This post will enlighten us on the name Satoshi Nakamoto and the role the name played in the crypto world.
We will also gain insight on another significant name Wei Dai and the impact he had on the crypto world .
We will also learn some important calculations on the units of Measurement of some uniquely cryptocurrency.
Without wasting anymore time, join me as we go on this wonderful adventure. WHO IS SATOSHI NAKAMOTO?
Satoshi Nakamoto is a very significant name in the crypto world, the name Satoshi Nakamoto is popular for the work it implemented on the crypto world, that name is behind the production of Bitcoin white paper in 2008 and the development of Bitcoin in 2009.
The name Satoshi Nakamoto is also responsible for the creation of the first blockchain database and helped devise a means of centralization of exchange/funds.
Up till date, the person to whom the name belongs to remains anonymous. It cannot be said for sure if the name actually belongs to a male, a female, a group of people or a company, that remains a mystery that is yet to be understood and unveiled.
WRITE ON TWO CLAIMS/THEORIES OF SATOSHI NAKAMOTO'S IDENTITY
With the advancement of Bitcoin in the block chain technology, how great it has become over the years, it is only normal for us to seek the identity of it's founder.
And pondering on how successful the block chain technology is, it is only normal for it's founder/founders to unveil their identity, but the identity remains anonymous.
Although, there are several individuals who were suspected to be behind the identity of Satoshi Nakamoto, and some of them are the persons of HAROLD HAL FINNEY, CRAIG WRIGHT, DORIAN NAKAMOTO, NICK SZABO but for the sake of this assignment, I will discuss on two of the above mentioned individuals.
NICK SZABO:
Nick Szabo, a computer engineer, was awarded in a 1996 paper for his work on pioneers smart contract, he created a decentralized currency called Bit Gold in 2008. The concept on which bit gold stands is similar to that of Bitcoin.
Also, Author Dominic Frisby, in his book, came to a conclusion that Nick Szabo is Satoshi Nakamoto after confirming from a stylometrics expert that Szabo's writing is synonymous to that of Satoshi. The name of the book of Dominic Frisby is "Bitcoin: The future of money?"
Another point is that Carl Menger was referenced by both Nick Szabo and Satoshi Nakamoto.
With this few points, it was suggested that Nick Szabo was Satoshi Nakamoto.
CRAIG WRIGHT:
Craig Wright, an Australian scientist happens to be the only person who has not denied being Satoshi Nakamoto. His points goes thus;
A wired magazine, on December 2015 wrote about Wright, the wired magazine proposed to have gotten a solid evidence on whom Satoshi Nakamoto is. The proof rendered was found on Wright's blog where he referenced to a cryptocurrency paper just before the circulation of Bitcoin white paper.
There are still more claims of Craig Wright which can be gotten here.
But soon enough those claims doubted and Wright was later proven to be a fraud.
WHO IS WEI DAI?
Another distinguished personality in the crypto world is the person of Wei Dai. He was born in 1976 from his parents Xiwei Dai
Wei Dai is honoured/acknowledge for his outstanding contribution to the development of cryptography and cryptocurrency . Wei Dai created the Crypto++ cryptographic library, he introduced the VMAC message authentication algorithm.
Dai also introduced the b-money cryptocurrency system in the year 1998 as a digital cash on an unknown ledger. B-money was supposed to be the leading cryptocurrency but unfortunately, it works were never practiced.
Also, people began wondering if Wei Dai was Satoshi Nakamoto for the reasons listed below * * Dai's works were referenced by Satoshi in the Bitcoin white paper.
- Satoshi had been communicating with Dai through mails.
- There's a significant relationship between B-money paper and Bitcoin white paper.
Not withstanding, Nakamoto's identity still remains anonymous, a mystery.
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
Just as the standard unit for measurement of force in physics is NEWTON (N) named after a prominent physicist, SIR ISAAC NEWTON. So also is the standard unit for measurement of Bitcoin; SATOSHI named after founder; NAKAMOTO SATOSHI.
Due to the fact that Bitcoin is divisible, this implies that there will be several units for measurement for Bitcoin.
The smallest unit of measurement of Bitcoin is 1satoshi with the symbol SAT which is equal to 1×10–8BTC.
On the day I performed this task being August 6, 2021. The price of BTC is $40,584.40 gotten from coinmarketcap.com.
CALCULATION
1satoshi =1BTC
1BTC = $40,584.30
So, 1satoshi = 1×10–8×40584.30
1satoshi = $0.000405843
Approximately to 3.s.f
1satoshi = $0.000406
OTHER UNITS FOR BITCOIN IN ASCENDING ORDER
| UNIT | SYMBOL | VALUE (BTC) |
|---|---|---|
| Nano Satoshi | nSAT | 0.00000000000000001 |
| Micro Satoshi | μSAT | 0.00000000000001 |
| Milli Satoshi | mSAT | 0.00000000001 |
| Centi Satoshi | cSAT | 0.0000000001 |
| Deci Satoshi | dSAT | 0.000000001 |
| Satoshi | SAT | 0.00000001 |
| Deca satoshi | daSAT | 0.0000001 |
| Hecto satoshi | hSAT | 0.000001 |
| Kilo satoshi | kSAT | 0.00001 |
| Mega satoshi | MSAT | 0.01 |
| Giga Satoshi | GSAT | 1 |
From the units listed above, we notice that 1Giga Satoshi is equivalent to 1BTC
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
Just as Satoshi is the unit of measurements of Bitcoin named after Nakamoto Satoshi, so also is WEI, the unit of measurement of Ether, named after Wei Dai.
On the day this post was made, the value of Ether according to coinmarketcap.com is $2,743.98.
CALCULATION:
1wei = 1×10–18ETH
1Gwei = 1×109WEI
1Gwei = 1×109×10–18 = 1×10–9ETH
BUT,
1ETHER = $2743.98
1Gwei = 1×10–9 ×2743.98
1Gwei = $0.00000274398
Approximately
1Gwei = $0.00000274[3.s.f]
TRANSFER 0.001STEEM TO AN ACCOUNT. THEN SEND 0.0001STEEM. SHOW WHAT HAPPENS AND STATE WHY
The first thing I did was to locate my Steemit wallet, after it has be found, I clicked on steems and then
I clicked on transfer inorder to transfer the steems to another account and then
I filled the necessary, with the correct details and I clicked on next, then
I clicked on the ok icon, then
My master password was requested of which I filled
And my transaction was successful.
But when I tried sending 0.001 to @awesononso, something unusual happened, take a look
I was told that I could only use 3 digits of precision. This implies that the smallest amount of steem that can be transferred on a block Chain is 0.001steems, steem with a precision of 3, that is 3 decimal points.
Little wonders our SBD, Steem power and steems are in 3decimal points.
CONCLUSION
As promised in my introduction, we have successfully discussed about Nakamoto Satoshi and his impact to the crypto world, we also discussed about another reputable person, Wei Dai and his influence to the crypto world.
Not withstanding, we have discussed about the unit of measurements of some cryptocurrencies and how their unit of measurements came about.
I personally look forward to the time when the true identity of Nakamoto Satoshi will be unveiled.
May we continue to learn and discover new things, as learning is a continuous process.
My message box is open to anyone who wants to add any information or ask a question. Pls feel free to inbox me.
I deeply appreciate prof @awesononso for this interesting topic, I look forward to your next lecture prof 🙇🙇🙇