Steemit Crypto Academy [Beginners Level]| Season 3 Week 6| Satoshi Nakamoto,Wei Dai and Cryptocurrency Units of Measurements/ Homework Post by @giftye
I'm going to be presenting my findings on the homework questions below.
WHO IS SATOSHI NAKAMOTO?
There has been so many claims on the identity and origin of this so called "Satoshi Nakamoto", a few of them is that he was born on the 5th of April 1975(aged 46),a Japanese who's career options are computer science,digital currencies and cryptography
WRITE ON TWO CLAIMS/THEORIES OF SATOSHI NAKAMOTO'S IDENTITY.
Dan Kaminsky : He is a security researcher whom after reading the Bitcoin code, speculated that Nakamoto could either be a genius for developing such or it could be a group of people. His claim was adopted by Laszlo Hanyecz, a developer whom after emailing Nakamoto,suspected that the code was designed too well for a single person. John McAfeealso speculated that Nakamoto was a team of eleven people.
Apart from Hal Finney, Dorian Satoshi Nakamoto and Craig wright that were discussed during the lecture as possible identities of the founder of Bitcoin "Satoshi Nakamoto", I'm going to briefly talk on other two possible candidates:
- NICK SZABO
Myself,Wei Dai and Hal Finney were the only people I know of who liked the idea enough to pursue it to any significant extent, until Nakamoto.
Szabo has made his denial of being Nakamoto clear. In an email he sent to Frisby in July 2014,he said
"Thanks for letting me know , I'm afraid you got it wrong doxing me as Satoshi,but I'm used to it"source
- Joshua Davis in an article in "The New Yorker" in 2011,claimed to have figured out the identity of Nakamoto,he had few candidates in mind including: .Dr. Lehdonvirt (finish economic sociologist)and .Michael Clear(Irish student who was an undergraduate at Trinity College Dublin, studying cryptography as at 2008. These two candidates strongly denied that they were Nakamoto.
WHO IS WEI DAI?
Wei Dai is a computer engineer of Chinese origin who had his Bachelor of science degree in computer science,and with a minor in mathematics in the university of Washington.
He has made significant contributions to cryptocurrency and known for his development of b-money( an anonymous, distributed electronic cash system ) ,crypto++(also known as cryptoPP,libcrypt++,and libcryptoPP), a free and open source c++ class library of cryptographic algorithms and schemessource, and VMAC(a block cipher -based message authentication code (MAC) algorithm using a universal hash, proposed by Ted Krovetz and Wei Dai in April 2007)source.
His name"Wei" was adopted as the smallest subunit of Ether.
WHAT IS THE CURRENT VALUE OF BITCOIN? CALCULATE THE USD VALUE OF ONE SATOSHI OF THE CURRENT VALUE
Current value of Bitcoin
| Unit of measurement | Symbol | Value in numerals |
|---|---|---|
| mega bitcoin | MBTC | 1,000,000 |
| kilo bitcoin | kBTC | 1,000 |
| hecto 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 | μBTC | 0.000001 |
| satoshi | SAT | 0.00000001 |
| millisatoshi | mSAT | 0.00000000001 |
As at the time of making this post 1 BTC =$39,530.38.
Using the value in the table above ,we have :
1 Satoshi = 1/100000000 × 1 BTC
1 BTC = $39,530.38
1 Satoshi = 1/100000000 × 39,530.38
1 Satoshi = 0.0003953038
1 Satoshi = 0.000395(to 3 s.f)
WHAT IS THE CURRENT VALUE OF ETHER? CALCULATE THE USD VALUE OF ONE GWEI OF THE CURRENT VALUE
Current value of Ethereum
. | Unit of measurement | Symbol of measurement | Value in numerals |
|---|---|---|
| Ether | ETH | 1 |
| Peta wei/milliether | Pwei | 0.001 |
| Tera wei/microether | Twei | 0.000001 |
| Giga wei | Gwei | 0.000000001 |
| Mega wei | Mwei | 1 x 10-12 |
| Kilo wei | Kwei | 1 x 10-15 |
| Wei | Wei | 1 x 10-18 |
As at the time of making this post 1 Eth= $2,588.24.
Using the value in the table above.
1 Gwei = 1/1000000000 × 1 Eth
1 Eth = $2,588.24
1 Gwei = 1/1000000000 × 2,588.24
1 Gwei = 0.00000258824
1 Gwei = 0.00000258(to 3 s.f)
TRANSFER 0.001 STEEM TO AN ACCOUNT. THEN SEND 0.0001 STEEM. SHOW WHAT HAPPENED AND STATE WHY.
The steem blockchain doesn't have names for their subunits yet,but that doesn't alter the fact that they exist.
Trying to send 0.001 steem to a friend
Transaction was successful,which means steem can accommodate values of 3 decimal places.
Now, trying to send 0.0001 steem to a friend
This transaction was unsuccessful,suggesting that steem does not accommodate a subunit in 4 decimal places and below.
Following the term they used above "use only 3 digits of precision" and the lowest decimal place of my steem balance of 0.500steem one can comfortably say that the lowest subunit division of the steem blockchain is in 3 decimal places,and that's why the second transaction was unsuccessful.