The entire world was taken aback about a decade ago by the emergence of a major financial disruptor, “Bitcoin” the flagship Cryptocurrency of which the creator(s) identity has become elusive until this point.
In the truest meaning, cryptocurrency is a binary data designed to work as a medium of exchange where an individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
Cryptocurrency emergence brought into mainstream a technology called the blockchain. However one person or persons who were central to all these disruptions called Satoshi Nakamoto has been in the dark all along. This begs the question where is Satoshi Nakamoto? Is or are they still alive or dead?
Jerry Brito, Director of Coin Center’s cryptocurrency research group, says he would need more evidence to be convinced of anyone that claim to be Satoshi. One of Bitcoin’s design quirks is its first, so-called Genesis Block, which holds bitcoins that are impossible to move. According to Brito, the keys associated with those blocks can be used to sign a message, but it would take signals from several different blocks to be sufficient:
“If you only have the key to, say, the sixth block, why is that the only key he has? If you’re Satoshi you should be able to sign and also move funds from a lot of the [earlier] blocks.” He concluded.
What you should Know.
Decentralisation is a key part of what makes Bitcoin trustworthy. A decentralised network is spread across thousands of computers around the world, ensuring you have near-permanent access to your bitcoin. If one computer fails, the network can continue to function. There is also far less opportunity for censorship, corruption, and collusion in a decentralised network.
What you must know.
Bitcoin wasn’t designed to keep its creator in a position of authority for the simple reason that it doesn’t need anyone there. Having a figurehead would weaken this message.
As cryptocurrency world continue to evolve and attract mainstream adoption, we would continue seeking the answer to the question, where is Satoshi Nakamoto?
Until we find the answer, keep enjoying the cryptocurrency frenzy and ensure you invest wisely.
Follow IYKEMAN.com for more details and updates. Like this post, comment and share.