There is one name that is the most popular in the cryptocurrency world, and it is Satoshi Nakamoto. Satoshi Nakamoto is the anonymous pseudonym for the person that created Bitcoin. After more than a decade, the actual person behind the name is yet to be found.
What Does the Name Satoshi Nakamoto Represent in the Crypto World?
There is no doubt in the minds of many people that Satoshi Nakamoto is the most enigmatic character in the cryptocurrency world. More than a decade later, it is still unclear if the name stands for a person or a group of people. However, what is known is that Satoshi published the Bitcoin whitepaper in 2008 that led to the revolution of what we now know as cryptocurrencies.
The whitepaper, titled Bitcoin: A Peer-to-Peer Electronic Cash System, talked about using a peer-to-peer network to counter the effects of double-spending. Double spending was a problem within the digital world as a currency or token could be duplicated in multiple transactions. This problem isn’t found with physical cash since, by nature, the cash only exists in one place at a time. However, with digital currencies, using a token in a transaction sometimes doesn’t necessarily remove it from someone’s possession.
The solution to the double-spend problem was to use trusted, third-party intermediaries. These intermediaries were tasked with verifying whether a digital currency has been previously spent by the holder. Usually, these third parties are banks, and they effectively handle transactions without adding significant risk.
However, there is a flow in this trust-based model, especially if the third party can’t be trusted. To eliminate the third party, technology such as cryptography had to be integrated into transactions.
Satoshi proposed a decentralized system of transactions, leading to the development of the blockchain technology. With a blockchain system, timestamps for a transaction are added right after the end of another timestamp, and it is based on the proof-of-work protocol. The blockchain systems enable the creation of a historical record that cannot be changed.
Since the record of transactions is distributed across numerous nodes in a system, it is almost impossible for a bad actor or a hacker to gain enough control of the system and rewrite the ledger to suit their purpose. The blockchain records are then kept safe, thanks to the huge amount of computational power required to reverse transactions.
When was Satoshi First Mentioned?
The name Satoshi first became known in 2009. The person or group created the first version of the Bitcoin software and launched it in 2009. Communication to and from Satoshi was done electronically. Since there were no personal and background details, it is impossible to know the exact identity of the person or group behind the name.
Satoshi cut ties with Bitcoin in 2010. In the last correspondence, Satoshi told another developer that they had moved on to other things. With the inability to determine Satoshi’s real identity, the cryptocurrency space has been plagued with speculations, especially as the number of cryptocurrencies continues to increase alongside Bitcoin’s popularity.
Although the identity of Satoshi is still unknown, the estimated value of their bitcoin holdings is over $35 billion (with Bitcoin trading at $34k per coin and Satoshi holding over 1 million bitcoins).
Then Who is the Real Satoshi Nakamoto?
Several people have been associated with Satoshi Nakamoto over the past few years. Here are some names linked with Satoshi.
This is the man that most people consider to be Satoshi Nakamoto. He has the friendliest face amongst the listed names, and he was first mentioned as Satoshi in March 2014 by Newsweek Magazine. This led to a media frenzy around Dorian, and it affected his life. Dorian has denied on numerous occasions that he is not Satoshi and doesn’t have any connection to the development of Bitcoin. However, he eventually embraced the role of a mascot of sorts for the crypto space.
The magazine picked Dorian because he was actually born with the name Satoshi. He is not new to the IT world as he is a physicist at Cal Poly University and devoted years of his life working as a systems engineer on classified defense projects. He was also a computer engineer for numerous technology and financial information services companies. In addition to this, Dorian has libertarian tendencies, encouraging his daughter to run a business that is not controlled by the government.
When asked about Bitcoin, he mistakenly thought the cryptocurrency was a classified project he conducted for some U.S. military contractors. He replied that he was no longer involved in it and therefore cannot discuss it. He added that the project had been turned over to other people, and he no longer has a connection with it.
Another name linked with Satoshi is Hal Finney. He was a cryptographic pioneer and the first person to ever receive funds as bitcoins. Whether by coincidence or out of design, Hal Finney was a neighbor of Dorian Nakamoto. He is a Caltech engineering graduate and worked as a developer for the PGP Corporation, where he did everything needed to create a digital currency from scratch. In addition to these, Hal was also the first developer to improve the Bitcoin source code after Satoshi. Hal Finney died in 2014. However, he was cryopreserved by the Alcor Life Extension Foundation with the hope of reviving him one day to provide more clarity on Bitcoin.
Szabo describes himself as a Blockchain, cryptocurrency, and smart contracts pioneer, and he was in contact with Hal Finney. He is also suspected to be Satoshi despite coming out numerous times to deny the statement. People think Szabo created Bitcoin since it is similar to his proposal for a decentralized currency called the Bit Gold in 2005. Bit Gold uses a similar concept to those that were perfected by Satoshi with Bitcoin.
If there is one person that has come out numerous times to claim that he is Satoshi, then it is Craig Wright. Most people in the crypto community consider him to be a conman, with the Australian now in court to claim he is the original developer of Bitcoin. He has been trying to force people to accept him as the developer of Bitcoin, and the crypto community isn’t remotely convinced.
Several people have been mentioned as Satoshi Nakamoto over the past few years. However, the identity of this person or group still remains unclear. For now, let us continue to enjoy the invention that is called Bitcoin.