Steemit Crypto Academy [Beginner level] | Season 3 Week 6 |homework Task for @awesononso | Units of measure for Satoshi Nakamoto, Wei Dai and cryptocurrencies.

in SteemitCryptoAcademy3 years ago (edited)

Hello, lovely Steemians,
Thank you, professor @awesononso for giving us this tutorial on Satoshi Nakamoto, Wei Dai, and Cryptocurrency Units of Measurement. In this homework task, I will discuss who Satoshi Nakamoto is, some theories of Satoshi Nakamoto, who is Wei Dai, and many others topics.


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Who is Satoshi Nakamoto?

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Satoshi Nakamoto is the name of the person or group of people who created Bitcoin in 2009. To date, the true identity or gender of Satoshi Nakamoto is not known. The first block in the Bitcoin Blockchain was traced to Satoshi Nakamoto.

There are so many allegations about the true identity of Satoshi Nakamoto, some claim the founder of Bitcoin is a male from a Japanese citizen, but this identity of Satoshi as a has Japanese is no accepted since the proficiency in the English Language used in the Bitcoin Whitepaper and the level of the English language reported from Satoshi"s meetings with the developers.

Satoshi Nakamoto published bitcoin's whitepaper with the title, Bitcoin: a peer-to-peer electronic cash system in 2018; this was followed by the release of Bitcoin software into circulation for the first in the history of cryptocurrency. Satoshi Nakamoto took part actively in the development of Bitcoin until somewhere in December 2010. Satoshi then went dark, and since then, no one has ever seen or heard from him or her or them.

Some say that Satoshi Nakamoto has more bitcoin than any other person on this earth. Some even estimated it to be around one million bitcoins. Satoshi has really left a legacy in this cryptocurrency world.


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2. Write about two claims / theories of Satoshi Nakamoto's identity.

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There have been many claims about the true identity of Satoshi Nakamoto, some of these claims are listed below,


  • Nick Szabo

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Nick Szabo is an expert in computer science, a Cryptographer, and a lawyer who is a Bitcoin and cryptocurrency enthusiast.
He proposed smart contracts and Bit Gold in the 1990s. Currently, there is no enough information about the real age, place of birth, and other personal information. These characteristics of Szabo are similar to that of the great Satoshi Nakamoto.

Nick Szabo has been accused of been Satoshi Nikamotobut denied all the allegations. Most allegations are channeled towards him due to his incredible works in the field of cryptocurrency. In 1990, He was a pioneer in developing a decentralized prototype digital coin called bit gold. This proposal was not implemented not until 1998. His main focused was to eliminate a centered financial system that normally involved third parties for transactions to be done. Most things about Nick are similar to Satomoshi; thus, Satoshi was the first to create a digital currency known as Bitcoin.

A financial author, Dominic Frisby, claims that Nick Szabo was Satoshi because Nick's writing style is similar to the writing style of Satoshi in his book Bitcoin: The Future of Money?. Frisby used stylometric analysis to analyze both writings, and he found out that their writing style was similar. All these facts about Nick"s point to the fact that he is Satoshi but Nick denied all these allegations.

In July 2014, Nick sent an email to Frisby, saying "Thanks for letting me know. I'm afraid you got it wrong doxing me as Satoshi, but I'm used to it."

Reference and source


  • Gavin Andresen

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Gavin Andresen is an American computer science expert and software developer who is best known for his great contribution to the development of Bitcoin. In 2010, Andresenafter took on a leading position in the Bitcoin core team after Satoshi announced that he would not be part of the project. S

Under the leadership of Gavin Andresen, he founded the Bitcoin Foundation to solicit funds to support the creation and development of the virtual currency. Currently, he is the key research officer, and he also has access to send alerts to its users about internal messages about the network. He is known to be worth $2 million.

Due to his incredible works in the bitcoin project, most people mostly accuse him of been Satoshi, but he denied all these allegations. In 2016, to swerve from all these allegations, he pointed out an Australian programmer and Entrepreneur, Craig Wright, to be Satoshi. He but all these allegations may or not be true.


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3. Who is Wei Dai?

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Wei Dai is a Chinese who is an expert in computer science and cypherpunk. Been a cypherpunk; much of his life is private, which much is known about him. As stated, he holds Bachelor in Computer Science, and he graduated from the University of Washington. He also has a pursue mathematics at the university.

Being both a computer scientist and a mathematician has helped him explore his talent in cryptosystems and solutions. Wei Dai's private life is also similar to that of Satoshi Nakamoto's normally makes people allege that he is Satoshi.

Using his expertise in cryptography and mathematics, he proposed a b-money system in 1998, a Crypto++ system, and other significant achievements. It is known that Dai and Adam Back were approached by Satoshi in 2008 when DSatosh was developing Bitcoin, and others also alleged that he is the real Satoshi.

Dei's contribution was recognized when his name was referenced in the Bitcoin whitepaper. Some allege that he is the Satoshi, but he denied all the allegations, but he admits he has played a vital role in the Bitcoin project.


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4. What is the current value of Bitcoin on the day you perform this task? Calculate the USD value of a current value satoshi.


The current price of Bitcoin at $38,197.197, according to Coinmarketcap.

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Calculating the USD value of one Satoshi of the current value.

From the professor,

1 satoshi = 0.00000001 BTC

1 BTC = $38,197.97

Therefore, 1 satoshi = 0.00000001 x $38,197.97

1 satoshi = $0.0003819797

∴ 1 satoshi = $0.000382 to 3 significant figures.


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5. What is the current value of Ether on the day you are performing this task? Calculate the USD value of one Gwei of the current value. (Show full working and to 3 s.f).

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The Current Price Value of Ether

The current price of Ether at $2,513.50, according to Coinmarketcap.

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To calculate a Gwei, we have the following data:

1 Gwei = 0.000000001 Ether

1 Ether = $2,513.50

Therefore, 1 Gwei = 0.000000001 x $2,513.50

1 Gwei = $0.00000251350

∴ 1 Gwei = $0.00000251 to 3 significant figures.


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6.Transfer 0.001 Steem to an account. Then send 0.0001 steem. Show what happens and state why.

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Transferring of 0.001 Steem to a different account.

I would be transferring 0.001 STEEM to @patrickbonyah; let's follow the steps below to transfer,

  • Click on Wallet at the account's home page or locate the profile icon and select wallet.

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  • Enter your wallet details to log in to your wallet.

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  • Click on Steem and select "Transfer."

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  • I will then enter 0.001 as the amount of stem to send to @patrickbonyah, then click on "Next."

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  • Click on "Ok" to confirm the transfer.

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  • Steem successfully transferred.

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Transferring of 0.0001 STEEM into the same account

Let's follow similar steps to transfer steem to the same account.

  • Click on Wallet at the account's home page or locate the profile icon and select wallet.

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  • Enter your wallet details to log in to your wallet.

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  • Click on Steem and select "Transfer."

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  • I will then enter 0.0001 as the amount of stem to send to @patrickbonyah.

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  • There was an error code of "Use only 3 digits of precision" when I entered 0.0001. STEEM can only be transferred in three decimal places on the Steem blockchain. The lowest amount that can be transferred is 0.001. All the Steem, sbd, steam power is in 3 decimal places.

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Conclusion

This lecture has made to learn,
Some prominent people contributed greatly to cryptocurrency. Some of These People are alleged to be Satoshi Nakamoto, the creator of the first digital currency. Till today his identity is not known.

There is an amount of crypto that can be transferred on every blockchain. For example, the stem blockchain only allows an amount up to 3 decimal places.


Thank you for reading my post

Sort:  

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

CriteriaCalculation
Presentation/Use of Markdowns1.7/2
Compliance with Topic2/2
Quality of Analysis & Calculations1.5/2
Clarity of Language1.8/2
Originality1.8/2
Total8.8/10


Feedback and Suggestions
  • You have done a good amount of research but you should work on your expression.

  • Justify your work next time to make the presentation much more appealing.

  • There are still some important points missing on the topic.



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

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