SteemitCryptoAcademy [Beginners’ Level] | Season 3 Week 6 | Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement. HOMEWORK for Professor @awesononso
ENTIRE QUESTION
1.Who is Satoshi Nakamoto?
2.Write on two claims/theories of Satoshi Nakamoto’s identity.
3.Who is Wei Dai?
4.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).
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).
6.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?
Satoshi Nakamoto is an unknown person or may be a name of a group of people who had invented bitcoin. Nakomoto is known to be the one who developed the first bitcoin database in the world. After 2010 it is said that Nakamoto has disappeared. There had been several attempts made time to time in order to reveal who this Nakamoto is but all attempts were failed as it was kept as a full secrete by the group behind this. Nakamoto neither had done interviews nor political statements.
Nakamoto was once found to be a 37 year old male living in Japan but it was a false statement. There was again a reveal that Satoshi is a British or Someone from commonwealth because of the use of the way of English Language usage. A developer who has interacted Satoshi via E mail revealed that Satoshi can be a group of people who is using Satoshi Nakamoto as the name.
In the same way that it is difficult to identify who is Satoshi Nakamoto it is really unpredictable about the amount of Bitcoin he owns. It is believed that he may own about 1 million bitcoins. Satoshi Nakamoto was put under the 40 richest people on the planet.
Write on two claims/theories of Satoshi Nakamoto’s identity.
There is no confirmation to the public about the Bitcoin Creator. Satoshi Nakamoto is a pseudonym for the person or group of people behind the bitcoin development. Socialist and philosopher Ted Nelson has stated that he believes that he knows Satoshi who may be a Princeton graduate.
Till 2011 Satoshi Nakamoto has interacted with others via e mail and after 2011 he has disappeared ceasing contact. He has sent an email to one of the developers saying “I’ve moved on to other things” revealing that he is no longer with bitcoin has felt that without him Bitcoin can move forward as it has enough support now.
01.Dorian Satoshi Nakamoto
Dorian was a Japanese American who lived closely with Hal Finney who is a computer Engineer. He has once stated that he neither create, invent nor work on Bitcoin.
Different statements are stated from Darian Satoshi assuming that he is the founder of bitcoin but he has revealed that all those statements were related to his electrical engineering.
02.Hal Finney
There was a game developer named “Hal Finney” who has discovered Satoshi’s bitcoin proposal and he was offered to mine the first 10 original bitcoins which Satoshi has sent as a test. He has once said “I thought I was dealing with a young man of Japanese ancestry who was very smart and sincere. I've had the good fortune to know many brilliant people over the course of my life, so I recognize the signs.” But at an instance he has said that the identity of Satoshi Nakamoto is still an unrevealed secret to him as well.
Who is Wei Dai?
Wei Dai was a computer engineer who had graduated from the University of Washington in computer science. After that he started working in Microsoft. Then he invented two U.S patents #5724279 and #6081598 which were assigned to Microsoft.
In his cryptography research group he had to research about design and implementation of cryptosystems. Dai also played an integral role in the VMAC project. It is a block cipher-based message authentication code with a universal hash. These projects show his greatest contribution to cryptocurrencies.
B-Money is an anonymous electronic cash system which was used since 1998 and it was introduced by WEI DAI. It has provided same contemporary services which of cryptocurrencies that users practice today. He wanted to make B-money a stepping stone to other cryptocurrencies.
There were two protocols in the paper:
First Protocol - Every participant maintained a separate database of howmuch money belongs to them but as it was not successful Dai introduced a second protocol.
Second Protocol - Sub class of participants keep the money records instead of all users. It undergoes four steps:
- Planning
- Bidding
- Computation
- Creation
Bitcoin white paper also contains some sources of Dai’s B-money paper. Dai has done a great commitment on decentralization, cryptography and therefore all other cryptocurrencies.
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
Satoshi(SAT) is the smallest unit of Bitcoin. I will now calculate the current dollar value of satoshi.
First log into Coinmarketcap.com.
At the time of capturing the screenshot the bitcoin value is $38,544.76. I will calculate the SAT value by taking this bitcoin value.
Today’s value of SAT is, 1 satoshi = $0.000385 (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
Just like SAT, Wei is the smallest unit of Ethereum (ETH). First log into Coinmarketcap.com.
1 Wei = 1 x 10-18 ETH
Gwei is the most used unit for calculations. I will calculate the current value of Gwei.
The answer for Gwei value is 1 Gwei= $0.00000252 (to 3 s.f)
Transfer 0.001 Steem to an account. Then send 0.0001 steem. Show what happens and state why
The smallest amount that can be transferred to another account in steem is 0.001 steem.
I will now display how I transfer steem to another account. I have demonstrated how I transfer 0.001 steem to @ reddileep as a demonstration.
ThenI will show what happens when I transfer 0.0001 steem to another account. Steemdoesn't allow to transfer 4 decimal places values. Maximum number of decimal places should be 3.
CONCLUSION
Satoshi Nakamoto and Wei Dai are the two leading personalities who lead to the path to exsisting cryptocurrencies. They have done a great commitment on crypto world. There are smallest units of some popular coins like bitcoin and Ethereum. The values can be calculated using simple calculations. Thank you professor @awesononso for teaching us the lesson.
Hello @dilchamo,
Thank you for taking interest in this class. Your grades are as follows:
Feedback and Suggestions
You should have done more research on the claims.
You should have also mentioned at least one identity theory different from the ones in the lesson.
There is still something missing in the last question.
Try to write clearer. Some statements were not so easy to understand.
Thanks again as we anticipate your participation in the next class.