The most iconic personality in the history of the digital currency ecosystem, Satoshi Nakamoto went offline today in what represented a show of trust to the technology he pioneered. The yet to be identified creator of Bitcoin (BTC) handed over the management of the Bitcoin protocol to the public as the codes were open sourced.
In his cryptic message, Satoshi Nakamoto said;
“I’ve moved on to other things. [Bitcoin] is in good hands.”
Twelve years ago #Satoshi left Bitcoin in good hands. pic.twitter.com/D5SKrz4129
— Michael Saylor⚡️ (@saylor) April 23, 2023
Just as projected, Bitcoin has been a self-functioning protocol that, unlike some other layer-1 networks, is yet to be breached to date. The Bitcoin protocol as designed by Satoshi is considered one of the most secure blockchain networks in existence today and its managers are doing exceptional work keeping it that way.
There has been a lot of controversy about who Satoshi is and whether or not the above message is truly the last message shared by the iconic inventor. Despite the claims from Australian scientist, Dr Craig Wright to be Satoshi Nakamoto, the crypto ecosystem are unconvinced that he is Satoshi and as such, the cryptic message remains the last credited comment from the pseudonymous founder to all Bitcoin users.
Pressure to Revamp Bitcoin
In what appears to be a twist from the original design of Bitcoin, there is a growing pressure to revamp or to update the Bitcoin network. One of the key arguments is the need to convert the protocol from Proof-of-Work (PoW) to Proof-of-Stake (PoS) in order to help cushion its energy consumption.
Ethereum (ETH) implemented this switch which largely made it more than 99% more energy efficient than it once was. While the clamor to chart a similar roadmap for Bitcoin has been rebuffed by most BTC Maxis, the claims that Bitcoin could benefit from being a smart contract hub has grown in recent times.
The growing clamor surrounding the digital currency accounts for why protocols like Stacks (STX) and RSK Infrastructure Framework (RIF) are building Decentralized Finance (DeFi) and Non-Fungible Token (NFT) solutions riding on the strength of the Bitcoin network.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
