STEEMIT CRYPTO ACADEMY SEASON 3 - WEEK 6 HOMEWORK POST FOR PROFESSOR @awesononso.

in SteemitCryptoAcademy3 years ago

WHO IS SATOSHI NAKAMOTO?

This is the name used by the person who invented Bitcoin as the first ever cryptocurrency in 2009, the user of the name is eventually the one who created the Bitcoin Genesis block. I refer to it as the name used by the inventor of Bitcoin because even up till today, the bearer of that name has not been traced. This means that the name is probably a fictitious name of a group or an individual.

In an attempt to figure out who might have actually invented Bitcoin and hide his or her identity by using a name that is said to be a pseudonym, some people have made claims linking some individuals to the name "Satoshi Nakamoto", but none of the the speculations have been confirmed.
This has made it quite difficult to ascertain if the name "Satoshi Nakamoto" represents a team, a male or a female.

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CLAIMS AND THEORIES OF SATOSHI NAKAMOTO'S IDENTITY

Anything in this world that has so many uncertainties will always lead to many assumptions, eventually resulting in some claims and theories, this is the same for Satoshi Nakamoto's identity. Some people have been speculated to have some link with the name "Satoshi Nakamoto", here are some of the claims and theories made by people about it.

NICK SZABO

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This is the name of an early cypherpunk (someone who advocates for digital currencies and cryptography), he also had some friendly relationship with many people who also had similar advocacies. In 2005, he published a blog post making a hypothesis about a digital currency he termed "Bitgold" which would not depend on the trust of any third party.
Writing a blog post about a "digital currency" at a time where no cryptocurrency was invented is something that sounds suspicious to some people, making them to believe that he might habe been a part of the developers of Bitcoin, or maybe "Satoshi Nakamoto" himself. But this is thought not to be very true.

DORIAN SATOSHI NAKAMOTO

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This is another person who has been speculated to be the man behind Bitcoin, this is obviously because of the coincidence in his name. In 2014, Leah McGrath Goodman of Newsweek named Dorian Nakamoto who is an academia and engineer in California as the creator of Bitcoin due to the fact that he has almost the same name as the one used by the developer of Bitcoin.
But subsequent findings have shown that 64-year-old Japanese-American is not really the man behind Bitcoin despite the resemblance in the name.

WHO IS WEI DAI?

Wei Dai ( Chinese: 戴维) is another popular cypherpunk who created B-money ( an anonymous and distributed electronic cash system). He is a Chinese computer scientist who has made some vital contributions to the cryptography field by identifying some important vulnerabilities of Cipher Block Chaining (CBC) that has been affecting cryptography.

He is also one of the individuals who has been linked with the development of Bitcoin. This is because he published the proposal for B-MONEY in 1998 in what would have been the first cryptocurrency if it was implemented. The B-money paper has also been referenced in the Bitcoin whitepaper, signifying the contribution of Wei Dai to the cryptocurrency world.

Wei Dai also contributed to the development of VMAC, a message authentication code algorithm that is block cypher-based. He proposed the algorithm alongside Ted Krovetz. He is also known for development of crypto++, a cryptographic library. But he stepped away from it in 2015.

4 - SATOSHI AS A UNIT OF MEASUREMENT FOR BITCOIN

Satoshi is a small unit of Bitcoin, it represents one hundred millionth United of Bitcoin. This enables small investors to buy small fractions of the token. Here is how to calculate the current Dollar value of one Satoshi of the current value of Bitcoin.

Since this will involve the current value of Bitcoin, the value of Bitcoin as at the time of this writing is $37,792.26
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CALCULATION

1 satoshi = 1/100000000 x 1 BTC
1 BTC = $37,792.26
∴ 1 satoshi = 1/100000000 x 37,792.26
1 satoshi = $0.0003779226
1 satoshi = $0.000378 (to 3 s.f)

GWEI AS A UNIT OF MEASUREMENT FOR ETHER.

Just like Satoshi, Gwei is another small unit of Ether, it helps small investors to do small transactions of the person selling the token does not have up to one Ether.

Here is the calculation for the current USD value of one Gwei of the current value of Ether.
The value of one Ether at the time of this writing is $2,481.99
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CALCULATION
1 Gwei = 1/1000000000 x 1 Ether
1 Ether = $2,481.99
∴ 1 Gwei = 1/1000000000 x 2,481.99
1 Gwei = $0.00000248199
1 Gwei = $0.00000248 (to 3 s.f)

THE SMALLEST UNIT OF STEEM

At the moment, there is no name given to the smallest unit of Steem Token. But the smallest unit of Steem is 0.001 STEEM.

To verify this or prove it, I logged into my steemit wallet with my active keys so that I can perform some transactions.
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I input 0.001 as the amount of STEEM that I want to transfer and the "NEXT" key was active for me to complete the transaction. This shows that the unit is not below the smallest unit.
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I also try to transfer 0.0001 STEEM, but an information popped up saying "use only 3 digits precision".
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This shows that the unit is below the smallest unit of STEEM.

Sort:  

Hello @anselam,
Thank you for taking interest in this class. Your grades are as follows:

CriteriaCalculation
Presentation/Use of Markdowns1.5/2
Compliance with Topic1.8/2
Quality of Analysis & Calculations1.5/2
Clarity of Language2/2
Originality1.5/2
Total8.3/10


Feedback and Suggestions
  • There are still very important facts missing on the topic especially the last question.

  • You really should have sent the Steem to a different account than yours.



Thanks again as we anticipate your participation in the next class.

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