Steemit Crypto Academy | Season 3 Week 6 | Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement.
Good morning and thank you for this historic lectures @awesononso.
In life everything is backed by historical events which are usually harnessed for information purposes. Moving to the various tasks of the day:
TASK 1:Who is Satoshi Nakamoto?
Satoshi Nakamoto can be described as the creator of Bitcoin and to a large extent the base on which other cryptocurrencies are built since bitcoin is the dominant coin. We might believe that Satoshi Nakamoto is the father of bitcoin but the true identity of bitcoin's creator is not known till date even though we have series of persons claiming to be him.
According to research, his last communication was in April 2011 after the cryptocurrency was created but its real creator is a mystery and all effort to unveil who this mysterious creator is have proved abortive. The real identity is still a puzzle that needs to be demystified.
Write on two claims/theories of Satoshi Nakamoto’s identity.
The mystery about who satochi Nakamoto gave rise to alot of speculations given by others about who this guy really is, two of such speculations and assumption are that of Nick Szabo and Craig Wright:
- Nick Szabo
Dominic Frisby a popular writer made a speculation that Nick Szabo is Statoshi Nakamoto in his book titled 'The future of Money', he went further to say that the handwriting of Nick Szabo is very similar to that of Sakamato, in his study he also learned that Szabo had worked with Digital cash and had made attempt of introducing the concept of cryptography into the system.
image source
Who really is Szabo? Nick Szabo was a computer engineer and a renowned lawyer, in his paper written in the year 1996, he gave a detailed concept on smart and for this reason he is credited as a pioneer of this concept. He's also been given the credit of introducing a cryptocurrency called Bit-Gold. Bit Gold is described as having similar concept with Bitcoin. All this claims makes people speculate that he could be Satoshi Nakamoto.
- Craig Wright
Craig Wright is another assumed Satoshi Nakamoto. It is recorded that others who actually claimed to be this mystery man either denied it or better remained silent by Craig Wright had even claimed he is Satoshi Nakamoto. Craig Wright is a scientist who hails from Australia, wired magazine in 2015 revealed that they had every evidence that he is Satoshi Nakamoto but instead of denying it, he claimed he was a bit of everything.
image source Whether he is or not nobody really knows but he is deeply involved in cryptocurrency as he led in the hard fork of some cryptocurrency such as Bitcoin to Bitcoin SV, he is also a chief scientist in a blockchain solution company. This claims that he is the father of Bitcoin has raised eye brawls and even the Co-Founder of Etherum, Vitalik has publicly referred to Craig Wright as fraud. I believe sooner enough we would find out who really Satoshi Nakamoto really is.
Who is Wei Dai?
Wei Dai is a legend that will ever be remembered for his impact in the creation of bitcoin and cryptocurrency at large. He was a computer scientist, a crypto Grapher, a cyberpunk who was Chinese and a graduate of the University of Washington. Just like Satoshi Nakamoto, his private is but a mystery and nothing really is known about him, not even his pictures was found. He was instrumental in development of Bitcoin, bi-money, crypto ++, VMAC, Beast and SSH2 protocol.
We may know Bitcoin as the first cryptocurrency but Bi-money was the first cryptocurrency even though it was never implemented, Wei however developed and created Bi-money because he sort for a distributed and electronic cash system, Dia later proposed 2 ways which it can be achieved namely the Proof of Work and the Proof of Participation.
Dai was also developed the crypto ++ which is widely used today in academics and many other fields of computer. Incase you didn't know it is the normal C++ used in programming today. In one of his publications he released the algorithm specification for VMAC a message authentication system. As part of his contribution to crypto he spotted and identified a critical vulnerability in the block that could affect the SSH2 protocol, moreover the creation of b-money brought about key elements that were later implemented in the creation of bitcoin.
Dai’s achievements in the cryptocurrency space even if he wasn’t really known just like Satasho Nakamato cannot be thrown overboard, however his developments in the cryptocurrency space might also make people believe he could the mysterious Satoshi Nakamato.
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).
According to the smallest unit of Bitcoin SAT, 1 SAT = 1 x 10-8 BTC.
1 SAT = 0.00000001
Calculation
According to coin market which I believe is very accurate coinmarket, snap shots taken about 4:30am on 5th August 2021, the value of BTC was $39,354.76, now let’s get the dollar equivalent of 1 satoshi:
Solution
1 satoshi = 1/100000000 x 1 BTC
1 BTC = $39,354.76
Therefore 1 satoshi = 1/100000000 x 39,354.76
Further calculations gives us = 39,354.76/100000000
1 satoshi = $0.0003935476
1 satoshi = $0.000394 (to 3 s.f)
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).
Recalling the small units of Ether (wei), 1 wei = 1 x 10-18 ETH
For Further simplification, 1 Gwei = 0.000000001
Calculations
It is my believe that I can trust Ether value on coinmarket, snapshot taken exactly 4:32 on 5th August 2021 has the price of Ether as $2,699.30, getting the Gwei equivalent lets follow the procedures below:
Solution
1 Gwei = 1/1000000000 x 1 Ether
1 Ether =$2,699.30
Therefore 1 Gwei = 1/1000000000 x 2,699.30
Also = 2699.30/1000000000
1 Gwei = 0.0000026993
1 Gwei = 0.00000270 (to 3 s.f)
Transfer 0.001 Steem to an account. Then send 0.0001 steem. Show what happens and state why.
Though steem does not have a smallest unit of measurement, we could draw out some conclusions from the two transactions made in steem.
The first transaction was successful with 0.001 after but authorization, transaction was successful as shown in screenshots.
The second transactions is not successful when transferring 0.0001. We could deduce that the smallest amount of measuring steem at this time can be assumed to be 0.001 steem. As it clearly states use only 3 digit of precision. This means you cannot transfer anything less than 0.001 steem to any user’s account.
Conclusion
Everything in life I believe was given birth or created and so is bitcoin and its other cryptocurrency counterpart. It is a good idea to trace the true creator of bitcoin for historical and other important purposes, however this cannot stop whatever attributes that should be awarded to such a creator. The case of Satoshi Nakamato is peculiar.
Dai is another example of such even as history has been affected and impacted by his research and development into the creation of Bitcoin, he was the first to present a written document on the proof of work (POW) which has been adopted by the cryptocurrency world today and many other. I believe he won’t always be remembered.
My observations about life and mostly the environments we live in is simply that there is always a way to measure everything around us. The lecture has been very educating filled with varieties.
Thank you
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