind the name. His last connection to Bitcoin was in 2010 after he put across a message to another crypto developer about moving on to other things.
No face has been put on the name Satoshi Nakamoto hence this has raised many theories about his identity. Bitcoin has had so much success and still Satoshi's Identity is yet to be known. It's obvious the inventor of Bitcoin doesn't want to be known but the name Satoshi Nakamoto is a household name in the world of cryptocurrencies.
Satoshi Nakamoto's identify been a mystery has led to theories or claims on his identify. Let's consider two of those claims.
NICK SZABO
Nick Szabo is one of the individuals who was speculated to be Satoshi Nakamoto. He is a computer engineer and was said to have come up with the idea of smart contract in a 1996 paper. He came up with Bit Gold a decentralized currency in 2008 which is a fore runner of Bitcoin. The idea of Bit Gold as bits created online running independent of third parties is similar to the idea of Bitcoin and how it operates.
An author Dominc Frishy wrote a book
Bitcoin: The future of money?
He insinuated in his books that Nick Szabo is Satoshi Nakamoto in the sense that the way Nick writes is similar to that of Satoshi Nakamoto. He also said that both Nick and Satoshi made a reference to Carl Menger who is an economist.
An attempt was made earlier to bring cryptography to digital payment through Digicash and Nick was said to have worked for Digicash.
All these are the reason why Dominic Frishy strongly thinks that Nick Szabo is Satoshi Nakamoto.
DORIAN NAKAMOTO
Dorian Nakamoto is also one of the persons said to be Satoshi Nakamoto. He is a computer engineer whose birth name was Satoshi Nakamoto but in 1973, he changed his name to Dorian Nakamoto.
When Dorian was initially interviewed by a reporter Leah McGrath Goodman about his involvement with Bitcoin creation, he said he cannot discuss it that he is no longer involved in that.
Reporter Goodman published a story
The face behind Bitcoin
She believed that she has found the man behind Bitcoin creation. She reiterated that Dorian was shrouded in secrecy, the statement he made and his birth name proves that he is Satoshi Nakamoto.
Dorian denied the speculation saying that he was confused about the reporters question. he said the answer he gave was regarding another project which he wasn't involved in anymore. He said he has never heard about Bitcoin before.
Dorian was a retired engineer and physicist who worked for the U.S military and some cooperation and most of his work were classified. He was closed to Hal finey who was also one of the persons theorized to be Satoshi Nakamoto.
Dorian was however said to be very friendly and people wished he was the real Satoshi. He is however crowned the best Satoshi's suspect.
Wei Dai is a Chinese man , a computer scientist graduate from the University of Washington who is renown for his imput in cryptocurrency and cryptography. He developed crypto++ a library of cryptography and VMAC. His contribution brought a great deal of success in the crypto world.
Wei Dai in 1998 introduced the concept of b-money. b-money is thought to be the first cryptocurrency even though it didn't succed. The concept Wei Dai introduced in b-money was also used in Bitcoin creation. This made people to speculate that he could be Satoshi Nakamoto. He denied been Satoshi Nakamoto but but b-money to a great extent influenced the creation of Bitcoin.
I logged into coinmarket at the time I was doing this homework and the value of Bitcoin was $42,631.97 as seen in the screenshot below.
I proceeded to calculate the USD value of one Satoshi of the current price of Bitcoin as seen below;
1 Satoshi = 1/100000000 × 1BTC
1BTC = $42,631.97
Therefore 1 satoshi = 1/100000000 × $42,631.97
1 Satoshi = $0.0004263197
(to 3 s.f) = 1satoshi = $0.000426
According to coinmarketcap the current value of Ether when I was doing this homework was $2,916.98 as shown in the screenshot below.
I proceeded to calculate the USD value of one Gwei of the current value of Ether as shown below:
1 Gwei = 1/1000000000 × 1 Ether
1 Ether = $ 0.00000291698
(to 3 s.f) 1 Gwei = $0.00000292
Below are the screenshots of the transfer of 0.001 steem to an account.
• I logged into my wallet and signed in with my username and active key. I clicked on the steem drop down button and clicked on transfer
• I put in the username of the professor as beneficiary account and 0.001 as the amount of Steem to be transferred. I clicked on next.
• I typed in my memo and clicked on ok. the transfer was successfully.
screenshot showing successfully transfer
Next I proceeded to transfer 0.0001 to the same account
The image showed a message saying
Use only 3 digit of precision.
This implies that steem Blockchain allows only a maximum transfer of 3 decimal places on the Blockchain.
I also checked my steem power balance, my steem balance and my SBD balance and all of them has a maximum of 3 decimal places.
below are the screenshots
Screenshots showing my steem power, steem and SBD
This means that the Lowest I can view or transfer on the steem Blockchain is 0.001
Cryptocurrencies cannot be named without some individuals who contributed to it's success.
Satoshi Nakamoto the inventor of Bitcoin is a name to reckon with and that's why people are interested to know who is the mystery person or persons.
Wei Dai is also part of the success story of cryptocurrency. Cryptocurrencies have divisible nature and some of their smaller units have been names while others have not.
Thank you once more professor @awesononso for this beautiful lecture. It was really interesting.
Hello @alexanderpeace,
Thank you for taking interest in this class. Your grades are as follows:
Feedback and Suggestions
You have done well to clearly explain the topic.
Some facts need to be verified.
I have doubts on the image of Dai that you provided.
There are still some points missing.
Thanks again as we anticipate your participation in the next class.