While the case filed against Craig Wright, who has been claiming to be Satoshi Nakamoto since 2016, continues in England, Adam Back and Martti Malmi, one of the first developers of the Bitcoin network, attended the last hearing.

Malmi, one of the duo who stated that Wright was not Satoshi, revealed his old correspondence with Satoshi. Malmi also stated that, as far as he saw from these correspondences, Wright was not Nakamoto.

The e-mails revealed by the Finnish developer add a treasure trove of new information to what is known about Satoshi Nakamoto. In these e-mails, Satoshi clarifies many issues that are discussed even today, from the Proof of Work system to the security of the network and the supply of 21 million.

“PoW is the only solution I could find…”

It seems that Satoshi is trying to explain the importance of Bitcoin mining, especially in forums. Stating that mining will not consume too much energy, Satoshi uses the following expressions in an e-mail:

“Unfortunately, I think PoW is the only way to send digital money from person to person and do this without relying on 3rd parties. This is the only solution I found. PoW is one of the most basic requirements for the proper functioning of the network and, of course, to prevent double spending.”

“Even though it consumes less energy than banks!”

Speaking about Bitcoin’s mining system and its energy consumption, which is still discussed even today, Nakamoto refers to the banking system:

“Even if the PoW system consumes a significant amount of energy, it would still be much less damaging compared to the labor and resources consumed by today’s banking industry.”

“It is also very important for Bitcoin timestamping…”

Stating that blockchain technology also has an important place in indicating time, Satoshi said the following in an e-mail:

“By the way, I don’t remember if we talked about this, but the other day some people were discussing what secure timestamping should look like. Being able to prove that a file existed at a particular point in time is very important… I think block stacks in Bitcoin would be perfect for this. Bitcoin is already a distributed and secure timestamp server for transactions.”

“I deliberately chose the supply of 21 million”

Stating that he made his choice consciously regarding the supply of 21 million, Bitcoin’s number 1 also talks about the possibility of the largest cryptocurrency owning a part of the world trade:

“The choice I made regarding the number of coins and distribution schedule was based on certain information. Actually, it was a difficult choice. Because once you make that choice and the network is up and running, it’s all over. You cannot change it later. I wanted to create prices similar to currently existing currencies. But of course, it is difficult to make these predictions without seeing the future. So I chose a number in the middle. If Bitcoin becomes a niche currency, it will be worth less per coin than other currencies. If a certain part of world trade is done with Bitcoin, then there will be only 21 million coins for the whole world. Therefore, the value per coin will be much higher. Values ​​are 64-bit integers with 8 decimal places.”

“The amount stolen will be less than the effort expended.”

The creator of Bitcoin also shows once again how detailed he is about the security of the system. Stating that the growth of the network will further increase security, Satoshi wrote on this subject as follows:

“One of the most important issues in terms of Bitcoin’s security is that as the size of the network increases, the security of the network will also increase. In this sense, the lowest part will actually be when the network is most open to the outside. “The amount of money that can be stolen from the system must always be smaller than the effort required to do so.”

It was published:

Last update:

If you want to be the first to be informed about the latest developments, join Uzmancoin Telegram channel!

Source: https://uzmancoin.com/satoshi-nakamoto-bitcoin-dava-eposta/

Leave a Reply