Steemit Crypto Academy Season 3 Week 6 Homework post for Prof. @awesononso|| Satoshi Nakamoto, Wei Dai Cryptocurrency Units of Measurement by @cinnymartins
Source here
Good day sir @awesononso. I have really desired to be under your lecture for a while and now to be honest am so happy am doing that and I want to say thank you so much for the scholarly explanation of those concepts... Indeed your explanation gave me a perfect understanding of this lecture and so I will be trying my best to make a good attempt to all the questions that follows suit:
Who is Satoshi Nakamoto?
Write on two claims/theories of Satoshi Nakamoto’s identity.
Who is Wei Dai?
What is the current value of Bitcoin on the day you are performing this task? Calculate the USD value of one satoshi of the current value. (Show full working and to 3 s.f).
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).
Transfer 0.001 Steem to an account. Then send 0.0001 steem. Show what happens and state why.
(Screenshots with username tag).
Note: Provide screenshots of the coin values for the day of the calculations.
WHO IS SATOSHI NAKAMOTO?
The Bitcoin whitepaper was published in 2008 while Bitcoin itself was invented in 2009. Far from this, he also devised the first blockchain database. Truly it is yet to be revealed if the brain behind the Bitcoin invention is an individual or an organization. This anonymous designed the Bitcoin software to be an open source thereby making it possible for every individual to have access, participate, own and control Bitcoin.
Some persons in time past have claimed the identity of Satoshi Nakamoto. Some claimed to be born in April 5th 1975, a Japanese with the career option of cryptography, computer science and digital currencies. Another claimed in 2012 to be a 37 year old male who lived in Japan. Nonetheless, he communicated last in April 2011 and ever since then, nobody has heard from him.
WRITE ON TWO CLAIMS/THEORIES OF SATOSHI NAKAMOTO'S IDENTITY
In the course of trying to unravel the real identity of Satoshi Nakamoto, a lot of theories or claims have come up claiming few individuals to be the brain behind the invention of Bitcoin. I will be two theories which includes:
- Nick Szabo
- Dorian Nakamoto
Nick Szabo
Many people are of the opinion that Nicholas Szabo as the brain behind the invention of Bitcoin simply because of his immense contributions to the development of Bitcoin. He has been described as the "Smart contract" and was working on a cryptocurrency known as Bit gold long ago even before Bitcoin came into existence. Also for the reason that Szabo's writing and the Bitcoin whitepaper of linguistics similarities the theorist of this school wasn't all that wrong.
He was also known to have an interest in anonymity in the 90's and this clears the air why he was denied all the claims of being the brain behind Bitcoin even after a blogger called Skye Grey linked Nick to the Bitcoin whitepaper using an approach called "Stylometric analysis" in 2013.
Dorian Nakamoto
A Newsweek columnist (Leah McGrath Goodman) claimed Bitcoin inventor to be a retired physicist named Dorian Nakamoto in her published story on the "Face behind Bitcoin". When Goodman further visited Dorian's home, he said he was "no longer involved in that and cannot discuss it". This statement proved he used to be involved in it and this skyrocketed the world's suspicion on Dorian being the brain behind Bitcoin although he vehemently denied this.
The world had more reasons to believe this theory when Goodman revealed that Dorian's birth name to be Satoshi Nakamoto.
WHO IS WEI DAI?
Wei Dai graduated from the University of Washington and he is a degree holder in computer engineering with a minor in mathematics. He has made significant contributions to cryptocurrency and known for his development of B-money which has a resemblance with Bitcoin and was invented with the intention to be an anonymous electronic cash system. He is a well known cypherpunk and also cited in Bitcoin whitepaper.
The assumption or theory that Wei Dai is Nakamoto is not only because he is a unique cryptographer but also based on the premise that he invented the crypto++ which is a library of cryptographic functions. Although he have incessantly denied these theories. The name Wei has been adopted as the smallest sub unit of Ethereum.
WHAT IS THE CURRENT VALUE OF BITCOIN ON THE DAY YOU ARE PERFORMING THIS TASK? CALCULATE THE USD VALUE OF ONE SATOSHI OF THE CURRENT VALUE.
Units of Bitcoin
| Units of measurements | Symbol | Value in numerals |
|---|---|---|
| mega Bitcoin | MBTC | 1 000 000 |
| kilo Bitcoin | kBTC | 1 000 |
| Hetro Bitcoin | hBTC | 100 |
| Deca Bitcoin | daBTC | 10 |
| Bitcoin | BTC | 1 |
| deci Bitcoin | dBTC | 0.1 |
| centi Bitcoin | cBTC | 0.01 |
| milli Bitcoin | mBTC. | 0.001 |
| micro Bitcoin | uBTC. | 0.000001 |
| satoshi | SAT | 0.00000001 |
| millisatoshi | mSAT | 0.00000000001 |
The current value of Bitcoin on 3rd August 2021 is $39,530.39 from coinmarketcap.
1 Satoshi is 0.00000001
Calculating one satoshi by the current price of Bitcoin
0.00000001×39530.39
1 satoshi= 0.000395580
3 s.f= $0.000396
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.
Units of Ethereum
| Units. | Symbol. | Wei value |
|---|---|---|
| Ethereum | ETH | 1e 18 Wei |
| Kilo Wei | Kwei | 1e3 Wei |
| Mega Wei | Mwei | 1e6 Wei |
| Giga Wei | Gwei | 1e9 Wei |
| milliether, aka finney | milliether | 1e15 Wei |
| microether, aka, Szabo | microether | 1e12 Wei |
| Wei | Wei | 1 |
Current price of Ethereum as at today 3rd August 2021 is $2,493.41 from coinmarketcap.
1 Gwei = 0.000000001 ETH
Calculating 1 Gwei by the current price of Ethereum
0.000000001×2493.41
1 Gwei = 0.0000024934
To 3 s.f = 0.00000249.
TRANSFER 0.001 STEEM TO AN ACCOUNT. THEN TRANSFER 0.0001 STEEM. SHOW WHAT HAPPENS AND STATE WHY
The steem blockchain doesn't have names for their sub units although this doesn't alter its existence.
Step 1: To transfer steem to another account you should have some in your account first. So, I funded my wallet with with little steems.
Step 2: Then I selected an account fund with 0.001 steem and then clicked on the 'Next' button
Step 3: A new page popped up where I have to confirm the transaction and I did.
Here is the proof of the transaction
Trying to send 0.0001 steem to the Sam account
I followed the initial process but unlike before the 'Next' button did not pop up. It only came up with the notice: use only 3 digits of precision as seen below.
The second transaction of 0.0001 failed because the least price of steem every user in the system is permitted to transfer is 0.001.
CONCLUSION
I really learnt a lot from this lecture but most importantly on how to calculate the Bitcoin and Ethereum units and I also got the learn that that the brain behind Bitcoin invention is a mystery and the theories highlighting this.
Thank you so much Prof. @awesononso.
Hello @cinnymartins,
Thank you for taking interest in this class. Your grades are as follows:
Feedback and Suggestions
You should try and write a little bit clearer. Some statements were not so easy to understand.
You also should work on your arrangement and markdown use.
A little bit more research is required.
There is still a bit of info missing on the last question.
Thanks again as we anticipate your participation in the next class.
Okay sir, I will do just as you said and apply those corrections next time