Yesterday, Craig Wright outlined the first phase of TerraNode , a scaling solution that aims to make $BTC easily accessible worldwide.
Wright hopes to turn $BTC into a viable global payment system without the need for third parties like centralized exchanges.
However, the ongoing legal hurdles over his claims to be Bitcoin’s anonymous creator (Satoshi Nakamoto) might jeopardize TerraNode’s success.
Yesterday, self-proclaimed Satoshi Nakamoto and computer scientist Craig Wright announced his plans for a new $BTC scaling solution .
Through the creation of TerraNode, Wright strives for $BTC to return to its roots and become easily available to everyone worldwide – whether broke or bougie.
Court cases concerning his title assertion haven’t deterred him from gearing up the scaling initiative’s first development phase.
TerraNode’s Ploy to Turn $BTC Into a Payment Powerhouse
TerraNode’s ultimate aim is to transform $BTC into a global payment system without fee spikes and transaction delays.
According to Wright, the most significant hurdle to holding online currencies is obtaining small amounts, and $BTC is the answer to solving this issue .
The main thing holding online currencies back is the lack of an easy way to get a small amount of currency. Bitcoin opens that up. It’ll be the only online currency that’s both easy to cash out and easy to get a small amount. It’ll just be the usual harder difficulty to buy a large amount. — Craig Wright
After 15 years of laying the groundwork, he’s now explained TerraNode’s first phase (under yet another new alias) in the hope of making the currency a practical tool for global trade .
Wright strongly advocates for a version of $BTC that adheres to its origins as a peer-to-peer electronic payment system , as highlighted in the Bitcoin paper (which he claimed to create).
He disapproves of $BTC’s current reliance on third parties , blaming centralized exchanges like Coinbase for robbing the crypto’s independence and intended utility.
Craig Wright – A Bitcoin Visionary or Villain?
If executed effectively, his vision could change the industry. However, Wright receives mixed feelings worldwide following his alleged Satoshi identity and ongoing court cases.
In May, a UK High Court judge debunked his assertion, saying he ‘extensively and repeatedly forged documents on a grand scale’ to support his false Satoshi claim.
Making matters worse, the Crypto Open Patent Alliance (COPA) accused Wright of defying the court yet again last Friday.
Despite being prohibited from initiating any legal actions following his earlier court injunction, he filed a $1.18B lawsuit against Block (a payment company owned by tech billionaire Jack Dorsey).
The court case targeted Bitcoin Core developers and Square, Inc. Vowing that Bitcoin SV ($BSV) is the true Bitcoin, Wright accused them of causing market confusion and price inconsistencies between $BTC and $BSV.
Notably, $BTC and $BSV originated from the same blockchain but began operating on their own networks in 2017, following ongoing disputes within the crypto community.
The former digital currency is currently valued at nearly $69K , while the latter is half that amount at $46K .
Satoshi Name Claims Continue Heating Up
TerraNode brings both promise and skepticism to the crypto realm.
Wright’s plans for a seamless Bitcoin payment system that challenges the status quo are undoubtedly ambitious. However, his intensely scrutinized credibility could hinder the project’s success.
Many crypto lovers strive to uncover Satoshi’s identity, especially considering that $BTC’s creator could hold up to 1.1M $BTC (currently valued at around $756B).
While Wright continues to claim to be Bitcoin’s trailblazer , other crypto enthusiasts (like Peter Todd ) have been wrongly accused of being the real deal.
Satoshi’s anonymity fuels the ongoing concerns about accountability and transparency in the Web3 landscape.
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Leah is a seasoned British journalist with nine years of expertise who specializes in Web3 reporting. Her insightful contributions have graced the pages of respected publications, including Coinbound, Cointelegraph, Bitcolumnist, NFT Lately, and NFT Plazas. With a keen eye for detail, she offers distinct perspectives on the ever-evolving blockchain industry.
View all articles by Leah Waters (Alger)
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