Category Archives: Jeff Garzik

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Nakamoto’s Colleague, Donor of BTC 15,678 Says Bitcoin’s Survival ”No Question”

Jeff Garzik, a close colleague of Satoshi Nakamoto, said that although Bitcoin may not have reached its original goal of being used as a private currency, there is ”no question” of its survival.

Garzik, who until 2014 was the third largest contributor to Bitcoin’s code, was responsible for giving away a developer’s bounty to encourage more workers onto the software in the early days of the currency, around seven years ago. He donated  15,678 bitcoins of his own funds, valued at over USD 100 million in today’s prices.

When Bloomberg probed him asking if he regretted this decision, the answer was clear: ”It was a question whether this thing would survive at all. And there’s no question of that today.”

While Garzik is proud of the strides Bitcoin has made, he admits that it has not become the private money he and Nakamoto had envisioned; recent analysis even suggests that its use in commerce is decreasing. The early days, Garzik says, were aimed at getting Bitcoin accepted by merchants, but now trends show it’s been treated more like an asset such as gold.

The software developer happily accepts this outcome, however, saying “It is an organism, it’s something that evolves,” calling its store-of-value ability an ”[unquestionable] success.”

In 2016 disputes between miners and developers over how to scale the network promoted Garzik to give up coding for Bitcoin, moving on to work on projects including cryptocurrency payment solution BitPay and blockchain enterprise service Bloq Inc.

Who is the real Nakamoto?

After working so closely with the notorious, anonymous Nakamoto, Garzik believes he has a good idea who the real man is. “My personal theory is that it’s Floridian Dave Kleiman,” he told Bloomberg, saying Kleiman’s work matches Nakamoto’s style of coding as they both exhibit exceptional, but notably self-taught, skill.

Kleiman is a former Florida sheriff officer turned computer forensics expert who passed away in 2013.

His estate is currently involved in a lawsuit with Craig Wright over Wright’s claim to be the real Nakamoto, with representatives of Kleiman alleging he stole both intellectual property and billions of dollars in Bitcoin from him.

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Jeff Garzik Develops Cryptocurrency Designed to Last Forever

Jeff Garzik, one of the earliest developers of Bitcoin who participated in Bitcoin development between 2010 and 2015, has created and is launching a cryptocurrency named Metronome. The motto of Metronome is “The Built-to-Last Cryptocurrency”, and indeed it is specifically designed to survive as long as blockchains exist.

Metronome is designed for cross-blockchain portability. A user can decide to transfer their Metronome from one blockchain to another. For example, a user can have their Metronome on the Ethereum blockchain and transfer it to the Bitcoin blockchain. The user removes their tokens from the Metronome supply on the origin blockchain and receives a proof of exit Merkle receipt. This receipt is then used to activate the Metronome smart contract on the destination blockchain.

Essentially, users can choose the best blockchain to keep their Metronome on. Currently, the most secure and popular blockchains are Bitcoin and Ethereum, so those are the blockchains that most Metronome users will probably choose. In the far future, Bitcoin and Ethereum may become obsolete, but Metronome would keep on going since users can simply migrate to the new optimal blockchain.

The cross-blockchain portability technology that Metronome has put into operational use might be essential when quantum computers become a threat in the future. As things are now, the Bitcoin blockchain is theorized to inevitably be compromised by quantum attacks. But if a Metronome-esque protocol is adopted, perhaps Bitcoin can be moved to a quantum blockchain.

A one-week Metronome initial coin offering (ICO) is ongoing as of this writing. It uses the Dutch Auction technique where prices descend with time until a buyer is found. The price started at ETH 2 per Metronome – over USD 1,000 – but is declining continuously until it reaches prices less than a penny or is sold out.

The developers chose the Dutch Auction technique to hinder whales from purchasing all the Metronome, so that everyone gets a fair shot at purchasing coins.

 

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