Crypto Academy Season3: Week6 | Satoshi Nakamoto and Wei Dai Units of Measurement | by @vibrant6689

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Q(1)Who Is Satoshi Nakamoto?

One of the major perplexity in Nakamoto's identity is that, whether the name is a solitary or an organizational name? Nobody knows.
Hence, the name "Satoshi Nakamoto" is actually a fictitious or imaginary name that was answered by the bitcoin developer/developers.
Not even an address, face relations is known but only his impact.

He made the publication of the bitcoin white paper known as Bitcoin, a peer to peer virtual cash system, in 2008.
Simultaneously, still in the bitcoin developing process, he also brought into existence, the world first blockchain data base.
He launched the bitcoin software into air followed by the circulation of bitcoin, the number one cryptocurrency ever known to human in 2009.
Uptill now history still questions the identity of Nakamoto sequel to his/her or their disappearance in April 2011.

Nakamoto himself was of the claim that he is a male, and 37years old from Japan. However the, the message was generally subscribed to as been lie, even though it was a direct speech from the horse mouth as a proverb.
Nakamoto was observed to be very comfortable in the use of English language, hence, the reason for disputing the above claims.

In addition, because of the way him and his co-developers made use of some certain words in their early interactions, it is also believable that Nakamoto is likely a British or an indigene from common wealth.
Also, even a proper look into the into the inscription (Times headlin, 2009), the first bitcoin block that was mind by Nakamoto, it's even more convincing that he might be in England and not Japan.

Q(2) Write On Two Claims/Theories Of Satoshi Nakamoto's Identity

There have been several attempts made in the years past, even till now to unmask the face or faces behind the name but to no avail.
Till this day, not even a person have had all it takes to convincingly prove that the acclaimed name, Satoshi Nakamoto are really the ones behind the pseudonym.

Several Suggestions and attempt to unvail the bitcoin developer's identity had been on going. With respect to this, many theories had surfaced on air. Few of these theories are;

ELOM REEVE MUSK

He is a dual citizen of Canada(mother) and South Africa (father), 28th of June, 2021, grew up in Pretoria, South Africa.
He studied in University of Pretoria for a short time before he then move to Canada at the age of 17 where he continued his studies in Queen's University. He later transferred to University of pennsylvania two years later where he got his Bachelor's degree in economics and physics. He later moved to study in Stamford University, California in 1995 but rather, diverted to into business.

He is a full time entrepreneur and founder of multi-billion companies like..
SpaceX, Tesla, Boring Company and a co-founder of Neuralink and OpenAI.
Musk is recorded as one of the world's richest men.

His linking to the cryptocurrency as the owner or developer of bitcoin follows his comment when he said that his company, Tesla would possibly Start accepting Bitcoin as it's means of payment.

He further publicize the Bitcoin during the B World conference by saying that, apart from his numerous companies, he is also holding Bitcoin.
Sequel to these comments, the price of Bitcoin skyrocketed by 6% at $31,952 according to data from Coindesk website.

He said that he would like to see Bitcoin succeed as against the claims that was circulating all around that he artificially influence the price of Bitcoin to increase so that he can sell out the one in his position.

Even though he was criticed for using his influence as one of the richest in the world to back cryptocurrencies, many were still of the believe that he was the founder of Bitcoin.

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ADAM BACK

Adam Back is a British, a cypherpunk and cryptographer. He is among the people that founded Blockstream in 2014 and occupied the position of CEO.
Back Among others like Hal Finney, Wei Dai, David Chaum kick started the early cryptocurrency research.
He brought into existence, the Hashcash in 1997 which is used in Bitcoin minning.
The implementation of credlib was done by him. The credlib is a library that implements the credential systems of David Chaum and Stefan Brands
The description of the non interactive forward secrecy, etc was kicked off by him.

His dealings with Satoshi Nakamoto as one of the first two people who Nakamoto communicated to via email. Back is also one of the people that are cited as Nakamoto's potential candidates by financial times in 2016.

As a backup for the traditional internet, Back has recently promoted using the satellites and mesh networks for broadcasting and receiving of bitcoin transactions.

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All these and more had made people to start thinking that he might just be might just the developer of Bitcoin.

Despite the immesurable resources and intelligence expended in the quest for this reveletion, one of the outstanding stumbling blocks still remains that Nakamoto had never in any way granted interviews, never made any statement as regards to politics.

A lot of people had attempted owning up the Nakamoto Identity, but since all their claims lacked convincing proof, there were all conclusively disregarded, hence, giving much value to the identity of the bitcoin inventor as the value of the bitcoin in Nakamoto's wallet.

Q(3)Who Is Wei Dai?

Wei Dai is a Chinese and computer engineer who is known for his great input to cryptography and cryptocurrencies.

He attended Washington University and was awarded a degree honour in computer science.
In the (1990s), He was a bonafide member of SL4 mailing lists, the Etropians, and Cypherpunks.

Wei Dai made a proposal on the creation of "B-Money”, a cryptocurrency which it's effectiveness would be made via the Proof of Work (PoW) consensus mechanism. It would be mined with Hashcash and that would serve its creation point. But the theory was observed to lack synchrony which resulted to it's rejection

He afterwards, published a second proposal which was on transactions. A proposal that shares similarities with (PoS) proof of stake. It's designed to represent a balance in the process dependent on the support it would receive depending on on a stake placed in the process.

The B-Money was an overture of a de facto of a virtual money in a decentralized network, that will promote users privacy and facilitate undisclosed exchange via self-executing contracts.
Even though the project of the B-Money was never actualised but it's impact still speaks volumes since it paved way for the genesis of Bitcoin.

Because of strong relationship he shared with Nakamoto even though he never saw him face to face, people always think of him to be Nakamoto himself.
Reason is that he is among the first persons Nakamoto contacted when he was developing Bitcoin and his b-money paper was referenced in the process of Bitcoin's creation.

However, he cleared the air that he is not Nakamoto, that he only passed a written note of ideas which he wasn't sure that Nakamoto went through it even though it was referenced in the bitcoin white paper.
He couldn't allow his image to be displayed online because of personal reasons.

Q(4) What Is The Current Value Of Bitcoin On The Day You Are Performing This Task?
Calculate USD Value Of 1 Satoshi Of A Current Value. [Show full working and to 3 s.f]

The value of Bitcoin as the time I did this assignment is $38556.73 coinmarket

Calculating for the current USD Value of one Satoshi

SOLUTION

• 1 Satoshi = 1/100000000 × 1BTC

Thus; 1/100000000 = 0.00000001 × 1BTC

• 1 BTC = $38556.73

Therefore;
1Satoshi = 0.00000001 × $38556.73

= $0.0003855673

1 Satoshi = $0.000386(s.f)

Q(5) What Is The Current Value Of Ether On The Day You Are Performing This Task?
Calculate The USD Value Of One Guei of The Current Value ( show full work and to 3s.f)

The value of one Ether as of the time I was doing this assignment is $2,601.58 coinmarket

Calculating for current USD value of one Gwei

SOLUTION
1Gwei = 1/1000000000 × 1Ether

Thus;
1/1000000000 = 0.000000001 × 1Ether

1Ether = $2601.58

Therefore;

1Gwei = 0.000000001 × $2,601.58

= $0.00000260158

1Gwei = $0.00000260(3 s.f)

Q(6) Transfer 0.001 Steem To An Account. Send 0.0001 Steem. Show What Happens And Explain Why it happened that way. ( Provide Screenshots with username tag)

For me to carry out this task, I will have to access my steemit wallet with my private active key. And follow all the due processes as appropriate.

The above image shows how I carried out a transaction of 0.001 steem which I sent to @kingworldline.
After I finished inputting the required informations, like the amount of steem, receiver's address and the memo. I then clicked on next.

I will then confirm the transaction by clicking ok and the transaction was successful.

Then send 0.0001 steem
To do this , I still followed the steps as above. Filled the provided spaces with all the required informations.

But one thing was very significant, a close look at the image above, you can see that there is a brief writeup which states thus, Use only 3 digits of precision this simply implies that the steemit system only permits transaction of figures in 3 significant values. As a result, even the optionnext did not show up and no transaction was made.

CONCLUSION

Despite the rate of mystery behind the developer of Bitcoin, one thing that is certain is that bitcoin did not fall from heaven and as such, the real identity of the said Nakamoto would be reviewed one day.

But I'm amazed as to why somebody that invented something as hudge as Bitcoin who is supposed to be out and proud would just disappear into the thin air without trace of any kind. It's Even worst that the amount of Bitcoin he has is not known.

It's very obvious that the amount of bitcoin contained in Satoshi Nakamoto's wallet shares in thesame mystery as the developer's identity.
However, he is said to have nearly 1 million bitcoin, which will be a little above 39dollar in all estimation. This ranks Nakamoto among the top 40 richest people on planet.

Regards to professor ...
@awesononso