The crypto space has learned to develop itself without a father figure, since the disappearance of Satoshi Nakamoto.
What do we know about Satoshi Nakamoto?
Actually not much, he (she or they) was a very secretive person (or group). He made sure to never share any personal information online. Some investigators have dug into his past emails and blog posts, trying to find some hidden clues. Going as far as trying to determine where he lived according to the timestamps of his posts, trying to determine in which time zone he lived. Journalists, developers and other participants of the crypto space have tried to unveil his identity and failed. Several contestants came close but none of them were convincing enough to be the real Satoshi Nakamoto.
We do know that he wrote the Bitcoin white paper, solved the double spend issue with the Proof of Work protocol and launched the bitcoin blockchain by mining the first Bitcoins. Other than that we are left in the dark.
Tips: Learn more about the Proof of Work protocol
Why do we care about Satoshi Nakamoto?
- While we owe him a lot in regards to his involvement to creating Bitcoin, one of the most interesting aspects is that he’s considerably wealthy. According to the public bitcoin transaction log, Nakamoto’s known addresses contain roughly one million Bitcoins. This means that when the Bitcoin price peaked to 20k/Bitcoin in December 2017, those unspent Bitcoins were worth 19 billion USD, resulting in Nakamoto possibly being the 44th richest person in the world.
- Deprived from a father figure, the crypto space lacks a captain to steer the boat and his name is often invoked to steer the conversation, “What would Satoshi have done?”. The community has learned to deal with this absence, by trial and error, while always striving to stay true to the Bitcoin white paper.
Plurality of Ideas
As a growing industry, the crypto field is still trying to carve its identity, always testing its limits. In the absence of a leader, many different leaders have blossomed and vanished. A wonderful diversity of actors that has led the market to develop more than 1600 different cryptocurrencies. Imagine, 1600 various economic models, use cases and scenarios. A wonderful plurality of ideas and communities that are competing for a share in the crypto market. The vast majority of those coins will not reach mass adoption, but that’s perfectly fine as 1. It might not be their goal and 2. They remain a valuable asset to the crypto system by demonstrating how easy and accessible it is to create a crypto coin. A few lines of codes and you can develop your own currency based on your own economic model.
The power of the crypto community
As a result, the most powerful word in this space is not leader but community, as various crypto communities are the ones maintaining the industry. The crypto community gathers the most inspiring and passionate individuals that you will ever encounter. Aspiring for a better world, striving for economic freedom and day dreaming of a new ways to build societies, these individuals can be quite loud and passionate.
Since the creation Satoshi Nakamoto’s Peer-to-Peer Electronic Cash System, the crypto-community has been continuously growing and learning. While Satoshi Nakamoto hasn’t been around the crypto-community has been able to thrive and develop in his absence.
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Father’s Day Tribute to Satoshi Nakamoto was originally published in The BTC Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.