HOMEWORK TASKS FOR THIS WEEK

1). Who is Satoshi Nakamoto?

2). Write on two claims/theories of Satoshi Nakamoto’s identity.

3). Who is Wei Dai?

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).

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).

6). Transfer 0.001 Steem to an account. Then send 0.0001 Steem. Show what happens and state why.
(Screenshots with username tag).

I will answer the above questions step by step. Let's go to the first question.‍

Source

NOBODY KNOWS 🤔

History reveals that bitcoin.org was registered on 18 August 2008. After a few months later, actually on 31st October 2008, a whitepaper which had a title as Bitcoin: A Peer-to-Peer Electronic Cash System was published. You can find it here if you are interested. Its Author was Satoshi Nakamoto who is our today's main topic.

According to my opinion, this “SATOSHI NAKAMOTO” is just a pseudonym that was introduced for the usage of bitcoin creators. Maybe this can be a either team or a company or else a single person. If it’s a single person we have no idea about his any information.

From the early mentioned whitepaper, Satoshi Nakamoto has proposed a system for electronic transactions without relying on trust. Simply it means he tried to express blockchain technology and also the revolution of decentralized platforms.

However, Satoshi Nakamoto mined the genesis block of bitcoin (Genesis block means 1st block of the blockchain) on 3rd January 2009 and bitcoin came to the market. He received 50 bitcoins as a reward for this process. After that Hal Finney was able to download and install the bitcoin software on the same day of the bitcoin released. He was lucky enough to receive 10 bitcoins on 12th January 2009 from Satoshi Nakamoto as the world’s very first bitcoin transaction.

Source

As mentioned earlier, Harold “Hal” Finney is one of the early supporters of bitcoin. He was born on 4th May 1956 in Coalinga, California. He was graduated in 1979 from the California Institute of Technology, with a BS in engineering. He joined the PGP Corporation after his job at a computer game development company and he gave his experience and knowledge to create “pretty good privacy” which was very unique and very innovative.

This guy is the mastermind of making anonymous remailer and also the reusable proof of work (RPOW) which was a digital cash system.

Furthermore, Finney Harrold was lived for more than 10 years in the town called Temple city in California. This is the place which was Satoshi Nakamoto lived.

And also, please find the below screenshot.

Source

This is a tweet that was tweeted by Finney way back in 2009. Anyone can understand after seeing this tweet, that this guy is purely interested in bitcoin in 2009.

Also, Hal Finney retired in early 2011 from his job while the last email response from Satoshi Nakamoto was dated on 26th April 2011.

After considering all the above facts, somebody can claim Hal as Nakamoto.

However, this person denied all the claims that he was the mastermind of the bitcoin.

Source

Nick Szabo is also an early supporter of bitcoin. Also, He is the father of bitcoin predecessor bit gold which was proposed in 1998. There are some proofs to prove that both Nick and Satoshi have worked with the same group of people to get advice and feedbacks for their own projects.

Also, there is a quite interesting point. A few years back, Nick is backdated his own post regarding the “How to launch Bit Gold” to appear after the bitcoin whitepaper published in 2008.

Also, find below notable email from Nakamoto.

I just thought of something. Eventually, there’ll be some interest in brute force scanning bitcoin addresses to find one with the first few characters customized to your name, kind of like getting a phone number that spells out something. Just by chance, I have my initials.

Now please pay attention to the below bitcoin address which was owned by Nakomoto.

1NSwywA5Dvuyw89sfs3oLPvLiDNGf48cPD

We can see the initial letters of Nick Szabo at the beginning of this bitcoin address. (N and S)

After considering all the above facts, somebody can claim Nick Szabo as Nakamoto.

However, this person denied all the claims that he was the mastermind of the bitcoin.

Source

First of all, I would mention here that this guy did not post even a single photograph online. However, there is so may information about this world-renowned cryptographer.

Wei Dei was a computer Engineer and he graduated from the University of Washington. From this university, he was able to complete his bachelor’s degree in computer science. Also, he had a minor degree in mathematics.

He was worked as a programmer in TerraSciences when he received a job offer from Microsoft. During his working period at Microsoft, Wei Dei was in a Cryptography Research Group.

We can find this guy’s name also in the US patents list. Actually, he is the inventor of both 5724279 and 6081598 US patents, and both the patents were assigned to Microsoft.

Actually, B-money is the best innovative proposal he contributed. This distributed and anonymous electronic cash system was published in November 1998 and it was initially shared on the cypherpunks mailing list.

I found an article that mentioned Wei Dei was among the first two people who were contacted by bitcoin creator Satoshi Nakamoto. We can agree on this statement because this b-money paper was mentioned in the reference list in the Bitcoin white paper.

Usually, I used to check the bitcoin value from https://coinmarketcap.com/ . Bitcoin was $43,108.78 on 06th of August 2021 and the time was 11.45 PM (GMT + 05.30).

Find below-attached screenshot which shows the current value of Bitcoin.

The calculation to find the value of one satoshi:

We know that 1 satoshi =(1/100,000,000) x 1 BTC

Also, 1 BTC was worth $43,108.78 as mentioned earlier.

∴ 1 satoshi = 1/100,000,000 x 43,108.78

• 1 satoshi = $0.0004310878
• 1 satoshi = $0.000431 (to 3 s.f)

I calculated this by using my laptop calculator too. Find the calculation below.

Usually I used to check the Ether value from https://coinmarketcap.com/ as well . Ether was $2,960.29 on 06th of August 2021 and the time was 11.55 PM (GMT + 05.30).

Find below-attached screenshot which shows the current value of Ether.

The calculation to find the value of one Gwei:

We know that 1 Gwei =(1/1,000,000,000) x 1 ETH

Also 1 ETH was worth $2960.29 as mentioned earlier.

∴ 1 Gwei = 1/1,000,000,000 x 2960.29

• 1 Gwei = $0.00000296029
• 1 Gwei = $0.00000296 (to 3 s.f)

I calculated this by using my laptop calculator too. Find the calculation below.

We all steemians have an inbuilt steemit wallet. So that we all can use this wallet to do any steem transaction very easily.

To answer this question, I used my steem wallet, and below I attached some screenshots to show the process step by step which I followed.

We have two ways to access the steem wallet.

After you entered your wallet, click the steem balance and select the Transfer from the drop-down list as shown in the screenshot below.

After that, you will receive a dialog box as below. We do not need to fill in the sender’s name since it automatically filled our name. We have to provide other requested information. The first one is the receiver’s username. The next one is the Steem amount you are trying to transact. The last one is a memo. This is not mandatory to fill. If need you can put a memo and proceed with the transaction.

Then you will receive a confirmation dialog box as below.

After confirmed the information given, as the final step, you will be asked for your active key to proceed as below.

Now you are done!!. If you need to check the status of your transaction, you can visit the transaction history to review it.

As discussed earlier, you can access your steem wallet very easily.

After that, you will receive a dialog box to enter the information as shown below. Even though we are tried to transfer 0.0001 steem to the same receiver, here we can see an ERROR MESSAGE in red color indicating “USE ONLY 3 DIGITS PRECISON”.

By looking at this error, we can realize that steem blockchain is only supports maximum of 3 decimals places. The same theory applies to our Steem Power and the SBD balance. All these currencies are in 3 decimal places in my wallet.

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This is the end of my homework task and finally I would like to give my gratitude to @awesononso for giving us this valuable lecture. Frankly, I was able to gather perfect knowledge on this regard.

GOOD LUCK AND HAVE A NICE DAY!!

• My achievement 01 post: here.
• My achievement 02 post: here.
• My achievement 03 post: here.
• My achievement 04 post: here.

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