Crypto Academy / Season 3 / Week 6 - Homework Post for [@awesononso]
Hello everybody.
Hopefully, all of you will be happy and enjoying your time at Steemit Crypto Academy. This is my homework task post for the beginner-level courses for professor @awesononso. The lecture post by the dear professor was very good and informative. So, let's start our task without any wastage of time. Our topic of discussion for today is Satoshi Nakamoto, Wei Dai, and Cryptocurrency Units of Measurement. So, let's start my answers in a given order.
(01)
Who is Satoshi Nakamoto?
The first name that one hears just after entering the cryptocurrency world is the "Satoshi Nakamoto" who is considered to be the founder and the creator of the first cryptocurrency, Bitcoin.
But it is a very interesting and surprising thing that no one knows that who is Satoshi Nakamoto. Actually, he might be a person (male or female) or a group of people working together and created Bitcoin. Satoshi Nakamoto created the whitepaper of Bitcoin in 2008 and created Bitcoin in 2009. Bitcoin is the first cryptocurrency that was developed by Satoshi Nakamoto and was developed to get rid of the centralized finance system in the world. So, a digital and decentralized finance system was developed and Bitcoin was the first currency of that finance system. Bitcoin is a cryptocurrency that is not controlled by any central authority or central controlling unit.
As I have discussed before that the real identity of Satoshi Nakamoto is not known so there are many theories or claims that explain the identity of Nakamoto according to their pieces of evidence. After the development and success of Bitcoin, Nakamoto disappears without leaving his identity behind. He said that Bitcoin has reached that level that there is no need for my work as there is much support for Bitcoin for its progress or working.
(02)
Write on two claims/theories of Satoshi Nakamoto’s identity.
As I have discussed in the above section that no one knows the real face of Satoshi Nakamoto because he did not reveal his original face even after such an amazing success of his work. No matter who is he, the thing which matters is his work which is really appreciated and amazing. Some of the theories/claims that describe the identity of Satoshi Nakamoto are as follow:
1. Dorian Nakamoto:
This is the face that we see on searching "Founder of Bitcoin" at Google. But the question is that 'Is he be the real Satoshi Nakamoto?' His name is Dorian Nakamoto and due to the name similarity with Satoshi Nakamoto, he is considered the founder of Bitcoin, Satoshi Nakamoto.
Dorian Nakamoto is a Japanese-American software engineer and he is a well-educated engineer. He is claimed as the founder of Bitcoin due to the similarity in name with the Satoshi Nakamoto. But many attempts were made to justify this statement. Once a journalist, named Goodman went to Dorian Nakamoto's home and asked him that "Are you involved in the creation of Bitcoin?" The answer of Dorian Nakamoto was a little bit confusing. He said:
"I am no longer involved in that and I cannot discuss it, It’s been turned over to other people. They are in charge of it now. I no longer have any connection."
This answer confused Goodman and she claimed that the word "it" belongs to the "creation of Bitcoin". As the name was also the same so Dorian Nakamoto was claimed to be the founder of the first-ever cryptocurrency, Bitcoin.
2.Shinichi Mochizuki
Another trending candidate which is considered to be the creator of Bitcoin, Satoshi Nakamoto is a Japanese mathematician which is well known for his work in maths and especially for the ABC Conjecture.
He is a not well-known but unique candidate who is claimed to be Satoshi Nakamoto. As he is considered to be come from the alien land and Bitcoin is also considered to be the private space invention so Shinichi Mochizuki is said to be the developer of Bitcoin, Satoshi Nakamoto. Another reason for considering him to be Satoshi Nakamoto is that he is very much interested in solving the impossible maths problems. Since, Bitcoin is also a complex invention so cryptoanthuiasts think him the Nakamoto.
(03)
Who is Wei Dai?
Another well known and trending name in the world of cryptocurrency is Wei Dai. But one clear difference between Nakamoto and Wei Dai is that the identity of Wei Dai is not hidden. His face is clear to everyone.
Wei Dai is a Chinese computer engineer but the thing that is the reason of his fame is his contribution and attachment with the cryptocurrency and crypto projects like Crypto++ and VMAC. He is the developer of the "b-money". B-money is actually the fiat money but it is the development of the fiat money into the digital currency which can flow over internet. He proposed the concept of b-money in 1998 but it is very sad to know that his idea was just an idea and there is no any practical accomplishment seen on this publishment. If this idea was adopted then b-money would be the first ever cryptocurrency in the world. Nakamoto used the ideas of Wei Dai in the whitepaper of Bitcoin and he also contact with Wei Dai to get help from him to developed the first-ever cryptocurrency, Bitcoin.
Some people also think that Dai is also the founder of Bitcoin and he is the real Nakamoto as there were very many similarities between the whitepaper of b-money and Bitcoin. The smallest unit of the cryptocurrency Ether , Wei was also named after his name.
(04)
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 coinmarketcap, the current value of Bitcoin is $37,821.68.
Satoshi to USD
Now, I will convert the current value of Satoshi into USD by using the current price of Bitcoin.
As, 1 Satoshi = 1 satoshi = 1/100000000 x 1 BTC
- 1 BTC = $37821.68
Thus, 1 Satoshi = 1/100000000 x 37821.68 $
So, 1 Satoshi = 0.0003782168 $
1 Satoshi = 0.000378 $ (to 3 significant figures).
(05)
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).
According to the coinmarketcap, the current value of Ether is $2475.39.
Now I will calculate the price of 1 Gwei .
As, 1 Gwei = 1/1000000000 x 1 Ether
- 1 Ether = $ 2475.39
Thus, 1 Gwei = 1/1000000000 x 2,475.39 $
So, 1 Gwei = 0.00000247539 $
1 Gwei = 0.00000247 $ (to 3 s.f)
(06)
Transfer 0.001 Steem to an account. Then send 0.0001 steem. Show what happens and state why?
As I have discussed the smaller units for the Bitcoin and the Ether in the above segments. In the Steemit Blockchain, there is no any smaller unit for the Steem or SBD that are the currencies of the platform. The smallest value of Steem that can be used in the blockchain is 0.001 Steem. No one can transfer smaller value then this value which is at 3 decimal places.
First, I am going to transfer 0.001 Steem to dear professor awesononso as required for this task.
After entering the private active key, the transfer completed which was visible in my history.
Now,
I will transfer 0.0001 Steem to the same account and let's see what happened.
As you can see in the above screenshot that an error occurred while proceeding this out that transfer should be at least 3 decimal places. So, it is cleared that the transfer that takes places in the blockchain must me up to 3 decimal places.
Final Lines
From this lecture, we came to know about the founder of the Bitcoin named Satoshi Nakamoto whose identity is not yet been confirmed but there are several theories in this regard. Wei Dai is the developer of the b-money and is also considered to be the founder of Bitcon. Satoshi is the smallest unit of Bitcoin and Giga Wei (Gwei) is the smallest unit of Ether. The smallest value that can be transferred in the Steem Blockchain is 0.001 Steem/SBD.
So, that's all.
Hopefully, all of you like this homework.