Who is Satoshi Nakamoto?

By Guest Author
Published November 27, 2020 Updated December 1, 2020
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Who is Satoshi Nakamoto?

By Guest Author
Published November 27, 2020 Updated December 1, 2020

Whenever Bitcoin is the topic of discussion, the name Satoshi Nakamoto is inevitably mentioned. In almost every article, his name is included as the creator of Bitcoin. It is important for those interested in Bitcoin to know who Satoshi Nakamoto is, in the same way that it is important to know Bill Gates and Steve Jobs.

So, who is Satoshi Nakamoto?

The name Satoshi Nakamoto is actually just a pseudonym, and for years, everyone was kept in the dark as to who he really is because as he said in 2017, “I don’t think that I should have to be out there…. It is my right not to say I did something. If I released a paper that actually benefits people, why do I have to actually take credit for it?”

And so, it was only in 2014, six years after he released his white paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System,” that he was shown in a video introducing himself and discussing his vision for Bitcoin, which is “the future of everything.”

Although most did not take his ambitious statements seriously, Satoshi Nakamoto now has a face and a real-world name, Craig Wright. He is from Australia and a person who has been involved in cryptography for more than half of his life with a background in security and forensics. 

Protocol and Scaling Battles

Come 2016, Wright once again decided to lead a private life, and he disappeared from the public eye for more than a year. It was only in 2017, when some Bitcoin aficionados have already formed their own cryptocurrencies and the Bitcoin community was being plagued with issues of scalability that Wright re-emerged from his cave once again. It was a surprise appearance as Jon Matonis was originally scheduled to talk at a Bitcoin conference in Arnhem, but he gave his time to Wright.

Wright looked enraged as he stated that as of that moment “Bitcoin is nothing.” It has stagnated, and scaling radically is needed in order for Bitcoin to survive and reach its full potential—not storing transactions off-chain and most definitely not changing the Bitcoin Protocol. 

After Wright came back, many were enlightened, but some chose to stay in the dark and keep the block size to a mere 1MB, and Bitcoin eventually split into Bitcoin Core (BTC) and Bitcoin Cash (BCH), with the latter following Wright’s vision and increasing its block size to 32MB. 

However, in the latter part of 2018, BCH was once again divided into two factions as a result of protocol developers lead by the ABC implementation choosing to stop scaling and wanting to change the Bitcoin Protocol to allow for an anonymous system wherein transactions cannot be traced back into the real world—a network that one can even buy drugs and it cannot be tracked by authorities. This fundamentally changes, not only the Bitcoin Protocol, but also the direction envisioned by Wright. 

Bitcoin SV is the Future of Everything

In November 2018, Bitcoin SV (BSV) was born. SV stands for Satoshi Vision, and it has successfully brought back the original Bitcoin Protocol, which is fixed and stable, and has unleashed its potential to scale massively. In less than a year, the Bitcoin SV block size had been upgraded from 128MB to 2GB, with a commitment to unbounded scalability. In February 2020, that unbound scalability commitment was realized when the Genesis Upgrade took place. nChain, a world leader in blockchain technologies in which Wright is the current  Chief Scientist of, supports Bitcoin SV and recognizes it as the global enterprise blockchain. 

With a set-in-stone Protocol that provides the network with stability, security and unlimited growth potential, Bitcoin SV has provided businesses with an opportunity to develop various applications that will cater to everything — from smart contracts and micropayments to “anything you can think of

 

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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