STEEMIT CRYPTO ACADEMY[BEGINNERS’ LEVEL] SEASON3 WEEK6/ SATOSHI NAKAMOTO, WEI DAI AND CRYPTO UNITS OF MEASUREMENTS
Greetings
Thank you @awesononso professor for this wonderful lecture. My entry is below
Who Satoshi Nakamoto
Satoshi Nakamoto is the developer of he Bitcoin crypto currency and the person who devised the first decentralized blockchain database.
Nakamoto, a Japanese inventor of digital currencies, computer science and cryptography was born on the 5th April.
The identity of Nakamoto has been confusing for very many years but all that was confirmed is that he is male. This was got from his personal information(profile) on peer to peer.
Nakamoto managed to hide his identity and even with the massive efforts to put spot him, no one has succeeded but rather different scholars have been put across as the Nakamoto(s).
Nakamoto started working on the Bitcoin in 2007 and it’s white paper that describes it as the digital currency was established on the 31st October. Through the invention of Bitcoin, a successful decentralized system came up to out compete the centralized system.
Write about two claims/theories of Satoshi Nakamoto’s identity.
• Dorian Nakamoto
This has been known to be the closest profile to revealing the Bitcoin founder because of many similarities that Satoshi and Dorian have.
They include
-Both having the Nakamoto name.
-Both holding their studies in Japan
There was an article that arose claiming that Nakamoto had turned the Bitcoin to other people and was no longer involved in it but when Dorian was asked about it, he told the press that he had nothing to do with that. He claimed he had misunderstood the question they had asked. After this interview, his picture was uploaded and from then, when you search for Nakamoto, it is his picture that comes up.
• Nick Szabo
Nick is an American computer engineer and a legal scholar credited with pioneering the concept of smart contacts in 1996. He developed the idea of the Bit Gold in 2008 and described it as a protocol where costly bits would be presented online with little or no dependence on third parties.
He made the concept of Bit Gold similar to that of Bitcoin and this resulted into calling him “Satoshi Nakamoto” in Dominic Frisby’s book about “Bitcoin: The Future of Money”.
Later, a stylometric expert also came up and concluded that Szabo’s handwriting was similar to that of Satoshi.
Who is Wei Dai
Wei Dai is a Chinese computer engineer known to contribute to the cryptography and cryptocurrencies. He Perseus a Bachelor’s degree of Science from the University of Washington just in minor mathematicians.
His career works begun when he was a programmer in Terra Sciences in a company in Massachusetts. Later, Wei became part of the Cryptography Research Group of the Microsoft company located in Redmond, Washington.
In 1998, Wei designed a distributed anonymous electronic cash system using a Proof of Work(POW) as a way of creating money and his second proposal was about the use of subset of servers to maintain accounts similarly to the POS.
What is the current value of Bitcoin on the day of performance of this task and calculate the USD value of one Satoshi of the current value.(sho the full working to 3 s.f)
According to the coin market cap, the current value of Bitcoin is 39,090.52
| 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 | mBTC | 0.000001 |
| satoshi | SAT | 0.00000001 |
| millisatoshi | mSAT | 0.0000000001 |
Calculation
1satoshi = 1/100000000
1BTC = $39,090.52
1satoshi = 1/100000000 x 39,090.52
1satoshi = 0.0003909052
1satoshi = 0.000391(3s.f)
What is the current value of Ether on the day of performance of this task? Calculate the USD value of one Gwei of the current value and show full working and to 3s.f
| 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 | 1x 10^-15 |
| Wei | Wei | 1 x 10^-18 |
Calculation
1Gwei = 1/1000000000 x 1 ETH
1Eth = $2,624.53
1Gwei = 1/1000000000 x 2,624.53
1Gwei = 0.00000262453
1Gwei = 0. 00000262(3s.f)
Transfer0.001 Steem to an account and then also send 0.0001 Steem and show what happens and state why.( also attach screenshots)
I have sent 0.001 Steem to @peace127 as instructed and I confirmed the transaction by entering my private key.
Next, I have sent 0.0001 Steem to @peace127 but the transaction failed because these are 4 decimal points and yet the system only supports a transaction of amounts with 3decimal points.
Conclusion
In conclusion, however much the identity of the Bitcoin founder is not clear and many identities are alleged to be Satoshi Nakamoto, the Bitcoin has been a successful crypto currency with hopes of taking over the whole centralized finance system.