CRYPTO ACADEMY/SEASON 3/WEEK6- HOME WORK POST FOR @awesononso/ON satoshi Nakamoto, wei Dai, crypto units of measurements BY @ruthjoe
Hello steemians,
Its another exciting week of crypto Academy course and am happy to be a part of it. I enjoyed the lecture given by able professor @awesononso. The lecture was really an eye opener for me. So am here to answer the questions that were asked after the lecture.
Before i go on to answer this question i would like to say that the mystery behind this name Satoshi Nakamoto reminds me of a childhood story that was told to me, about a being called mr Nobody. The story was narrated in a poem saying that mr nobody is responsible for all the mischieve done in everybody's house. When the plate breaks in the home, it is said that it was actually cracked by mr nobody. Nobody ever saw mr nobody yet we believed he exists.
This is similar to the name Satoshi Nakamoto.
Satoshi Nakamoto is a name linked to the founder of the first cryptocurrency known as bitcoin. The name has its origin from japan. But it is not yet verified if the name belongs to a group of people or an individual. No one has ever seen him but it is believed that he is a hero who came to rescue the world from the problem of the traditional banking system.
His idea for founding the bitcoin was to have a currency which is digital in nature and would not need the aid of middle man.
January 2019, he invented the bitcoin because of the instability he noticed in the traditional banking. Satoshi Nakamoto did the bitcoin genesis transaction in response to an articule published on a news paper called the times.
Today there is no trace of satoshi Nakamoto because he disappeared, his identity remains unknown, what we have are claims of him which have been denied severally.
Because humans are naturally inquisitive beings, we just want to know who the bearer of the name Satoshi Nakamoto is and probably ask some questions and all that. This has prompted claims and theories to come up concerning the real satoshi Nakamoto.
So the two claims/theories i will be writing on Satoshi identity are as follows:
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Elon musk a business entrepreneur and founder of tesla inc. Is not left out, as it has also been rumored that he is Satoshi Nakamoto, the inventor of bitcoin.
Elon musk was accused of been the satoshi in a post made one of his employee named sahil Gupta. In his post he said that Elon Musk was Satoshi Nakamoto and he used 3aspects of Elon's abilities to defend his saying.
- Elon musk great experience in high level production of sotwares
- Elon Musk past innovations done
- Elon Musk economic knowledge.
Elon musk in 2017 denies that he is not Satoshi Nakamoto the founder of bitcoin, he even went on to say that he didnt even have so much bitcoin, that the one he has was given to him by a friend some years back.
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Nick Szabo is anAmerican man. He is good with computers and he is also good with cryptocurrencies. In 1989,He graduated from the university of washington, computer science was his course of study.
In 1998, Nick Szabo made an attempt to invent the bitgold.
Nick's name came up as one of the resumed person to be Satoshi Nakamoto in 2013 when a man named Skye Grey a blogger, traced Nick to be the founder of bitcoin by a method known as sylometric..
Nick Szabo has also denied the claim that he is not the Satoshi Nakamoto who founded the bitcoin.
Wei Dai is a Chinese man. He is known for his great work in cryptography and cryptocurrency. He is also a computer scientist, who graduated from the university of washington.
Wei Dai is seen as one has a man who has contributed to the success of what we have in the world of cryptocurrency. He is also known to have developed crypto++ a library of cryptography.
In 1998, wei Dai introduced the concept of b-money, although it didnt pull through. His concept for b-money also covered the modern day structure of the blockchain system.
And guess what? Unlike satoshi who disappered, wei Dai's identity is known.
According to coinmarketcap as at when this work was done, the current value of bitcoin was what you see on the screenshot below.
To calculate USD value of one satoshi of the current price of bitcoin will be:
1 satoshi = 1/100000000 × 1 BTC
1 BTC = $38,172.38
Therefore, 1 satoshi = 1/100000000 × $38,172.38
1 satoshi = $0.0003817238
(to 3 s.f) 1 satoshi = $0.000382
According to coinmarketcap current value of Ether is what i have on the screenshot below.
To calculate the USD value for one Gwei of the current value will be as follows,
1 Gwei = 1/ 1000000000 × 1 Ether
1 Ether = $2,468.75
Therefore, Gwei = 1/1000000000 × 2,468.75
1 Gwei = $0.00000246875
(to 3 s.f) 1 Gwei = $0.00000247
Below are two screenshots from a successful transfer of 0.001 steem to an account. The first screenshot shows my account name, the account am transfering to and the amount of steem am sending. After filling in the details i clicked next.
While this second screenshot show the confirmation of the transfer am doing. Transaction or transfer was successful sending 0.001 steem to the account.
This last screenshot shows transaction unsuccessful. I tried to send 0.0001 steem to the same account i sent 0.001 steem and it wrote something in red letters saying use only 3 digits of precision. Precision here means that such digit can not be found on the steem blockchain. So it says i should use only digits which value can be measured on the block chain or found. In summary, it shows that the least value of steem that can be transfered on steem blockchain is 0.001 steem
Its always an amazing time for me learning something new from the crypto academy courses. And this is not an exception, as i have learnt about the mysterous Satoshi Nakamoto, claims and theories to his identity, learnt about wei Dai and how to mathematically calculate some things. Its been a great time.
Thank you for reading
Hello @ruthjoe,
Thank you for taking interest in this class. Your grades are as follows:
Feedback and Suggestions
Your work is clear and easy to understand. Good job on your research.
You have missed a tiny point on the last question.
Still on the research, you missed some important points though you have a good way of expressing yourself.
Thanks again as we anticipate your participation in the next class.
Thank you for your review