Steemit Crypto Academy Homework [Beginners’ Level] | Season 3 Week 6 | Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement By @yakspeace
INTRODUCTION
Hello everyone, I'm so delighted to participate in this great crypto Academy homework organized by our professor @awesononso through his lessons on Satoshi Nakamoto, Wei Dai, and Cryptocurrency Units of measurement. I enjoyed your lessons sir, and I have learned a lot from them.
Q1. Who is Satoshi Nakamoto?
Satoshi Nakamoto is a name that an alias used by the entity or the person who created Bitcoin in other to hide his identity. Even though there are claims that he is Japanese, born on April 5th, 1975 but his real identity has never been revealed. Nakamoto was the first to solve the problem of double-spending of a decentralized digital currency where he published the bitcoin original whitepaper a peer-to-peer electronic cash system.in October 2008.
And in the year 2009, he invented Bitcoin and released the first version 0.1, of the software that launched the network by mining the first Bitcoin. He continued working on the software for a year and a half until he designated him Self from active development. Up till now, nobody knows why he disappeared without revealing himself again.
Research has soon that in 2009 Satoshi handed over the control repository of the Bitcoin source code to Gavin Andresen, a software developer then he sent his last email on April 23, 2011, said he has moved on to other things. Since then all activities by Satoshi have stopped until now.
Q2. Write on two claims/theories of Satoshi Nakamoto's identity.
I. Craig Wright’s
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Craig weights is an Australian computer scientist and also a businessman, who claims to be Satoshi Nakamoto, founder of Bitcoin but his claims and proof were false because he posted a string of numbers that can be copied and assess by anyone Instead of providing a digital signature that only him can asses to show the world that he is Satoshi Nakamoto.
II. Nicholas Szabo,
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Nicholas Szabo is a computer engineer and legal scholar who studied at the University of Washington. The reason why he is considered as Satoshi Nakamoto is that in 2008 he invented a centralized currency called Bit Gold, where he describes the But coin as a protocol whereby costly bits could be credited online with minimal effort dependence on trusted users which is similar to that of Bitcoin concept.
Furthermore Author Dominic Frisby in his article " Bitcoin the features of money" concluded that Nick Szabo's written style is similar to that of Satoshi. And also that Szabo has worked at the digiCash, in an attempt to bring cryptography to digital payment apart from that evidence is that Nick Szabo and Satoshi make use of the same reference economist Carl Menger.
Q3.Who is Wei Dai?
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Wei Dai is a Chinese computer engineer who graduated from the University of Washington in computer science, with a minor in mathematics, he is also described as a private computer engineer.
Wei Dai makes a lot of contributions to cryptography and cryptocurrencies. He created a C++ library for cryptographic function called CryptoC++. And he developed the b-money cryptocurrencies, Since the launch of Bitcoin in 2019 many people have suspected Wai Dai to play the rule of Satoshi Nakamoto because he is talented but he never admitted to such claims of him been the great Satoshi Nakamoto.
Wei Dai is known for b-money, crypto++, and VMAC. which is a block cipher-based messenger authentication code algorithm which uses the universal hash proposed in April 2007.
Q4.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 is $37,810.26 as at the time I made this post.
Source
The table above shows the BTC Unit Table.
Solutions
GIVEN
1satoshi =1/100000000
1BTC = $37,810.26
There for;
1satoshi = 1/100000000 × 1BTC
1satoshi = $1/00000000 × 37,810.26
1satoshi = $0.0003781026
1satoshi = $0.000378 (to 3 s.f)
Q5.What is the current value of ETHER? Calculate the USD value of one GWEI of the current value
The current value of ETHER as of when I make this post is $2,485.02
Source
The table above shows the Ether Unit Table
Solutions
GIVEN
1Gwei = 1/1000000000
1ETHER = $2,485.02
There for;
1Gwei = 1/1000000000 × 1Ether
1Gwei = 1/1000000000 × $2,485.02
1Gwei = $0.00000248502
1Gwei = $0.00000249(3 s.f)
Q6. Transfer 0.001 steem to an account. Then send 0.0001 steem. Show what happens and state why.
In this question, I was able to transfer 0.001 saccount'shout any issues to an account. The account's name is @simonnwigwe. Below is the screenshot of the procedure.
Transfer account
Confirm Transfer
Here I used my private active key to validate the transaction and the transaction was successful. Below is the screenshot of my successful transaction.
After this transaction, I tried to, transferring 0.0001 steem to the same account, and behold I got an error message. The screen-input low shows a message alert sent when I input the amount.
Looking carefully in the screenshot above, you will notice a string of words in red color saying "use only 3 digits of precision". This implies that no transaction can be initiated once it is above the 3 digits of precision. To confirm this claim, the same rule is seen in the amount of steem, steam power, steem dollars, and savings which are present in our various wallets. All of this is in 3 digits of precision and doesn't go beyond that. See the screenshot below.
CONCLUSION
In conclusion, I must say I have learned a lot from this research before I never knew the transaction sum digits precision when making a transaction. And all the claims about Satoshi. Thank you for the lessons professor.
Hello @yakspeace,
Thank you for taking interest in this class. Your grades are as follows:
Feedback and Suggestions
You have written clearly on the topic.
There are still some very important facts missing.
I have doubts on the image of Dai that you provided.
Thanks again as we anticipate your participation in the next class.
Thank you very much for the review sir, i will improve more on the next lecture.