CryptoAcademy Season 3 Week 6 | Homework Post for Professor @awesononso |Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement
Who is Satoshi Nakamoto?
Satoshi Nakamoto is a person or group of people who is or are the building foundation of Cryptocurrency, these person or group of people is/are regarded as major founder/s and the father of the first Cryptocurrency to be known, this Cryptocurrency is called Bitcoin. In the year 2008, Satoshi Nakamoto help the economy from the high economic crisis by promising the world on how this Cryptocurrency would help for a better future. Satoshi Nakamoto then published a White paper to make it clear on how beneficial this currency would be, which is not even under any governmental authority.
Satoshi Nakamoto described the currency from the white paper as a digital network system and very easy to use, thus, it's secured and very rapid transaction between two people without the introduction of any third party. He also stated in the paper that, every transaction being done would be recorded and saved on a blockchain ledger as history. This recorded transaction details would be distributed accordingly across the network system.
In the year 2009, the clearly stated and promises made on the paper by Satoshi Nakamoto was fulfilled. Bitcoin was then the first cryptocurrency to be created, which now have influence on other Cryptocurrencies. The rise and fall of other cryptocurrencies also depend on the increment or decrement of Bitcoin. Ever since it was created, it has been able to profit many investors, where there is always in the increment in the number of users since the invention. Everything stated in the paper by Satoshi Nakamoto is gradually been fulfilled with time.
After Bitcoin has gain more grounds on it acceptance by the world, in the year 2011, Satoshi Nakamoto then disappeared. Since Bitcoin has been widely known to the world, and it's clear that Satoshi Nakamoto paved a profitable way for the world to make theirs out of it.
Write on two claims/theories of Satoshi Nakamoto’s identity.
One of the main topic of discussion in the crypto world is to know the identity of the founder of the first Cryptocurrency to the world (Satoshi Nakamoto). Satoshi Nakamoto's identity is mind bugging on how no one knows whether he/she is a male or female or either a group of people. With time, many Claims or theories of Satoshi Nakamoto has been put forward to the world. Below are some stated theories of Satoshi Nakamoto.
: Dorian Satoshi Nakamoto
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Could he be the founder? Dorian Satoshi Nakamoto has the same name as the founder of the first Cryptocurrency, Bitcoin. The above picture is a retired 70 year old Japanese American physicists, who has also worked with the US military for long. Many people believe Dorian is truly the founder of the first Cryptocurrency. This claims was made as a result of the comment he made after a well known American journalist had an interview with him on the issue of Bitcoin, he then said, " longer involved in that and I cannot discuss it ".
Dorian's birth name matches that of the founder of Bitcoin, which also convince people to seem he's truly the founder we looking for. His experience on discussions would give more convinced authority to conclude that he could be the real Satoshi Nakamoto, as said earlier he's a retired physicist and a well trained engineer as well . He denied to be part of the Bitcoin project after his statement to journalist.
: Bram Cohen
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An American citizen called Bram Cohen born in the year 1975 the same day as Satoshi Nakamoto was born and he is also the founder of Bittorrent. Bram Cohen started playing on how to develop Bittorrent for very long time even before the invention of Bitcoin. He used a webnet ( Bitconjurer.org ) which is link to the name Bitcoin in his process. This had made many people to also conclude if Bram is the real Satoshi Nakamoto, the founder of Bitcoin.
In the year 2009, same year Bitcoin was being created, Bram wrote articles of which one of them was based on how one can hide his/her identity online.
He is currently on a project of which he said is exactly the opposite of Bitcoin and proof of work. His project is called Chia also known as green cryptocurrency. He is never publicising it whether he is the one or denying to be the real Satoshi Nakamoto, this actually made most people to believe he's the real Satoshi.
Who is Wei Dai ?
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Wei Dai is also one of the most important people in the world of crypto, he completed as a computer engineer and a cryptographer in the university of Washington where he went to work Microsoft to build and design the Cryptosystem. He published an electronic distributed system in the year 1998, this system is called the b- money. Wei Dai is mainly notable for b-money as his work, where he's the founder of the b- money. Dai gave an explanation on how transaction using Cryptocurrencies can be done without the involvement of any third person or party. He also worked to develop CryptoPP, VMAC and others.
Many of the concept said by Wei Dai's was used in the development of Bitcoin. The main founder of Bitcoin, Satoshi Nakamoto usually contact Dai during the Bitcoin project in 2008 via email. The smallest unit of ETH (Wei) was named after him due to his hard work and many of the contributions he was made in the world of Cryptocurrency.
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).
According to Coinmarketcap, the current value of Bitcoin on (07/08/2021) is $43,389.80 with the increase percentage of 6.26%.
Values of some unit Bitcoins are as follows;
| Units | Symbols | Values in BTC |
|---|---|---|
| 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 | 1× 10-6 |
| satoshi | SAT | 1× 10-8 |
| millisatoshi | mSAT | 1× 10-11 |
Calculations
Current value and it correspondent of 1 Satoshi in USD;
1 SAT = 1 × 10-8 ×1 BTC .... eqn(i)
Current BTC value $43,389.26
1 SAT = 1 × 10-8 × $43,389.26
1 SAT = $0.0004338926
1 SAT = $0.000434 (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).
Coinmarketcap has Ether value of $3,117.05 and currently increase in 12.08% as now.
| Units | Symbols | Values in ETH |
|---|---|---|
| Ether | ETH | 1 |
| Peta | Pwei | 0.001 |
| Tera wei | Twei | 0.000001 |
| Giga wei | Gwei | 1 x 10-9 |
| Mega wei | Mwei | 1 x 10-12 |
| Kilo wei | Kwei | 1 x 10-15 |
| Wei | Wei | 1 x 10-18 |
Calculations
The USD value of one Gwei of the current value
1 Gwei = 1 × 10-9 ×1 ETH
Current price 1 ETH = $3,117.05
1 Gwei = 1 × 10-9 ×$3,117.05 = 0.00000311705
1 Gwei = 0.00000312 (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).
To transfer 0.001 steem to an account
First i have to login into my wallet.
The wallet page then open. And I click on the steem button to display options, then I click on the transfer option.
The transfer page is also displayed, then I put in the necessary details of the receiver and the amount to be received, and click on Next.
It then move to the confirmation of the transfer. Then I click okay to confirm.
I finally signed in to confirm the transaction being made.
The transaction history can be found after scrolling down the page.
Last but not the least, I then tried to send 0.0001 steem to the same account again but the transaction wasn't going through, "Use only 3 digit of precision" I think this is because the least Transaction to be made with steem on this platform is of three decimal places. Therefore, 0.001 would be the least amount to be traded on the platform. Below is a screenshot of the transaction to be processed.
Conclusion
Although the founder of the first Cryptocurrency, Bitcoin is not yet well known by the world, Bitcoin is still making people Happy due to its profit it shares to those using it till date. Cryptographers such Wei Dai and others who contributed in the development of the Cryptocurrency would never be forgotten by the world, due to their great support.
Thank you.
Written by @hmohammed14
Cc:- @awesononso
Hello @hmohammed14,
Thank you for taking interest in this class. Your grades are as follows:
Feedback and Suggestions
You have done a good amount of research on the topic but some points are still missing.
Always try as much as possible to avoid repetition and write clearer.
I have doubts on the image of Dai that you provided.
Thanks again as we anticipate your participation in the next class.
Thank you Prof