The moment we purchase the first crypto, we learn about the founder of Bitcoin, Satoshi Nakamoto. He founded Bitcoin, was the author of BTC’s whitepaper, and was perhaps the genius of the century. Throughout the years, cryptocurrency kept on evolving.
Slowly, the pseudonymous Satoshi Nakamoto’s name disappeared from the scene of crypto. However, the term Satoshi still remains. It has become a form of crypto and consensus for an upcoming DAO project. In this article, we will learn all there is about Satoshi.
The History of the Alias Satoshi Nakamoto
Satoshi Nakamoto is the forefather of crypto. He is the creator and author of everything Bitcoin. Furthermore, he was the person who first deploy the reference implementation for Bitcoin. He was also the first to create a blockchain database as part of the Implementation. Up until December 2010, Nakamoto had a very active involvement in the creation of Bitcoin.
However, the name slowly faded out. Until this day, we have no idea about his true identity or appearance. There has been much conjecture regarding his genuine identity. There are also a lot of speculations on the true identity behind the moniker. It is a Japanese name and he indicates that he is a Japanese guy residing in Japan. Meanwhile, the market believes that he is a software and cryptography expert living in the States or Europe.
Even when addressing technical subjects, Nakamoto never divulges his personal information. Therefore, many people argued that he has a native-level usage of English and is unlikely to be Japanese. Now, Satoshi Nakamoto is merely a name and legend. However, his legacy continues on into Satoshi cryptocurrency and Satoshi Plus Consensus from CoreDAO.
What is the Satoshi Cryptocurrency?
So, what is a Satoshi? A satoshi is the smallest unit measurement for Bitcoin. As a single BTC is divisible, the smallest size is called a satoshi. It has a similar concept to dollars and the smallest measurement, the cent. Now, the satoshi to bitcoin ratio is one bitcoin for every 100 million satoshis.
The value of Bitcoin has risen rapidly. Therefore, we require smaller denominations when we make smaller transactions. Smaller denominations facilitate bitcoin transactions easily and also make it reading-friendly. Can you imagine buying a bottle of milk for 0.00000012 BTC? It will be very hard for humans to physically list it out or mention it. However, 0.00000012 BTC is equivalent to 12 satoshis. This makes it much easier for calculations and transactions.
Right now, the value for an individual satoshi is still very low, less than 1 cent. In order for 1 satoshi to reach a penny, 1 BTC must be worth $1 million dollars. There is an even smaller denomination for satoshis. On the lighting network, satoshi can be further reduced to millisatoshi. The millisatoshi is one-thousandth the size of a single satoshi. However, it is not usable on the bitcoin network itself.
What is the Difference Between Satoshi and Other Digital Denominations?
There are many cryptocurrencies in the market. Most of them utilize their own denominations for easier explanation. In fact, they will tailor-make their own denominations. Therefore, Bitcoin only uses satoshis as its denomination. Ethereum on the other hand has numerous denominations such as Wei and Gwei.
All these denominations make it simpler to execute transactions in quantities other than the crypto’s market value. It is especially effective when it is transactions on smaller quantities that need a fraction of a BTC such as buying an apple or a glass of beverage. However, all these different denominations might be a bit difficult to understand if you are new to crypto.
What is Satoshi Plus Consensus?
Satoshi Plus Consensus is a new form of consensus that the CoreDAO is pioneering. Basically, Satoshi Plus consensus combines Proof of Work (PoW) and Delegated Proof of Stake (DPoS). It capitalizes on each’s strengths while mitigating their respective weaknesses. In particular, Bitcoin computer power ensures decentralization, the DPoS and leadership election methods assure scalability, and the entire network maintains its security holistically.
The miners are in charge of safeguarding the Bitcoin network using PoW. Miners must delegate their hash power to a validator managed by themselves or a third party in order for their hash power to count towards Satoshi Plus consensus. Delegation is a non-destructive behavior, which means they’re re-purposing their previous efforts by delegating on Core rather than deciding between securing Bitcoin and securing Core. Learn more about CoreDAO right here!
All and all, Satoshi has created a new future for everyone and the name is still making a mark until this day. CoreDAO’s Satoshi Plus Consensus is especially interesting to learn. Thankfully, MEXC Blog is here to bring you all the knowledge you need for your crypto journey. In the meantime, check out our MEXC trading page and find out what we have to offer! You can learn more about crypto industry news and interesting articles to get you up to speed with the crypto world. Happy trading!
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