Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 6 | Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement.

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Hello Everyone!

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It is another great week to participate in the lecture delivered by Professor @awesononso on an interesting lecture Nakamoto, Wei Dai and Cryptocurrency Units of Measurement.

We started our lectures some weeks ago and this name Nakamoto keep on appearing and now we are to study who this mystery is/are. I am so glad for the lecture topic and will study it well to be able to tackle the homework task successful.

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WHO IS SATOSHI NAKAMOTO?

To start with, the name Satoshi Nakamoto is familiar to almost everyone across the globe, which is presumed to be the founder of the might Bitcoin cryptocurrency.

Many researchers has revealed that the name Satoshi Nakamoto is a mystery whose true identity have not been proven ever since the implementation of Bitcoin in 2009 and has kept people wondering whether this legend (s) is either a male or a female, a team or an organization or any cooperate entity?

There is no an exact answer to this wondering question over years now and due the fact that identity of the name has not been proven is referred as a pseudonym.

Satoshi Nakamoto has developed and published the bitcoin whitepaper in 2008 at first and it was titled as “Peer-to-peer electronic cash system and later in the year 2009 invented the might Bitcoin software which is known as Bitcoin Currency.

In addition, it observed that, the Bitcoin genesis block was found to be in the name of Nakamoto and later devise the first blockchain database as part of it invention process. All this facts constitute to declare Satoshi Nakamoto as the founder of the Bitcoin cryptocurrency.

Despite this mindboggling, several claims started rising due to its name been Japanese, individuals started to make false claims hoping to be this legend and at a middle age class of 37 years and happen to be a male in particular.

But due to many reasons, this claim was been nullify to be false, one of which was the fluent nature of the English language used in the Bitcoin whitepaper that was published.

Again, many of developers also disclaim it and others too also that this legend is from England and not Japan per say.

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

However, this mysterious legend participate actively in the development of the bitcoin and after the implementation came to success, in the year 2010 he disappeared and ever since many individuals have make false claims to be this legend and some of which are explain below.

Dorian Satoshi Nakamoto

Mr. Dorian who happen to bear the same name with the Bitcoin founder Satoshi Nakamoto has been the profile for the name Satoshi Nakamoto when making a search from the internet.

Mr. Dorian is a Japanese-American who happens to work under the government in the field of system engineer and also works as a computer engineer for technology and other financial companies.

Due his relationship with computer software and other related services, Mr. Leah McGrath Goodman in a published magazine, referred Mr. Dorian Satoshi Nakamoto as the true founder of the mighty Bitcoin.

The Journalist Mr. Goodman, make a conclusion on that fact due to the statement made by Mr. Dorian during an interview which he stated “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”. This interesting statement has drawn media attention and media personnel’s at moment wanted to have word him.

At first Mr. Dorian did not realized that the media personnel refers to him as the bitcoin founder, but when the situation was making to be like impersonation or some sorts, He break in air to clear all doubts not to be the founder of the bitcoin and declare to the me as a misrepresentation on the side of the journalist and conclude that stating that he thought the news writer as at then was referring to some military contracts he had made in the past.

There he made it clear about his statement to enforce not to be of any currency invention as such.

Although he made such statement, but people believed that since he was close to Hal Finney he could really be the one but trying to cover his identity again others too presumed that it was techniques of Hal Finney who intentional chose his closed neighbor’s identity over his work to cover his identity. But all claims were not accepted to be the true founder of the Bitcoin.

NICHOLAS SZABO

Also Mr. Nicholas Szabo who in short known as Nick Szabo is a prominent scholar and a computer engineer as well as a cryptographer and been in the system overs now. He is a person who is so passionate about bitcoin and earlier in the years has found to be the person who invent the concept of currency decentralization called the Bit Gold.

In this his conceptuality, Nick Szabo explain the Bit Gold concept as a type of protocol that has a similar property as Bitcoin protocol due to the fact that it is so expensive and unforgeable bits can be created online without no third parties assistance.

This protocol try to bring some familiar similarity that could have link the idea of the Bitcoin and the Bit Gold relationship.

It was an empirically found in a book by Dominic Frisby which he make a claim that Nick Szabo style of authoring a book was similar to that of Satoshi Nakamoto, there he make a comparism of Satoshi book which he tilted “Bitcoin: The Future of Money?.

This facts that made him to conclude as such was his idea based on consultation he made on his writing style and techniques was just as Nick Szabo.

In addition, another argument Dominic Frisby raise was that, it was observed by him to make prove that Nick Szabo at one time has ever worked for DigiCash and in that both authors once referenced a prominent economist Carl Menger. Based on this facts of proves Frisby made his finally decision that Nick Szabo bears the identity of Satoshi Nakamoto.

However, this claims was later disproven by Mr. Nick Szabo through his email not to be the one Frisby suggest. From his message in the mail, he stated that “Thanks for letting me know. I'm afraid you got it wrong doxing me as Satoshi, but I'm used to it."

This two claims as explained earlier were all rejected in one or the other and up to date the identity of Satoshi Nakamoto is still unknown.

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Who is Wei Dai?

This another person who is been a talk about but for him, his identity is known and exposed and more over he have not hidden his identity unlike Satoshi Nakamoto.

Wei Dai is known to be a graduate from the Washington University in the field of the computer engineering, a cryptographer, a mathematician of the Chinese origin and also well-known to be a member of the Cypherpunk community.

Wei Dai in some claims argue to be Satoshi Nakamoto due how smart he is in the field of the cryptography and also was once being referenced in the citations of the Bitcoin Whitepaper. Wei Dai has made several impacts on the field of the cryptography and some of his contributions are the B-Money System, Crypto++ system and many others.

The B-Money System

Wei Dai has made a lot of conceptualizations in his field and through this, in the year 1998 he came up with the concept of the B-Money system, in this intervention, he made clear elaboration of this currency and how this will operate in the system.

Also from his article he enumerate the concept of how tokens will be disburse to the workers and all necessary requirements that will aid to upgrade currency function in the digital world.

The Crypto++

Also, this great man has also brought the concept of the Crypto++. This was a project that existed and enable to sustained in its functionality in the Crypto++ environs and also create an enabling environment which assist many intellectual bodies such as business projects, student’s projects which consist of algorithms and bases for cryptography system. Other projects that embraces the Crypto++ are Microsoft office Groove, steam and many others.

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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 as at the time I was performing this task according to https://coinmarketcap.com/ is $39,364.21

In calculating the USD value of 1 satoshi of the current value of Bitcoin. The procedure is reference from the professor's lecture about the breakdown of units for bitcoin.

1 satoshi = 0.00000001 BTC

1 BTC = $39,364.21

Therefore, 1 satoshi = 0.00000001 x $39,364.21

1 satoshi = $0.0003936421

∴ 1 satoshi = $0.000394 to 3 s.f

This implies that the price of 1 satoshi in USD is $0.000394 thus at the time I was performing the homework task.

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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 as at the time I was performing this task according to the https://coinmarketcap.com/ is $2,746.94

In calculating the value of Ether, the smallest unit as stated in the lecture note will be use and thus Gwei. The USD value of 1 Gwei of the current value of Ether is calculated from the procedure used from the lecture notes in accordance to the breakdown of units for Ether.

1 Gwei = 0.000000001 Ether

1 Ether = $2,746.94

Therefore, 1 Gwei = 0.000000001 x $2746.94

1 Gwei = $0.00000274694

∴ 1 Gwei = $0.00000275 to 3 S.F

This implies that the price of 1 Gwei in USD is $0.00000275 thus as at the time I was performing the homework task.

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

In order to perform my transaction, I will send the 0.001 steem to @sadiqxylo

Step one: On the Steemit platform, click on the profile icon, a popup menu appears and then click on wallet

Step two: in this menu, I move to the down pointing arrow on my STEEM balance and clicked, from the popup menu, I move to transfer and clicked.

Step three: from the new menu platform I entered the recipient username and the amount 0.001STEEM to be transfer.

Step four: I move to next and click and in the confirm menu I moved to OK and click to confirm the transaction.

The transaction was successfully done and appeared clearly in the History section.

Now transferring an amount of 0.0001 STEEM into the same account.

Step one: On the Steemit platform, click on the profile icon, a popup menu appears and then click on wallet.

Step two: in this menu, I move to the down pointing arrow on my STEEM balance and clicked, from the popup menu, I move to transfer and clicked.

Step three: from the new menu platform I entered the same recipient username and the amount 0.0001STEEM to be transfer.

Step four: an error occurred indicating that “use only 3 digits of precision” this implies that STEEM recognizes maximum of three dscimal places on its blockchain protocol.

And reference has been made the STEEM BALANCE, STEEM POWER, SBD and TRX as well. This make a final conclusion that as at now, STEEM has only recognizes a minimum of 0.001 STEEM on its blockchain.

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CONCLUSION

All in all, we have discussed a whole lot in this task, this task has really made an educative impact on our knowledge based on cryptocurrencies and the history behind it.

First of all, we started by learning who Satoshi Nakamoto is/are and how his identity cannot be proven and how people or empirically assumptions on who they perceive to the legend satoshi Nakamoto.

Also we also studied theories of claims that occurred over the year who have ever to be claim as Satoshi Nakamoto and hence I made mention of Dorian Satoshi Nakamoto who bear similar name to the Bitcoin founder.

Again, I also made mention of Nick Szabo who in several facts by Dominic Frisby made claims of to be the founder of the Bitcoin and later describe who WEI DAI is with a clear facts and his impact in the crypto world.

More so I find the current price of Bitcoin and Ether and perform the necessary calculations on the amount of 1 satoshi and 1 Gwei in USD respectively. And later made transactions on the Steemit platform and find out the minimum amount of STEEM to be 0.001 as at now.

Per this week lecture by Professor @awesononso, I have learnt a lot from his delivering and will like to appreciate him so much and so grateful to participate in the homework task.

THANK YOU!