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

(1) Who is Satoshi Nakamoto?

Satoshi Nakamoto is the name that is used in the identification of the Bitcoin Cryptocurrency developer or creator.
Once Satoshi Nakamoto is heard, Bitcoin or Cryptocurrency comes to mind. The name has now become very significant in the crypto world but no personality has ever come out to acclaim the name thereby leaving the public to speculate that the name belongs to a person and a group of persons at the same time. Nakamoto is known to be the person who wrote the Bitcoin white paper and the person behind the bitcoin project.

(2) Write on two claims/theories of Satoshi Nakamoto’s identity.

Although Satoshi Nakamoto as the real person behind the bitcoin project is yet to be unveiled, there are still some concluded controversy about known people who could be the real Nakamoto. These people include

Dorian Nakamoto

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Dorian Nakamoto is an engineer in California who was once alleged to be the person behind the bitcoin. He is a Japanese American who is 64 years of age with real name as Satoshi Nakamoto. Because of his data( being an engineer, a Japanese and also American) had caused people to believe that he was the real person behind Bitcoin but later progressive investigation proved that he likely was not the Bitcoin founder.

Hal Finney

p

Bitcoin has brought about a cypherpunk movement, and a notable figure in this movement at it's early phase was Hal Finney.
He was a crutial member of the then Bitcoin community and was also active even after it's launch. Another thing that brought him into the conspiracy theory was the fact that his house was located somewhere close to the house of Dorian Nakamoto. This triggered people to start to think that he was the person behind the bitcoin project but subsequent investigation proved the suspicion wrong.

(3) Who is Wei Dai?

Wei Dai

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Wei Dai is a widely known world cryptographer but his person doesn't attract any attention or fame to himeself and prefers to keep a low profile. He is the developer of cryptographic algorithm under the C++ programming language. Wei Dai has first written about a decentralised finance system which resembles that of bitcoin and to crown it all, Satoshi Nakamoto also acknowledged the work of Wei Dai in his Bitcoin white paper.

Wei Dai is also suspected to be the person behind the bitcoin project because, as a cryptogher, he is considered smart enough and has all it takes to create such a protocol.
He is also a passionate lover of privacy hence writing about a financial system known as B-money which is also similar to Bitcoin in it's features. He is referred to by some people as a private computer engineer.
One other factor that ties him to bitcoin is the fact that in 2008, Wei Dai and Nakamoto had exchanged some mails.

So with all these evedence, people found it more true to believe that he is the real Bitcoin Nakamoto.

(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)

The current value of Bitcoin at the time of writing this task (6th August, 2021) is $40,785.16 USD

p

One Satoshi = 1 ×10^-⁸ BTC = 0.00000001 BTC
If one BTC = $40,785.16
Then one Satoshi = 1 × 10^-⁸ × $40.785.16
=$0.000408 USD per Satoshi

(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)

The current price of Ether at the time of writing this post (6th August, 2021) is $2,778.5

p

One Gwei = 1 × 10^-⁹ Ether = 0.000000001 Ether
If one Ether = $2,778.5
Then one Gwei = 1 × 10^-⁹ × $2,778.5
= $0.00000278 per Gwei

(6) Transfer 0.001 Steem to an account. Then send 0.0001 steem. Show what happens and state why.(Screenshots with username tag)

Firstly, I transferred 0.001 STEEM to @kingworldline

In another transaction, I attempted to transfer 0.0001 STEEM to @kingworldline. The transaction is queried by the system indicating that only a minimum of 0.001 STEEM can be transferred.

Conclusion

• As it stands today, there are already six theories about the possible identity of the Bitcoin founder without any of them proven to be true. However, the identity of Satoshi Nakamoto does not disrupt the progress of his blockchain and so lessens the need to find the Nakamoto in person. There will still be more theories about Nakamotos identity in the future.

• The division of cryptocoins into small bits makes it easy to trade them without any confliction and makes Cryptocurrency to be affordable. For example, most people cannot afford one Bitcoin but many can afford upto 100 Satoshi.

Regards to professor @awesononso,
@davchi
@bright-obias
@bukkyi4u