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

3개월 전

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Hello and welcome once again ladies and gentlemen to another week of the Steemit Crypto Academy.

On the first week of our lessons, we got to discover the Genesis Block and its significance. After that, we talked about the duplication of the Genesis Block by the process of Blockchain Forks.

This week, we are going to be talking about two key figures in the crypto world. After that, we would go into crypto measurements while we take a few simple calculations.

Without wasting time, let’s get into the business of the week starting with Satoshi Nakamoto...
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Who is Satoshi Nakamoto?

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The right answer to this is “Nobody Knows”. Nobody knows who this name really belongs to. It could be a male, a female or a group of people.

What we do know is that Satoshi Nakamoto is famous for publishing the Bitcoin Whitepaper in 2008 and for the invention of Bitcoin in 2009. In a time when it seemed like the conventional banking system had failed, Nakamoto successfully created a means to escaping centralization. This person(s) paved a way for the success of cryptocurrencies and blockchain technology in general with the gift of Bitcoin. A revolutionary means of true freedom that has changed millions of lives today.

Bitcoin was built to be free of any central control so after checking that Bitcoin was good to go on its own, Satoshi Nakamoto disappeared without a trace.

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Claims/Theories of Satoshi Nakamoto’s identity

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Bitcoin has seen great success over the years. Satoshi Nakamoto would be proud to see that the dream had changed the way people viewed money and value. But there is still that big question of who Satoshi Nakamoto really is. Normally, you’d expect that the founder of Bitcoin would have revealed themselves by now seeing the success of Bitcoin but that just is not the case.

Although there is no clear indication of Satoshi’s real identity, there have been a number of claims to it. There have been several clues investigated. Satoshi Nakamoto is a Japanese name but the mastery of English the individual used was so good and with certain indications that they were of British decent. Also, the precision of the Bitcoin code was so good that people believed it was a group of people that were behind the project.

Whatever the case, the Bitcoin founder did a good job to maintain their anonymity. Satoshi Nakamoto’s anonymity has helped to reinforce the idea of decentralization with cryptocurrencies. It’s been 13 years since the Whitepaper was published and nobody still knows for sure who Nakamoto really is/are.

Still, like I said, there have been claims and theories of who Satoshi really is. We will be looking at three of such claims below;

1. Harold “Hal” Finney:

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Source

True Bitcoin enthusiasts must have heard of Hal Finney. Well, this man was a true believer of the Bitcoin project and someone conveniently close to the Bitcoin founder.

Finney was a cypherpunk (advocate for cryptocurrencies and cryptography), the first person to use the Bitcoin network and received Bitcoin from Nakamoto from the first Bitcoin transaction. Finney had been receiving emails from Nakamoto concerning the Bitcoin project too. Looking at all this, it is quite easy to think that Finney would likely be Nakamoto. However, he denied all the claims and was eventually proven right.


2. Dorian Satoshi Nakamoto:

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If you Google “Satoshi Nakamoto” this is the face you would see because this man’s name is actually Satoshi Nakamoto. But could he be “The Satoshi Nakamoto”?

Dorian Nakamoto is a Japanese-American with the name of the Bitcoin founder himself. That similarity alone is something to think about. When interviewed by journalists, Dorian was quoted to had said something in the lines of “I am no longer involved. It’s been turned over to others”. The press had interpreted “it” as Bitcoin.

The whole situation seemed promising until Dorian cleared the air stating that it was a misunderstanding. He was talking about a different project of his.

Before we go to the next point, it’s important to note that Dorian lived close to Hal Finney. This fact strengthened the argument of him being the Bitcoin founder but it also made people wonder if Finney had chosen the name of his neighbor to cover his own tracks.


3. Craig Wright:

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An Australian scientist, Craig Wright is someone else that has been thought to be the Bitcoin Founder. Wright is among those that implemented the Bitcoin Cash hard fork that gave rise to Bitcoin Satoshi Vision(SV). How convenient. The whole Wright conspiracy started when his blog post and leaked emails revealed evidence supporting the claim.

Unlike the others, Wright did not deny the claims. Eventually though, the claims were proven to be false and Wright was seen as a fraud.

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Satoshi as a unit of measurement for Bitcoin

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We all know that bitcoin and other cryptocurrencies are divisible. A lot of us who cannot afford a whole bitcoin have the option of buying smaller bits of it.

This particular feature of cryptocurrencies has made it easy for small scale investors to have a share of the crypto world and bitcoin in particular. These smaller units are measured on the blockchain with the smallest unit for bitcoin popularly known as the satoshi.

Named after the bitcoin founder, a satoshi is the smallest unit of bitcoin on the blockchain with the symbol SAT. It is equivalent to one hundred millionth(one over a hundred million) of a bitcoin. So one hundred million Satoshis make a bitcoin.

1 SAT = 1 x 10-8 BTC

There is another unit after the Satoshi called the millisatoshi but it only exists on the lightning network. The millisatoshi is one thousandth of a satoshi and one hundred billionth of a bitcoin.


Breaking down the units for bitcoin

UnitSymbolValue (BTC)
mega bitcoinMBTC1,000,000
kilo bitcoinkBTC1,000
hecto bitcoinhBTC100
deca bitcoindaBTC10
BitcoinBTC1
deci bitcoindBTC0.1
centi bitcoincBTC0.01
milli bitcoinmBTC0.001
micro bitcoinμBTC0.000001
satoshiSAT0.00000001
millisatoshimSAT0.00000000001

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Calculation

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Now I would calculate the current dollar value of a satoshi. The value of Bitcoin as at the time of making this post is $41,438.48 according to coinmarketcap

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Solution
1 satoshi = 1/100000000 x 1 BTC
1 BTC = $41,438.48
∴ 1 satoshi = 1/100000000 x 41,438.48
1 satoshi = $0.0004143848
1 satoshi = $0.000414 (to 3 s.f)

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Who is Wei Dai?

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Another prominent name in the crypto world is Wei Dai. Unlike Nakamoto, this particular individual is not unknown. However, he is very careful to not let any of his pictures breach the internet.

Dai is a Chinese Computer Engineer who has made a number of impacts on the crypto world. He was instrumental in projects like Crypto++ and VMAC but what was probably his most notable work was b-money.

As a cypherpunk, Dai was one of the early enthusiasts of cryptography and anonymity. He proposed b-money in 1998 as a digital cash on an anonymous distributed ledger. It was supposed to be the first cryptocurrency but sadly the work remained just a publication and was never fully implemented.

B-money might have never worked out but it was integral in the success of crypto currencies. Satoshi Nakamoto had referenced some of Dai's works on the Bitcoin Whitepaper and been in contact with him through emails. Nakamoto had acknowledged B-money and "expanded" on the idea to create the first successful cryptocurrency.

The Fact that Dai is so important in the crypto world eventually had people wondering if he was the anonymous Bitcoin founder. The similarities between the B-money paper and Bitcoin whitepaper was something that was considered in this theory. Also Wei Dai was really invested in seeing cryptocurrencies become a success. It's even possible that Dai just changed the name of the currency from B-money to a soundalike Bitcoin.

Despite everything, Dai has never been proven to be Nakamoto himself.

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Wei as a unit of measurement for Ether

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Just like Satoshi, Wei Dai has a crypto unit named after him. The wei unit represents the smallest unit of Ether on the blockchain.

1 wei = 1 x 10-18 ETH


Breaking down the units for ether

UnitSymbolValue (ETH)
EtherETH1
Peta wei/millietherPwei0.001
Tera wei/microetherTwei0.000001
Giga weiGwei0.000000001
Mega weiMwei1 x 10-12
Kilo weiKwei1 x 10-15
WeiWei1 x 10-18

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Calculations in Gwei

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Even though wei is the smallest unit for ether, Gwei is used more often. On this part of the lesson, I will be calculating the current value of a gwei to 3 significant figures.

At the time of making this post, the value of ether is $2,459.26 according to coinmarketcap

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Solution
1 Gwei = 1/1000000000 x 1 Ether
1 Ether = $2,459.26
∴ 1 Gwei = 1/1000000000 x 2,459.26
1 Gwei = $0.00000245926
1 Gwei = $0.00000246 (to 3 s.f)

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Steem Smallest Unit

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There is no term for the smallest unit for Steem yet. However, the smallest amount that can be transferred is 0.001 Steem.

Let’s check it out. In the example below, I transferred 0.001 Steem to reminiscence01.

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I validated the transaction with my active key and it was successfull.

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Next, I tried to transfer 0.0009 Steem to the same account.

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From the image above, there is a message indicating that Steem only allows a maximum of 3 decimals places on the blockchain. If you check your Steem Power, Steem Balance and SBD balance you would notice that they are all in a maximum of 3 decimal places.

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My Steem and Steem Power balances

This goes without saying that the lowest value that can be viewed or transferred is 0.001 on the Steem Blockchain.

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Other Crypto Measurement units

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CurrencySmallest unitValue
XRPDrop1 x 10-6 XRP
TRXSun1 x 10-6 TRX
BNBJager1 x 10-8 BNB.
MoneroPiconero1 x 10-12 Monero
XLMStroop1 x 10-7 XLM
AdaLovelace1 x 10-6 ADA

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Conclusion

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Cryptocurrencies might not have been so successful without a couple of individuals. Satoshi Nakamoto has been a great impact on the world so it is clear why people would want to know who the Bitcoin founder really is.

Wei Dai is also someone who deserves a mention when the crypto topic comes up. Even Satoshi mentioned him.

Just as fiat money, cryptocurrencies are divisible and can be measured digitally. Smaller units make it easier to weigh coins on the blockchain. Some coins have been given terms to their smaller units while others are yet to be but it still does not change this divisible nature.

We have successfully talked about some important names in the crypto world and looked at some measurement units. I hope you enjoyed the class.

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Homework

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  1. Who is Satoshi Nakamoto?

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

  3. Who is Wei Dai?

  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).

  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).

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

Note: Provide screenshots of the coin values for the day of the calculations.

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Rules/Guidelines

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  • This Task will run until 7th Aygust 23:59 UTC.
  • Your article should be at least 300 words long.
  • Please try and understand the topic before performing the task.
  • Make sure you post this assignment in the Steemit Crypto Academy Community.
  • Use the hashtags #awesononso-s3week6 and #cryptoacademy among your first 5 hashtags and tag me @awesononso.
  • Plagiarism and content spinning is not tolerated in the Academy. Repeat offenders will be blacklisted and banned from the academy.
  • All outsourced images should be copyright free and properly referenced.
  • Only students with a minimum of 125SP and a reputation of 50 are eligible to participate. You should also not be powering down.

My Comment section is open for any questions or suggestions.

Thank you.

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Cc:
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@steemcurator01
@steemcurator02

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Hi professor @awesononso please help me get to professor @imagen i think he skipped my assignment... here is my assignment link

Please😪

Hello professor,pls can someone use the same claims/theories of Satoshi nakamoto's identity as you did?

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You can use one but you have to include another one from your research for originality.

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Hello professor @awesononso can one use the same claims and theories of satoshi nakamoto's identity as you did?

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Sure you can. But it would be preferable if you use one and get the other one on your own.

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Alright. Thank you @awesononso

Disculpe profesor una preguntica yo acabo de realizar mi logro 4. ¿Puedo anexarme a este curso? Por razones obvias las semanas anteriores no pude realizarlo.

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Hello,
You do not have enough Steem Power yet to join the class.

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You need at least 125 SP but from the image you have just 36. But it seems you have some Steem dollars.

You can change your Steem dollars to Steem and then power up. It should be enough to join the classes.

I hope you understand.

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Claro. Gracias profesor

I enjoyed the class, i will send in my homework

Hi professor @awesononso,I will like to participate

Sir can I join your homework??

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Sure you can.
You meet all the requirements. Just be careful not to plagiarize or spin any content.

Be original, do your best and I’ll be waiting!

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Dear Professor:@awesononso
now i can participate in the next week of your class. And also please tell me Do I participate in the next week of your class. I am very disappointed and worried because you said that :

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Comment on my this homework:
https://steemit.com/hive-108451/@zeeshanakram/crypto-academy-season-3-week-6-or-homework-post-for-professor-awesononso-or-satoshi-nakamoto-wei-dai-and-cryptocurrency-units-of

Hello Professor @awesononso ,
This is My Entry to the homework post.
Thank you.

Dear Professor: @awesononso if i edit this task again and put right screenshort of wallet then you will check this homework again or now i can participate in the next week of your class. And also please tell me Do I participate in the next week of your class. I am very disappointed and worried because you said that :

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Under is the link of the task on which you comment me What is the meaning of this sentence you comment me? Am i elligible for the task of the next week?
https://steemit.com/hive-108451/@zeeshanakram/crypto-academy-season-3-week-6-or-homework-post-for-professor-awesononso-or-satoshi-nakamoto-wei-dai-and-cryptocurrency-units-of

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Bro they won't respond to you but just leave them for GOD, you copied once and was blacklisted while i never copied and i was still blacklisted, the reason was that i have two accounts which is false, the second account the heartless professor was talking about is my brothers account and they can ask @rezzy7709.

@awesononso @sapwood please investigate before just blacklisting someone, imagine if it was you that got blacklisted over warning or nothing at all.

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Yes brother you are right i am also requesting To Professor: @awesononso @sapwood investigate my account. And give me permission to continue work in crypto Academy.

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you copied once and was blacklisted

No Sir, he(@zeeshanakram) plagiarized more than once.

References:-

(1) Task-6- Beginner[Fixed]- https://steemit.com/hive-108451/@zeeshanakram/crypto-academy-season-3-beginners-course-task-6-by-zeeshanakram-blockchain-wallet-types-and-uses

(2) Task-3- Beginner[Fixed]- https://steemit.com/hive-108451/@zeeshanakram/crypto-academy-season-3-beginners-course-task-3-bitcoin-cryptocurrencies-public-chains-for-stream4u-by-zeeshanakram

(3) Task5- Beginner[Fixed]- https://steemit.com/hive-108451/@zeeshanakram/crypto-academy-season-3-beginners-course-homework-task-5-dex-cex-popular-exchanges-and-trading-cryptos-for-professor-imagen-by

@awesononso @sapwood please investigate before just blacklisting someone, imagine if it was you that got blacklisted over warning or nothing at all.

The Blacklist/Greylist diligently follows the on-chain data and evidence. We do not blacklist anyone out of nothing.

Thank you.

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Professor:@sapwood now i cannot work in cyrpto academy? If only one chance gave to me last time.

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Unfortunately, only the greylisted users are given another chance in the existing framework.

Thank you.

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Dear Professor: @sapwood Thanks a lot for your suggestion and advise. Dear Professor:@sapwood please gave me only one chance for the last time. I shall be very thankful to you for this kindness. Dear Professor: @sapwood i am student of BSC and i was affording my University fee himself. If you will blacklist me Dear Professor:@sapwood My future is at stake. Please gave me only one chance i promise if next time plagrisam came you can blacklist me. This is my university account of BSC computer Science.

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This is fee detail which i was paying by doing work on Steemit.

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Dear Professor:@saowood kindly gave me only one chance so that i continue my study by working on steemit platform and steemit is best way which is giving me fee. So please this is my humbly request only one chance gave to me for last time. Please sir. This is my academic qualitfication detail.

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Dear Professor:@sapwood you are last hope for me. Therefore I request to you to gave me last chance i will never involve in plagrisam and I will do my best honestly. I you will gave me only one chance i will manage my university fee by working on steemit and steemit is best platform for learning and earning. Do you give me last time chance Sir?

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Dear Professor:@sapwood please read my whole post and gave me only one chance for the last time. Because my university demands to me fee every month. If you gave my only one chance i will do better learning with earining. Please Professor:@sapwood only last time chance gave to me. and gave me permission to work in crypto Acadmay.

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@sapwood ok you are about @zeeshanakram but what about me how am i blacklisted

Hello, professor @awesononso
This is my homework post for your lesson.
Thank you

Good evening Professor I also want to participate in this task, I think I meet the minimum requirements

Dear Professor: @awesononso four times plagrism is allowed and only one time warning given to me by Professors. You can check it Professor only one warning given to me yet. Here is that one warning. Here is the proof of only one warning.
https://steemit.com/hive-108451/@awesononso/qvdwb4

what is the reason yet only one time warning given to me.

Hello Professor here is my HomeWork post link

Hello professor @awesononso, this is my Entry link for the assignment

Buen día profesor, me gusto mucho esta clase sobre el creador del Bitcoin, aquí le dejo mi tarea de la semana https://steemit.com/hive-108451/@danay/crypto-academy-s3-w6-or-unidades-de-medida-de-satoshi-nakamoto-y-wei-dai-prof-awesononso

Saludos profesor, quisiera hacerle una pregunta sobre la tarea, estoy presentando una limitante para desarrollar el contenido que plantea, ya que vengo reintegrandome a la plataforma de steemit y por ahora no poseo en mi wallet los 0,001steem para hacer la transferencia demostrativa; ya tengo el contenido de mi tarea listo solo de publicar, pero quisiera saber si esto me causa alguna limitante?.

Muchas gracias por atención y muy bien material y tema planteado.

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Hola amiga saludos, le enviare los steem necesarios para que haga la tarea! Suerte.

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Holaaa gracias!! :) luego puedo devolvertelos... Muy agradecida contigo..

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De nada amiga, tranquila ☺

Dear Professor: @awesononso there is nothing four warning or multiple plagrism in my whole posts please verify and investigate my account to gave me permission to work in crypto Academy. Check my whole account and give me proof or gave me permission to work in crypto Academy. Thanks

Hello prof @awesononso,i quite understood your lecture except the area that we are directed to show full working and to 3 s.f, please i would need to be clarified regarding that area.

Hi professor, i am interested in the homework task,hence i would like to participate.

Hello professor @awesononso I'm @iykewatch I am happy to be your student and I have also attempted the task for the week hence my task link

Hello sir

Have a good Day.
This is a link of my post.
https://steemit.com/hive-108451/@safdarsultan/crypto-academy-season-3-week-6--homework-post-for-awesononso

  • Thanks a lot dear professor.

¡Hola profesor @awesononso! Fue un placer para nosotros poder disfrutar de su clase. Aquí Nuestra Tarea

Dear professor @awesononso

Please find my homework post for your lesson.

Thank you.

Hello @awesononso. This is the link to my homework post
Homework Post

aqui mi entrada pinche socialismo me corto la energia electrica
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justo a tiempo nuevamente: tuve que agregar las imágenes luego profesor pido que me perdone no tenía energía eléctrica como cosa rara en Venezuela https://steemit.com/hive-108451/@diego1306/crypto-academy-temporada-3-week6-post-de-trabajo-en-casa-para-awesononso-satoshi-nakamoto-wei-dai-unidades-de-medida

Hello professor @awesononso this is my entry link for introductory course task 2

Hello professor @awesononso this is my entry link for introductory course task 3

Hello professor @awesononso this is my entry link for introductory course task 5

Saludos profesor @awesononso aquí esta el link de mi publicación solo que cometi el error de colocar mal su nombre y la etiqueta espero me disculpe esto, no me atrevo a editar el post, porque creo que lei entre las reglas que no se puede y porque puede modificar el tiempo de publicación de mi post. https://steemit.com/hive-108451/@angelik-a/steemit-crypto-academy-or-s3-w6-satoshi-nakamoto-wei-dai-y-criptonunidades-de-medida

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Hey there,
Sorry for the late reply. You can go ahead and edit the tag. It will not affect the publication time or grade you will get.

It’s Ok.

Hello professor @awesononso this is my Entry link to task 6 of the introductory post

Very informative professor @awesononso. Hopefully, next lecture will be able to participate. Thank you so much for this very loaded information about bitcoin.