STEEMIT CRYPTO ACADEMY [BEGINNER'S LEVEL] SEASON 3 WEEK 6// SATOSHI NAKAMOTO,WEI DAI AND CRYPTOCURRENCY UNITS OF MEASUREMENT|| HOMEWORK TASK FOR PROF. @awesononso by @ladyofpolicy

Source

Good evening everyone,am super glad to partake in this weeks lecture by prof. @awesononso. Indeed this weeks lecture is rich with too many knowledge to grab from it.

I have so many things that has been confusing to me about the invention of cryptocurrency and its founder but this topic answered the whole questions and cleared all the doubts,all thanks to prof. @awesononso once more for this lectures.

Without wasting much time,I will proceed and answer the homework questions.

There are too many controversies about this name. The person behind this name is still anonymous from the invention of cryptocurrency till date. This can.either be a man or a woman or even group of persons but nobody knows who Satoshi Nakamoto really is.

Although the person(s) behind this name is still anonymous,the history,story and success of cryptocurrency cannot be complete without mentioning the name.

Satoshi Nakamoto was very famous in publishing the bit coin white paper in the year 2008 and for also for the successful invention of BTC in the year 2009.

Although some sites will tell you that Satoshi is a man who wasn't satisfied with the conventional bank system so he went in search of a decentralized system while other sites states it clearly that nobody knows who Satoshi is but one thing is certain that at the point when the conventional bank system begins to fail,Satoshi Nakamoto thought of a way of giving the masses a decentralized system that is free from government policies and that he (they) did by inventing bit coin and indeed cryptocurrency has proven to be purely decentralized because it has given thorough freedom which has in one way or the other changed the lives of millions of people today which was the main aim of Satoshi Nakamoto and after the successful invention of bitcoin as an independent block chain that is free from any central control,Satoshi Nakamoto disappeared leaving no trace of who he/she is or who they are.

Therefore nobody knows who Satoshi Nakamoto really is.

Each time I smoke making a research about the inventor of bit coin,the picture above always pops up on my phone and I kept on wondering if he's really the one.

Dorian Satoshi Nakamoto clear about his identity stating that he is not the founder of bit coin,but still the international community still regard him as the founder maybe because of few reasons that looks similar.

For instance,both of them.bears the same name and also both of them held libertarian leanings and has a Japanese connection. (Dorian, who graduated in physics from California Polytechnic and worked on classified defense projects, is Japanese-American).Source

Journalist recorded that the last anyone heard from Satoshi the founder was 2011 two years after the invention of bit coin and also when they interview Dorian he bluntly told them that "he is no longer involved and now the question aroused,did he disappear since 2011 because he was no longer involved with bitcoin so to clear the air,he told them again that he wasn't talking about bit coin but rather about a project of his. So the claim of him being the founder of bitcoin seems to be fake and to that the founder of bit coin still remains anonymous.source

• Vincent Van Volkmer.

Image source‘

Vincent van Volkmer is primarily an artist and bee activist, but he is also a mathematician and cryptographer. He himself clarifies that he is not Satoshi Nakamoto, but we must analyze his origin a bit and visualize the reason why the international community relates him to Satoshi.

Vincent van Volkmer was one of the blockchain developers that led to the creation of Bitcoin, along with a group of experts. This artist clarifies that he is a lover of Japanese culture and there are records that he lived for some time in Japan; this being one of the strongest reasons why he is related to Satoshi.

Also In January 2018 Vincent sold a bitcoin that worth around 40.000.00,00USD and by November same 2018,he sold another bitcoin worth 20.000.000,00USD making a total of 60.000.000,00 USD worth of bitcoin sold. This sell out was made by Vincent van Volkmer and it made people to start wondering who else has this amount of asset aside Sato shi Nakamoto but still Vincent denies being Satoshi.
Source

## QUESTION NO. 3

Who is Wei Dai?

Image source

Graduated in computing and mathematician of Chinese origin, he is related to being Satoshi Nakamoto, despite knowing little or nothing about his life.

Wei Dai proposed the creation of a digital currency called “B-Money”, which would be made effective through the Proof of Work (PoW) consensus mechanism, and its point of creation would be from mining with the use of the HashCash. This theory was rejected mainly for lack of synchrony.

Subsequently, it publishes a second proposal that spoke of validation of transactions based on a stake placed in the process that would represent a balance, which in turn would serve as a guarantee in the event of fraudulent actions. This proposal is very similar to what we now know as Proof of Stake (PoS).

"B-Money" is considered the first cryptocurrency created, but this project never really materialized. What is real is that it marked the path and the beginnings of Bitcoin. "B-Money" was the proposal of a virtual currency in a decentralized network, which would implement private and anonymous exchange through self-executing contracts.

Wei Dai | cryptoalien.io
Among other inventions of Wei Dai we have:

"Crypto ++", a library written in C ++ language for academic study, consisting of algorithms and bases for cryptography systems.

"VMAC", a message authentication code (MAC) algorithm that uses universal hashing.

You can find more about him through this link.

Reference

Reference

Reference

QUESTION NO. 4

What is the current value of bit coin on the day you're performing this task ?(calculate the USD value ,show full working and to 3s.f)

Coinmarketcap

The current value of Bitcoin price as at the time of this task is $42,621.01 according to coinmarketcap

Therefore to calculate the value of satoshi at this time showing full working;

solved on my book first

SOLUTION

1 satoshi = 0.00000001(0.seven zeros and 1)
1 Bitcoin = $42,621.01.
: To calculate the value in USD of Satoshi of the current value of BTC;

0.00000001×42,621.01
= 0.00004262101.

multiplying the figures

Value in USD of a satoshi = $0.00004262101

1 Satoshi = 0.0000423(3s.f)

So at the point of performing this homework task,the value of USD of a Satoshi is $0.0000423.

QUESTION NO. 5

What is the current value of Ether on the day you're performing this task? Calculate the USD value of one Gwei of the current value. (Show full work and to 3sf)

coinmarketcap

The current value of Ether as at the time of performing this homework task is $2,884.83 according to coinmarketcap

Therefore to calculate the value of a Gwei at this time;

SOLUTION

first solved on my book

1 Gwei = 0.000000001(0. eight zeros and one)

1 Ether = $2,884.83

: To find the value in USD of a Gwei of the current value;

0.000000001× 2884.83

= 0.00000288484

multiplying the figures

Value in USD of Gwei = 0.00000288483

1 Gwei = $0.00000288(3s.f)

Therefore,at the time of performing this homework task,the value in USD of a Gwei is $0.00000288.

QUESTION NO.6

Transfer 0.001steem to an account. Then transfer 0.0001 steem to an account. Show what happens and state why.

In order to answer this question,I will first have to login to my steemit wallet.

logging in to my steemit wallet

Next thing I did after logging in is to click on balance and when it opened,I clicked the small arrow beside steem and then clicked on transfer.

After clicking on transfer,the next bar that opened looks like a form where I had to fill out the account am transferring to and the amount am transferring.

*** For the cause of this assignment,I transferred to prof. @awesononso.***

Then,after filling the details,I clicked on Next in order to authorize the transaction,and then I click OK,and the transaction was successful.

The first transfer I did is 0.001steem and it was successful which means that although the figure is small but it still transferable.

Then the next transfer I tried doing which wasn't successful is 0.0001 steem.
When I did it it states clearly that the smallest amount of steem that can be transfered is three digit precision so a transfer of more than three digit numbers after the decimal point won't work.

So in #steemit block chain,the smallest amount of coin that can be transfered be it trox,steem,SBD or SP is 0.001.

CONCLUSION

It is of great importance that we make research and study more about the history of block chain. Even though the founder still remains anonymous but that doesn't stop us from.learning and appreciate them and the sacrifices they made which we are gaining from today.

In my opinion,I think the founder actually did the right thing by keeping himself/herself/themselves anonymous for security reason thereby maybe still working behind the camera.

Although there are too many claims about the founders identity which haven't been proven yet,don't fall victim of any fake identity that isn't the founder.

Thanks.
CC:
@awesonoso
@steemblog