Crypto Academy Season 3 Week 6 .Homework Post for Professor @awesononso. | Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement|
HOMEWORK
1.Who is Satoshi Nakamoto?
2.Write on two claims/theories of Satoshi Nakamoto’s identity.
3.Who is Wei Dai?
4.What is the current value of Bitcoin on the day you are performing this task? Calculate the USD value of one satoshi of the current value. (Show full working and to 3 s.f).
5.What is the current value of Ether on the day you are performing this task? Calculate the USD value of one Gwei of the current value. (Show full working and to 3 s.f).
6.Transfer 0.001 Steem to an account. Then send 0.0001 steem. Show what happens and state why.
(Screenshots with username tag)
Satoshi Nakamoto until date is an anonymous name of an individual or group of people who invented Bitcoin and published Bitcoin Whitepaper in the year 2008.
The revolution behind the project of the bitcoin is to ensure transparency in a decentralized financial system (Bank), which has help many people’s life, since the centralized financial system (Bank) has failed, which Satoshi Nakamoto has successfully achieved.
Satoshi Nakamoto is claimed to be a Japanese but there are some speculation that He, She or They used highly English language in publishing the Bitcoin.
The Bitcoin is not control by any central body, it is owned by the participants and when Satoshi Nakamoto realized that the Bitcoin could go on it own, He, She or They disappeared without a trace and since Satoshi Nakamoto true identity has not been reveal.
Since Satoshi Nakamoto disappearance without a trace, there have been many claims or theories of Satoshi Nakamoto and below shows two of them;
VINCENT VAN VOLKMER
Source
Vincent van Volkmer is a bee activist, artist, mathematician and also cryptologist, who spent long years in Japan due the love he has for the Japanese culture and has decided to named himself pseudonym.
Vincent Van Volkmer has contributed to the development of the blockchain with some experts group of people, which finally led to Bitcoin creation. Vincent Van Volkmer has made some sales of Bitcoin(20.000.000,00€ in 1st January, 20.000.000,00€ in 25th January and 20.000.000,00€ in 13th November) in the year 2018 which eventually led Bitcoin down.
All this speculation claims Vincent Van Volkmer to be Satoshi Nakamoto, the inventor of Bitcoin, but He claimed himself not to be the inventor of Bitcoin SATOSHI NAKAMOTO.
DORIAN SATOSHI NAKAMOTO
Source
Dorian Satoshi Nakamoto is an engineer by profession, who's name is similar to the Bitcoin inventor Satoshi Nakamoto. Hal Finney is close to Dorian Satoshi Nakamoto, who was involved in the Bitcoin project and was the first person to receive bitcoin transaction.
Leah McGrath Goodman has interviewed Dorian Satoshi Nakamoto in March 2014, and in answering a question related to a puzzle, He stated that “he was no longer involved in that” and that “ he cannot discuss it”. Which McGrath assumed the word “it” to be Bitcoin.
All this speculation claims Dorian Satoshi Nakamoto been Satoshi Nakamoto the Bitcoin inventor, but He finally denied been part of Bitcoin creation.
Wei Dai is a computer engineer by profession and a Japanese native, who is well known for his contributions to Cryptocurrencies and cryptography, through the development of the crypto++ (a library of cryptographic functions), b-money cryptocurrency system, which is most considered as the first cryptocurrency, and also proposed the VMAC authentication algorithm. He is also known to a member of the cypherpunk.
The B-money paper is more or less like the Bitcoin whitepaper, which one could say, Wei Dai has just made some adjustments to the B-money to get the Bitcoin or probably change the name of the currency.
Though Wei Dai has not been proved to be Satoshi Nakamoto.
The current value of the bitcoin from https://coinmarketcap.com/ is shown below;
CALCULATION OF BITCOIN
1 satoshi = 1/100000000 x 1 BTC
1 BTC = $38,382.81
∴ 1 satoshi = 1/100000000 x $38,382.81
1 satoshi = $0.0003838281
1 satoshi = $0.000384(to 3 s.f)
The current value of the Ethereum from https://coinmarketcap.com/ is shown below;
CALCULATION OF ETHEREUM
1 Gwei = 1/1000000000 x 1 Ether
1 Ether = $2,502.86
∴ 1 Gwei = 1/1000000000 x $2,502.86
1 Gwei = $0.0000052029
1 Gwei = $0.00000520 (to 3 s.f)
The smallest amount of steem that can be transferred to another account is 0.001 steem, which has not gotten a term yet.
Trying to send 0.001 steem to my friend @asabekblessing
Validate the transaction by using your active key and clicking on OK and is successful
Again trying to send 0.0001 steem my friend @asabekblessing
It is clearly indicated on the above image that, "use only 3 digits of precison", and this means that steem only accept maximum of 3 decimal places on the blockchain. As shown by my steem dollar, steem and steem power all in 3 decimal places.
CONCLUSION
In conclusion, i will like to say i had a wonderful lecture, because i now know how to calculate for Bitcoin and Ethereum, which has been dream.
Thank you professor @awesononso.
Hello @patrickbonyah,
Thank you for taking interest in this class. Your grades are as follows:
Feedback and Suggestions
From your wallet you did not complete the transaction of 0.001 Steem.
Always follow instructions to gain maximum grades.
Thanks again as we anticipate your participation in the next class.