Crypto Academy / Season 3 / Week 6 – Homework Post for [professor @awesononso] Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement

Am gladdened once again for yet another opportunity of this wonderful edition by the cryptoacademy. From the lecture offered by Professor @awesononso, reading through this lecture series have given me a better insight on Satoshi Nakamoto, Wei Dai and Cryptocurrency units of measurement. To this, I will be writing based on the task given by the Professor.

Who is Satoshi Nakamoto?

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Satoshi Nakamoto is the name in quasi for the unidentified person or individual who brought about the birth of Bitcoin and its whitepaper as well. It remains a mystery owing to the fact that the inventor (it details as per the information about him or her) of the grand cryptocurrency Bitcoin (Genesis Block) which led to the blockchain technology is no way to be identified.

Although, there have been claims of his or her identity and origin, but all proved to no stand as to the reality of his or her identity.

However, as identified on the internet post of the unidentified Satoshi Nakamoto to be written in British English at a native level as well as the name “Satoshi Nakamoto” claims him or her to be of a Japanese origin. To this, Satoshi Nakamoto who in diverse methods and ways have been researched and searched for trailing his identity, the creator of the BIG BANG crypotocurrency world is yet to be found trace on.

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

Dorian Nakamoto

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Still on the search for the real identity of Satoshi Nakamoto, Doran Nakamoto was taken as one of the claims based on the theories behind. The thought of Doran to be the real Satoshi began in 2014 when a News reporter by name McGrath Goodman on his story on unveiling the inventor of Bitcoin reportedly pointed out a retired old physicist named Doran Nakamoto as the Bitcoin creator.

Regarding the birth name of Doran Nakomoto as “Satoshi Nakamoto”, and Doran’s commentary on speaking with Leah McGrath as quoted “he was no longer involved in that” and that “he cannot discuss it” made the arguments more debating as to Him being the real Satoshi Nakamoto. But the claims were to no avail as Doran Nakamoto denied himself as the real Natoshi but explained his earlier on speech to mean nothing with Bitcoin but as to another project entirely.

NICK SZABO

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Nick Szabo is another claims as to the real identity of Satoshi Nakamoto. In 2013, Nick, who is an enthusiast in cryptocurrency who once published an article on one of the precursors of Bitcoin was linked by a blogger named Skye Grey using the stylometric analysis method. The article published was on Bit gold. In the article, Nick Szabo as quoted in his write up – “Myself, Wei Dai and Hal Finney were the only people I know of who liked the idea enough to pursue it to any significant extent, until Nakamoto”.

In addition to this, Gizmodo also had it in his report that Szabo and Nakamoto based on the comparison in the manner of writing between Szabo’s forum post and Nakamoto’s early papers on Bitcoin shows a similarity as also confirmed by Frisby who is also a writer after he carried out a stylometric method of analysis. Upon the claims, Nick Szabo still denied the fact of him being the real identity of Satoshi Nakamoto.

Who is Wei Dai?

Wei Dai is one of the enthusiast of cryptography, a cypherpunk who has a made a number of significant impact towards the growth of cryptocurrency. Wei Dai is a Chinese by origin and a computer engineer. We Dai is known for his early proposing of the B-money project which was supposed to be the first ever cryptocurrency in the crypto world in 1998, although his proposal was not executed.

He also is an instrumental to the development of a free and open source c++ class library of cryptographic algorithms and VMAC. Although Wei identity is not unknown as to Nakomoto’s case, but his pictures and information on his identity has not been made known on the internet. “Wei” which is the name given to the smallest fraction of Ether was named after “Wei Dai”.

Many has been spurred up by the speculations of Wei Dai to be Satoshi Nakamoto based on the impression of the B-money and Bitcoin. However, this has not just been the case, there has been an email exchange between the two enthusiast regarding the P2P cash ideas and it similarities which made the speculations of people to believe that Wei Dai could really by Satoshi Nakamoto. Regardless of the attempts made by the enthusiast on Wei Dai, he convincingly has denied to be 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).

According to the current market value of a (1) Bitcoin, with reference to coinmarketcap, the value of 1 Satoshi will be calculated thus:

If a (1) Satoshi = 0.00000001BTC (a fraction of BTC)
1 Satoshi in the USD value = 0.00000001 x the current price of BTC
Therefore 1 Satoshi will now be = 0.00000001 x $42,870.62
1 Satoshi = $ 0.0004287062
Thus, the USD value of 1 Satoshi as to the current value is $0.000429 (in 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).

According to the current market value of a (1) Ether, with reference to coinmarketcap, the value of 1 Gwei will be calculated thus:

If a (1) Gwei = 0.000000001 ETH (a fraction of ETH)
1 Gwei in the USD value = 0.000000001 x the current price of ETH
Therefore 1 Gwei will now be = 0.000000001 x $2,912.29
1 Gwei = $0.0000029123
Thus, the USD value of 1 Gwei as to the current value is $0.00000291 (in 3 s. f)

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

Talking about transferring Steem from my wallet to another steemit account wallet, Steem has no name given to its smaller fractions as compared to Bitcoin and Ether, but it has a particular limit of figures that can be transferred to another account as steps are shown below:

Firstly, to transfer 0.001 Steem to an account, I have to login to my steemit wallet using my username and steemit posting password, this will grant me access to my wallet.

Secondly, as seen below, I have some amount of steem present in my wallet, but if you don’t have, you can as well buy it into your wallet from the cryptomarket

Next I clicked on the arrow down key and it displayed a pop out page where I selected the “Transfer” option.

This took me to another page where I typed in my details, steemit username, the steemit username account am to transfer the Steem to, and I also typed in the amount of Steem am to transfer which is 0.001 Steem and clicked on the “Next” option below

This took me to another page where am to select the “OK” option to confirm my transfer to the account as shown in the snapshot below.

After this, I had to confirm on my wallet history if the Steem has been sent, and so it was.

The next thing I tried to do, was sending 0.0001 Steem to the same steemit account username I used for the first transaction, and the transaction was not successful, why is it so? because the least fraction of Steem that can be transferred is 0.001 and thus 0.0001 Steem exceeds the limit of Steem to be transferred, that is why the transaction was unsuccessful.

In conclusion, I would say that it was a nice moment reading through the lecture. Indeed I have learnt a lot, ranging from the different fractions of Bitcoin, Ether and how to calculate their unit. This was quite a rewarding moment for me. All thanks to Prof. @awesononso for making it a possibility to gaining more of this knowledge in this wonderful platform.