Adam Back, A Once Satoshi-Candidate Himself, Says Nakamoto Is An Individual And Not Multiple People


Adam Back – Satoshi Nakamoto Is An Individual

Consensus 2019 was quite lively with many noteworthy proponents of crypto in attendance. The conference was held just days after a major hack on Binance and continued gains in the wider crypto market. The event provided an opportunity for many crypto proponents to express their views. One of those worth a mention is Adam Back, the Blockstream CEO. Cryptofinder interviewed him and he had some very interesting views on Satoshi Nakamoto and network decentralization.

He Believes Satoshi Nakamoto Is A Person

Back said that he had a strong belief that Satoshi Nakamoto was a person and not a group. He supported the claim by pointing out the continuity in the coding and writing style that was used in the Satoshi papers and emails. According to Back, BTC was originally implemented in Windows, which was a bit atypical. Most of the programmers and consultants in the crypto space use Linux. According to Back, when he held an email exchange with Satoshi Nakamoto, it made him feel like he was talking to an individual who was having a look on the inflation problem from a new point of view.

The Increase In Block Size

Besides that, Back discussed an increase in the block size for the crypto world. He said that in his opinion, using bandwidth to process transactions might prove to be a huge issue for developing parts of the world like India and Africa. He also said that using memory-based processing might be an issue, which could slow down the transaction time since the pointers in data structure usually use up a lot of space. Adam Back even suggested the use of satellite bandwidth. In his opinion could help nations with slow internet cut down the cost of processing. Back was also of the opinion that scaling could be achieved by having different layers that avoid people who have different use cases and cost sensitivity.

The Binance Hack

The Binance hack was big news at Consensus 2019. The exchange said that hackers managed to walk away with over 7000 BTC using various means of attack. Besides that, they got access to user data such as 2-factor authentication codes. In addition, the exchange was able to trace all the stolen BTC to one wallet.

The exchange claimed hackers accessed the company’s hot wallet, which holds about 2% of all the BTC they hold. This hot wallet is connected to the internet to allow the receiving and sending of BTC instantly. The exchange said it would suspend deposits and withdrawals but trading would continue. Binance exchange noted that hackers might still have access to user accounts. As a result, they may still attempt to use those account to influence prices.

About Consensus 2019

Its an annual event on the crypto world; it was held in the New York Hilton Midtown, New York. The aim was to bring together minds in the crypto world and discuss the pressing issues.

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