Crypto Academy / Season 3 / Week 6 - Homework Post for Professor @awesononso - Topic: Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement.

6개월 전

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Hello, steemians!

This is the sixth week of Season three in the Steemit Crypto Academy. This week introduced me to the beginner's course titled "Satoshi Nakamoto, Wei Dai and Cryptocurrency Units of Measurement."

In a nutshell, one challenge facing the cryptocurrency ecosystem is that there are still many mysteries that are still left unsolved in cryptocurrency. The most popular of these mysteries is the real-life identity of the name Satoshi Nakamoto.


Another challenge is that many cryptocurrency investors do not fully grasp the concept of cryptocurrency units of measurement.

Professor awenonso helped us tackle some of these challenges in this week's lecture. Therefore, this homework post will respond to the lecture's questions.

Question 1: Who is Satoshi Nakamoto?

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source : pixabay

Satoshi Nakamoto could be easily referred to as the first entity who publishied the first bitcoin whitepaper in 2008 and invented the bitcoin cryptocurrency in 2009.

I referred to Satoshi nakamoto as an entity because nobody truly knows the owner of that name. Altjough, there have been many speculations and conspiracy theories revolving around the character, none have been proven as a fact. Honestly, at some point in my life, I believe that the name belonged to a bot.

However, we all know that Satoshi Nakamoto gave every individual a way out of the centralized system of finance, and this freedom came with the gift of blockchain technology.

Question 2: Write on two claims/theories of Satoshi Nakamoto's identity.

In as much as there is no proof backing the real identity of Satoshi Nakamoto. There have been various claims which raised a lot of questions about the true essence of many men.
In accordance with the homework's requirements, I will only dwell on two of such claims.

Dorian Satoshi Nakamoto

satoshi.png
source : Screenshot from my device

Many conspiracy theories are postulating Dorian as the famous Satoshi Nakamoto. Even though Dorian Nakamoto shares a similar name to the founder of bitcoin, he is just a regular Japanese - American.
He received his tertiary education training at Cal Poly University in Pomona, graduating as a physicist. He worked as a systems engineer on classified defense projects and a computer engineer for technology and financial information services companies like Citibank.

Dorian Nakamoto thoroughly debunked the claim when he denied being Satoshi Nakamoto In a Reddit "ask-me-anything" interview in 2014. The claim's denial was backed up by another event that happened that same day as a post from Nakamoto's P2P Foundation account, which stated: "I am not Dorian Nakamoto."


Harold "Hal" Finney:

HAL.png
source : Screenshot from my device

Finney was a developer, a futurist, and a cypherpunk, who other crypto currency enthusiasts popularly know as the first person to receive Bitcoin from Nakamoto. This transaction was also the very first Bitcoin transaction.
Finney created the first reusable proof of work system (POW) in 2004 and also contributed immensely to the Bitcoin project, as several emails between Nakamoto and Finney proved. Many people were convinced that he was Satoshi Nakamoto, but he denied all the claims concerning the matter.

Question 3: Who is Wei Dai?

Wei Dai is an important figure in the cryptocurrency world. He is a Chinese cypherpunk and a renowned Computer Engineer who has created many milestones crypto world. He also contributed significantly to projects like VMAC and Crypto++. He is also very careful not to allow his picture float around the internet.

However, the claim of Wei Dai being Satoshi Nakamoto dramatically revolves around the conspiracy theories behind one of his most notable works, "b-money." Dai ran a campaign to introduce b-money as digital cash on an anonymous distributed ledger in 1998. If this campaign were successful, B-money would have been the first cryptocurrency in existence. Unfortunately, the campaign failed; however, the whitepaper used for b- money was instrumental in bitcoin's success.

Many cryptocurrency enthusiasts believe that Wei Dai just converted the B- money currency to the now very successful Bitcoin cryptocurrency.

However, there has not been any concrete evidence confirming that Wei Dai has Satoshi Nakamoto.

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 complete working and to 3 s.f).

In accordance to the question above , I will calculate the current dollar value of a satoshi. The value of Bitcoin as at the time of making this post is $42,794.95 according to coinmarketcap, shown in the screenshot below.

BITCOIN.png
source : Screenshot from my device

  • Solution

1 satoshi = 1/100000000 x 1 BTC

1 BTC = $42,794.95

∴ 1 satoshi = 1/100000000 x 42,794.95

1 satoshi = $0.0004279495

1 satoshi = $0.000428 (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 complete working and to 3 s.f).

In accordance to the question above , I will calculate the current dollar value of a satoshi. The value of Ethereum as at the time of making this post is $2,925.00 according to coinmarketcap, shown in the screenshot below.

ETH.png
source : Screenshot from my device

  • Solution

1 Gwei = 1/100000000 x 1 Ether

1 Ether = $2,925.00

∴ 1 Gwei = 1/100000000 x 2,925.00

1 Gwei = $0.0000292500

1 Gwei = $0.0000293 (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).

FIRST T.png
source : Screenshot from my device

CONFIRM FT.png
source : Screenshot from my device

BALFT.png
source : Screenshot from my device

I tried to send 0.001 Steem to pangoli in, and the transaction was successful.

SECOND T.png
source : Screenshot from my device

However, when I tried to send 0.0001 to pangoli, the transaction was unsuccessful, stating that only 3 digits of precision should be used.

Conclusion

The mystery behind the founder of the Bitcoin currency, "Satoshi Nakamoto," has sent truth seekers on a merry-go-round for over a decade now. I believe that the identity of Satoshi Nakamoto may not be found out anytime soon. However, the legacy which Nakamoto has left in the financial sector of the world system will be felt for generations to come.

Even in cryptocurrency measurements and units, the footprints of Satoshi Nakamoto and Wei Dai can be seen.
I have learned a lot from this week's lecture activities in the crypto academy. Therefore, I will like to say a big thank you to Professor @awesononso.

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Hello @block.kids,
Thank you for taking interest in this class. Your grades are as follows:

CriteriaCalculation
Presentation/Use of Markdowns1.2/2
Compliance with Topic1.5/2
Quality of Analysis & Calculations1/2
Clarity of Language2/2
Originality1/2
Total6.7/10


The following caught my attention:

I believe that the name belonged to a bot.

I respect your opinion but the situation is not likely.

1 Gwei = $0.0000293 (to 3 s.f).

This would be $0.00000294.


Feedback and Suggestions
  • The screenshot of Ether value you provided is different from the one used in the lesson.

  • You should have mentioned at least one identity theory different from the ones in the lesson.

  • Always double check your work to make sure everything is good before you submit.

  • There are still some points missing in the work.



Thanks again as we anticipate your participation in the next class.