Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 6 | Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement Homework post by @lordhojay

WHO IS SATOSHI

The Bitcoin cryptocurrency's inventors employ the pseudonym Satoshi Nakamoto to remain anonymous. Although the name Satoshi Nakamoto is often associated with Bitcoin, the real person who bears the name has never been identified, leading many to speculate that it is a pseudonym for a person or group of persons with a different identity.
What is known is that Satoshi Nakamoto wrote a paper in 2008 that catapulted cryptocurrency development.
Nakamoto’s involvement with Bitcoin, however, ended in 2010. The last email anyone had with Nakamoto stated that they had "gone on to other things" in an email to another crypto developer. The inability to put a face to the name has sparked a lot of speculation about Nakamoto's identity, especially as the number, popularity, and prominence of cryptocurrencies grew.

PEOPLE WHO CLAIMED TO BE SATOSHI

While the identity of Nakamoto has yet to be established, it is predicted that the value of bitcoins under his control estimated to be about 1 million may reach $50 billion. Given that the utmost number of bitcoins which will be created is 21, Nakamoto's 5% interest within the overall bitcoin holdings has significant market power. Several persons have claimed to be the "genuine" Satoshi Nakamoto, but none of them has been verified to be Nakamoto.

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CRAIG WRIGHT
Craig Wright, an Australian scientist, is not one of those people. Wired Magazine published a profile on Wright in December 2015, stating that it has "obtained the most conclusive proof of Satoshi Nakamoto's genuine identity to date.” Wright appeared by Skype at that year's Bitcoin Investor's Conference in Las Vegas, according to the story. Wright claimed to be "a little bit of everything" when asked about his credentials. He mentioned his qualifications, which included a master's degree in statistics and two doctorates.

Wired's proof came in the form of allusions to a "cryptocurrency paper" on Wright's blog, which surfaced months before the bitcoin whitepaper went public. A "P2P distributed ledger" was also mentioned in stolen emails and conversations with Wright's lawyer. Furthermore, he was cited as saying in leaked recordings of meetings with attorneys and tax officials, "I did my best to hide the fact that I've been running bitcoin since 2009." I believe half of the globe will know by the conclusion of this.”

Those assertions were quickly debunked. In a follow-up article, Wired pointed out various contradictions in Wright's story. The blog entries, for example, appeared to be out of date. Public encryption keys associated to Satoshi Nakamoto were also backdated, according to evidence. Even Ethereum co-founder Vitalik Buterin, who is often reserved when it comes to politics in the cryptocurrency realm, publicly chastised Wright.

Wright, on the other hand, is unaffected by the criticism and has used the publicity to carve out a prominent position within the crypto world. He was the driving force behind Bitcoin SV, a disputed fork of Bitcoin Cash. He's also the chief science officer of nChain, a blockchain solutions company that caters to businesses. Wright is currently entangled in a number of legal entanglements as of 2021, which may confirm or disprove his allegations if proof is submitted in court.

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DORIAN NAKAMOTO
Dorian Nakamoto is a writer who lives in Japan. This was probably the most high-profile attempt to uncover bitcoin's creator. Dorian Nakamoto was named as the currency's founder by Newsweek in March 2014. The article generated a stir in the crypto and tech communities because it was the first time a mainstream media sought to uncover the name of bitcoin's founder.

Satoshi Nakamoto and Dorian Nakamoto, according to Newsweek, have significant similarities. Both were said to have libertarian leanings and a Japanese connection, for example. (Dorian is Japanese-American, having earned a physics degree from California Polytechnic and worked on classified defense projects.) According to the article's author, Nakamoto stated that he was "no longer" associated with bitcoin and that he had "handed it over" to others. Later, Dorian Nakamoto rejected the comment, claiming that he misinterpreted the question. According to the Associated Press, he said, "I had nothing to do with that."

The publication of a photograph of Nakamoto's home was the magazine's biggest blunder. A quick picture search might easily disclose where it is. While many people doubted Dorian Nakamoto was the creator of bitcoin, the crypto community was outraged that his anonymity had been breached. Nonetheless, Dorian Nakamoto profited from the media circus. On his behalf, an online campaign raised more than 100 bitcoins. The fund was a way for the bitcoin community to say "thank you." Dorian Nakamoto and fundraiser Andreas Antonopoulos appeared in a YouTube video in April 2014 to thank the bitcoin community for their support.

WEI DAI

Wei Dai is a well-known cryptographer who has kept a low profile throughout his career. Satoshi Nakamoto credited Dai's b-money in the white paper, and Dai also wrote about a money system that is similar to Bitcoin.
One of the reasons why people believe Dai played Nakamoto is that the gifted cryptographer has the wits to pull it off. Dai is also a member of the academic and cypherpunk communities, having written the Crypto++ C++ library for cryptographic functions. The cryptographer is also an ardent proponent of privacy, according to the New York Times, who defined him as a "intensely private computer engineer." Long before Bitcoin was released, Dai's views regarding anonymous electronic cash infrastructure were discussed on the cypherpunks mailing group.

The Numerous Signs That Wei Dai Is Satoshi Nakamoto has a collection of emails addressed to Dai in 2008, which were first revealed in a Sunday Times piece in 2014. Satoshi reveals in the email above that he has completed the initial version of the Bitcoin protocol. B-money is an intriguing system, and Dai described Tim May's crypto-anarchy as "fascinating" in 1998. In a crypto-anarchy, unlike the societies generally associated with the term ‘anarchy,' the government is not momentarily eliminated, but permanently forbidden and unnecessary,” Dai said in the first section of the b-money white paper. “It's a community where the fear of violence is meaningless because violence is impossible, and violence is impossible because its members can't be linked to their real names or physical locations,” the computer engineer continued.

The Numerous Signs That Wei Dai Is Satoshi Nakamoto
Some people looking for Satoshi Nakamoto feel that the Bitcoin developer may have played two roles with any of his correspondents. People have concluded Wei Dai and Nakamoto are the same person simply because they have had chats. Hal Finney, Nick Szabo, James Donald, Gavin Andresen, and others have also been dubbed "Satoshi suspects" for their interactions with Nakamoto.

BITCOIN UNITS AND PRICE

Bitcoin, as a means of trade, is divided into smaller and larger units to accommodate different types of transactions. The satoshi, which is always spelt with the smaller "s" character, is the smallest unit of BTC. The table below shows the multiple Bitcoin units and their respective values.

According to CoinMarketCap, based on the current market value of 1 Bitcoin, the value of 1 satoshi will be calculated as follows:

Units of measurement	symbol of measuremen	value in numerals
mega bitcoin	MBTC	1,00,00
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
milli satoshi	mSAT	0.000000001

Since 1 satoshi = 0.00000001BTC
In this scenario, 1 satoshi equals 0.00000001 * 38260.36
0.0003826036 satoshi = 1 satoshi
As a result, the current market value of 1 satoshi is $0.000382.

Ether, like Bitcoin, has a unit that caters to both small and large businesses. On the Ethereum blockchain, the unit for Ether is called wei, which is a derivative of Wei Dai's name. The table illustrates the breakdown of wei and Ether.
According to CoinMarketCap, the current market value of Ether will be used to calculate the value of 1 Gwei:
Because 1 Gwei is equal to 0.000000001 ETH,

In this scenario, 1 Gwei equals 0.00000001 * 2476.26.
1 Gwei is equal to 0.0000247626.
As a result, the current market value of 1 Gwei is $0.0000248.

Unlike Bitcoin and Ether, Steem's smallest accepted unit on the blockchain has no official name. I'll try to test the upper limit of allowed Steem on Steemit in the stages below.;
First, I put a tiny amount of Steem into my wallet from the market.
Then I tried sending 0.0001 Steem to Mata445.

The transaction, there's an error message that says the minimum steem I can send has to be 3 digits.

After that, I attempted to send 0.001 Steem to the same person. I entered his username, the amount of Steem to send, and the transaction's Memo.

I pressed the next button when it became available.

It took me to the confirmation page for the transaction, where I confirmed the purchase.

The Steem was loaded and sent.

Thank you professor @awesononso for this class