WHO IS SATOSHI NAKAMOTO?

Satoshi Nakamoto is a legendary name in the world of cryptocurrencies. It was used by the creators of the Bitcoin cryptocurrency. The fractional part of Bitcoin (similar to a cent) was named after Satoshi. However, the actual person that this name represents has not yet been found. This leads many people to believe that this is an alias. Under this pseudonym, an unknown person wrote the original whitepaper about bitcoin. And he became the person credited with inventing bitcoin itself.

There were cases when some people claimed that they were behind the pseudonym Satoshi Nakamoto, but they could not prove the truth of their words. This name can be a pseudonym for the creator or creators of bitcoin who want to remain anonymous. For most people, Satoshi Nakamoto is the most mysterious character in cryptocurrency. It is known that under the name of Satoshi Nakamoto, an article was published in 2008, which gave an impetus to the development of cryptocurrency.

The article “Bitcoin: a Peer-to-Peer Electronic Money System” describes the use of a peer-to-peer network as a solution to the problem of double-spending. The first problem is that a digital currency or token can be duplicated in multiple transactions. This disadvantage is not present in physical currencies, since a physical bill or coin by its very nature can only exist in one place at the same time. In turn, a digital currency does not exist in physical space, using it in a transaction does not necessarily remove it from anyone’s possession. Classic double-spending solutions have historically involved the use of trusted third-party intermediaries who checked whether the digital currency had already been spent by its holder. And Nakamoto proposed a decentralized approach to transactions, which eventually led to the creation of blockchains.

In the Bitcoin blockchain, timestamps for a transaction are added to the end of the previous timestamps based on the proof of work, creating a historical record (chain) that cannot be changed and is called a distributed ledger. Since the transaction record is distributed across many nodes in the system, it is difficult, if not impossible, for an attacker to gain enough control over the system to rewrite the registry in their favor.

Satoshi Nakamoto’s persona was involved in the early days of bitcoin’s birth. He worked on the first version of the software in 2009. Communication with and from Nakamoto was only via the Internet, and the lack of personal and reference data meant that it was impossible to find out the actual identity behind the name. But Nakamoto’s involvement in the development of the bitcoin network ended in 2010. The last correspondence with Satoshi was in an email to another BTC cryptography developer saying that they had “moved on to other things”.

The inability to determine Nakamoto’s true identity has led to considerable speculation regarding him, especially in connection with the growing popularity and prominence of cryptocurrencies. Although Nakamoto’s identity could not be reliably linked to a specific person or group, it is estimated that the value of bitcoins under Nakamoto’s control, which is about 1 million, could exceed $50 billion. Given that the maximum possible number of bitcoins generated is 21 million, Nakamoto’s share of 5% of the total bitcoin holdings has significant market power.

Several people have been nominated as the “real” Satoshi Nakamoto.

  • Dorian Nakamoto

Dorian Nakamoto is a scientist and engineer from California who was named the creator of Bitcoin by Leah McGrath Goodman in a Newsweek article in March 2014. McGrath’s article says:

“the footprint that Newsweek followed led to a 64-year-old American of Japanese descent, whose real name is Satoshi Nakamoto”,

Subsequent investigation ruled Dorian Nakamoto out of the race.

  • Hal Finney

Bitcoin is a product of the cryptopunk movement and one of the pillars of this movement was Hal Finney. Finney was active in the Bitcoin community before and after its launch and Finney is the first person to receive Bitcoin through a transaction. He also happened to live a few blocks away from Dorian Nakamoto, who was supposed to be the mastermind behind a pseudonym invented by Finney.

  • Nick Szabo

Like Finney, Szabo was an early cryptopunk and was friends with many people from this circle. In 2005, he wrote a blog post in which he put forward a hypothesis about a digital currency called “bitgold”, which would not depend on the trust of third parties.

  • Craig Wright

One of the most prominent characters who has been introduced as the man behind the nickname Satoshi Nakamoto is Craig Wright, an Australian scientist, and businessman. Two articles in Wired and Gizmodo suggested that Wright might be the man behind bitcoin, but subsequent investigations concluded that he had committed an elaborate hoax. However, he still claims to be the person behind the creation of bitcoin.

  • Michael Clare

An American journalist for the New Yorker newspaper believed that Michael Clare, a graduate of Trinity College Dublin with a degree in cryptography, was hiding behind the identity of Satoshi Nakamoto. He came to this conclusion after analyzing 80,000 words and conducting his own research among the club of cryptographers, references to whose works he found in the course of reading Nakamoto’s notes.

Adam Penenberg claimed that Nakamoto is three people: Neil King, Vladimir Oxman, and Charles Bry. He came to this conclusion after searching for unique phrases from Nakamoto’s whitepaper, Adam wanted to know if they were used elsewhere.

The domain originally used by Satoshi to publish bitcoin documentation was registered three days after the patent application was filed. The identity of Satoshi was also tried to connect with Jed McCaleb, a lover of Japanese culture and a former resident of Japan.

According to another theory, the creators of Bitcoin were Donal O’Mahony and Michael Pierce.

Analysis of the Bitcoin blockchain has helped determine with a relatively high degree of confidence which addresses belong to Satoshi Nakamoto. According to an analysis of bitcoin registry entries by Sergio Demian Lerner, chief scientist at RSK Labs, Satoshi has about 1 million Bitcoins. These addresses date back to the beginning of bitcoin in 2009. Over the years, bitcoins were moved from some very early addresses, which made one wonder every time if it was Satoshi (although there were other active miners). So far, this analysis has shown that each of these transactions was not from Satoshi’s intended addresses and that his Bitcoin stash is still dormant.

Well-known white hacker Dan Kaminsky, who was engaged in the search for vulnerabilities and errors in the code, as well as conducted research on cyber vulnerabilities of computer networks, decided to try his hand and crack the Bitcoin code. After seeing the bitcoin code written in C++, Dan noted the incredible level of detail development. However, he quickly managed to come up with 9 ways to hack the system. And he tried to find a suitable vulnerability in the code for my attack. But not one of the nine options did not work, as a result of which Kaminsky noted the incredibly high level of skills possessed by the creator of Bitcoins.

Most likely, the general public will never know the truth about this mysterious person, although attempts, single detectives and investigators, have been made. Even the essence of the pseudonym Satoshi Nakamoto does not sound very poetic, but some sense in this is still traced in relation to the blockchain system with the ability to track transactions. It is not known for sure whether Satoshi Nakamoto is actually Japanese or whether the creator of bitcoin considered the Japanese version of the nickname the most successful and sonorous. In addition, it is absolutely unknown whether a man, a woman, or a whole group of people is hiding under this pseudonym.

Like the creators of the Bitcoin distributed ledger, the creators of QRAX chose to remain anonymous. However, they have improved the algorithm underlying Bitcoin Core, which was manufactured by the Satoshi Nakamoto organization. The QRAX blockchain has a two-level network of nodes and masternodes, a DAO for development, self-management, and self-financing, as well as a unique monetary system. The core is modified and includes improvements to apply the principles of anonymity and transaction security, transaction confirmation without centralized management. In digital form, a decentralized system is implemented that is managed and developed by the holders of nodes and coins — the crypto community.

QRAX is a form of digital online money that uses Blockchain technology, which can be easily distributed around the world, instantly and with reliable confirmation of transactions by the network within one block (about 60 seconds). The QRAX network includes security and privacy solutions.

An engaged, keen, reliable, competent, and active community of people with the tools for appropriate management, development, and decision-making processes is essential for the success of any decentralized system. The protection of information, especially personal and financial, is extremely important for the protection of the rights of any person. Fiduciary monetary systems have proven impractical and historically unwise in trusting centralized regulators to fully protect personal data. In addition, without a logical and uninterested management system, it is equally unwise to trust a cryptocurrency project or a particular blockchain with claims of decentralization, since one person can usurp the network, unilaterally make a decision, or, even worse, lose access by losing the encoded basis or private keys.

It is necessary to understand the chosen algorithm (proof of work or proof of stake), the underlying economic systems, and means of participation in the network.

This is where the qualities and tools of the Quantum Resistant Anonymous Transaction System (QRAX) manifest themselves. The preservation of rights and freedoms, secure financial data, and a blockchain that protects privacy all increase profitability and ensure widespread adoption in an efficient, cost-effective, and environmentally friendly way at the protocol level. QRAX simultaneously increases security and provides resistance to censorship or exploitation of rights and freedoms on the network.

--

--

--

https://t.me/qrax_channel

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

To the moon, bro.

Basic Wallet Overview

CryptoBlades How Much You Can Earn Now? $$$💸💰🤑

3 Popular Cryptocurrency Scams You Should Know

How Blockchain Is Revolutionizing Food Supply Chains (Part 1 of 2)

Why Millennials Would Rather Buy Crypto Than Stocks

Thinking Of Bitcoin?

PARTNERSHIPS, FARMING AND LISTINGS.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
QRAX

QRAX

https://t.me/qrax_channel

More from Medium

A Sigh Of Relief For Crypto Investors!

25% Of Businesses Will Accept Payments In The Form Of Digital Assets In 2022

Who am I? And what is LowCap NoCap

Why the West should embrace Cryptocurrency and the Blockchain

Is the New Crypto Bill by the Indian Govt. going to bring in a Blanket Ban on Cryptocurrency?