Craig Wright explained that the main digital currency was designed in such a way that it would encourage people to devote to mining, clarifying that this work is not for all those operating in the Bitcoin ecosystem

Craig Wright, the Australian programmer claiming to be Satoshi Nakamoto, participated at the Expo-Bitcoin International in Bogota. He provided some details regarding the design of the main digital currency, as well as his reasons for supporting Bitcoin SV’s design and adoption.

He explained that Bitcoin was conceived as a system with a competitive infrastructure, which is much more logical than what is implemented by networks like Ethereum and Monero.

Bitcoin and Proof-of-Work (PoW)

Wright noted that in 2006 he was considering several algorithms before opting for Proof-of-Work, but he chose the latter because in his view it would have been catastrophic if the nodes were similar and all had the same possibility.

Bitcoin mining was conceived competitively because the priority was to create an incentive system that would guarantee the operation by the end user. He explained that not all users needed to run a complete node and that mining was not designed for everyone, since the more transactions per block, the greater the reward. Therefore, more teams would support the network expecting to get that prize, but the process involved some important expenses.

The end user’s priority is that all transactions reach the network, so the more people interested in the rewards, the more guarantees of the network’s best work. In this way, it avoids “the tragedy of the common,” which refers to the failures associated with maintaining equal conditions for all members.

Rules and Decentralization

Wright also assured that the main objective dealt with decentralized and distributed operations that protected the network from private interests of developers and heads of projects.

He assured that if developers establish the rules, they eventually become the point of failure within the project, since people are naturally corruptible and may handle things according to their own interests. For example, he said that Facebook’s cryptocurrency, Libra, was nothing more than a centralized database in the hands of institutions with financial interests.

Wright said that Bitcoin has to do more with algorithms with signatures than with cryptography, which makes the system safe as it creates an incentive system for the network’s supporters, motivating them to invest, and avoids double spending when making transactions.

Additional Considerations

Wright said that Bitcoin was committed to decentralizing and guaranteeing the uniqueness of transactions, since centralized initiatives were eventually destroyed by governments or fell into terrorist hands. The cryptocurrency was designed for people excluded from traditional systems and it allows unlimited transfers from any place in the world.

He added that Bitcoin was intended to transfer money without intermediaries charging large commissions. The idea was that each operation cost a few cents on a dollar, so that that people would have more control over their money and much more economic freedom.

Finally, he clarified that anonymity only supports companies and governments, concealing cases of money laundering, crime and corruption, which is not Bitcoin’s original objective.

By Willmen Blanco


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