Steemit Crypto Academy Season 3: Week 6 Homework (by @awesononso) | Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement

Hello Steemit Crypto Academy,

Professor @awesononso handled the essential homework topics of this week. I will try to explain the questions in the homework in detail. Thank you, Professor, for working on this issue. I learned a lot of new information.

Source: Canva

Introduction

I have always wondered who Satoshi is like everyone. It seems to me that Satoshi is from one of the Asian countries. Trust me, it was an Asian person (not a group or country) who made the Blockchain and Bitcoin revolution. West country had already gained a specific power in economy and finance and they were using this power to the fullest. But we needed something new development. This order should not continue like this.

The world economy could not continue with the dollar and the euro alone. In this respect, everyone should know that Satoshi has made a real revolution. I thank Professor for addressing this issue.

1. Who is Satoshi Nakamoto?

Satoshi Nakamoto is known as the supposed father of Bitcoin. Nakamoto is an anonymous name used by the person or group that created the Bitcoin cryptocurrency. Although a few people claim to be Satoshi, no one knows Satoshi's true identity yet. Satoshi Nakamoto may not even be a natural person.
So far, all we have about it is an article that Nakamoto published in 2008 on the development of cryptocurrency. This article was revolutionary. He advocated for a reality that the traditional financial world was not used to decentralization and transparency. This exciting development continues its impact today. Nakamoto paved the way for the blockchain revolution as a result.

2. Write on two claims/theories of Satoshi Nakamoto’s identity.

There are many claims about Satoshi Nakamoto. I will explain two of them;

• The first theory is that Bitcoin is part of an AI code developed by some secret group or government agency. While the idea does not explicitly imply which government may be behind the act, it claims that a government body is present in the background. Anonymous identity of the creator of Bitcoin, it is argued that it is a program that works with some AI technology. However, this claim loses its validity as it is known that Satoshi sent e-mails to someone and replied to them.
• The second claim, Satoshi Nakamoto is supported by the Chinese government. Considering the power struggles with the USA, such a formation is claimed to come from China. This theory takes its inspiration from the claims that Bitcoin was created by the Chinese to destabilize the US dollar. Since the first day Bitcoin emerged, many people have become billionaires thanks to Bitcoin.
  Years ago, a Redditor claimed that Bitcoin was created by a group of engineers from the Chinese communist party. According to this theory, "The Chinese government used a Japanese name not to be suspicious and wanted to be a leader in the world with cheap computer chips. This would reduce the dependency on the dollar." We know that China holds the most significant power in mining right now.

3. Who is Wei Dai?

Wei Dai is a computer engineer interested in cryptocurrencies and he graduated from the University of Washington with a degree in computer science. Dei developed the Crypto++ cryptographic library, created the b-money cryptocurrency system and the VMAC message verification algorithm. The Wei, the smallest subunit of Ether, is named after him.

Dai left Project Crypto++ in 2015 to work on other projects. VMAC was proposed by Ted Krovetz and Wei Dai in 2007. With this application is the authentication code (MAC) algorithm of the block cipher-based messages. Finally, b-money is a distributed electronic cash system. The release of this system has helped increase interest in cryptocurrencies. In an article he published, Dai explains that people can pay each other with money without outside help with this application.

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).

At the time of making this post, the value of Bitcoin is $39,533.92

Source: CoinMarketCap

Solution
1 satoshi = 1/100000000 x 1 BTC
1 BTC = $39,533.92
∴ 1 satoshi = 1/100000000 x 39,533.92
1 satoshi = $0.0003953392
1 satoshi = $0.000395 (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).

At the time of making this post, the value of Ether is $2,589.72

Source: CoinMarketCap

Solution
1 Gwei = 1/1000000000 x 1 Ether
1 Ether = $2,589.72
∴ 1 Gwei = 1/1000000000 x 2,589.72
1 Gwei = $0.00000258972
1 Gwei = $0.00000259 (to 3 s.f)

6. Transfer 0.001 Steem to an account. Then send 0.0001 steem. Show what happens and state why.

Firstly I logged into my wallet page;

After that, I started to transfer Steem for my friend @gulfuren

I clicked the next;

Now I clicked Ok button and;

I wrote my active key password and signed it;

And I sent 0.001 Steem to @gulfuren.

Now I will try to send 0.0001 Steem to @gulfuren

But I can not send this amount (0.0001). This platform does not let me send this amount.

Conclusion

No one has not heard of Satoshi Nakamoto. Even those who are not interested in Blockchain or cryptocurrencies have heard of Satoshi. I think she/he is Asian. But what they do is more important than who they are. She/He is the vanguard of a revolution. I have been following the developments with excitement since the first day I heard about Blockchain.

I do not have enough information about Wei Dai, and thanks to this assignment, I learned who Dai is and what he does. Decoding the USD values of Bitcoin and Ether was also exciting. For the first time, I made a Steem transfer thanks to this homework. I have never had the opportunity to do this before. In this context, I would like to thank Professor @awesononso for this homework topic.

CC:
@awesononso