Steemit Crypto Academy [Beginner's level] /Season 3 Week 6/ Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement: Task by @iykewatch /August 6th, 2021.
It is always engaging and educating each time I take part in the crypto academy tasks or any other task here on steemit .
It's a very exciting news that the steemit crypto academy season 3 is now in its week 6 and great number of people are partaking in it. Kudos to team.
In this week 6 professor @awesononso takes us on a very detailed lecture titled Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement. Professor sir I am your student and mu name is @iykewatch. With joy and happiness I wish to tell you that I followed your lecture and below is my attempt to your
Introduction
Birth, life, and death -- each took place on the hidden side of a leaf.
Toni Morrison
Uncovering the true identity or identities of the brain(s) behind the creation of Bitcoin is important but if can't unravel this we still owe them gratitude for the betterlife they have offered to humanity.
In an attempt to find out the true identities of the Satoshi lots of quality efforts has been made and to a great deal, there lay evidence to trace who Satoshi truely is.
In the teaching of professor @awesononso the following questions were asked.
| - | QUESTIONS |
|---|
1. Who is Satoshi Nakamoto?
2. Write on two claims/theories of Satoshi Nakamoto's identity.
3. Who is Wei Dai?
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 3s.f)
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 3s.f)
6. Transfer 0.001 steem to an account. Then send 0.0001 steem. Show what happens and state why.
Screenshot with username tag
Note provide screenshots of the coin value for the day of the calculation.
Who is Satoshi Nakamoto?
The name Satoshi Nakamoto is a hidden identity used to represent the creator(s) of Bitcoin. Satoshi Nakamoto places claim that he is a Japanese, born on April 5, 1975 and lives in Japan . His fluency in English rises dust of his true identity. His preferred working hours which goes in favour with the U.K time than Asia is yet another reason to question his Japanese identity, though the word SATOSHI is a Japanese boy's name meaning "one with wise ancestry" and Satoshi is guessed to be a male. In October 2008, Satoshi published the original Bitcoin whitepaper, stating his blueprint for "A peer-to-peer" an Electronic cash system. Nakamoto made a historic impact being the first to solve the double spending problem for a decentralised digital currency creating a new asset such that marvel the world. In January 2009 Satoshi came up with version 0.1 of the cryptocurrency by minning the genesis block.Write on two claims/theories of Satoshi Nakamoto's Identity
The true identity of who is the brain or the brain behind the creation of Bitcoin is unknown but there are claims put forward to possibly trace who Satoshi truly is. Among the the claims include Harold Hal Finney and Dorian Satoshi Nakamoto etc.
Dorian Satoshi Nakamoto
The name Satoshi Nakamoto has caused much debate in the Bitcoin community. Could it really be true that Dorian Satoshi Nakamoto is the founder of Bitcoin? Looking away from from him going on the same name as Bitcoin creator, there are no evidences to prove that Dorian Satoshi Nakamoto should be Satoshi, only that the he lived a few blocks away from the other probably Satoshi, that's Hal Finney. Could Hal be Satoshi? Or does it mean that Satoshi goes on different names? To say that Dorian may have become the face of Satoshi could be nice but it's arguable that he is not the brain. Dorian Satoshi Nakamoto had appeared on different blockchain conferences and however, McGrath Goodman published a story titled " The Face Behind Bitcoin" , She claims Bitcoin's inventor was a retired physicist named Dorian Satoshi Nakamoto had and when Goodman got to Dorian Nakamoto's home in California - Dorian said he was "No longer involved in that" and he "can't discuss it"..jpeg)
it sounded like I was involved before with bitcoin and looked like I'm not involved now . That's not what I meant. I want to clarify that.
This looked like a confirmation that Dorian Satoshi Nakamoto was the creator of Bitcoin.
Dorian debunked this saying the press quoted him out of contest that he actually meant another project of his.
Harold Hal Finney
Rreading from #bitcoin.com , it's said that Hal Finney was the first respondent to Satoshi's mailing list post announcing Bitcoin. He was also the first to receive bitcoin transactions.
There are some evidence to claim that Hal could be Satoshi - Hal Finney lived two blocks away from Dorian Satoshi Nakamoto , this closeness have rise to theories that the former took his nom de plune from the latter.
Hal and his Crypherpunk counterparts intended for this old friendly retired man whose house had been foreclosed by banksters to be symbolic figure behind this life changing financial system.
However, for Satoshi to spoke with himself and did transactions with himself in the claim that he was dealing with Hal Finney and hiding his true self yet leaving a huge traceable evidence which sounds illogical knowing that Finney would ay a point get doxed as him.
Who is Wei Dai
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Wei Dai is a famous name in cryptocurrency basically with his B-money. He is a computer engineer and a Crypherpunk. Aside been the creator of b-money , he is also the developer of the Crypto ++ Library .
Wei Dai is an alumnus of the university of Washington with a degree in Computer science. In 1998, Wei invention of b-money helped push up interest in cryptocurrencies.
There's however relationship between Wei Daiand Satoshi Nakamoto . In 2008 during the development of Bitcoin, the first two people Satoshi Nakamoto contacted were Wei Dai and Adam Back. And the B-money paper was mention in the subsequent bitcoin whitepaper. Though having evidences of connection if Dai is Satoshi there's no prove yet.
what is the current value of Bitcoin on the day you are performing this task?
Calculate the current USD value of one Satoshi of the current value. (Show full working and to 3s.f)
As at the time of writing this task, the value of Bitcoin was at $40,932.43.
Calculation
Breaking down the units for bitcoin
| Unit | Symbol | Value (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 | 0.000001 |
| satoshi | SAT | 0.00000001 |
| millisatoshi | mSAT | 0.00000000001 |
1 SAT = 1/100000000 BTC .
Solution
1 Satoshi = 1/100000000×1BTC
1BTC = $40,932.43
.: 1 Satoshi = $0.0004093243
1Satoshi = 0.000409(to 3s.f)
What is the current value of Ether on the day you are performing this task?
Calculate the current USD value of one Gwei of the current value (Show full working and to 3s.f)
As at the time of writing, Eth is at $2,746.8
Calculation
1 Wei= 1×10 to the power of minus 18 ETH
solution
1 Gwei = 1/1000000000×1Ether
1 Ether = $3,746.8
.: 1 Gwei = 0.0000027468
1 Gwei = $0.00000275(3s.f)
Transfer 0.001 steem to an account. Then send 0.0001 steem . Show what happens and state why.
Screenshots with usernam username tag.
Transferring 0.001 steem to an account.
I initiated a transfer of 0.001 steem to an account, the beneficiary is @smartcliff. At this point now I need to OK it thus.
The 0.001 steem is on it's way to the recipient. Did it go through?
Notification summary will answer that.
This is a screenshot of prove that the 0.001 steem was sent all unsuccessfully.
#Observation
I observed that sending 0.001 steem to an account was successful. This is because it agrees with the binary floating point . Remember that the binary number is the language the computer understands. Also 0.001 means that the chances are only 1 in a thousand. Therefore it was accepted.
sending 0.0001 to an account.
I tried sending 0.0001 steem to another account but it was not successful. I was sending it to @obiwoke.
This is a screenshot of the failed transfer
Observation
I found out that the transfer was unsuccessful. I saw a command that read use only three 3 digits of precision meaning that 0.0001 is inaccurate and not accepted because it is not exactly presentable as a binary floating point number.
Conclusion
The true identity of who Satoshi is is still unknown but traceable evidence points at different persons who have some sort relationship with the founder of Bitcoin but they still debunk all claims proving that they are not Satoshi. Though we have not been able to unravel the identity(s) of the hands behind creation of Bitcoin but we are grateful to them for excellent ideas .
Finally, Satoshi is smallest units of bitcoin which is 0.000000001 BTC
We also learnt that Wei Dai and Adams Black were the first two people Satoshi contacted during the developmental stage of Bitcoin. Questions are still been asked if Wei Dai is the unknown Satoshi. If he is Satoshi this hasn't been proved.
Thank you professor @awesononso and thank you every one for reading my post. I am @iykewatch.