Steemit Crypto Academy [Beginners Level]| Season 3 Week 6| Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurements/ Homework Post for @awesononso by @khamara

INTRODUCTION

In this week’s lecture, @awesononso enlightened us on two key figures in the cryptocurrency ecosystem: Satoshi Nakamoto and Wei Dai, and their important contributions to the crypto world. He also taught us on some systems of measurement that are used in the crypto sphere for some specific cryptocurrencies. Knowing all these, really increases your depth as a cryptocurrency investor and enthusiast. So, without further ado, let’s get into the questions.

Question 1: Who is Satoshi Nakamoto?

Satoshi Nakamoto is the unknown founder of Bitcoin and the Bitcoin blockchain. Some people within the cryptocurrency space have referred to him as the Real anonymous superhero of our time. Till today, the identity of Satoshi Nakamoto remains shrouded in mystery and nobody knows whether Satoshi Nakamoto is a man, woman, Group or even an alien.
Satoshi Nakamoto, after the financial crisis of 2008, published the Bitcoin Whitepaper, and subsequently, in 2009, Bitcoin came into being. After creating the decentralized economic system we all know and love today, Satoshi Nakamoto disappeared.
In honor of its founder, the smallest unit of bitcoin is called a Satoshi which is = 1 x 10ᶺ-8

Question 2: Write on two claims/theories of Satoshi Nakamoto’s Identity.

Since the creator of Bitcoin is unknown, as in any superhero movie we've seen with an anonymous hero, many people would try to research in order to reveal the true identity of the unknown hero. Such is the case with Nakamoto and here are some of the theories that people have come up with.
1.Harold “Hal” Finney: Hal Finney was heavily suspected to be the founder of Bitcoin i.e. Satoshi Nakamoto by many bitcoin enthusiasts because he was the recipient of the first Bitcoin transaction from Satoshi Nakamoto. Hal Finney was a strong advocate for cryptocurrencies and had even been in contact with Nakamoto about the Bitcoin project. However, He never agreed to be Satoshi Nakamoto and was eventually proved not to be.

Source:

2.Craig Steven Wright: Craig Wright was also another interesting claim. Craig Wright is an Australian computer scientist and businessman who publicly claimed to be the identity behind the pseudonym Satoshi Nakamoto. He was among the major implementers of the Bitcoin Cash fork and many cryptocurrency enthusiasts believed and theorized his being the original founder of Bitcoin, especially on sites like reddit.com and bitcointalk.org, but he was later accused of plagiarism and fraud.

Source:

Question 3: Who is Wei Dai?

Wei Dai is another important figure in the cryptocurrency sphere. He is a Chinese Computer Engineer who proposed the idea of B-money in 1998, as a digital cash on an anonymous distributed ledger. B-money would have originally been the first cryptocurrency, but after the publication it was never eventually implemented. He also was an important character in projects like Crypto++ and VMAC.
Wei Dai is not unknown like Satoshi Nakamoto, however, there are no pictures of him available on the internet.

Many Bitcoin enthusiasts have also theorized that he is the mysterious Nakamoto, however, he has never proven to be so, although Satoshi Nakamoto acknowledged B- money and apparently incorporated some of its concepts in order to create Bitcoin.
Wei Dai also has a cryptocurrency unit named after him. This is the smallest unit of the Ether cryptocurrency from the Ethereum blockchain which is = 1 x 10ᶺ-18

Question 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 market value of bitcoin as at the time of writing this is $39,402.16 according to coinmarketcap.com.

And the value of one satoshi is = 1 x 10^-8. So to calculate the value of one satoshi, I would have to multiply that value by 1 x 10^-8.

Solution

1 satoshi = 1/100000000 x 1 BTC
1 BTC = $39,402.16
∴ 1 satoshi = 1/100000000 x 39,402.16
1 satoshi = $0.0003940216
1 satoshi = $0.000394 (to 3 s.f)

Question 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 market value of Ether at 11:06 is $2,700.54 on coinmarketcap.com.

And the value of one Gwei is = 1 x 10^-9. So to calculate the value of one Gwei right now, I would have to multiply that value by 1 x 10^-9

Solution

1 Gwei = 1/1000000000 x 1 Ether
1 Ether = $2,700.54
∴ 1 Gwei = 1/1000000000 x 2,700.54
1 Gwei = $0.00000270054
1 Gwei = $0.00000270 (to 3 s.f)

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

Steem does not have an official name for the smallest acceptable unit on the blockchain yet, unlike the "satoshi" for bitcoin and the "wei" for Ether. However, the smallest acceptable unit is known to be 0.001 steem and I will demonstrate that now with a transfer attempt.

• First, I visit my wallet page, where i have 0.001 steem in my account wallet. Then I click on the steem and a drop down menu is revealed where the first option is to transfer the steem

• Next, I tried sending 0.001 Steem to my good friend @alphafx.

• After clicking 'Next' it took me to a 'Confirm transfer' page.

• Upon clicking the 'Ok' it took me to a window where i had to enter my keys, after which the transfer was carried out successfully.

• When i tried transferring 0.0001 steem, a message popped up below my balance that read 'Use only 3 digits of precision' showing that I cant transfer any less than 0.001 steem

CONCLUSION

This was a very nice lecture and homework assignment which i enjoyed reading and writing, especially due to the mystery behind the men and the origin of bitcoin. Thanks to @awesononso for the very wonderful lecture.

All pictures were referenced, or designed by me with the help of Canva