HELLO EVERYONE,
Hope you all are doing well. My name is Syed Huzaifa and I intend to write about Satoshi Nakamoto, Wei Dai, and Cryptocurrency Units of Measurement today. This is a homework post assigned by @awesononso. Today I'm going to write on a very interesting topic related to the world of crypto. So let's get right into today's topic.

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Who is Satoshi Nakamoto?

In 2009, the world's first cryptocurrency known as Bitcoin was launched under Satoshi Nakamoto pseudonym. From the date of his birth until now, no one knows exactly who Satoshi Nakamoto is. The founder of Bitcoin can be a programmer or a group of programmers.

Satoshi Nakamoto was active till 2010 and after establishing the cryptocurrency he got disappeared. The project started by Nakamoto tends to be a huge success as it was fully based on a decentralized system, known as the blockchain, and Satoshi Nakamoto is known as the father of Bitcoin.

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Two claims/theories of Satoshi Nakamoto’s identity:

As I told you before, Satoshi Nakamoto's identity is still unrevealed, but there are some claims/theories of his/their presence. The world of cryptocurrency changed the finance sector as there is no need for the involvement of 3rd party to make the transaction secure and successful. Two individuals who don't know each other can still do agreement and can make transactions without relying on intermediaries like banks and other agencies.

It has been a long time since the Bitcoin White Paper was published, but still, there are some claims about who is behind the name Nakamoto. So let's have a look at these claims.

1. Dorian Satoshi Nakamoto:

Source

If you search for the name Satoshi Nakamoto on google or any search engine you'll come up with this face.
Dorian Satoshi Nakamoto is a Japanese-American physicist with the same name from which Bitcoin was founded. Satoshi had publically denied being the founder of Bitcoin and cryptocurrency.

Researchers have predicted that the founder of Bitcoin is might be of British descent due to his native level of English used in the white paper of Bitcoin.

The next claimed for the founder of Bitcoin was addressed to Hal Finney.

2. Hal Finney:

Source

Hal Finney was also claimed to be the founder of Bitcoin. He made the first bitcoin transaction from Satoshi Nakamoto( Bitcoin creator). Finney has been receiving emails from Nakamoto and surprisingly he lived for 10 years in the same town where Dorian Satoshi Nakamoto lived in temple city, California. Due to these similarities, he was claimed to be the founder of Bitcoin but he denied and proof all the theories wrong.

To date, nobody really knows who Satoshi Nakamoto really is. The founder of Bitcoin is still successful in hiding their identities.

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Who is Wei Dai?

Wei Dai is another great name in the world of cryptocurrency. Like Nakamoto, his identity is also unrevealed.

Wei Dai Chinese Computer Engineer who is known for his contribution in the field of cryptocurrency and cryptography. Dai is well known for b-money, Crypto++, VMAC. Dai has a great impact on the world of crypto.

Dai was the first person who proposed the idea of digital cash in 1998 and his work was also got published but it was never successful and was never implemented. Before we move on, let's discuss what B-money was.

B-money:

Wei dai proposed an idea of establishing an electronic cash system known as b-money, and he also published an essay on it but unfortunately, it was never launched. B-money was very similar to cryptocurrencies and if it would be launched in 1998 it may be the first cryptocurrency.

There are many theories that show that Wei Dai himself is the founder of Bitcoin and that he has changed the title of B-Money to Bitcoin. But like others, he was never proven to be the Nakamoto.

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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).

Before calculation let me give you a small introduction about what is Satoshi.
Satoshi is the smallest unit of measuring bitcoin on the blockchain with the symbol of SAT.

1 SAT = 1 x 10-8 BTC

CALCULATION:

On the day I'm writing this post, the value of Bitcoin is $43,620.93 as per CoinMarketCap . You can also see it below.

Solution:
1 satoshi = 1/100000000 x 1 BTC or 1/ 1 x 10-8 BTC
1 BTC = $43,620.93
∴ 1 satoshi = 1/100000000 x 43,620.93
1 satoshi = $0.0004362093
1 satoshi = $0.000436 to (3 significant figure)

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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).

Now the question arises that what is Gwei?

WEI:

Just like satoshi, Wei is the unit of measurement for Ethereum.

1 wei = 1 x 10-18 ETH

Since Wei is a tiny unit of Ether, so Gwei is more often used for conversion.

Gwei means Giga Wei.

Gwei = 0.000000001 ETH or 1 x 10-8 ETH.

CALCULATION:

The current value of Ethereum is $2996.01 as per CoinMarketCap.

Solution:
1 Gwei = 1/1000000000 x 1 Ether
1 Ether = $2996.01
∴ 1 Gwei = 1/1000000000 x 2996.01
1 Gwei = $0.00000299601
1 Gwei = $0.00000299 (to 3 s.f)

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

Before moving toward's the assigned task, I want to tell you guys that there is no such smallest unit for the crypto Steem. We can just transfer a minimum amount of Steem up to 0.001 Steem.

Let's take an example of it. So I'll be transferring 0.001 Steem to my friend @hashir123 from the account @syedhuzaifa123

I confirm the transaction and it was successful.

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After transferring 0.001 Steem, I tried for 0.0001 Steem to that same account.

Here you can see that Steem only allow transferring its fund up to 3 significant places. If you further check the steem power and SBD of your account it is also expressed up to 3 significant figures.

So the conclusion of this task is that the lowest possible amount you can transfer is 0.001 Steem.

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CONCLUSION:

So in today's post, we learned about who is Satoshi Nakamoto and what are the theories related to this name. We furthermore talked about Wei dai and his achievement known as b-money. We also learn about the unit of measurement of cryptocurrency.

This post contains information regarding how the owner of bitcoin used the name Satoshi Nakamoto and how they manipulate the people.

I also mentioned b-money that how it played a key role in establishing the base of cryptocurrency.

If you want to learn more about the units of measurement of cryptocurrency I prefer you should have a look at this post written by professor @awesononso

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That is all from my side, hope you enjoyed reading the post. Take care and Goodbye :)

Regards,
@syedhuzaifa123

Special Mention to:
@awesononso