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- Identity still not clear
- Created Bitcoin to take of issues with central banks and currencies
- Left Bitcoin after realizing he had outlived his utility
Satoshi Nakamoto –The creator of Bitcoin is believed to be a pseudonym for a single person or a group of people who created the Bitcoin. On April 26, 2011, Bitcoin creator Satoshi Nakamoto handed over the cryptographic key he had used to send network-wide alerts.
Today Bitcoin is still in a gestation stage, and the embryo which Satoshi created in 2010 is just about ready to be delivered. When Satoshi finally bade goodbye to his creation, he made it clear that he has moved on to other projects. The prices of Bitcoin touching $60,000, realizing Satoshi’s creation and digital money is finally dawning on everyone.
Cryptocurrency, a digital form of wealth that is money-free from the control of any central bank or government, is a necessity.
It is almost a decade since Satoshi disappeared.
Pete Rizzo, Contributor Crypto & Blockchain Editor at Bitcoin Magazine and Editor at Large at Kraken, looks into the persona of Satoshi. Pete details why Satoshi created Bitcoin. Today Bitcoin is loathed, hailed but cannot be ignored.
Satoshi understood Bitcoin Was an Alternative to Central Banking
Satoshi has over the years been branded as an anarchist, someone who wanted to spread unrest in the financial world. However, Satoshi was more critical of the issues with currency issuance.
Most financial setup is based on trust, which Central Banks flout with impunity. Instead of holding the public money, they lend it endlessly and retain just a fraction in reserve. For Satoshi, Central Banking and Money Printing were of primary importance.
Satoshi Knew His Baby; Bitcoin Was A Scientific Breakthrough
Satoshi had claimed that he had solved the “Byzantine general’s problem,” and true he can be credited for it. Blockchain is highly decentralized, and it is difficult for a consensus taking into account the diverse nature of all participants. It is like an army with different heads, each under a General not agreeing to attack a city. The solution to this problem was Byzantine Fault Tolerance (BFT).
The exact identity of Satoshi is still not known, and there were many claimants. Notable was Dorian Satoshi Nakamoto, a Japanese American man who earlier worked on classified defense projects and computer engineer for technology and financial information services companies. It could be one reason why Satoshi invented something genuinely new and contextualized the achievement so specifically.
Satoshi Was Frightened By the Idea Bitcoin Could Be Compromised
In 2010 billions of bitcoins were created due to a bug, and Satoshi was greatly influenced by it. For a month, he cut aloof from all his co-workers. He pored his brain on how to stop a fatal exploit at all costs.
Bitcoin Development-Then and Now
Bitcoin today is a highly collaborative process, and hundreds of developers are connected worldwide. When Satoshi ran the project, only a couple of collaborators ran the project.
In other words, Satoshi ran the project as a dictator and partly created the project, which was completed later by other contributors. Nothing can be more ironic than this fact considering the highly centralized nature of bitcoin operation today.
Bitcoin Users started criticizing Satoshi’s style towards the end
Just like any marriage of convenience, Satoshi’s association with Bitcoin users could be described as follows-
- The honeymoon period in early 2010 when users discovered the software
- A period of awakening when Satoshi started to assert his authority over the code actively
- The last period of late 2010 saw users disassociating from Satoshi entirely
Satoshi Removed His Name from Bitcoin since it outgrew the need for a single leader. When Satoshi finally quit Bitcoin and handed the code to all “Bitcoin developers,” Bitcoin had far outgrown its infancy and outgrew the need for a single leader. However, it is rumored that he was active behind the scene thanks to new emails provided by Gavin Andresen, a developer who collaborated directly with Satoshi.
Pete Rizzo adds that no one can be sure why Satoshi disappeared precisely why he left bitcoin, but the probable reason was bitcoin what become vast and beyond the control of a single leader by the time of his departure.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
