Who is Satoshi Nakamoto

Satoshi Nakamoto is the anonymous name used by the creator of the crypto Bitcoin. Although the name Satoshi Nakamoto is often synonymous with Bitcoin, his true identity has never been verified and perhaps the crypto’s success is due to the halo of mystery around this character.

The name Satoshi Nakamoto has been linked to the development of Bitcoin since 2007. All communication to and from this persona, however, was via email and there are no personal or background details to help identify the real person behind this name. Satoshi Nakamoto’s last email correspondence was in 2010. This email had been sent to one of the early contributors to the project and it was written that he would “move on.” But let’s go in order.

Satoshi Nakamoto’s White Paper

In 2008, Satoshi Nakamoto published a paper that introduced cryptocurrencies to a much wider audience, beginning their rise in popularity: Bitcoin: A Peer-to-Peer Electronic Cash System.

The paper described the use of a peer-to-peer network as a solution to the problem of double-spending. At the time, cryptos were not a new idea; in fact, there had been multiple attempts to create a digital currency. However, Bitcoin faced a significant problem: the problem of double-spending.

A digital currency does not exist in physical space; its use in a transaction does not necessarily remove it from someone’s possession. As a result, it could be spent more than once.

Solutions to combat the double-spending problem have historically involved using trusted third-party intermediaries to verify whether a digital currency has already been spent by its holder. In most cases, third parties, such as banks, could effectively handle transactions without adding significant risk.

Eliminating the human factor

However, this trust-based model still entails additional costs and the risk of fraud. Therefore, it is necessary to eliminate the human factor completely. Cryptography and automated group consensus mechanisms are currently the only way to avoid human intervention in finances.

Nakamoto proposed a decentralized approach for transactions using ledgers, a network, Merkle roots and trees, timestamps, incentives, cryptography and a consensus mechanism. In a blockchain, timestamps are added to transaction information and cryptographic techniques are used to encrypt the data. Encrypted data cannot be modified, but must be validated. The network must verify the authenticity of transactions based on a majority consensus mechanism called proof-of-work.

Because the transaction ledger is distributed over many nodes in the system, it is difficult, if not impossible, for an attacker to gain sufficient control of the system to rewrite the ledger to his or her advantage. Blockchain ledgers are kept secure because the computing power required to reverse engineer them discourages small-scale attacks. Hackers would need a network that could validate and create blocks faster than the current network, and then they would have to introduce the new blockchain into the main network at the right time to overwrite it. They would also have to enact several other attacks on the blockchain at the same time.
People Believed Nakamoto

In a March 2014 Newsweek article, Leah McGrath Goodman pointed to Dorian Satoshi Nakamoto as the creator of Bitcoin. McGrath’s report says, “The lead followed by Newsweek led to a 64-year-old Japanese-American man whose name is really Satoshi Nakamoto.” Later investigations, however, excluded this character.

Kal Finney was active in the Bitcoin community even before its launch and was the first person to receive Bitcoin. He also lived near Dorian Nakamoto.

In 2005, Nick Szabo, one of the first cypherpunks, was friends with many people in that circle. He wrote a blog post hypothesizing a digital currency called “Bitgold” that did not depend on the trust of third parties. Szabo was also ruled out as a possibility.

One of the more colorful characters who has been named as the person behind Satoshi Nakamoto is Craig Wright. An Australian academic and businessman, Craig Wright has claimed to be Satoshi on several occasions and has been involved in legal actions regarding identity ownership. In December 2021, a jury dismissed a civil suit against Wright brought by the family of a deceased former colleague-David Kleiman. Kleiman’s will stated that Wright and Kleiman had co-created Bitcoin together and that he was therefore owed half of the alleged stash of more than 1 million Bitcoins that Wright owned.

In any case, Kleiman’s heirs were awarded $100 million. This indicates to us that the jury and the court believed that Wright and Kleiman had somehow worked together on the project. Also in 2021, a U.K. court ordered Bitcoin.org to take down Bitcoin’s whitepaper because the website was infringing Wright’s copyright on the whitepaper, indicating the court’s view that Wright somehow had intellectual rights to the document.

Assets

Through analysis of Bitcoin’s blockchain, it was possible to deduce with a relatively high degree of certainty what Satoshi Nakamoto’s addresses are. According to the blockchain analysis by Sergio Demián Lerner, chief scientist at RSK Labs, Satoshi owns about 1 million bitcoins, about 5 percent of the total number of BTC on the market. These addresses date back to the inception of bitcoin in 2008.

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