Crypto Academy Season 3 Beginners’ Level - Homework Post for WEEK 6: [ Satoshi Nakamoto, Wei Dai & Cryptocurrency Units of Measurement] by @reddileep for Professor awesononso

HOMEWORK WEEK 6

Entire Question

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).

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Before, few years, we didn't have an electronic money transfer system that can be used freely. So, a lot of people did a lot of research on this. Finally, a person published a white paper describing a digital cryptocurrency. Its title was Bitcoin which was a Peer-to-Peer Electronic Cash System. He is the person who introduced to the world an electronic cash system that we all can use freely without bonds. His name is Satoshi Nakamoto

However, this Bitcoin is a digital record like a file in our PC. Therefore, if anyone can copy-paste this Bitcoin and multiply it several times. Therefore, any user can buy something from this multiplied Bitcoin. We define this problem as a double-spending problem in Digital Currency. So, Satoshi Nakamoto was the first person who found a successful way to solve this double-spending problem. That is, creating a decentralized ledger.

And also, there is an interesting point here. No one knows who this Satoshi Nakamoto is or where he lives. In short, Satoshi Nakamoto is just an alias. Further, some people believe that Satoshi Nakamoto is not an individual but something like an organization.

The value of Bitcoin has skyrocketed in recent days. Therefore, this Satoshi Nakamoto was able to become the forty-fourth richest person in the world. However, he worked hard to improve bitcoin until mid-2010. Finally, he gave control of the source code repository and stopped his involvement in the bitcoin project. He has disappeared since then.

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He is the person who contributed to the first Bitcoin transaction. So, he received some certain bitcoin from Satoshi Nakamoto and had a very close relationship with Satoshi Nakamoto. Because of this many people thought he was Nakamoto. However, he did not accept it because we can assume that as he talked a lot about personal freedom and that's why he didn't accept the role as the Bitcoin creator.

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He is a computer scientist by profession and he has graduated from world-renowned Caltech with an engineering degree in 1979. After that, He has worked for PGP Corporation as a developer and he could be a better developer in the privacy computer software field.

After he entered the crypto field, he has done a lot of things to uplift this cryptocurrency field. Actually, he has used Bitcoin’s software to improve the system. After Satoshi Nakamoto, he was the one who used Bitcoin software to develop Bitcoin to some extent. Maybe he's behind him and contributing to bitcoin development so far. But even today it is a mystery.

We already know, nowadays, cryptocurrency is the most popular digital currency system. Further, Bitcoin is currently the most popular and most valuable currency in the world. It automatically validates every transaction very accurately without any risk. Also, it is a very stable and non-hackable system.

So, Nick Szabo is another person who can be defined as a precursor to bitcoin. Because he has introduced a concept that is very similar to the bitcoin concept. His concept name was "Bit Gold" and it was also a Decentralized currency which is the same as Bitcoin.

So because of these things, a lot of people think he could be Satoshi. And also, if we observe the below image, we can get some idea of whether he is Satoshi or not. However, as I mentioned earlier, no statement has been proven 100% yet.

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Like the people discussed earlier, he is also a computer scientist and graduated from the University of Washington in 1989. Finally, he worked as a cryptographer and he became very popular because of his famous computer program called "Smart Contract".

In this way, he made a huge contribution to the creation of cryptocurrency and in the opinion of many people he is believed to be Satoshima but it still remains a mystery

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We already know, there are many people who can define as Bitcoin creators. Among them, Wei Dai is another world-renowned cryptographer who is unofficially known as a Bitcoin creator, if not Satoshi.

Wei Dai is very special because he is the person who created "B - Money" which is distributed electronic cash system. Many people believe that this is the basis for the production of the most popular bitcoin today. Further, according to my analysis, his "B-Money" concept could be introduced as the first cryptocurrency if it was fully implemented like present cryptocurrencies.

If we search the history of bitcoin through the internet, Wei Dai is at the top of the list. As an example, we can see the below image to get an idea.

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Although B-money was not successful at the time, we can assume that it was the most important basic concept of creating the present cryptocurrency.

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Here I've used https://coinmarketcap.com to know the current values of Bitcoin. At the moment Bitcoin is priced at $ 38,148.02 and that price is going up and down quickly.

Below I've attached a screenshot of the current value of Bitcoin through Coinmarketcap

• We already know 1 satoshi(1 SAT) is equal to 0.00000001 BTC. It means 1 SAT = 1 x 10-8 BTC .

• Further, 1 BTC is equal to $ 38,148.02 (according to current time - 6.30 GMT)

∴ 1 satoshi = 1/100000000 x 38,148.02

So, here I've used Google online calculator to calculate this.

Finally, 1 satoshi = 0.0003814802 USD

Then, 1 satoshi = $0.000381 (to 3 s.f)

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Here I've used https://coinmarketcap.com to know the current values of Ether. At the moment Ether is priced at $ 2,482.89 and that price is going up and down quickly same as BTC.

Below I've attached a screenshot of the current value of Ether through Coinmarketcap

• We already know 1 Gwei is equal to 0.000000001 Ether. It means 1 wei = 1 x 10-18 ETH .

• Further, 1 Ether is equal to $ 2,482.89 (according to current time - 6.50 GMT)

∴ 1 Gwei = 1/1000000000 x 2,482.89

So, here I've used Google online calculator to calculate this.

Finally, 1 Gwei = 0.00000248289USD

Then, 1 Gwei= $0.00000248 (to 3 s.f)

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Steem is another cryptocurrency that we use mostly in our Steemit account. So, we have an inbuilt wallet to do every transaction in our steemit account. That is Steemit Wallet.

So, below I've explained every step of both transactions separately through Steemit Wallet.

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STEP 1

• First of all we should go to our Steemit wallet. To do that, we can directly open https://steemitwallet.com/ site. Then we have to click on "Login" (See the below-attached Image 1).

• If not, we can go through our Steemit account by clicking on the profile icon and then select "wallet" (See the below-attached Image 2)

STEP 2

• With both of the above methods, we can gain access to the Steemit wallet. After that, we have to provide our User name and active key. Then click on "Login" ( See the below-attached screenshot )

STEP 3

• Now, we have to click on our Steem Balance and select "Transfer" from the popup menu. ( See the below-attached screenshot )

STEP 4

• After that, we can fill the popup window. So, here I have entered our lecturer's user name as the receiver's user name and 0.001 Steem as the sending amount. And also, we can fill the memo field if we need. Then we can click on "next".

STEP 5

• Then we can confirm the details and finally click on "OK" to finish the transaction. ( See the below-attached screenshot )

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Finally, we can check the transaction history to review our transaction. So, it has been successfully completed.

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Now let's see what happens when we transfer 0.0001 Steem. Actually, we can do the first three steps the same way as before. However, I will repeat those steps in order to continue my explanation.

STEP 1

• First of all we should go to our Steemit wallet. To do that, we can directly open https://steemitwallet.com/ site. Then we have to click on "Login" (See the below-attached Image 1).

• If not, we can go through our Steemit account by clicking on the profile icon and then select "wallet" (See the below-attached Image 2)

STEP 2

• With both of the above methods, we can gain access to the Steemit wallet. After that, we have to provide our User name and active key. Then click on "Login" ( See the below-attached screenshot )

STEP 3

• Now, we have to click on our Steem Balance and select "Transfer" from the popup menu. ( See the below-attached screenshot )

STEP 4

• After that, we can fill the popup window. So, here I have entered our lecturer's user name as the receiver's user name and 0.0001 Steem as the sending amount. And also, we can fill the memo field if we need. Then we can't click on "next".as it indicates an error message. Check the below-attached screenshot to get an idea.

Above we can see when we enter 0.0001 steem as an amount to do a transaction, it indicates an error message that " Use only 3 digits of precison"

So, now we can realize that Steem only supports a maximum of 3 decimals places on the blockchain and it also affects our Steem Power and SBD balance. Therefore, the Steem blockchain network accepts 0.001 as the minimum value that can be transferred to another account. Here I've proved it with evidence.

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At present, Cryptocurrency can be defined as one of the most widely used digital currencies. As a result of Cryptocurrency, it is now possible to send money anywhere in the world as quickly as possible without the hassle of using ordinary currency. So when we look at the people who have contributed to the creation of such an amazing creation we get a lot of different information.

Further, although Bitcoin has been described as the world's first cryptocurrency, the owner of the Bitcoin has not yet been confirmed. And also, the name Satoshi Nakamoto is known all over the world, it is still a mystery who it is.

Finally, Steem is the main cryptocurrency that we use in the Steem blockchain. When we try to transfer Steem from our account to another account, we can send any amount according to our requirements. But it has a minimum amount that is 0.001 Steem. That is the minimum amount related to the Steem blockchain network.

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This is all about my homework and I really appreciate Professor @awesononso for your valuable lesson and your dedication to creating a very essential lesson for us.

Thank you..