Homework post for professor @awesononso on Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement
Satoshi Nakamoto is the name that appeared in the bitcoin white paper published in 2008, the bitcoin white paper was a proposal was introduced Bitcoin as a decentralized form of banking, hence, whoever is referred to as Satoshi Nakamoto is the founder and creator of Bitcoin.
The only thing that remains uncertain is the fact that no one knows whether Satoshi Nakamoto is a single person, group of people, male, female, or probably an AI gone rogue. But the important thing is that whoever or whatever Satoshi Nakamoto is revolutionized the technological world with the invention of Bitcoin, a decentralized form of banking.
Where is Satoshi Nakamoto now?
What are his plans for bitcoin?
Well, his/her/their identity isn’t known, the location is what even remains a huge mystery but others say that because the encrypted message in the Genesis Block was referenced to a newspaper in the United Kingdom saying, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” surprisingly, on the 3rd of January 2009 The Times newspaper featured a story with the same heading as the message left by Satoshi Nakamoto. This sparks some ideas that Satoshi Nakamoto might be from the United Kindom.
Satoshi Nakamoto owns not less than a million bitcoins, but not even a single one of them has been withdrawn, Satoshi Nakamoto's Bitcoins have had a significant impact on the market. Some perceive Satoshi Nakamoto's Bitcoins to be "lost," causing the Bitcoin to become more scarce and, as a result, its price to rise indirectly as a result of its shortage.
Irrespective of the identity of Satoshi Nakamoto, one thing that is clear is that this person(s) has brought positive change to the world and serves as a motivation for technological advancements.
Since the real identity of Satoshi Nakamoto isn’t known, there are people who are claimed to be Satoshi Nakamoto and some of which are:
A high-profile 6 March 2014 article in the magazine Newsweek was published by a journalist called Leah McGrath Goodman. Through the interview, Goodman was able to find out that Prentice was a Japanese American man living in California, whose birth name is Satoshi Nakamoto, this spark sparked a light bulb. Apart from his name, Goodman was able to get other facts that could make this Nakamoto the real Nakamoto.
Trained as a physicist at Cal Poly University in Pomona, worked as a systems engineer on classified defense projects and computer engineer for technology and financial information services companies. Nakamoto was laid off twice in the early 1990s and turned libertarian, according to his daughter, and encouraged her to start her own business "not under the government's thumb." This right here means that Nakamoto didn’t like the way things were centralized. As if this wasn’t enough proved, when she asked Nakamoto about Bitcoin, he responded, "I am no longer involved in that and I cannot discuss it. It's been turned over to other people. They are in charge of it now. I no longer have any connection." Anyone who hears this will conclude that this Nakamoto is probably the real Nakamoto.
However, Dorian Prentice Satoshi Nakamoto has denied any sort of connections with Bitcoin and says that he misinterpreted the question and thought it was a question about his previous job which was much classified, hence the reason for his response being so.
Nicholas Szabo, also known as Nick Szabo has a Computer Science degree and a law degree from the University of Washington and George Washington University Law School respectively. The reasons why he is seen as Nakamoto is because:
The introduction of “bit gold” in 2005, Nick Szabo brought forth the idea of a centralized form of banking but didn’t implement it then a few years later Satoshi Nakamoto published a paper detailing a decentralized system called bitcoin, this is what caused a lot of people to think of the possibility of Nick Szabo being Satoshi Nakamoto.
Also, in December 2013, blogger Skye Grey linked Nick Szabo to the bitcoin white paper using an approach he described as stylometric analysis. The findings of Skye Grey were that they shared similar writing styles. However, all allegations which link Nicholas Szabo to Satoshi Nakamoto have been denied by Nick Szabo.
Wei Dai is a graduate of the University of Washington and holds a degree in Computer Engineering. He is mostly associated with cryptocurrency and cryptography he has many contributions, some of which are, Crypto++, VMAC, and b-money.
He proposed b-money in 1998 which was digital cash on an anonymous distributed ledger. If implemented at that time, it would have been the world’s first cryptocurrency.
Though B-money was never fully implemented, Satoshi Nakamoto used some of the ideas of b-money in the bitcoin white paper and even exchanged emails with Wei Dai. The fact that Satoshi Nakamoto had acknowledged the brains behind b-money means that if implemented, b-money would have been successful.
Also, because of the exchange of emails between Dai and Nakamoto, some people think of the possibility of Dai being Nakamoto and since there were similarities between the b-money paper and the bitcoin white paper.
However, there hasn’t been concrete proof of Wei Dai being Satoshi Nakamoto.
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)
As of the time that I’m making this post, the value of Bitcoin by coinmarketcap is $43,538.35
The value of one satoshi of the current bitcoin price will be:
Since 1 satoshi = 0.00000001BTC
1 satoshi in this case = 0.00000001 * 43538.35
Therefore 1 satoshi = $0.0004353835
Hence 1 satoshi = $0.000435(to 3 s.f)
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).
As of the time that I’m making this post, the value of Ethereum by coinmarketcap is $3,097.34
Since 1 Gwei = 0.000000001 ETH
1 Gwei in this case = 0.000000001 * 3097.34
Therefore 1 Gwei = $0.00000309734
Hence 1 Gwei = $0.00000310
Transfer 0.001 Steem to an account. Then send 0.0001 steem. Show what happens and state why.
I first try to transfer 0.001 steem to zology69
The transaction goes through and I’m asked to confirm it.
Once I confirm, it then processes my transaction.
My transaction history
This means that my transfer of 0.001 steem to zology69 was a success.
I now try to send 0.0001 steem to zology69
I get an error saying that “Use only 3 digit of precision”, this means that Steem only allows a maximum of 3 decimals places on the blockchain. Hence since 0.0001 is 4 decimal places it gives an error and the transaction can’t be seen through.
Cryptocurrencies have come a long way in 21st-century technology. This has changed the way of life of many people and still changing the lives of many others. As it is important to acknowledge Satoshi Nakamoto, it is important to acknowledge others who also played a part in making the decentralized system work such as Wei Dai.
Hello @abdulkahargunu,
Thank you for taking interest in this class. Your grades are as follows:
Feedback and Suggestions
You have done well in your research and expression on the topic.
There is just a little point missing in the last question.
Thanks again as we anticipate your participation in the next class.
Thanks prof.