Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 6 | Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement. [awesononso] and submitted by @jasminemary
INTRODUCTION
Hello Steemians,how are you doing I hope you are much fine. Today I am here to discuss about my homework task that was given by professor awesononso on the topic : "Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement."
1. Who is Satoshi Nakamoto?
Satoshi Nakamoto is a very popular name when mentioning Bitcoin, people are referring Satoshi Nakamoto as a single person while some are saying he is a group of persons. As a cryptocurrency users once you search on the history of Bitcoin is a must that the name Satoshi Nakamoto will be mention which means Satoshi Nakamoto is the founder of bitcoin ecosystem in the world. The creation of Bitcoin is what gives rise to the name called Satoshi Nakamoto in 2009. Although, till today little information is being known about Satoshi Nakamoto. As of 2011, two years after the creation of Bitcoin, Satoshi Nakamoto make a post about cryptocurrencies and ever since then no one has heard about his disappearance.
Several measures have been put in place to reveal the true identity of Satoshi Nakamoto,but none seem to bring out the true identity or a valid evidence. Satoshi Nakamoto has never been interview nor make any statements concerning business, cryptocurrency Investment that will make the world know him.
2. Write on two claims/theories of Satoshi Nakamoto’s identity
Despite all the various efforts to identify his identity, Satoshi Nakamoto has proven elusive. Several individuals have been claiming to be Satoshi Nakamoto without relevant evidence. Here are two people's who claimed to be Satoshi Nakamoto.
Nick Szabo
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Nick Szabo is a well-known computer engineer and also a legal scholar.In 2008, Nick Szabo conceptualized a decentralized currency he described as Bit Gold,a forerunner to bitcoin. Nick Szabo discussed on how to make used of Bit Gold, he described it as a protocol where expensive bits can be created through online with the influence of third parties.
Author Dominic Frisby,in his book described Nick Szabo as Satoshi Nakamoto. Dominic Frisby consisted several expert in the crypto industry who concluded that Nick Szabo writing pattern was the same like bitcoin whitepaper, whereby a series of bits would be created by a network of computers without third parties verification. Another evidence the author brought up was that both Nick Szabo and Satoshi reference economist Carl Manager. According to the author,he leaned that Nick Szabo had previously worked for DigCash, which his early attempt to bring digital payment which make him claimed that Nick Szabo is Satoshi Nakamoto the founder of bitcoin.
Dorian Nakamoto
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This fellow was the most highly profile person that people think is the founder of bitcoin. In March 2014, a publishing firm, identified Dorian Nakamoto as the founder of bitcoin. The publishing firm went ahead an published and article that caused a fuss in the crypto community,due to the fact that the publishing firm was the first to had reveal the identity of the founder of bitcoin.
The publishing firm claimed to have several similarities between Dorian Nakamoto and Satoshi Nakamoto. For instance, Satoshi Nakamoto and Dorian Nakamoto had the same political doctrine and a Japanese connection. Dorian Nakamoto is Japanese-American,who graduated from California Polytechnic. As a physics graduate, he worked on classified defense projects. Due to his previous worked,the publishing firm claimed Nakamoto said he was "no longer" involved in bitcoin stating that he had, "turned it over" to other.
When Dorian Nakamoto noticed that his speech was bringing some controversy, he denied the quote and claimed that the publishing firm had misinterpreted the quote. Dorian said he told the publishing firm that he "got nothing to do with it".
3.Who is Wei Dai?
Wei Dai,a very popular cryptographer who belong to the crypherpunk community, he became popular for his contributions toward the field of study. In the crypto space,he will never be forgotten for placing a key precursor proposition for Bitcoin before the beginning of Satoshi Nakamoto and for his works towards the crypto library "crypto ++".
Wei Dai started his career as a programmer in TerraSciences. He worked on with the department of development of security solutions. Wei Dai became member of the Cryptography Research Group Company Microsoft,located in Redmond Washington. Both in crypherpunk and crypto community Wei Dai had top position and well-known among its rank. He is a computer scientist and also crypherpunk of Chinese by birth. Wei Dai obtained a Bachelor of Computer Science from University of Washington. He love mathematics and as a mathematician and computer scientist he created a crypto system that is today well-known.
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).
Calculations of the value of one Satoshi in USD
As at the time of performing this task, the current value of Bitcoin is $43,549.71 from the information gotten from Coinmarketcap
Screenshot from Coinmarketcap
1 satoshi = 1/100000000 × 1 BTC
1 BTC = $43,549.71
∴ 1 satoshi = 1/100000000 x $43,549.71
1 satoshi = $43,549.71
1 satoshi = $0.0004354971
1 satoshi = $0.000436 (to 3 s.f)
Below is a table showing the unit of each satoshi.
| UNIT | SHORT FORM | VALUE |
|---|---|---|
| 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 |
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).
From the information gotten from Coinmarketcap as at the time of performing this task the current value for Ether is $3,097.68
Screenshot from Coinmarketcap
1 Gwei = 1/1000000000 x 1 Ether
1 Ether = $3,097.68
∴ 1 Gwei = 1/1000000000 x $3,097.68
1 Gwei = $0.00000309768
1 Gwei = $0.00000301 (to 3 s.f)
6.Transfer 0.001 Steem to an account. Then send 0.0001 steem. Show what happens and state why.(Screenshots with username tag).
For the purpose of the homework task, I have transferred 0.001 Steem to awesononso by going to my Steem wallet to performed the transaction.
Below is the screenshot of the transaction.
I confirmed the transaction by supplying my active key and it became successfull.
Below is the screenshot of the transaction history.
After, I finished sending 0.001 Steem. I then tried to send 0.0001 Steem to the same user, which is shown from the screenshot below.
From the screenshot above,Steem blockchain only deal will 3 decimals places. You can see the results of what I got as I was trying to send 0.0001 Steem, the message was Use only 3 digits of precison on the blockchain. After doing this I went and checked my Steem power, Steem balance and SDB I discovered that it's true it only allow a maximum of 3 decimals places.
This means the lowers amount of Steem that user can transfer is 0.001 Steem any above that amount have more than 3 decimals place will not work.