Crypto Academy / Season 3 / Week 6 – Homework Post for [professor @awesononso] Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement

Hello steemians, am glad once again to participate in this week’s lecture and homework task. I read through the lecture and have learned a lot through it. Thanks, Prof @awesononso for this great lecture on Satoshi Nakamoto, Wei Dai, and Cryptocurrency Units of Measurement. To this, I will be answering based on the professor’s task.

Who is Satoshi Nakamoto?

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Satoshi Nakamoto is the name of the anonymous inventor and creator of the Bitcoin Genesis block and its whitepaper. The creation of this genesis block has led to the development of the cryptocurrency world but the information about the creator of the visionary idea remains a mystery.

On his internet post, the anonymous creator used the native British English which claims him to be of British descent as well as his name Satoshi Nakamoto which is of Japanese origin. Although, there have been many claims as to who Satoshi Nakamoto really is but all to no avail as the claims have been proofed worthless.

The big idea of Satoshi has been seen in the world today with which changes in the system of the transaction has been overwhelmed by the decentralized platform, all thanks to the guru who has made the crypto world a success.

Write on two claims/theories of Satoshi Nakamoto’s identity

NICK SZABO

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Nick Szabo is seen as one of the claims on Satoshi Nakamoto’s identity, many enthusiasts are of the view that Nick Szabo is an instrument to the creation of the first-ever Bitcoin cryptocurrency based on some assumptions and theories created by their teaching.

Nick Szabo has been one of the early cryptographists who brought about the invention of smart contracts and a cryptocurrency known as Bit gold, and this has been in existence before the creation of Bitcoin. This claim was made to air when Skye Grey who is a blogger and also confirmed by Frisby who is a writer using the stylometric method of analysis linked the earlier article published on Bit gold to Nick Szabo. The comparison between the forum post of Szabo and the early papers of Nakamoto on Bitcoin shows a similarity, thus creating more argument as to if Nick Szabo is actually Nakamoto. On the other hand, Nick denies the claims made on him has no trace.

Dorian Nakamoto

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Dorian Nakamoto is a retired physicist, he is seen as one of the claims on Satoshi Nakamoto’s identity. A news reporter named Leah McGrath Goodman claimed Satoshi Nakamoto to be Dorian on his story tagged “Face behind Bitcoin”. On Leah’s interaction with Doran, Doran’s commentary quoted “he was no longer in that and cannot discuss it” and also because Dorian’s birth name was revealed to be Satoshi Nakamoto. This statement made by Doran raised more emphasis as to the enthusiast believing that Dorian Nakamoto is the brain behind the creation of Bitcoin although, this he denied.

Who is Wei Dai?

Wei Dai is a cypherpunk and one of the early cryptographist who brought about the development of B-money which was ultimately not implemented to usage. He is a Chinese computer engineer who brought into play the idea of cryptocurrency in 1998 before Satoshi Nakamoto’s evolving Bitcoin came into play. Wei Dai has made a great impact on the building and development of the cryptocurrency world.

He has made a remarkable contribution towards the creation of the evolving Crypto++ and VMAC algorithms. On the other hand, the smallest unit fraction of Ether was named after Wei Dai as “Wei” and his identity is known as regards to Nakamoto, but his information and pictures have been made scarce on the internet.

In the search for who Satoshi Nakamoto actually is, Wei Dai has been made speculations on by enthusiasts to be Satoshi according to the impression on the resemblance of the B-money idea and that of the Bitcoin created by Nakamoto.

Nevertheless, the email exchange between the two has also been found to be similar as regards the P2P electronic cash ideas which made enthusiasts be believing that Wei Dai is truly the Nakamoto. All of the claims and attempts by the enthusiast are proven abortive as Wei Dai denies being Satoshi Nakamoto.

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).

Using the coinmarketcap, the current market value of 1 Bitcoin = $42,912.03
If 1 Satoshi = 0.00000001 BTC
1 Satoshi in the USD value = 0.00000001 x $42,912.03 = $0.0004291203
Therefore, 1 Satoshi in USD value = $0.000429 (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).

Using the coinmarketcap, the current market value of 1 Ether = $2,935.28
If 1 Gwei = 0.000000001 ETH
1 Gwei in the USD value = 0.000000001 x $2,935.28 = $0.0000029353
Therefore, 1 Gwei in USD value = $0.00000294 (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)

Steem has not yet given a name to the smallest fraction or any fraction of its coins, although it has a smaller unit of the fraction to which it cannot exceed when carrying out the transaction.

In transferring Steem to another account, the following steps are followed:

Login to the Steem wallet with your Steemit username and password

In my case, there are few Steem available in my balance, so I will have to transfer without buying from the crypto market.

To transfer the Steem, click on the drop-down arrow closer to the steam and select “Transfer” on the drop-down menu.

A new page will be displayed, then type in your required details (the wallet username you are transfer from and the one you are transferring to) and the amount of Steem to transfer. In my case, am transferring 0.001 Steem to @amplegeologist, then click on the “Next” button to continue.

Confirm your details are correct and then select the “OK” button to continue your transaction.

To be sure, the Steem has been sent, check your wallet history.

I tried sending 0.0001 Steem to @amplegeologist steemit account following the same steps above but it was unsuccessful because the digits of the amount I selected exceeds the smallest unit of Steem that can be transferred making the transaction an unsuccessful one.

Conclusively, This lecture has been a wonderful one, and have learned a lot, talking about the different units of measurement and how to calculate them. It was a nice reading time, kudos to our Prof. @awesononso for this wonderful lecture. Thank you.