Satoshi Nakamoto and Bitcoin. The vision lives on
Who or what is Satoshi Nakamoto? The truth is no one knows. Many publications claim the name is a pseudonym, but even this is unconfirmed. Nakamoto might be one person or, as John McAfee claimed, a team of people. Nakamoto’s identity remains a mystery, but “his” achievements are well-known.
Bitcoin enters the chat
In 2008, Nakamoto’s name appeared on a whitepaper outlining a peer-to-peer (P2P) electronic cash system. In 2009, this whitepaper became the world’s first cryptocurrency, Bitcoin (BTC). Its decentralized approach to finance turned the monetary system upside down.
From a handful of users communicating via online forums to a peak value of USD 1.2 tln, Bitcoin became a game-changer for the financial industry in only 12 years.
In 2008, Nakamoto sent a message to the Cryptography Mailing List. He outlined the following solutions that Bitcoin could offer the world:
- A P2P network to monitor and verify transactions.
- Prevention of double spending on a P2P network.
- A solution to the Byzantine Generals problem for the network consensus.
- No trusted third parties or centralized institutions minting new coins.
- Tackling inflation with a block reward reduction model.
- An immutable, transparent ledger.
In the whitepaper, Nakamoto referred to something called a “chain of blocks”. This would become the underlying technology for the distributed, P2P ledger we now call a blockchain. Currently, over 10,000 cryptocurrencies are using this same technology. Moreover, many real-world applications are getting in on the act: Chronicled’s MediLedger and BASF’s ReciChain, for example. This mass adoption of blockchain tech has helped Bitcoin thrive despite the ups and downs of global economies.
There are many Bitcoin success stories, but Nakamoto’s is the most significant. He is believed to own around BTC 1 mln. But Bitcoin opened the door for many other entrepreneurs to run through. Eyal Avramovich, the founder of Bitcoin Vault (BTCV), got moving right away.
Bitcoin Vault (BTCV)
In 2019, Avramovich co-authored a whitepaper that quickly led to the world’s first cryptocurrency with reversible transactions on an immutable blockchain.
What’s in the vault?
BTCV is a project that focuses on developing higher standards of security right across the board. The following are just a few of the many features its users now enjoy.
- Reversible transactions
Immutability and the irreversible nature of most cryptocurrencies are vital for blockchain security. They protect against hacks and other malicious acts. But honest mistakes, like sending funds to the wrong address, can be costly. BTCV manages to bridge this gap.
BTCV’s 3-Key Security Solution provides users with additional safeguards and control of their finances. Unlike other cryptocurrencies on the market, it uses three private keys to perform transactions instead of one. This allows users to make the following improved transactions:
- Secure transaction: a regular transaction delayed by 144 blocks, or approximately 24 hours.
- Cancel transaction: allowing users to reverse a Secure transaction within 24 hours.
- Secure Fast transaction: a transaction confirmed within 10 minutes. It’s quick but can’t be canceled.
But BTCV is so much more than reversible transactions. The team has developed and continues to expand its ecosystem.
- The BTCV ecosystem
BTCV’s hardworking and determined team has created several apps to maximize the benefits of their 3-Key technology. The BTCV ecosystem provides users with the following security solutions:
- Flagship Gold Wallet: a mobile-based wallet app. It can be used together with Electrum Vault for 2-Factor Authentication.
- Electrum Vault: a desktop wallet.
- Web Key generator: an app that generates Fast and Cancel transaction keys.
Satoshi Nakamoto changed the way we think about financial systems. This shift in perception revealed a new world of possibilities. Today, entrepreneurs on the bleeding edge of technology are building on Bitcoin’s success. With BTCV’s 3-Key Security Solution, Eyal Avramovich is at the forefront.