Profiles of the blockchain industry: Satoshi Nakamoto
The Profiles of the blockchain industry series examines pioneers and leaders of the blockchain industry, with the hope of inspiring you to find your place in this nascent realm. It’s a world that is full of potential and is leaping forward through the innovations of key figures. What is your role in this new frontier? The possibilities are infinite.
In the world of blockchain technology, no other name has the level of familiarity and enigma as Satoshi Nakamoto. In fact, it is not even known whether Satoshi is a man or woman, an individual or a group of developers. So it might seem odd to profile such a figure as a part of a series focusing on famous profiles in blockchain technology. But the influence that Satoshi had as the creator of Bitcoin can not be overlooked.
The year was 2008. The economy was experiencing a collapse that was devastating for workers and families around the world. Yet, those responsible for the collapse remained unscathed despite their malevolent actions, being “bailed out” by the masses who lost jobs, savings, and secure financial futures.
It was in this tumultuous economic period that Satoshi Nakamoto was inspired to create a solution to a corrupt economic system that was manipulated by those with greedy motivations for their own personal benefit, at the expense of all others. A global currency could be created that took advantage of greed, or the profit motive, as a tool to ensure financial security and to remove concentrated power from a few elite players. This currency would not depend on any single central bank, any small group of financiers, or any military power. Instead, it would be entirely decentralized – overlooked by anyone who cared to look via an open ledger, visible for all via the Internet.
Satoshi Nakamoto created Bitcoin, wrote the first cryptocurrency white paper, and launched the first blockchain database as a response to the economic problems of the era. It was 2009 when Bitcoin was finally launched as a “Peer-to-Peer Electronic Cash System” to counter the flaws of the fractional reserve system which is at the root of the economic problem of inflation. Beginning with a genesis block in 2009, Satoshi Nakamoto began the mining process of Bitcoin, rewarding the miner with 50 Bitcoins to begin. Initially, of course, this would have been mined by Satoshi, and addresses attributed to the creator can be seen to this day that currently store around a million Bitcoins from these early days.
Bitcoin has grown into a worldwide phenomenon that continues to dominate the cryptocurrency market and is the most trusted electronic cash currency. Little is known, on the other hand, about who exactly Satoshi Nakamoto actually is. Originally claiming to be a Japanese male, 37 years-old at the time, many dispute this possibility due to the perfect English writing of Satoshi’s documents and the lack of Japanese in any documentation or labeling. Some British references in expressions and colloquialisms indicate Satoshi might instead be a British individual.
Regardless of Satoshi Nakamoto’s identity, it is clear that this individual or group of individuals had a great impact on the world the extent of which may not yet be fully understood. It shows that it is the few individuals who strive to make change that do indeed bring about change in the world, not the masses who sit idly and watch history pass them by.
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