Steemit Crypto Academy Homework [Beginners’ Level] | Season 3 Week 6 | Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement By @ngozi996.

in SteemitCryptoAcademy3 years ago (edited)

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INTRODUCTION

Greetings. This is my homework post for cryptoacademy/season 3/week 6/ Beginners for @awesononso / satoshi Nakamoto,wei Dai, and crypto currency units of measurement.
Thank you professor @awesononso for the lecture. It's my first time here and your delivery style helped me understand the lecture.

1)WHO IS SATOSHI NAKAMOTO??

Satoshi Nakamoto is the name used by the presumed pseudonyms person or group of person's that invented bitcoin( a decentralized virtual or digital currency),wrote the white paper and created the first ever Genesis block.

2) WRITE TWO CLAIMS OF SATOSHI NAKAMOTO'S IDENTITY.

Over the years no one has been identified as the inventor of bitcoin,though there have been some claims /theories of being satoshi Nakamoto. Here are two claims/theories.

A) Nick Szabo.

In the pursuit of determining the identity of Nakamoto,one man's name has surfaced time and again..NICK SZABO

Nick Szabo is a computer engineer who was credited with the pioneering of smart contracts in 1996. He was claimed to be Satoshi because his own created cryptocurrency called 'Bit Gold' had similar concepts with Bitcoin.
Szabo's writings and the bitcoin white paper had a number of linguistic similarities.
Szabo had worked for DigiCash - an early attempt to bring cryptography to digital payments.
These points pegged szabo as bitcoin's creator,though he has firmly denied all these claims.

B) Dorian Satoshi Nakamoto!!

Dorian Satoshi Nakamoto who's name alone would make one think he's the 'satoshi',( bitcoin founder), alas he's not.
Apart from sharing similar names, Dorian satoshi's profession as an engineer who's worked on classified projects and his private personal life all fueled the theory that he created Bitcoin until Dorian Nakamoto issued a statement that 'he did not create, invent,or otherwise work on bitcoin.'
Dorians claims were corroborated after the actual bitcoin creator satoshi Nakamoto surfaced online and posted saying ' I am not Dorian' then vanished!!

3) Who is Wei Dai??

Wei Dai is a chinese computer engineer known for his contributions to Cryptocurrency and cryptography. He is a well known cypherpunk and also referenced in citations of the bitcoin white paper.
He proposed the b-money (a cryptocurrency system) which though never worked out,was an integral part in the success of crypotcurrencies.
The theory that Wei Dai is Nakamoto is not just because he's a talented cryptographer but also because he created the Crypto++ ( a library of cryptographic functions).
Other than coincidences and circumstances, there's no real proof pointing Dai as being Nakamoto and he's never admitted to any of the theories either.

4) WHAT'S THE CURRENT VALUE OF BITCOIN ON THE DAY YOU ARE PERFORMING THIS TASK?

CALCULATE THE USD VALUE OF ONE SATOSHI OF THE CURRENT PRICE (show full workings and to 3 s.f)

Screenshot_20210802_214947.jpg
Coinmarketcap
Current price of bitcoin on the day I performed this task

b) Calculate the usd value of 1 SATOSHI of the current price.
SOLUTION.
1 Satoshi - 1/100000000 ×1 BTC
1 BTC = $39,755.53
therefore 1 Satoshi = 1/100000000× 39,755.53
1 Satoshi = $0.0003975553
1Satoshi = $0.000389 ( to 3 s.f)

5) WHAT'S THE CURRENT VALUE OF ETHER ON THE DAY YOU ARE PERFORMING THIS TASK?

CALCULATE THE USD VALUE OF ONE GWEI OF THE CURRENT PRICE (show full workings and to 3 s.f)

Screenshot_20210802_215046.jpg
Coinmarketcap
Current price of Ethereum on the day I performed this task.

b) Calculate the usd value of 1 Gwei of the current price.
SOLUTION.
1 Gwei =1/1000000000× 1 Ether
1 Ether = $ 2,596.99
1 Gwei = 1/ 1000000000× 2,596.99
1 Gwei = 0.00000259699
1 Gwei = 0.00000260 ( to 3 S.f)

6) TRANSFER 0.001 STEEM TO AN ACCOUNT,THEN SEND 0.0001 steem. SHOW WHAT HAPPENS AND STATE WHY.

Screenshot_20210802_215241.jpg
TRANSFER OF 0.001 STEEM to an account

Screenshot_20210802_215425.jpg
Successful transfer.

Next I tried transferring 0.0001 steem to the same account

Screenshot_20210802_224950.jpg
This is the result showing that steem can't be transferred below 0.001 steem.

In all,I have learnt a lot about some cryptocurrency,it's creation,and it's measurements, and I'm so greatful for this knowledge.

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