Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 6 | Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement. [awesononso] and submitted by @drmax1
INTRODUCTION
Greetings to you Steemians,
Today I highly welcome you to my homework post that was given by professor @awesononso on the topic: "Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement." Remain bless as you read through.........
1. Who is Satoshi Nakamoto?
Satoshi Nakamoto is a fictitious name used by an individual or group of individuals who developed Bitcoin. Satoshi Nakamoto is very popular whenever someone is trying to search for the history of bitcoin the name Satoshi Nakamoto most usually be involves in the write up. Satashi Nakamoto is very useful to the bitcoin ecosystem beyond his status as a founder, but as a person who first developed blockchain database in the whole world. Although little is known about Satoshi Nakamoto. His last message was in 2011, two year after bitcoin came into existence of which ever since then nobody has hear about his disappeared.
Currently no one knows if Nakamoto is one person or a group of individuals as I early say. Several efforts have been made to reveal the true identity of Nakamoto, none have been proven to be Satoshi Nakamoto with genuine evidence. Nakamoto has never carried out any interviews, nor any business statements, or any statements that would make people's know if if is a a real person or they are groups of individuals. Nakamoto has once claimed to be a 37 years of man living in Japan. Although the statement is generally accepted to be lie, because of how Nakamoto seemed to be speaking English language perfectly without having Japan tongues.
2. Write on two claims/theories of Satoshi
Nakamoto’s identity
Notwithstanding the several efforts to reveal the true identity of Nakamoto none has been proven to be true. But several persons have claims to be Satoshi Nakamoto without a valid evidence. Here I will just give a brief write-up on just two of the candidates.
Dorian Nakamoto
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This was a very good effort to reveal the identity of the founder of bitcoin. Dorian Nakamoto was identified as the creator of Bitcoin in 2014 by Newsweek.
Several similarities was claimed between Satoshi Nakamoto and Dorian Nakamoto. For example, Satoshi Nakamoto and Dorian Nakamoto was belief to understand Japanese language. Dorian Nakamoto is a Japanese-American, that went to California Polytechnic and study Physics, after his graduation he worked on classified defense projects. The author of Newsweek claimed that Dorian Nakamoto was "no longer involved with anything that has to do with bitcoin that he had turned everything over to others".
The situation became serious until Dorian Nakamoto intervene by saying that it was a misunderstanding,that he was referring to a different project of his. Although he told the author of the Newsweek, that he have nothing to do with it. Many people did not believe that Dorian Nakamoto is the founder of bitcoin, a lot of crypto community was terrified that his privacy had been abused because a photograph of his house was published. After the incident occurred a campaign was raised online where more than 100 bitcoins was gotten for Dorian Nakamoto to thank him. Dorian Nakamoto later appeared in a YouTube video together with fundraiser Andreas Antonopoulos to thank everyone that has supported him must especially the bitcoin community.
Craig Wright
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A lot of individuals whom that are suspected of being Satoshi Nakamoto have denied the claimed. Although the case of Craig Weight is different from others that have remained silent. Craig Weight is an Australian scientist, who wrote on his profile in December 2015, claiming that he had "obtained the true evidence of Satoshi Nakamoto identity." The post went viral on his Skype during the time bitcoin investors was on conference in Las Vegas. When Craig Weight was asked about the evidence of his claimed, he then change the words that he was just "a bit of everything."
Craig Weight proof comprises of reference to a cryptocurrency whitepaper, that was published on his blog before the circulation of the original bitcoin whitepaper. Also an email with referenced "P2P distributed ledger" was leaked and also a tap records of the meeting he held with tax officials was lead as well. The contained of the tap according to the tax officials who quoted him said: "I did my best to try and hide the fact that I have been into bitcoin since 2009".
3.Who is Wei Dai?
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Wei Dai, is a well known popular cryptographer and also a member of the crypherpunk community group,who is better known for his contributions to the field of study. In the cryptocurrencies industry, Wei Dai will forever be remembered towards his role in placing a key precursor proposition for bitcoin before the creation of Satoshi Nakamoto and that of the crypto library known as "crypto ++".
Wei Dai,is a Chinese citizen by birth of crypherpunk and a computer scientist. As a crypherpunk, Wei Dai, faced a lot challenge of which nothing was known about his private life. He made a proposal to create b-money in 1998 as a digital currency on anonymous electronic system. In his proposal he gave and explanation on how the system is to be carried out. The first one, is the use of Proof of Work as a means of creating digital currency.
In the second proposal Wei Dai gave an explanation on the use of a subset of servers,that takecares of accounts. The work of the servers is to publish, manage and verify all transactions data.
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 as at the time of performing this task is $38,752.61 according to Coinmarketcap
Satoshi is the smallest unit of Bitcoin which is presented as shown below.
1 SAT = 1 x 10-8 BTC
Now let's of take a look at the unit of each satoshi before calculating the current price of bitcoin.
| UNIT | SIGN | VALUE |
|---|---|---|
| mega Bitcoin | MBTC | 1,000,000 |
| kilo bitcoin | kBTC | 1,000 |
| hecto bitcoin | hBTC | 100 |
| deca bitcoin | daBTC | 10 |
| Bitcoin | BTC | 1 |
| deci bitcoin | dBTC | 0.1 |
| centi bitcoin | cBTC | 0.01 |
| milli bitcoin | mBTC | 0.001 |
| micro bitcoin | μBTC | 0.000001 |
| satoshi | SAT | 0.00000001 |
| millisatoshi | mSAT | 0.00000000001 |
Calculation
Now after looking at the unit of each satoshi is time to calculate the current value of one Satoshi. As as said earlier,the current value of 1 BTC is $38,752.61 based on the information gotten from Coinmarketcap which is shown below.
Solution
Where:
1 satoshi = 1/100000000 × 1 BTC
1 BTC = $38,752.61
∴ 1 satoshi = 1/100000000 x $38,752.61
1 satoshi = $38,752.61
1 satoshi = $0.0003875261
1 satoshi = $0.000387 (to 3 s.f) Answer
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).
From the information gotten from Coinmarketcap as at the time of performing this task the current value for Ether is $2,512.10
Solution
Where:
1 Gwei = 1/1000000000 x 1 Ether
1 Ether = $2,512.10
∴ 1 Gwei = 1/1000000000 x $2,512.10
1 Gwei = $0.0000025121
1 Gwei = $0.00000252 (to 3 s.f) Answer
6.Transfer 0.001 Steem to an account. Then send 0.0001 steem. Show what happens and state why.(Screenshots with username tag).
From the screenshot below, I have transferred 0.0001 Steem to awesononso by going to my Steem wallet to performed the transaction.
I confirmed the above transaction with my active key and it became successfull as shown from the screenshot below.
Transaction History
After sending 0.001 Steem. I then tried to send 0.0001 Steem to awesononso again.
Looking at the screenshot above, you will see a message showing Use only 3 digits of precison on the blockchain. I then went back to looked at my Steem Power, Steem Balance and SBD to see if it's true and I then discovered that it is true of which they are all in a maximum of 3 decimals places.
My Steem Power and Steem Balance
That means the lowest value that a users can transfer is 0.001 on the Steem blockchain.