The enigma of Satoshi Nakamoto, Bitcoin’s creator

Photo credit: independent.co.uk

A British computer scientist who pioneered a forerunner of cryptocurrencies has denied reports that he is Satoshi Nakamoto, the pseudonymous creator of Bitcoin.

An investigation by The New York Times used biographical details and writing style comparisons to make the case that Adam Back was the cryptocurrency’s enigmatic founder.

Who is Adam Back?

Back, a 55-year-old computer scientist from London, “has long been seen as a potential candidate to be Nakamoto”, said The Times. “A pioneer of early digital asset research in the 1990s”, he “has a long-standing background in cryptography, the techniques used to secure and verify digital information”. This includes developing Hashcash, “a proof-of-work system that later influenced Bitcoin” and was referenced by Nakamoto in his Bitcoin “white paper”.

Back dismissed The New York Times’ use of writing analyses to link him to the elusive Nakamoto as “a combination of coincidence and similar phrases from people with similar experience and interests”. In reference to the claim that he disappeared from Bitcoin message boards when “Satoshi” was at his busiest, Back insisted that he “did a lot of yakking” on the forums at the time. “I’m not Satoshi,” he said.

Why is Nakamoto’s identity a secret?

Since Bitcoin launched in 2008, Nakamoto has chosen to stay anonymous. All their communication was written under their pseudonym and no verifiable personal details have ever been released or revealed. Since 2011, they have given no public statements at all, their seeming disappearance giving them a “cult-like status among crypto enthusiasts”, said The Times.

This anonymity was very on-brand for Bitcoin. The cryptocurrency was designed to have no central authority; if the identity of a real person were known they could become a leader or figurehead, which might contradict the founding principle of decentralisation. There is a security element, too: Nakamoto is thought to own $78 billion worth of bitcoin, so remaining anonymous lessens the risk of extortion or kidnapping.

It’s also possible that the mysterious founder is not one person, but rather a team of developers or cryptographers. Either way, the years of speculation have added to Bitcoin’s profile and acted as a useful indirect marketing tool.

Has anyone else been suggested?

In 2014, Newsweek identified a Japanese-American systems engineer called Dorian Satoshi Nakamoto as the creator of Bitcoin. He disputed this, and the claim has “largely been debunked”, said the BBC.

The following year, Wired suggested Nakamoto could be a pseudonym for Australian computer scientist Craig Wright. Unlike Back and Dorian Nakamoto, Wright went public to assert he was indeed Nakamoto, until a UK High Court judge ruled he was not the Bitcoin founder and barred…