Future Of CryptoCurrency

Digital Currency Decoded – Craig Wright

Digital Currency Decoded – Craig Wright

Australian businessman Craig Wright’s claim to be Satoshi Nakamoto, the anonymous inventor of CryptoCurrency Bitcoin, has led to a raging debate challenging its veracity. CryptoCurrency users and experts in the field have pointed to several loop holes in the digital proofs he has offered.

Gavin Anderson, Bitcoin foundation’s chief scientist at Amherst, Massachusetts, endorsed Wright’s claim in his own blog post. Those on the social news site Reddit requested Andresen to clear up the several questions this process of verification had raised – the revelation of the signature to a private audience.

“It is ridiculous that we are supposed to believe someone is Satoshi because he can sign a message and convince some people in private, but he won’t publish the message or signature to public, “write Redditor ‘gotamd’.

Craig signed a message that I chose using the private key from block number 1. That signature was copied on to a clean USB stick I brought with me to London and then validated on a brand – new laptop with a freshly downloaded copy of electrum,” Andersen clarified on Reddit. ‘Block Number 1’ is a reference to the first Bitcoin transaction, carried out by Nakamoto. Electrum is the name of software used for Bitcoin management.

American Cyber security expert Dan Kaminsky wrote a blog post rebutting every point made by Wright. “Of course the blockchain is totally public and of course has signatures from signatures from Satoshi, so Wright being able to lift a signature from here isn’t surprising at all. He probably would have gotten away with it if the signature itself wasn’t googlable by Redditors, “writes Kaminsky. Jerry Brito, executive director of research organization Coin Center, called the claims “convoluted” while speaking to US-based publication The Daily Beast.

Andresen says in his blog that he was flown to London to meet Wright and verify his claims. “Part of that time was spent on a careful cryptographic verification of messages signed with keys that only Satoshi should possess. But even before I witnessed the keys signed and then verified on a clean computer that could not have been tampered with, I was reasonably certain I was sitting next to the Father of Bitcoin,” writes Andresen.

Bitcoin Mystery

FAQ

What is CryptoCurrency?

It is a sort of digital currency that uses encryption for minting ‘coins’ and for carrying out transactions. The model works on unique codes generated by complex mathematical equations to avoid duplication. These do not have a regulating authority.

What are the Different kinds of CryptoCurrency?

Bitcoin is the most popular form of CryptoCurrency, with number of users expected to reach 4.7 million by 2019. Other kinds include Litecoin, Dogecoin, Peercoin etc.

Are these Legal?

Legal Status varies from country to country. In 2013, RBI said it had no plans to regulate Bitcoins, though it had earlier prescribed caution in dealing in them. A formal guideline is yet to come.

Can these be used in India?

Only with vendors who accept them. One can also pay overseas vendors that accept Bitcoins from India. Some Indian startups also offer Bitcoin ‘wallet’ services.

How much is 1 BT worth currently?

About 449$, as of Wednesday morning.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s