How innovation is born – the history and future of BTC part II

We ended up saying that IT specialists and cryptographers were just a step away from the creation of Bitcoin. Today, we continue our history.

He was clearly upset. Not only because of stress. He knew that only one click of the “send” button divided him from the culmination of his hard work. Work, which he did alone, but with the participation of people who tried before him. Today was for his child so a court day. What will the community say on its proposals? On Bitcoin? He moved the cursor over the mentioned button. One click. The mail has been sent. He jumped quickly from the chair. He did not want to wait for the reaction of the receivers. He turned off the computer. He took the keys from the desk and left the apartment. The prose of life greets you again …

Phase 2: The invention arises

Was that how Bitcoin’s birth looked like? It was January 2009 and the person hiding under the pseudonym Satoshi Nakamoto just sent information about the project start to the people on the matzdowd mailing list. They were given the opportunity to be the pioneers of the system and download one of the first versions of his software.

Did Nakamoto work alone? According to available sources, many suggest that he consulted the Bitcoin project with, among others already mentioned Adam Back and Wei Daiem. Hal Finney, the creator of the so-called proof of multiple-use work (RPOW) and, at the same time, a man who accepted from the mysterious creator of BTC, the first transaction in cryptovaluation in the history of mankind.

In order to understand what Nakamoto was all about, you need to get involved in his “Bitcoin: A Peer-to-Peer Electronic Cash System” study. The author of Bitcoin had a clear goal: to reduce the transaction costs of sending funds through the network. He also noted that the occurrence of the third party in concluding transactions reduces the effectiveness of the entire system. That’s why he created Blockchain – all the technology you can read on Atlas.

Was Nakamoto the enemy of banks?

When asked “if Nakamoto was hostile to banks”, surely 99.9% of Bitcoin’s supporters will say yes. But was it so for sure? Of course, Blockchain and cryptocurrencies are a sure answer to the wrong actions of financial institutions. On the other hand, in “Bitcoin: a Peep-to-Peer …” the author points out the weakness of banks, but also does not criticize them openly. We should also pay attention to the fact that work on ideas similar to cryptocurrency lasted for a long time, much earlier than in the US, the financial crisis shook the markets and raised so much hatred of many people to the current system. Perhaps the guiding idea was just the idea of ​​reducing transaction costs and increasing their anonymity? The rest of the legend Nakamoto is already an extension of journalists and its supporters? Even the first sentence coded during the generation of the first units, “The Times 03 / Jan / 2009 Chancellor on brink of second bailout for banks”, can be interpreted in a variety of ways. Both as a critique of banks and the entire current system, but also as encrypted information for a pure experiment.

He wanted to make his system independent of the state. This is evidenced, for example, by the sentence: “Governments are good at decapitating centrally controlled networks such as Napster, but real P2P networks like Gnutella and Tor seem to maintain their position.”

What do we know about the creator of Blockchain? He knew people from the cypherpunk movement. Maybe he was even a member of it. However, some extreme views of Nakamoto do not appear in known sources. From the e-mails he exchanged with Finney, it is known that he was aware of the fact that he was valued among libertarians. Sam, however, clearly did not describe himself as such a person.

So we do not know too much about Nakamoto. Or at least enough to tell who he was. From the last facts of his life, we only know that after writing 575 posts on the forum, he finally fell silent on Monday, December 13, 2010. There is a lot of theory who he is or was (because we do not know if he is still alive). Why is he silent? Did he get scared of him by the FBI?

In any case, his child – Bitcoin – began to live his own life, which we will tell you soon.

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