PakGazette – Adam Back, a big figure in the world of cryptography and blockchain, recently shared something interesting: he did not own any (BTC) until 2013. Famous for inventing Hashcash in 1997, a proof-of-work algorithm designed to combat spam and denial-of-service attacks, Back’s influence extends deep into the development of modern blockchain systems.
Their Hashcash algorithm was a big part of how the Bitcoin mining process was set up and had a direct impact on the creation of the cryptocurrency’s proof-of-work model. Furthermore, Back’s contributions have been recognized in Satoshi Nakamoto’s 2008 white paper, which highlights his role in shaping the fundamental elements of cryptocurrency. But even though he was involved, the original cypherpunk never obtained Bitcoin during its inception.
It turns out that Back didn’t own any Bitcoin before 2013, when the leading cryptocurrency, now worth more than $2 trillion in market capitalization, was first gaining traction outside the small circle of cypherpunks.
Thus, in a recent conversation, Back admitted that he was “an idiot” and did not buy or mine Bitcoin in 2009, when it was created by Nakamoto.
As a result, he took the first steps to cautiously purchase BTC in 2013. In the following 11 years, the price of BTC increased by at least 50,000% and Back himself founded Blockstream, a blockchain technology company that develops infrastructure for Bitcoin and others. decentralized systems. . Blockstream is known for innovations such as sidechains, Liquid Network, and the Bitcoin satellite network.
