Craig Wright May Be Satoshi Nakamoto, But Is He The Inventor Of Bitcoin?

By December 11, 2015October 28th, 2017Bitcoin Business, Where In The World Is Satoshi Nakamoto

It should go without saying: it’s unlikely that the credit for the invention of BitcoinCT r: 10 goes to a single person. Craig Wright may be Satoshi Nakamoto, but how much of the Blockchain technology is owed to him?

We already know, if the investigation brought over by Wired and Gizmodo is based on valid proof, that Craig worked with a team ( “some good coders on this” ). But was he the one who conceived the blockchain idea?

Alternative forms of currency are not a new idea. Precursors Of Blockchain?

As Stephen DeMeulenaere, working in the field of Complementary Currency Systems since 1991 and founder of the website ComplementaryCurrency.org explains, Mutual Credit is an old methodology still, that can date at least as back as 1934, when the Swiss bank WIR was founded, and is still in use by issuing currency in Mutual Credit between businesses.

Stephen is not a programmer but worked as a Complementary Currency Designer, researcher and promoter and is involved in several projects like Social Trade and the Cyclos payment platform, which pre-dates Bitcoin and won the grand prize at Transact 14. “Mutual Credit is an old methodology that allows people to give each other credit within a closed network. All transactions are made public, and are potentially reversible.” While in the Bitcoin system transactions are not reversible, by design, they are traceable, and implementing a possibility of reversal would be trivial. “In Mutual Credit Systems, because members are giving themselves the right to issue personal currency within a network economy, and in return willing to accept the personal currency created by others, a basic rule is that all members have the right to know the balance and turnover of another member. There was no identity secrecy. Therefore, the transaction ledger is always open and available for […]

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