Satoshi Nakamoto

Satoshi Nakamoto

Satoshi Nakamoto is a pseudo name used by an anonymous person or group of people who developed bitcoin. Also bitcoin white paper and created bitcoin’s original reference implementation. As part of the implementation, Nakamoto also introduced blockchain technology.

Nakamoto is famous for solving the double-spending problem in digital currency. Nakamoto was an active part in the development of bitcoin till December 2010. since then many have claimed themself as Satoshi Nakamoto. but his real face still a mystery.

How bitcoin was developed?

Nakamoto started working on the bitcoin code in 2007. the next year he bought the domain name bitcoin.org and created a website. He published a paper named “Bitcoin: A Peer to Peer Electronic Cash System” on cryptography.

He embedded the text like” the time 03/Jan/2009 Chancellor on the brink on the second bailout”. This was taken from a headline of The Times published the same day. The text was interpreted as both timestamp and a comment caused by fractional-reserve banking.

bitcoin genesis block

Next year in 2009,  Nakamoto a version of software on SourceEdge, and the network with 50 Bitcoins. Satoshi continued to collaborate with different developers for bitcoin until 2010, making all the important changes himself. Slowly he took his hands away from the active member of the team. He handed over the control and network key to Gavin Andersen.

Identity of Satoshi Nakamoto

Nakamoto claimed himself as a 37-year-old male of Japanese ethnicity. However, it is hard to believe considering his use of native-level English and his bitcoin software not labeled in Japanese.

fame of satoshi
Virtual Monuments for Satoshi Nakamoto

 

There are speculations that Nakamoto is a team of people. Laszlo Hanyecz, a developer who had an email from Satoshi, said the code was too well designed for one person. Some use of words like “bloody hard”, “color”, “flat’ and “maths” also indicated the involvement of someone with British English. At least a member of the team is of commonwealth origin.

Stefan Thomas, a Swiss software engineer, and active community member graphed the time stamps for each of Nakamoto‘s bitcoin forum posts (more than 500); the resulting chart showed a steep decline to almost no posts between the hours of 5 a.m. and 11 a.m. Greenwich Mean Time. This was between 2 p.m. and 8 p.m. Japanese time, suggesting an unusual sleep pattern for someone presumably living in Japan. As this pattern held true even on Saturdays and Sundays, it suggested that Nakamoto was asleep at this time

How did Blockchain Technology emerge?

Nobody actually remembers how blockchain emerged. Stuart Haber and W. Scott envisioned what we in today’s time call blockchain. They first started working on the cryptography chained of blocks where no tampering of documents can be done.

n 1992, they upgraded their system to incorporate Merkle trees that enhanced efficiency thereby enabling the collection of more documents on a single block. However, it is in 2008 that Blockchain History starts to gain relevance, thanks to the work of one person or group by the name Satoshi Nakamoto.

history of blockchain

Satoshi Nakamoto is accredited as the brains behind blockchain technology. Very little is known about Nakamoto as people believe he could be a person or a group of people that worked on Bitcoin, the first application of the digital ledger technology.

Nakamoto conceptualized the first blockchain in 2008 from where the technology has evolved and found its way into many applications beyond cryptocurrencies. Satoshi Nakamoto released the first whitepaper about the technology in 2009. In the whitepaper, he provided details of how the technology was well equipped to enhance digital trust given the decentralization aspect that meant nobody would ever be in control of anything.

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