Blockstream CEO Adam Back says he is not Bitcoin creator Satoshi

In short: A report says there is no evidence that Blockstream CEO Adam Back is Satoshi Nakamoto, even though his earlier research helped shape how Bitcoin works.

What happened

A New York Times report revisited long-running online speculation about who created Bitcoin, the digital currency that launched in 2009. The report says Adam Back, the CEO and co-founder of Blockstream, has not been publicly identified as Satoshi Nakamoto. It also says there is no evidence that Back has claimed to be Bitcoin’s creator.

Blockstream said in a statement that “Dr. Adam Back has consistently stated that he is not Satoshi Nakamoto.” The company added that what is not in doubt is Back’s early contribution to ideas that later showed up in Bitcoin.

Back is best known for inventing Hashcash in 1997. Hashcash is a “proof of work” system, which means you have to do some computer work to earn the right to send something. In its original form, it was meant to reduce email spam, like making each email include a tiny “stamp” that costs effort to create.

When Satoshi Nakamoto published the Bitcoin whitepaper in 2008, it used the same basic idea for Bitcoin mining, which is the process computers use to help run the network and record transactions. Satoshi cited Back’s Hashcash work in the paper. Public emails between Back and Satoshi show a professional exchange, which points to them being two different people.

Why it matters

Who Satoshi was still matters because that person could control a large amount of early Bitcoin and because the story shapes public trust. This report draws a clear line between inventing an important building block and being the inventor of Bitcoin itself.

Source: NYTimes