Engineer Wei Dai may be Satoshi Nakamoto – the creator of Bitcoin and the most influential player in the world of cryptocurrencies.
Speaking of Bitcoin’s birth father, most technologists will think of the mysterious man Satoshi Nakamoto. However, some studies show that ten years before Bitcoin was born, a Chinese cryptographer Wei Dai coined many of the theories underlying a digital currency concept called “B.” Even in the Bitcoin whitepaper, Satoshi leads the first reference to the word “B-money” published by Wei Dai in 1998.
Like Satoshi, no one knows precisely who Wei Dai is. Some even suspect the two are one.
Before Bitcoin was released, the basic terms of blockchain had been mentioned by the mysterious Cypherpunk organization since 1993. This organization advocates the use of encryption algorithms to ensure personal privacy. Its member list includes tech personalities such as Julian Assange – founder of WikiLeaks, Tim Berners – father of the World Wide Web, and Wei Dai and Satoshi Nakamoto.
Since the late 1990s, Cypherpunk has proposed many fundamental ideas and technologies that have a far-reaching influence on the modern blockchain, such as the PoW algorithm invented by Adam Baker, Stuart Haber, and Scott Stonetta. The proposed protocol to ensure the security of digital files with timestamp method, anonymous and distributed electronic encryption system proposed by Wei Dai… Therefore, many people believe that, to some extent, blockchain technology is not the original invention of Satoshi Nakamoto but belongs to the Cypherpunk group. Among them, Wei Dai’s B-money concept can later be seen as a guide for blockchain technology.
The design of B-money is very similar to Bitcoin in many key technical features. It takes the lead in introducing the distributed ledger concept, requiring all account holders to decide on the cost of the calculation jointly and reach an agreement on it, and offering ideas such as PoW mechanism, digital signature, P2P transactions, smart contracts, and identity verification for the first time.
However, B-money did not propose detailed solutions on the consensus model, reward and penalty mechanism, or currency fabrication, so it did not make a big noise.
In published emails, Satoshi Nakamoto told Wei Dai: “Bitcoin will broaden his horizons into a fully functioning mechanism. I think it achieves almost all the goals you set with B-money.” In 2008, when Bitcoin was born and noticed by many, B-money became the first cited document in the white paper, making Wei Dai one of the pioneers of blockchain technology. But like Satoshi, no one knows who Wei Dai is.
Some discrete information suggests WeiDai is a Chinese cryptographer. He graduated from the University of Washington majoring in computer science, worked for Microsoft, was a co-founder of Bitvise, and was an important influence in the field of the inventor of the Crypto ++ open source library. In his introduction to the Bitvise founding team, his image was left blank and highlighted as the company’s “silent partner.”
In the blockchain community, many people speculate that Wei Dai may be Satoshi Nakamoto himself. Some found similarities in the texts by Wei Dai and Satoshi Nakamoto, from the habit of using words to the common interests in philosophy and technology.
Wei Dai’s influence goes even beyond the Bitcoin framework. Some people point out that the smallest unit of Ethereum is set as Wei: 1 ETH = 1,000,000,000,000 Wei. The fifth-largest capitalized stablecoin in the cryptocurrency market today is DAI, which the Chinese cryptographer also inspires.
Wei Dai’s influence in the crypto market and blockchain technology has led more and more people to believe that he is the father of Bitcoin and that Satoshi could be just another name for him.
Earlier, some sources said that the creator of Bitcoin was Dorian Satoshi Nakamoto, a Japanese-American. In 2014, Newsweek published the story of Bitcoin’s father and took his image. The media immediately stalked him for a long time, even though he insisted on “not creating, inventing or working with Bitcoin.” Mr. Dorian is now 70 years old and lives in Los Angeles with his mother.
Some other famous characters are also believed to create Bitcoin, including even Elon Musk, but this character is still a mystery to date.
Many people continue looking for the person who created Bitcoin, but experts say that anonymity has made Bitcoin safer. Whoever Wei Dai and Satoshi Nakamoto were, the ideals they pursued 20 years ago have now ushered in a new era for the world of technology, blockchain, not just Bitcoin or cryptocurrencies, but also Web3, metaverse, and many other potential applications.
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