Nakamoto Revealed!? – Part 1

It has always been thought that the concept of bitcoin was developed by a group of developers, known only as Satoshi Nakamoto. The economic world was thrown into a spin in 2016 after a man by the name of Craig White declared himself the sole founder of the e-currency.

Wright’s claims were met with a lot of scepticism by many and became a hotly contested topic. Eventually, the scandal surrounding Wright’s prosecution over the rights he owned to over $5 billion worth of Bitcoin that was claimed to belong to his ex-business partner, David Kleinman, as well as illegal ownership of intellectual rights to a number of blockchain technologies, ended all dispute in the eyes of the public. The name was soon forgotten, and people by and large still believed that Satoshi Nakamoto was a pseudonym for a group of developers who would never become known to the world and that Craig Wright was just an imposter until now.

BACK ON THE RADAR

The Australian, Craig White, has resurfaced in the media of late. This time the self-declared founder of the Blockchain has filed copyright claims on two documents relating to work touted as being that of Nakamoto. The two copyrights filed by him are for:

  • The Bitcoin white paper entitled, “Bitcoin: A Peer-to-Peer Electronic Cash System.”
  • He has also filed copyright for the Bitcoin code.

Both copyrights hold Wright as the sole claimant of the rights, which means he should experience smooth sailing in officially making it his own. Copyright offices do not usually investigate claims before they register them and there is no formal way of contesting a registration. All that can be done, is that another claimant could step up and copyright the same material. This would most probably result in being sued by Wright’s, where a judge would be called into action to determine the lawful owner of the technology.

Should no one step up to register Bitcoin, then Wright shall own the full rights to the material registered.

THE RIGHT PUBLICITY

Prominent Wright Supporter, Calvin Ayre published a press release in CoinGeek, (which is owned by him) stating that Wright is legally establishing the creatorship of Bitcoin through copyright. It states that Wright was forced to do this, as he is totally dismayed at the perversions of his Blockchain ideas by protocol developer groups, such as Bitcoin Core (BTC) and Bitcoin Cash (BCH).

All of this has obviously got people questioning the validity of his claims. Some lobby against his claims, branding him a fraud and a liar, while other punters are open to the fact that Satoshi Nakamoto may not be in hiding anymore.

We will have to wait for more developments surrounding these affairs before being able to be sure about the authenticity of the claims, but for the time being allow the Blockchain to continue to be the best that it can be.

WHAT WILL THIS MEAN FOR BITCOIN

While Bitcoin will continue to be the cutting edge Blockchain network it has always been, suddenly discovering there is a registered owner could change things slightly. The entire cryptocurrency industry might be affected by the Copyright of Bitcoin Source code, as it will become a protected intellectual property that may demand compensation to copy or even implement similar technologies.  Wright would become the sole beneficiary in this effect.

Copyright of any of the facets of Bitcoin would cause the value of the e-currency to potentially gain ground, as well as the value of any other product that the owner might be invested in.

Finally, after the copyright is secured the potential to patent any further technology linked to the blockchain becomes possible. Craig Wright would also have certain powers over the decisions made around joining ‘off-site’ protocols and technologies to the bitcoin blockchain. Should he feel that the protocols, tools, or technologies do not fit with his plan, they could be ousted.

ROUND UP

While individuals may have their theories regarding the ownership of bitcoin, time will only tell what the implications of the registrations might bring. Will Craig Wright continue in the ways of Satoshi Nakamoto, or is Bitcoin bound for a re-brand?

Stay tuned till tomorrow, for the second part of our investigation into the claims of Mr Wright, where we compare his philosophies to those laid down initially, over 10 years ago.