nChain describes itself as “the global leader in research and development of blockchain technologies”. Find out what Craig Wright’s mysterious nChain is working on today in our review.
What Is nChain?
nChain is a blockchain software development company currently creating “a high velocity enterprise class architecture that can be deployed on a global scale to facilitate the delivery of the emergent Internet of Transactions”, explains the official nChain.com website.
So far, nChain has released open source, royalty-free software tools and other data to help push forward the world of blockchain technology.
The team at nChain consists of PhDs, researchers, and engineers. More importantly, the team at nChain includes Craig Steven Wright (CSW) – the 46-year old Australian computer scientist who claims to be Satoshi Nakamoto.
Some believe he’s scamming the bitcoin world because he hasn’t offered definitive proof, while others believe that he is genuinely the real Satoshi Nakamoto. Your opinion of the company will vary based on whether or not you believe CSW is Satoshi.
nChain remains very secretive to this day. It started appearing on the internet earlier in 2017. Reports show that it has around 60 full-time employees at offices in London and Vancouver.
nChain also claims to be one of the industry’s best-funded startups, and has received more than $100 million from Malta-based high-tech private equity SICAV plc as part of an acquisition deal. That acquisition occurred earlier this year.
There are also reports that nChain has been aggressively patenting blockchain technologies around the world.
What does nChain seek to accomplish? Let’s take a closer look.
What Problems Does nChain Seek To Solve?
nChain has an overarching goal of expanding blockchain’s usefulness around the world. The company has a collection of technologies designed to enhance the blockchain. In fact, that’s why the company was worth $100 million in the acquisition earlier in 2017: SICAV plc was buying the collection of technologies along with the research of Craig Wright.
Here’s how the company explains its goal:
“Working to build this new world, our mathematicians, scientists and engineers are enhancing our advanced portfolio of tools, protocols and applications. These innovations will accelerate blockchain adoption across a range of industries, from financial and legal services to entertainment and media. We are realizing this vision today. We’re about to change everything.”
Aside from that, there’s little information about nChain available online. We don’t know anything about the specific technologies owned by the company, or the specific patents it holds. We’re led to assume those technologies are worth something – after all, someone paid an awful lot of money for the company. However, the internet knows virtually nothing about nChain’s blockchain technologies or platforms at this time.
nChain first hit the internet in late 2016 and early 2017, when it was rumored that Australian computer scientist Craig Steven Wright (CSW) was planning a comeback. After the Satoshi Roundtable earlier in 2017, those rumors became louder.
nChain first made headlines on April 12, when the company was acquired by the Maltese high-tech private equity fund SICAV plc for a reported price of $100 million.
In a statement, the company was described as being “built around the research of Craig Wright, who has claimed to have invented the bitcoin cryptocurrency.” The private equity firm described the deal as its “biggest to date involving bitcoin’s underlying blockchain technology.”
In April, the company announced that former Bitcoin Foundation director Jon Matonis was joining nChain as Vice President of Corporate Strategy. Matonis has gone on public record stating that he believes CSW is Satoshi.
The company appears to maintain two offices – in Vancouver and London – with about 60 full-time employees.
Ultimately, nChain is one of the most mysterious companies in the blockchain industry. The value of the company depends on whether you believe CSW’s claim of being the real Satoshi Nakamoto. Naysayers claim that nChain is all a scam, while supporters believe that it could become the most influential company in the blockchain world.
You’ll want to wait for more information to come out before jumping to conclusions about nChain. Right now, it’s a mysterious company with a lot of potential.