Dr. Craig S. Wright, chief scientist for nChain and the man better known as Satoshi Nakamoto, was tried in a US federal court in West Palm Beach, Florida, and was involved in a lawsuit from the time he spoke has worked with Dave Kleiman to become what Bitcoin is ultimately. The lawsuit was filed by Ira Kleiman on behalf of the estate of Dave Kleiman. When the activities began on Friday, the morning's deposit was closed to the public, but the court opened its doors in the afternoon for a hearing on a dispute over Ira Kleiman's request that Wright submit a list of "public addresses" for Bitcoin, the Wright held as of December 31, 2013.
Wright was more than willing to take the stance to answer many of the questions that had been linked to the entire Bitcoin ecosystem over the years. There was really no confusion in the industry about Wright Satoshi being; However, those who protested that he was not, including the groups involved in scams, did so only to confuse the mainstream media, governments, and the industry as a whole.
It was a historic day for Bitcoin. On Friday, Wright claimed under oath that he was Satoshi Nakamoto. This was not objected to by Kleiman's lawyers, nor was there any objection when Wright confirmed that he had written the Bitcoin white paper. Indeed, Kleiman's lawyer in his later cross-examination against Wright referred to Wright as the inventor of Bitcoin.
In a very emotional part of the testimony, Wright stated that he kept his Satoshi Nakamoto identity under wraps for a number of reasons. That's why Bitcoin was quickly used on darknet markets like Silk Road and Hydra, which sell narcotic drugs, child pornography and other serious illegal activities. This made him ashamed of what he had created, since it was not the reason Bitcoin was intended (it should create an honest monetary system). He was disturbed by this and felt that his work had failed, which also led him to no longer be a pastor and not to go to church any more. Wright added that he was willing to accept the opportunity that he would never be able to access the Bitcoin he had mined from 2009 to 201
At the booth, Wright went on to say that the original Bitcoin did not use the concept of public address as people perceive it today. Instead, she relied on public-private couples with the private keys needed to issue the coins. Today, people mistakenly perceive a public address as a bank account number, where the coin holders accumulate Bitcoin and then spend it from that address. The original Bitcoin system developed by Wright should never contain a system of reusable public addresses where users can see how much Bitcoin is accumulating in a single public address that is being reused. Instead, a new key pair (and thus a new address) should be created for each transaction to provide users with a new privacy model. Wright said this is explained in the Bitcoin white paper (Section 10, Privacy).
After Wright withdrew from the Bitcoin project, the public address in the Bitcoin ledger was misunderstood and then misused by developers in the so-called Bitcoin Core Project (BTC). By the time Wright dismantled Bitcoin for his company in 2009 and 2010, Wright's original bitcoin design made it unnecessary to retain public addresses the way people now understand them. Instead, at the time, only the seed or private keys were required or stored.
Wright was asked to provide public Bitcoin addresses, which reportedly contain a significant amount of assets – potentially up to billions of dollars. He testified in court that he is more than willing to share the information if he could, but that the information required to create the list of public addresses is stored in an encrypted file, with multiple keys protecting different levels of the file. The first levels of the encrypted file can be opened at the earliest in January 2020. Wright explained that the encrypted file contains the relevant seed value and its proprietary algorithm that can be used to generate the private keys for Bitcoin that were mined by his company in 2009 and 2010. This would allow him to generate the associated public keys and public addresses that most cryptophans are used to seeing today.
Wright does not want it if he has access to the private keys and then to Bitcoin controlled by these private keys. The beneficiaries of the trust are his family members (wife and children). He said under oath that he and his wife have agreed to donate most of the money to charity, including a program to educate the world's poorest 1 billion people as part of their effort to eliminate the unfairness of darknet marketplaces who abused the Bitcoin system invented by him.
Kleiman's lawyer has carefully examined Wright, focusing on alleged inconsistencies in documents relating to Wright's asset protection legal trusts. Wright has repeatedly stated that his corporate servers have been hacked or compromised by former employees who wanted to force his Australian companies to liquidate. The evidence hearing on the discovery problem is expected to resume, but not before August. This is only for the purpose of deciding a limited problem in this case (whether or not Wright can provide the list of public addresses requested by Kleiman). The full questions in the case will be decided in a different process and ultimately in March 2020.
Editor's Note: This article has been updated for the sake of clarity.
Note: Tokens in the Bitcoin Core (SegWit) chain are referred to as SegWitCoin BTC coins. Tokens in the Bitcoin Cash ABC chain are called BCH, BCH ABC or BAB coins. Altcoins, who value privacy, anonymity and distance to government intervention, are referred to as dark coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project to follow Satoshi Nakamoto's original whitepaper, following the original Satoshi protocol and design. BSV is the only public blockchain that retains Bitcoin's original vision and massively scales to become the new blockchain for the world's money and businesses.