Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 6 | Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement Homework post by @ebuahsang1
Hello steemians and most esteem professor @awesononso. It was a pleasant lecture and I enjoyed learning from you. Here is my homework post.
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WHO IS SATOSHI NAKAMOTO?
Since the conception and creation of Blockchain technology and Bitcoin, there have been no clear cut as identification as to who is the founder of this technology. The closest the world has come to is the name Satoshi Nakamoto. So who is Satoshi Nakamoto.?
Satoshi Nakamoto is the name of the person or group of persons that is/are believed to have created Bitcoin. It is unclear to the world if it is a single person or a group of persons, all we know is that the name is closely linked to the creation of Bitcoin. The person/persons behind Crypto currency has done a great job in keeping his/their identity private.
WRITE ON TWO CLAIMS/THEORIES OF SATOSHI NAKAMOTO'S IDENTIFY.
However, over the years there have been a couple of claims/theories as to who Satoshi is. The following persons are,
- Harold “Hal” Finney:
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Being the first persons to receive Bitcoin from Satoshi Nakamoto and coupled with several emails he has received from Nakamoto, he has been top of the list of those who are believe to be the founder of Bitcoin.
He is a true believer of cryptocurrency and spent his last days working on software development called "bcflick" which uses Trusting computing that would help in strengthening Bitcoin wallet. However, there have been no prove of these accusation and Finney himself rejected the accusations.
Finney was very ill and paralyzed, he died in 2014.
- Nick Szabo:
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A very prominent and important name in Crypto sphere is that of Wei DAI. Wei Dai is a Chinese computer scientist who has done tremendous contribution to the cryptography world. In 1998, Wei Dai published his proposal of B-money, a digital currency. This proposal had core concepts which was later implemented by Bitcoin. The concept of Proof of work, work verified by community, workers rewarded with funds, exchange in a decentralized system were that were in b-money white paper were also included in the Bitcoin white paper. However, this remained as publications till the creation of Bitcoin.
Wei Dai had several communications with Satoshi Nakamoto during the early days of Bitcoin creation and Satoshi mentioning Wei Dai works in the Bitcoin white paper has made many people to suspect that Wei Dai is Satoshi Nakamoto.
His development involves projects like Crypto++, VMAC, b-money.
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 3s.f)
The value of one Bitcoin in recent years has become so high. This has necessitated that Bitcoin be divisible so that small investors can be able to invest. The smallest unit of Bitcoin is called satoshi named after the founder of Bitcoin. Denoted as SAT, one Satoshi is equals to 0.00000001btc.
As of the date of this post, the value of Bitcoin on Coinmarketcap is 37,902.22
To calculate the value of 1 satoshi the formula is
1 satoshi=1/1000000001BTC.*
CALCULATION OF SAT
1 satoshi= 0.00000001value of BTC.
So if 1 BTC= 37,902.22
1 satoshi = 0.0000000137,902.22
1 satoshi = 0.0003790222.
Hence the value of 1 satoshi as per current market is 0.000379
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).
Just like Bitcoin, Ethereum is the second largest Crypto currency traded and has a very high value. In order to enable small traders to invest, Ethereum is divisible too and the smallest unit of Ethereum was named after Wei Dai, wei.
As of the day of this post, the value of Ethereum is 2,492.47.
CALCULATION OF GWEI.
Even though wei is the smallest unit of ether, gwei is mostly used in the Calculations of ether.
1 gwei = 1/1000000001Ether
Therefore, 1gwei = 1/1000000002,492.47
1gwei = 0.0000249247.
Hence, the value of 1 gwei as per the day of this post is 0.0000249
TRANSFER 0.001 STEEM TO AN ACCOUNT. THEN SEND 0.0001 STEEM. SHOW WHAT HAPPENS AND STATE WHY? (Screenshots with username tag).
Steemit as of now does not have a name for it's smallest unit. But the smallest amount that can be transferred is 0.001 Steem.
Let me illustrate.
I will be sending 0.001 Steem to @missfomunyam. So I sign in to my wallet. Go to Steem, click the down arrow and select transfer.
I input the username and amount which is 0.001 and I put in my memo. As you can see below the Next button is clickable, so I click. It takes me to the next which page where I validate the transfer by clicking OK. See image below.
Then, I will try sending 0.0001 to the Same person. I go back and login to my wallet and click ok transfer. After which I input the username and 0.0001.
As can be seen above, the transfer can not take place because the Next button is not clickable. And a message of use only 3 digits of precision appears below showing that this transfer cannot be done.
The reason why I am unable to transfer the amount 0.0001 is because it is below the minimum amount of Steem that is divisible.
CONCLUSION
In conclusion, I must say I enjoyed reading and researching about the persons that were involved in the Development of cryptocurrency. I only knew of Satoshi Nakamoto before this class. And I also didn't know about smallest units of measurement of Bitcoin. The class was clear precise and beautiful.
I better understand now the smallest unit of Steem and I pray in the future the value of steem keeps increasing so that we can increase the divisibility.
CC.
Professor @awesononso