Steemit Crypto Academy [Beginners’ Level] | Season 3 Week 6 | Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement.
INTRODUCTION
Hello everyone it's a great pleasure to participate in this task and great appreciation go to @awesononso for coming up with this great task .
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. Who is Satoshi Nakamoto?
Satoshi Nakamoto is a person who's identity and details about him have been hidden and we are not sure about his sex gender. We don't know whether he is a man or a woman.
Satoshi Nakamoto is the first to publish bitcoin whitepaper in 2008 and he formulated Bitcoin in 2009. He made bitcoin crypto currency decentralized and the transactions of Bitcoin currency are very fast compared to the bank transactions hence easing the process of transactions of crypto currency and attracting more people to involve themselves in bitcoin crypto currency transactions than bank transactions because the Bitcoin transactions are more fast compared to the bank transactions.
Write on two claims/theories of Satoshi Nakamoto’s identity.
Satoshi Nakamoto’s identity has been hidden from the time he created bitcoin but there are some claims/theories that people came up with that may defind his identity.
Some people investigated that he was a Japanese because of his name and most people think that since the bitcoin performed very well on the world’s coin market cap, they believe that it's not only Satoshi Nakamoto who is the founder of bitcoin but there are also a group of people that may have been behind the project.
- The claims and theories include the following
HAROLD HAL FINNEY
- He was the first person to use the bitcoin network. He also received bitcoin from the founder of bitcoin crypto currency .He had a lot of faith and trust in the bitcoin project that it will one day successful and his dream became true. He advocated for crypto currencies and cryptography and was a close friend to Satoshi Nakamoto.
He continued to receive various emails about how the Bitcoin cryptocurrency was performing from his boss Nakamoto. Most people thought that he is the founder of Bitcoin but just pretending to hide his identity but he proved all of them wrong by denying everything they said about him.
CRAIY WRIGHT
- He is one if the Australian scientists that implemented the bitcoin cash hard fork. As we all know that the cash hard fork gave rise to bitcoin crypto currency. People started suspecting him to be the founder of bitcoin because his blog post and emails leaked saying his the owner of bitcoin currency. He didn't deny it but people found out that he was lying to them and referred to him as fraud.
Who is Wei Dai?
Wei Dai is one of the early enthusiasts of cryptography and anonymity. His identity was known by people though he is very careful by not accepting his pictures to be be shared on the social media platforms. He was most known for the b- money. He proposed b-money in 1998 as a digital cash on an anonymous distributed ledger. He is a Chinese by nationality and a computer engineer who has impacted a lot on the crypto world. He also participated in projects such as crypto++ and VMAC.
B-money was never implemented that's why it failed to be the first cryptocurrency.
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).
| Units of measurement | Symbol | Value |
|---|---|---|
| Mega bitcoin | MBTC | 1000000 |
| kilo Bitcoin | KBTC | 1000 |
| hecto bitcoin | hBTC | 100 |
|---|---|---|
| deca bitcoin | daBTC | 10 |
| Bitcoin | BTC | 1 |
| deci bitcoin | dBTC | 0.1 |
|---|---|---|
| Centi bitcoin | cBTC | 0.01 |
| milli bitcoin | mBTC | 0.001 |
| Micro bitcoin | UBTC | 0.000001 |
|---|---|---|
| Satoshi | SAT | 0.00000001 |
| milli satoshi | mSAT | 0.000000001 |
CALCULATION
1 BTC =1/100000000 × 1BTC
1BTC = 38,633.64
1 SAT =1/100000000 × 38,633.64
1 Satoshi = 0.0003863364
1 Satoshi = 0.000386(to 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).
| Units of measurement | Symbols | Value in numbers |
|---|---|---|
| Ether | ETH | 1 |
| Peta weil milliether | Pwei | 0.001 |
| Tera weil milliether | Twei | 0.000001 |
|---|---|---|
| Giga Wei | Gwei | 0.00000001 |
| Mega Wei | Mwei | 1 x 10-12 |
| Kilo Wei | Kwei | 1 x 10-15 |
|---|---|---|
| Wei | Wei | 1 x 10-18 |
CALUCULATION
1 Gth = $2530.54
1 Gwei = 1/1000000000
1 Gwei = 1/1000000000 x 2530.54
1 Gwei = 0.00000253054
1 Gwei = 0.00000253( to 3 a.f)
Transfer 0.001 Steem to an account. Then send 0.0001 steem. Show what happens and state why.
(Screenshots with username tag).
I used my owners key to validate the transaction and I transferred 0.001 Steem to kyara2 and the transaction was successful.
Then I transferred 0.0001 Steem to kyara2 but transaction was not successful. I received a message in red color that I should only use three digits of precision. Therefore this means that bitcoin transaction only accepts a maximum of three decimal places
CONCULUSION
In conclusion, Bitcoin crypto currency is really performing well on the market coin market and till to date the identity of the founder of bitcoin has not yet been revealed to the world but he has really done a great job because the currency has improved on people’s living standards hence providing them with quick transactions that may not not delay them in case they are in a rush