nChain’s Craig Wright Publishes New Blockchain Research Piece Titled “The Myth of Forks”
As has become customary now, each week nChain’s Chief Operational Scientist Dr. Craig Wright publishes a research article that focuses on a niche’ topic associated with the world of cryptocurrency.
This week, the polarizing personality published a piece titled “The myth of forks” — which covers a number of important aspects associated with Bitcoin’s design and core architecture.
To start off his latest piece of work, Wright talks about the original vision of the Bitcoin ecosystem which was totally based on the principles of privacy but not anonymity. In his opinion, anarchists and socialists who are masquerading as “libertarians and capitalists” have totally defiled the true message of what the currency has always tired to stand for.
More on the Matter
During the course of the article, Wright talks about the early days of Bitcoin when he (along with Hal Finney) worked tirelessly to create a decentralized financial ecosystem that would help reduce the “monopolization of power” that many banks had amassed over the past few centuries.
However, during the course of his work, he encountered a slew of problems including the failing health of one of his closest work associates ‘Dave Kleiman’. Not only that, Wright also claims that he had a tough time staying afloat financially, since research funding was extremely tough to come by.
As a result of this, he claims that he couldn’t “protect Bitcoin” by patenting the ideas that made this unique technology work.
“I always believed that if Bitcoin would eventually scale enough for my ideas to have a chance to succeed, nothing could stop it.”
The Heart of the Matter
On the subject on hard-forks, Wright is of the unequivocal opinion that there are ”no forks.”
Talking about the much maligned Bitcoin Core (BTC) project, he claims that the currency is not a fork of the original Bitcoin chain but rather a new creation that makes use of a system that “simply copied the existing coin holders and ledger onto its frameowrk and modified the system.”
If that wasn’t enough, the then went on to elaborate on the point that Bitcoin does not need to have more than a single blockchain.
“They are attempting simply to take the network effect of Bitcoin and steal it into their experiment.”
In rounding off this piece, it should be remembered that since the crypto industry came into the spotlight around a decade back, there have been around 700 pieces of intellectual properties (IPs) that have been patented in relation to this domain.
It now remains to be seen how the future of this ever-evolving market plays out.