Crypto Academy / Season 3 / Week 6 - Homework Post for [@awesononso] …Units of measurement for Satoshi Nakamoto, Wei Dai and cryptocurrencies
Today's lesson covers a very important topic "Units of measurement for Satoshi Nakamoto, Wei Dai and cryptocurrencies". Thank you Professor @awesononso for letting us know about Units of measurement for Satoshi Nakamoto, Wei Dai and cryptocurrencies. through this lesson. I learned many unknown things. I hope the lesson will be helpful for everyone.
1- Who is Satoshi Nakamoto?
Satoshi Nakamoto is the developer of Bitcoin (BTC). Although the name Satoshi Nakamoto is used, no one has seen him yet, meaning nothing is known about his identity. Satoshi Nakamoto has never seen people. He became disappeared after the invention of Bitcoin.
Currently, the most popular cryptocurrency is Bitcoin, the world's number one cryptocurrency invented by Satoshi Nakamoto. He implemented the world's first blockchain database Many people think that Satoshi Nakamoto's invention Bitcoin, will be the reason for the extinction of the centralized system. No one has been able to explain the reason for Nakamoto's anonymity so far. However, he is claimed to be a Japanese.
Nakamoto published the whitepaper of Bitcoin in 2008. After the first cryptocurrency invention, Nakamoto was active until December 2010, after this he just vanished like a ghost.
2- Write on two claims/theories of Satoshi Nakamoto’s identity.
There are many theories about Nakamoto's identity. But the interesting thing is that none of them claimed to be Satoshi Nakamoto. Of the many theories, some are the most popular. Below I am trying to describe it:L
Dorian Satoshi Nakamoto
If you search for Satoshi Nakamoto is the first image that will appear in front of you would be the following image. Dorian is thought to be Satoshi Nakamoto, the author of the bitcoin's white paper, but he's not connected to it. Dorian is a Japanese American whose birth name is Satoshi Nakamoto which makes questions in crypto enthusiast's minds, Is he really Satoshi Nakamoto?
Dorian said to confirm his identity "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." This confirms that he is not the real Nakamoto whom everyone is eager to see.
Hal Finney
Hal Finney was the first person to use the Bitcoin network. Not only that, he got Bitcoin from Nakamoto to help him with improvements. Nakamoto contacted Hal via email. Later, the writing style was matched from their conversation. Their writing style was largely the same.
Source
From the above discussion, it is clear that Hal Finney was the real Nakamoto. He was the ghostwriter and send himself an email and claims it was from Nakamoto. But he denies that he is not Nakamoto.
3- Who is Wei Dai?
Wei Dai is a Chinese computer engineer. He is also the developer of the Crypto++ cryptographic library. Crypto++ cryptographic library was released in 1995. He makes remarkable contributions to cryptography and cryptocurrencies.
Wei Dai published b-money, b-money is an electronic cash system based on anonymous distribution. The first cryptocurrency initiates through this b-money. Ted Krovetz and Wei Dai together proposed VMAC in April 2007 using a universal hash.
Wei Dai and Adam Back were the first person who contacts Satoshi Nakamoto. They exchanged few emails in 2009. Wei Dai's b-money paper was the reference of Bitcoins whitepaper. Though b-money was never launched officially. Satoshi Nakamoto mentioned Wei Dai's work on Bitcoin's whitepaper. Nakamoto extended the b-money idea and the crypto revolution emerge.
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 today
By the time I was writing this post the current value of Bitcoin is $39,341.08 according to coinmarketcap. Below I attached the screenshot from coinmarketcap.
Calculation of one satoshi
1 satoshi = 1/100000000 x 1 BTC in price of USD
1 BTC = $39,341.08
∴ 1 satoshi = 1/100000000 x 39,341.08
1 satoshi = $0.0003934108
1 satoshi = $0.000393 (to 3 s.f)
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 Ether on today
By the time I was writing this post the current value of Ethereum is $2,707.40 according to coinmarketcap. Below I attached the screenshot from coinmarketcap.
Calculation of one Gwei
1 Gwei = 1/100000000 x 1 Ether in price of USD
1 Ether= $2,707.40
∴ 1 Gwei = 1/100000000 x 2,707.40
1 Gwei = $0.000027074
1 Gwei = $0.000027 (to 3 s.f)
6- Transfer 0.001 Steem to an account. Then send 0.0001 steem. Show what happens and state why.
(Screenshots with username tag).
Transfer 0.001 Steem to an account
- First I go to my wallet and then Steem>Transfer. I see the following window, then I put a username of my professor @awesononso and amount of 0.001 STEEM then put my memo. After putting all data I click Next to proceed further.
- Then I got this confirmation message. I click Ok then put my active key and the transaction was successful.
- As you can see in my wallet history the transaction was successful and 0.001 STEEM was deducted from my wallet.
Transfer 0.0001 Steem to an account
After the 0.001 STEEM transfer this time I try to send 0.0001 STEEM to the same account. You can see in the below screenshot I got Use only 3 digits of precison this red message. It is clear that the minimum sending value of STEEM is 3 significant rounded figures, otherwise, we could not send any STEEM. This means 0.001 was the smallest value that can be sent from the STEEM wallet to the wallet. We are unable to send 0.0001 STEEM.
Conclusion
Satoshi Nakamoto, the most popular coin of cryptocurrency, is also very happy to learn about many theories about him. While completing the homework post, I have learned to do 1 satoshi and 1 Gwei calculation which is very important. You can send a minimum of 0.001 STEEM from the Steemit wallet. All in all, today's lesson was a wonderful one.