Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 6 | Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement.
1WHO IS SATOSHI NAKAMOTO?
According to the lecture we received the personality known as Satoshi Nakamoto is the founder and initiator of both the Bitcoin white paper in 2008 and the Bitcoin in 2009. However from all that I gathered his identity is yet unclear and so as a result of this a lot of people have tried to disclose his identity,for all we know Satoshi could be a male,a female or a group of people. The conclusion of the matter is that nobody knows him and his identity is still in the dark.
2WRIE ON TWO CLAIMS/THEORIES OF SATOSHI NAKAMOTOs IDENTITY.
According to certain sect, Satoshi Nakamoto is believed to come from a Japaness--English decendant because of his well structured tenses which they believe to be common among the British, others say the name is tied to a group of people because of the complex structures put in place to establish this platform.However there are three major claim to this name but we are going to talk about two of such,amongs them are
1Harold “Hal” Finney
Finney,a staunch and adent believer of Bitcoin was a cyberpunk,in other words he was an advocate of both cryptocurrencies and cryptography.
Finney was at the forefront when it came to the usage of Bitcoin. He was the first person to champion the use of the Bitcoin network and also obtain or receive Bitcoin from Satoshi Nakamoto right from the first transaction done on Bitcoin. Now because of Finney's heavy involvement in the matters concerning the Bitcoin project, he was perceived to be Nakamoto in disguise which he later denied all the claims which was discovered eventually as true.
2DORIAN SATOSHI NAKAMOTOS
When you Google the man Satoshi Nakamoto this is the man you would see because he bears the same name with him but the reality of him being the real Satoshi Nakamoto is yet unknown, though he is a Japanese-American but when asked by journalist Dorian Said something like " I an no longer involved which was interpreted by the press to mean Bitcoin. However Dorain was quick to diffuse and clear the air saying he was talking about his different product that he initiated.
From reports Finney and Dorian are neighbors and so they are speculations that Harald Finney must have chosen his neighbors name to maintain the disguise of his identity.
3WHO IS WEI DAI?
Wei Dai is another popular and significant personality in the world of crypto world. Unlike Nakamoto, Wei Dais identity is known. However, discretion is his watch word as his pictures are not seen any how.
Dai a Chinese Computer Engineer has been a remarkable impact putting his foot print on the crypto world.He initiated or introduced projects like Crypto++ and VMAC but his figure of identity that is his most notable project was the b-money.
Dai was one of the first and most earliest advocate of anonymity and cryptography.
The initiation of b-money was in 1998 which was structured as a electronic or digital cash runned on an anonymous dispatched ledger. The project was suppose to be the initiated cryptocurrency but unfortunately it just never got to that.
Despite the fact that b- money never reached it's full potential,it can not be disputed that He laid the foundation for cryptocurrency. SATOSHI NAKAMOTOs also made reference to DAI and acknowledged his work as the spies he used to make a properly delicious meal meaning his idea of Bitcoin was a product of Dais work.
4WHAT 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 Value of Bitcoin and other cryptocurrencies in recent times have been fluctuating a lot, especially this few past weeks. However the present value of Bitcoin as of 6/8/2021 according to
https://coinmarketcap.com/currencies/bitcoin/ = $42,574.73
SATOSHI is the currency named after SATOSHI NAKAMOTO,it is the smallest part or fragmentation of BTC and i would be calculating it's current value
CALCULATION
1SAT=1/100000000×1BTC
1BTC=$42,574.73
i.e 1/100000000×42,574.73 =0.0004257473
1SAT=0.000426(3.s.f)
5What 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).
Gwei is a currency just like satoshi, it is perculiar to Sat because it was equally named after Wei Dai. Here i will be calculating the value of 1Gwei using the current value of Ether which is=$2,916
(https://coinmarketcap.com/currencies/bitcoin/)
CALCULATION
1GWEI=1/100000000
1ETHER=$2,916
1GWEI=1/100000000×2916
1GWEI=0.00002916
1GWEI=0.0000292
6Transfer 0.001 Steem to an account. Then send 0.0001 steem. Show what happens and state why.
While on the other hand here is the transfer of 0.0001
From my observation during the transfer i noticed the minimum token for transfer is 0.001 and so it was on this bases that my transaction failed
APPRECIATION
Thanks prof @awesononso for this insightful lecture i most confess I learnt a lot