Steemit Crypto Academy Season 3 Week 6 || Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement by @awesononso
"Bitcoin is here to stay. There would be a hacker uproar to anyone who attempted to take credit for the patent of cryptocurrency. And I wouldn’t want to be on the receiving end of hacker fury."
Adam Draper
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Steemit Crypto Academy Season 3 Week 6 || Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement by @awesononso
A little more than a decade ago, the entire planet was going through a financial crisis as a result of the collapse of the "real estate bubble" in the United States. However, its effects reached a large part of the rest of the world.
Most governments adopted various economic measures to curb the effects of the "Great Recession", as the episode that took place between 2008 and 2009 was known, fearing another scenario similar to the one that followed the collapse of the New York Stock Exchange (NYSE) in October 1929, which gave rise to one of the darkest chapters in contemporary history, known as the "Great Depression".
Among those measures adopted to alleviate these effects were the injection of large resources into the world financial system and the manipulation of exchange rates, which resulted in an even stronger devaluation. More than a decade later, the lesson remains: central banks have the ability to manipulate currencies at will.
Faced with this scenario, a person, at the time completely unknown to the world at large, decided to create a currency for universal use, outside the regulations of governments and financial institutions around the world, and for which he provided the necessary technology for its development.
Thus was born the Bitcoin, whose name ended up becoming a generic term to designate, erroneously and indistinctly, all the cryptocurrencies existing today.
Who is Satoshi Nakamoto?
In 2008, Satoshi Nakamoto published the first scientific paper, available at Bitcoin Org, through the Cryptography Mailing List Emails. Then on January 9, 2009, he released the first version 0.1 of Bitcoin core, where at midnight of that same day the first bitcoin block was mined. Three days later, the first bitcoin transaction in history was made for Hal Finney, one of the most prominent members of his email list. And finally, mysteriously on April 26, 2011, Nakamoto disappeared.
Does it sound like a story from a movie or a story? But it is the reality of the founder or founders of Bitcoin, and that is that not only did Satoshi mysteriously disappear, but he also erased his signature and name of the project, and with the possibility of claiming the copyright to leave it to the other developers. Among one of these developers since the inception of Bitcoin is Gavin Andresen, who is recognized for his close relationship with Satoshi Nakamoto, and who is said to have been his right hand, and who later became one of the leaders of the continuity of Bitcoin project.
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Write on two claims/theories of Satoshi Nakamoto's identity
The theory that Craig Wright is the founder of Bitcoin, Satoshi Nakamoto, had a further boom when Gavin Andresen himself, who was Nakamoto's right-hand man and the developer most closely related to him, thought that Wright was Satoshi.
It all started in 2015, when media outlets such as Wired and Gizmodo claimed to have obtained enough evidence to point to Wright and Dave Kleiman as the creators behind Satoshi Nakamoto's name. The information came from an alleged hacker who managed to infiltrate the email accounts from Wright, where it could be seen that "Satoshi Nakamoto" was actually a joint pseudonym that also included Wright's friend and forensic computer analyst Dave Kleiman, who had passed away two years earlier. Later, Wright appeared publicly assuring just that, that he was Satoshi. And also, shortly after he had the backing of one of the most important collaborators in the history of Bitcoin, Gavin Andresen.
Four years later, Gavin acknowledged that this would not necessarily be a test. Andresen commented that it is a convention to assume that Satoshi could have mined the first few blocks himself, although there is no evidence for this. That is, Wright's alleged signature could mean, if anything, that he was an early Bitcoin miner after Satoshi himself.
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Another person who has been suspected of being a candidate to be Satoshi Nakamoto, is the cryptographer Nick Szabo since he is considered the father of smart contracts and implemented the "bit gold" that in theory is the mechanism of a decentralized currency. Like Wei Dai and Hal Finney, he was one of the early supporters of Bitcoin.
Who is Wei Dai?
Wei Dai is a Computer Engineer of Chinese origin, graduated from University of Washington with a degree in computer science and who also has a specialization in mathematics. He is the creator of what could be the first cryptocurrency before the year 2000, the “b-money”, and that he, like Nick Szabo, has made very good contributions to cryptography.
As a member of the Cypherpunk movement, whose one of its principles is the defense of privacy, not many details of Dai's private life are known, which is an enigma, and beyond his academic background, many details about him are unknown.
In his early career, Wei Dai worked as a programmer at TerraSciences, a company based in Acton, Massachusetts. During his tenure, he worked on the development of security solutions and secure communication control stations for the oil and gas industry.
Subsequently, Wei Dai joined the Cryptography Research Group at Microsoft, located in Redmond, Washington. While at Microsoft, he was actively involved in the study, design and implementation of encryption systems for specialized applications.
His name even appears in the Bitcoin White Paper. Since Bitcoin took “b-money” as its inspiration, in fact, in the following image you can see that the first reference made by the first paper published by Satoshi Nakamoto about Bitcoin refers to “b-money”.
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What is the current value of Bitcoin?
At the time of writing this article, the value of Bitcoin was USD 39,830.60, so when calculating the value in USD of a Satoshi we have:
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What is the current value of Ether?
Also at the time of writing this article, the value of Ethereum was USD 2,727.12, and as 1 Ether = 1,000,000,000 Gwei, so:
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Transfer of Funds to another Account
To make a transfer for any amount of Steem, in this particular case of 0.001 Steem; from my Steemit account to another user, I must first go to my Steemitwallet and locate in the top right my available balance.
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Then I press to display a window where the 5 possible operations are reflected:
- Transfer
- Transfer to savings
- Power Up
- Trade
- Market
In this case, as I am going to transfer my funds to another user of the platform, I select the first option.
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Then, a pop-up window appears where I must enter the username of the account to which I am going to transfer, the amount of the transaction (0.001 Steem), the memo, which is optional, and finally click on "Next" (Próximo).
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Then I must enter my active key to authorize the platform to perform the transaction, which is shown in the following 2 images.
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Finally, I go to the bottom of my Steemitwallet, where I verify that the transaction was successful.
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To transfer another amount to the same previous user, I repeat the same procedure described above, however, the amount to be transferred of 0.0001 Steem, cannot be processed successfully because the platform asks me to use only 3 decimal digits (Usa solo 3 dígitos), instead of the 4 digits corresponding to the amount I had initially planned to transfer.
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Conclusions
In conclusion, the identity of Satoshi Nakamoto remains a mystery, but despite the fact that it is not known for sure who or who the creators of Bitcoin are, over the years instead of generating fear or doubts, it has rather motivated people to believe that is what the cryptocurrency project is about, a completely decentralized currency, and over time Bitcoin, like the other altcoins, has been consolidating those that offer great value as a project.
Someday Bitcoin will grow so much that the USD value of Bitcoin could be equivalent to one Satoshi, will that be possible? What is certain is that every year the price of Bitcoin goes up more and more, and more people get involved in the cryptocurrency ecosystem, achieving the dream of great cryptographers like Wei Dai (although according to their statements the Bitcoin project have some differences with "b-money"), Nick Szabo, Hal Finney, among other scientists and Systems Engineers who have developed this great technology that has been revolutionizing the concept of digital money.
This is my Homework Post for Steemit Crypto Academy Season 3 Week 6 || Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement by Professor @awesononso
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