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.
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:
Bitcoin white paper entitled, “Bitcoin: A Peer-to-Peer Electronic Cash System.”
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.
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.
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.
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.
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