Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 6 | Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement.

Greetings fellow students and esteemed Professors, my name is Uzoma, with Steemit username; @uzoma24. It is my pleasure to have been part of this enlightening class delivered by professor @awesononso. Dear Professor, bellow is my homework.

Question No. 1

Who is Satoshi Nakamoto?

Satoshi Nakamoto is the name of the person or a fictitious name used by the person or group of people that published the Bitcoin white paper in year 2008 and later invented Bitcoin on 3rd January 2009.

Therefore, It is an anonymous name used by the creator(s) of Bitcoin crypto currency. This person/persons have not been identified in person as a result, it have made many to believe that this is a fictitious name used by the person or group of people behind the creation of Bitcoin.

Because of the success of Bitcoin, lots of people have tried to know the identity of the man who bears the name hence, a number of people who had something to do with the genesis block nor the Bitcoin white paper have been listening and investigated but none have been proven to be Satoshi Nakamoto.
Therefore, Satoshi Nakamoto have remained unknown after about 13 years Bitcoin was created.

Question No. 2

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

The two individuals I would like to write oabout are; Craig Steven Wright and Nicholas Szabo

Craig Steven Wright.

Craig Steven Wright was born in October 1970. Wright is a computer scientist and a business man of Australian origin.
Two separate Investigations carried out in December 2015 by Wired and Gizmodo respectively both suggested Wright is the inventor of Bitcoin. Moreso, on 2nd May 2016 the BBC and the economist published articles claiming weight digitally signed messages using cryptographic keys during the early days of Cryptocurrency. These keys are linked to the blocks mined by Satoshi Nakomoto.

Perhaps, Wright has publicly claimed to be part of the team that created Bitcoin. He reaffirmed it in an interview with the BBC saying he would bring forth evidence to sustain his claims, but he have not provided these evidence yet. In 2009, He told Finder that Bitcoin creation was a group effort which he drove himself and that Dave Kleiman and Hal Finney were also involved in the process.

Regardless, a security researcher by name; Dan Kaminsky had debunked Wright's claims, saying it was a scam and Jeff Garzik (a Bitcoin developer) also agreed with Kaminsky, saying his claims does not prove anything.

Nicholas Szabo

Nicholas Szabo is a computer scientist, a lawyer and a cryptographer. He is largely known for his research in digital currency and digital contrast. He also developed the phrase of Xsmart contrast.

He is suspected to be Satoshi Nakomoto because in 2005 he wrote a blog post predicting a digital currency which he called Bitgold that would not depend on any third party to operate.
Secondly, amongst everything he is also friends with the people in the circle.

Because of the quest to know the person behind the name; Satoshi Nakomoto, Szabo was added to the list of of individuals suspected to Satoshi Nakomoto but he have denied it repeatedly. A research by a financial author Dominic Frisby claims Szabo is Satoshi Nakomoto but Frisby admits there is no proof to sustain his claim.

Question No. 3

Who is Wei Dai?

Dai Is a computer engineer of Chinese origin. He graduated from the University of Washington. He became popular because of crypto++ which he developed. Later on he stepped aside from Crypto++ so as to work on other projects. Crypto++ is currently been managed by the crypto++ community.

In 1998, Dai also published B. Money which actually was a a part of crypto currency. In the B. Money white paper, he published all the qualities of a modern day crypto currency system. (An untraceable digital means to send money to one another without the interference of a third party)

In 2007, Dai and Ted Krovertz also developed VAMC. VAMC Is a block cipher-based message authentication code. This alogarithm is backed by formal analysis. It was designed for high performance.

Question No. 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).

The current value of Bitcoin on the bday I performed this assignment is $43,758.00.
Below is a screenshot showing the current value of Bitcoin.

Calculation

Formula: 1 SAT = 1 x 10-8 BTC

1 Satoshi = 1/100000000 × 1BTC
1BTC = 43,758.00
:. 1 Satoshi = 1/100000000 × 43,758.00
1 Satoshi = 0.00043758
1 Satoshi = 0.000438 (3 s.f)

Question No. 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).

The current value of Etheron the day and performing this assignment is $3.089.53.
Bellow is a screenshot.

Calculation:

Formula: 1 wei = 1 x 10-18 ETH

Gwei = 1/1000000000 × 1Ether
Where 1 Ether = 3,089.53
Subtitute 1 Ether in the equation
:. 1Gwei = 1/1000000000 × 3,089.53
1Gwei = 0.000008953
1Gwei = 0.00000895 (3 s.f)

Question No. 6

Transfer 0.001 Steem to an account. Then send 0.0001 steem. Show what happens and state why.
(Screenshots with username tag).

Now, I will transfer 0.001 steem to @val123

Immediately I clicked ok, the transaction went successfully.
Furthermore, I will transfer 0.0001 steem to same steem user @val123

From the screenshot above, you will notice the area enclosed with a rectangular sign has an error message which says; "use only three digits of presision" that means; steem is set to three decimal places. Therefore, the lowest amount of steem one can transfer is 0.001 steem, this is because steem does not have very high value like butcoin ans Ethereum.

Conclusion

The success story of Cryptocurrency is all thanks to the efforts of people like Satoshi Nakamoto, Wei Dai, Nicholas Szabo, Craig Steven Weight etc. They played a very vital role in the success we enjoy today in Cryptocurrency and Blockchains.