Satoshi Nakamoto

Satoshi Nakamoto

Satoshi Nakamoto is reportedly the title or nickname given to the person or people who developed Bitcoin. The creator or creators are believed to have authored the white paper of the number one digital asset. They have also been credited with creating and deploying BTC's original reference implementation. Nakamoto is believed to have created the first Blockchain network ever. Nakamoto is believed to have been actively developing BTC until December 2010. Over the years since the creation of the number one digital asset, many individuals have claimed to be Nakamoto. While others are assumed to be Nakamoto. We will discuss more below.

Many cryptocurrency enthusiasts believe that Satoshi Nakamoto may not be one individual but rather a team. According to one BTC security researcher named Dan Kaminsky who studied the code for Bitcoin, the world's number one project was likely developed by a "team of people." Meaning, Nakamoto might be a team of brilliant minds. Kaminsky also claims that the mysterious Nakamoto may be genius developer Laszlo Hanyecz. Hanyecz is the developer who emailed Nakamoto. Kaminsky believes Bitcoin's code is too elegant for a single individual to develop without the help of a team. Meanwhile, Gavin Anderson, a crypto enthusiast, echoed the same sentiment that Bitcoin's code is brilliant and quirky for one person to achieve.

How Satoshi Nakamoto Developed BTC

Satoshi Nakamoto began developing BTC as early as 2007. He wrote the BTC code and registered it with a colleague by 18 August 2008. Nakamoto registered BTCs domain name as bitcoin.org. They also created a website with that web address. By 31 October 2008 Nakamoto went on to publish BTCs white paper. He did this on the cryptography mailing list via metzdowd.com. He described digital currency as A Peer-to-Peer Electronic Cash System.

On the 9th of January 2009, Nakamoto launched version 0.1 of Bitcoin's software on SourceForge. He also rolled out the genesis block for the bitcoin network- block number 0. This block had a 50 BTC reward at the time. Nakamoto embedded the phrase: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" in block 0's coinbase transaction. This statement was taken from one of the headlines of the UK newspaper The Times. Many believe that this text was a timestamp or derisive comment targeting the issues caused by reserve banking.

Nakamoto maintained his collaboration with other developers. They managed to create the bitcoin software and finished it in mid-2010. At the time, Nakamoto and his team had made the necessary modifications to the source code for BTC. After which Nakamoto gave control of the BTCs source code repository to Gavin Andresen. He also moved many similar domains to various prominent people in the Bitcoin community. Nakamoto also made sure that his involvement in the project was recognized.

Characteristics and identity of Satoshi Nakamoto

Nakamoto has remained anonymous over the years by not revealing any personal details about himself when speaking about technical issues. However, he has spoken on fractional-reserve banking. By 2012, on his peer-peer foundation, Nakamoto said he was a 37-year-old man living in Japan. But there were doubts about this because of his use of English. He was a native speaker.

Nakamoto is arguably the most important figure in the bitcoin space beyond his title as the founder of the top digital asset. He is one of the philosophical figureheads of BTC and is frequently invoked by crypto proponents who have discussed the future of bitcoin development. Take an example, both edges in the forking of Bitcoin Cash from the original BTC Blockchain network claimed to uphold the original vision that Nakamoto had for BTC.

The Bitcoin wallets that have been associated with Nakamoto reportedly hold a whopping 980,000 bitcoin which is equivalent to $6.2 billion as of March 2020. Considering that the network will only mine 21 million BTC Nakamoto's holdings could significantly affect the coin's price, whenever they are traded. Despite countless efforts to reveal Nakamoto's identity, the anonymous BTC founder has always proven elusive. However, some individuals have since come out to claim Nakamoto's identity.

Three People Who are Allegedly BTC Founders

  1. Dorian Nakamoto
    This was the biggest attempt to reveal the founder of Bitcoin. In March 2014, Newsweek identified Dorian Nakamoto as BTCs creator. This article shook the crypto community because it was the first mainstream publication that attempted to reveal the identity of the creator of Bitcoin. Dorian Nakamoto eventually denied the quote claiming that he didn't understand the question. While many people didn't believe Dorian Nakamoto was the founder of bitcoin, the crypto community felt his privacy was violated. However, an online campaign was launched to raise funds for him. In the end, over 100 BTC was raised on his behalf. In April 2014, Dorian Nakamoto thanked the bitcoin community in a YouTube video for their support.
  2. Craig Wright
    While others who have been suspected to be Nakamoto have denied, Australian scientist Craig Wright claimed he was indeed Satoshi Nakamoto the founder of BTC. In December 1015, Wright told Wired Magazine that he had evidence suggesting that he was BTCs founder. This story was based on his appearance on Skype at 2015's Bitcoin Investors Conference. Wright claimed he was Bitcoin's founder. He listed his degrees, which included a master's degree in statistics and two PhDs. However, his claims were thrown into doubt eventually. Wired followed up the report concerning Wright to note the inconsistencies in his story about being BTCs creator.
  3. Nick Szabo
    Computer engineer and legal scholar Nick Szabo is another person thought to be Nakamoto. He is behind the concept of smart contracts from as early as 1996. In 2008, Szabo conceptualized a decentralized token known as Bit Gold, a Bitcoin precursor. He said Bit Gold would allow the creation of unforgeable bits online with less dependence on third parties which is similar to bitcoin's concept. In this case, the model is created by several computers linked together without a leader to verify and validate user transactions.

Author Dominic Frisby said Nick Szabo is Nakamoto. Frisby with the help of an expert in stylometry concluded that Szabo's had the same writing style as that of Satoshi. Frisby learned that Szabo worked for DigiCash, an attempt to bring digital payments.

Final Words

Whether Nakamoto is one person or a group of people remains to be seen. It is beginning to look like we may never know who BTCs true founder is despite the growing interest that BTC has attained over the years. Some in the digital asset space are nervous about the efforts that have been made to reveal Satoshi's identity. They agree that experts should let the sleeping dog lie.