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You are here: Home / Archives for Satoshi Nakamoto

Satoshi Nakamoto

Bitcoin Emerges As Resilient Haven Amidst Economic Uncertainty: Report

September 20, 2023 by Mohammad Ali

In a meticulous analysis shared on platform X, highly regarded crypto analyst Will Clemente thoroughly examines Bitcoin’s present position within the vast macroeconomic landscape. With precision, he uncovers significant correlations between ongoing fiscal trends and the projected trajectory of this digital asset.

Despite being down nearly 70% from its 2021 highs, there is still a high likelihood that Bitcoin succeeds.

With the market going sideways, Bitcoin volatility near all time lows, and me losing my mind, decided to compile a few thoughts on why:

It is widely known that Bitcoin… pic.twitter.com/kNo9RBvyiR

— Will Clemente (@WClementeIII) September 19, 2023

Clemente starts by setting the Bitcoin stage, emphasizing its immense potential despite a near 70% drop from 2021 highs. He revisits its origin, born in the aftermath of the 2008 financial crisis by Satoshi Nakamoto, aiming to counter financial system risks. Supporting this, Clemente highlights the federal debt surge, from 60% to 120% of the US economy’s output in 15 years, sharply differing from real economic growth. He further details, 

“Even though the economy’s growth exceeded expectations, registering 2.4% (annualized) in the recent second quarter, public debt overshadowed it by swelling 2.7%, which annualizes to an unsettling 10.8%.”

Bitcoin’s Ascendance Amidst Economic Uncertainty

Clemente warns of the U.S. in a precarious position, requiring either a groundbreaking economic surge or an implausible debt clampdown driven by political popularity pressures. Shifting focus, Clemente addresses the financial impact of the aging baby boomer generation, with their social security programs burdening a financially strained younger workforce, intensifying fiscal strain.

Given the mounting debt, Clemente suggests the solution might lie in monetary debasement, an economic tactic intentionally reducing currency value. He clarifies, “By inflating the monetary base (by, for instance, printing more money), debt can be paid back in nominal terms, but its real value (adjusted for inflation or debasement) gets effectively reduced.”

Shifting the focus to assets in this environment, Clemente delves into which assets are poised to thrive in a continuously debasing economy. He scrutinizes options ranging from stocks exhibiting consistent growth to real estate, commodities, and venture capital. Clemente astutely observes that when adjusted for M2 money supply growth, returns of indices like the S&P 500 are less impressive.

He notes, Interestingly, relative to the M2 money supply, the S&P 500 has barely made new highs. This hints at stocks being susceptible to debasement that affects fiat currencies. Real estate, although a tangible hedge against inflation, grapples with illiquidity. Conversely, while potentially lucrative, venture and angel investing pose barriers that may deter average citizens.

Commodities like gold have historically shielded against financial turmoil. However, Clemente posits that Bitcoin emerges as a formidable contender in this realm. Following its next halving, Bitcoin’s stock-to-flow ratio, a measure of scarcity, will surpass gold and silver. Beyond metrics, Bitcoin’s intrinsic properties, such as portability and verifiability, solidify its status as a unique financial instrument.

Recent rate hikes affected Bitcoin’s short-term value, but Clemente stresses the enduring impact of unchecked fiscal policies. Bitcoin’s algorithmic scarcity could be a potent defense against central bank-induced devaluation in this scenario. Broadening his view, Clemente cites a UN report to highlight the global mood. A surge in negative news and declining global living standards paints a grim picture amidst heightened political polarization.

Delving into the underlying factors, Clemente pinpoints monetary debasement as a likely driving factor. He elaborates that the continual expansion of the money supply benefits asset holders but renders asset acquisition progressively unattainable for those without them. This growing divide, he suggests, fuels a societal shift towards disillusionment with the conventional system.

Related Reading:| Bitcoin Blazes Past $27.2K: Nomura’s Adoption Fund Ignites Institutional Interest

Filed Under: Bitcoin News, News Tagged With: Bitcoin (BTC), Crypto, Cryptocurrency, Satoshi Nakamoto, Will Clemente

Bitcoin Whale Emerge From Its 10-Year Slumber; Moves $37M BTC

June 9, 2023 by Lipika Deka

A decade-old hibernating Bitcoin whale was spotted moving a massive 1,432.93 BTC [$37.8 million] to a new address, “bc1psv.”

The whale from the “Satoshi era” received 1,432.92 BTC on April 9, 2013, when the price was just $195.4 per BTC, according to prominent data tracker Lookonchain.

Bitcoin is currently trading at over $26,000, so if they decide to sell right away, they would make a staggering profit of nearly $36.97 million. Here’s how.

The anonymous whale in question had bought 1,432.92 BTC at $195.4 apiece which makes its initial investment at roughly $280,000 in 2013, assuming a BTC price of $26,000.

Crypto investors and experts typically pay attention to such huge transfers from dormant BTC whales since those transactions have the potential to have a substantial impact on the market.

Such movements are becoming more frequent: In April, another sleeping HODLer moved 400 Bitcoin—worth nearly $11 million at current prices—after not having transacted for nearly 12 years.

Data platform tracking its movements showed that the large holder transferred 360 BTC [$9.8 million] to one wallet while the remaining 40 BTC to a number of other locations

The term “whale” is used to refer to individuals or entities that have more than 10,000 BTC.

These cohorts of large-scale hoarders frequently keep their millions of dollars in digital assets concealed, only sometimes reappearing to transfer their holdings to new locations.

Bitcoin HODLers Remains The Most Profitable Investors-Study

Sometimes, whales engaging in buying spree can raise the price of Bitcoin, whereas dumping the tokens can have the reverse effect.

To put it into perspective, “Bitcoin whales” are people who have a sizable amount of BTCs, including governments, exchanges, businesses, and institutions. Now that some of these Bitcoin whales are influencers, people frequently seek their advice to gauge market sentiment.

The vast majority of successful investors are whales, as Bitcoin has surged by a whopping 40,000% over the last ten years. According to studies, those who hold cryptocurrencies for a long time benefit the most, whereas novice retail investors who purchase and sell cryptocurrencies frequently tend to lose money.

Filed Under: Bitcoin News Tagged With: Bitcoin (BTC), Bitcoin Whales, Lookonchain, Satoshi Nakamoto

9.3 Year-Old Bitcoin Whale Address Resurfaces

April 21, 2023 by Lipika Deka

A dormant Bitcoin wallet belonging to the Satoshi era came back to life. The wallet, in question, is over 9 years old and currently holds 6,071 BTC, valued at $178 million, data from whale alert showed.

Also, out of the total 6,071 BTC, 2,071 BTC were moved.

The whale address’s nearly ten-year-old BTC reserves were only worth $3.3 million in 2013, with the first transaction taking place on December 19 and the most recent transaction on April 19.

The abrupt activation of a large-scale holder sparks intrigue and rumors about the identity of the wallet and why it did so.

According to one Twitter user, the mysterious whale might be the US government, which is also dumping BTC tokens that have been seized.

Court filings submitted a few weeks ago revealed that the Feds reportedly made almost $215 million when they sold the cryptocurrency earlier this month.

The stolen crypto originated from the Silk Road marketplace, where Hacker James Zhong admitted to taking it before being seized by police back in November. They are currently selling it, but according to the filing, they still have 41,490 Bitcoins worth $1.1 billion to get rid of.

The government is looking at methods to dispose of the leftover Bitcoin over the course of four separate batches in 2023.

More importantly, BTC Investors should be aware that the authorities’ impending steps may result in sell pressure in the near future.

Imminent Bitcoin Sell-Offs

Four significant dates have been identified by a top analytics platform, CryptoQuant, when there may be additional selling pressure due to the US government’s ownership of Bitcoin on those days. 26 May 2023, 7 August 2023, 19 October 2023, and 30 December 2023 are those dates.

However, it is best to view the rumors that the US government is the wallet’s owner as pure conjecture.

On the price front, data from Coinmarketcap showed that the bitcoin has fallen by over 5% in the last couple of days and is currently trading at $28934.

The world’s no 1 crypto is still down by 4% in the past 24 hours. Market Participants will keenly watch any subsequent movement from this whale address as well as the larger cryptocurrency market.

Tesla, one of the largest institutional Bitcoin investors, maintained its BTC holdings at $184 million for the second consecutive period, according to information from its most current balance sheet.

Filed Under: Bitcoin News Tagged With: Bitcoin, Satoshi Nakamoto, whale alert

Apple Tribute To Satoshi: Bitcoin White Paper Included in MacOS

April 7, 2023 by Mohammad Ali

As technology blogger Andy Baio discovered, a copy of the groundbreaking Bitcoin white paper has been secretly incorporated into Apple’s macOS.

Baio confirmed that the file is present in every version of macOS available in 2018—from Mojave to Ventura. The Bitcoin white paper is kept on a “Virtual Scanner II” device in the Image Capture program. Users can launch Terminal on their Mac and enter a specific command to view the Bitcoin white paper. Also, they have access to the Finder’s System folder.

What made the Bitcoin whitepaper to be chosen?

Including the Bitcoin white paper in macOS raises questions about Apple’s intentions. CEO Apple Cook acknowledged owning cryptocurrency in 2021, according to U.Today.

Unknown is whether the publication of the document was a conscious choice or a mistake made by a Bitcoin enthusiast working for the company. The white paper was chosen because of its compact size, which made it ideal for testing.

The existence of the white document was also highlighted by a member of the Apple community in 2021, but neither Apple nor its staff has explained it. The riddle remains unsolved as individuals continue to look into the macOS easter egg.

The device, which showed a preview of a painted sign imitating a Thomas Hawk image, was found on Josh D’s Mac in 2020.

Here's a mystery: why do I have an Image Capture device called Virtual Scanner II on my Mac? It shows a preview of a painted sign that for some reason closely resembles a photo by @thomashawk on 'clustershot'? But not exactly — the scanned version looks more weathered. pic.twitter.com/jPb5kx3NyS

— Josh D (@schwa23) November 28, 2020

Later, he found that the gadget also had a well-known Bitcoin white paper PDF. The purpose of Virtual Scanner II remains a mystery.

A trustworthy source informed Baio that the problem was brought up internally about a year ago and assigned to the engineer in charge of putting the PDF into the system for the first time. This guy hasn’t done anything yet, though.

Another strange thing is a 2,634×3,916 JPEG image of a sign on Treasure Island in the San Francisco Bay, found in the Resources folder and used to test the Picture media type. Despite the lack of EXIF material, photographer Thomas Hawk could pinpoint where he took a virtually identical photo in 2008.

Related Reading | Over 50% Of Bitcoin Mining Relies On Renewables, Says ESG Report

Filed Under: News, Bitcoin News Tagged With: Apple, Bitcoin (BTC), Cryptocurrency, Satoshi Nakamoto

Ripple CTO Might Be Satoshi But Not Entirely

October 25, 2022 by Lipika Deka

Ripple CTO David Schwartz reignited Satoshi rumors after saying he could have been part of the group that created Bitcoin.

The top exec was speaking on the recent lawsuit where self-proclaimed Satoshi Nakamoto Craig Wright lost against Hodlonaut when a Norwegian judge ruled that public comments ridiculing Wright’s claims were not unlawful or particularly offensive.

Schwartz said, “There is nothing defamatory about saying that Craig Wright is not Satoshi, just as there is nothing defamatory about saying that I am not Satoshi. There is nothing inherently wrong with not being Satoshi”.

“His choice to tie his reputation to a claim cannot turn to deny that claim into defamation or anyone could make denying any claim defamation,” he added.

Amidst the rant, one user popped the old question asking if he was anyways related to Satoshi. It was then the CTO of Ripple replied that he could have been part of “Satoshi” — a small group of people that created Bitcoin, but sadly he only found out about the world’s first cryptocurrency back in 2011.

One of the major crypto-industry mysteries is the identity of Satoshi Nakamoto, the developer of the pseudonymous cryptocurrency Bitcoin, who vanished exactly 12 years ago, in December 2010.

Nearly all of Satoshi’s accomplishments, according to Schwartz, were within his capacity despite his prior denials of being Satoshi.

The bitcoin community is still divided over the mystery surrounding Nakamoto’s identity,

Ripple CTO As The Satoshi, More theories Emerged

The CEO of Blockstream, Adam Back, who is one of the likely Satoshi candidates, also had David Schwartz, as one of the contenders. Besides the two, the list also included the late Hal Finney and Nick Szabo.

According to a patent document released by an XRP influencer, XRP Ledger, Schwartz’s most significant invention, may have established the rough concept for the network as early as 1988.

In addition to that, since its introduction, XRPL has not been hacked or shut down, which has contributed to its reputation as “the greatest asset ever created.” Due to this, a lot of supporters think the current Ripple’s top exec would make a great candidate to be the enigmatic bitcoin creator.

Filed Under: News Tagged With: david schwartz, ripple, Satoshi Nakamoto, xrpl

Founding Father of Bitcoin — Who Is Satoshi Nakamoto?

November 26, 2021 by Akash Anand

Bitcoin first made its presence known in January 2009 and has continued to intrigue the world ever since. One of the fascinating things about it is the mysterious identity of its founder Satoshi Nakamoto. Many have speculated, but the identity still eludes us.

While there are many other figures behind this digital currency whose faces we know, people have always been phased by the unknown. It’s in our nature to seek logical explanations to inexplicable questions. This is why every once in a while, you’ll come across yet another theory trying to reveal Nakamoto’s true identity. Continue reading as we delve into the theories behind this intriguing topic —  the Bitcoin maker: 5 people who could be Satoshi Nakamoto.

Bitcoin

Dorian Nakamoto

If you were to google Satoshi Nakamoto, one of the first image results would be this guy. Dorian Nakamoto is a 70-year-old from L.A. who has stated on numerous occasions that he is not the enigmatic founder of Bitcoin. However, his claims did not dissuade further speculations, especially due to his prolific work in the engineering industry.

Due to this fact, he had been accosted by reporters who wanted to get the first scoop on numerous occasions. Some even went as far as to follow him to L.A. restaurants. Thankfully, Dorian’s refusals were eventually corroborated by Satoshi Nakamoto himself, allowing him to return to his day-to-day life.

Craig Wright

The next suspect has caused a lot of controversies. Unlike other individuals who were accused of being Nakamoto, Wright never denied the allegations. This Australian started dabbling in cryptocurrency around the time Bitcoin white paper began to circulate. Thanks to leaked transcripts, the reporters connected the dots where Wright claimed to be the founder, and there you have it.

However, many took this piece of information with a grain of salt. It turns out that Wright’s story was full of inconsistencies. But, you know what they say — there’s no such thing as bad publicity. Eventually, Craig Wright managed to secure a successful career in the crypto industry, and his claims are yet to be disputed.

Nick Szabo

This computer engineer conceptualized a decentralized currency known as BitGold. Since this came to be known as a precursor to Bitcoin, it is no wonder that many assumed Szabo was the one behind Nakamoto’s alias.

Up to this day, there isn’t any compelling evidence that Szabo isn’t the founder of BTC. Author Dominic Frisby even discussed why Nick Szabo might truly be Satoshi Nakamoto in his book Bitcoin: The Future of Money?. 

Gavin Andersen

Andersen is well-known as one of the early developers of Bitcoin. What’s also peculiar about his case is that Nakamoto went off the face of the earth in 2011, leaving Andersen in charge. Consequently, he inadvertently became the face of Bitcoin.

This software developer continued to work on other projects, as well. In fact, he helped establish BitcoinXT, consequently causing a debate amongst numerous software developers. As with any of our accused, we cannot claim with certainty that Andersen is the face behind the mask.

Hal Finney

The last name on our list is Hal Finey, who knew of cryptocurrency in its early days. He was a PGP Corporation developer, rumored to have received the first Bitcoin transaction from the man of the hour himself — Satoshi Nakamoto. Unfortunately, Finney passed away in 2014 from ALS consequences. The timeline matches that of Nakamoto’s online disappearance, and his BTCs remained intact up to this day. Even though Finney denied the allegations himself, we guess we’ll never know whether he was the founder of Bitcoin.  

Filed Under: News, Bitcoin News, Press Release Tagged With: Bitcoin (BTC), Crypto Adoption, Satoshi Nakamoto

Bitcoin creator, Satoshi Nakamoto’s statue unveiled in Budapest

September 17, 2021 by Sahana Kiran

The world’s first and largest cryptocurrency, Bitcoin [BTC] is one of the most popular currencies to exist. This asset not only changed the whole dynamics of the financial world but also initiated a whole new wave of digitalization across the globe. The asset always had a love-hate relationship with regulators and governments. While the world has slowly started to recognize and accept this asset, the fervor around it has witnessed parabolic growth.

It has been more than a decade that BTC has come into existence, however, nobody knows the man or woman behind this coin. The creator of Bitcoin goes by the pseudonym, Satoshi Nakamoto and that is all the information that is there about the person behind the world’s largest cryptocurrency. Despite this, Budapest went on to formulate a statue commemorating Satoshi Nakamoto.

The statue of Nakamoto was unveiled and ready for viewing at Graphisoft Park in Budapest. The statue was reportedly created by sculptors Gergely Réka and Tamás Gilly.

Bitcoin creator’s first statue in Hungary

Priced at $47,471 and with a market cap of $893 billion, Bitcoin stands as the largest cryptocurrency. Little did Satoshi Nakamoto know that his/her/their creation would give birth to a whole new industry.

Celebrating Nakamoto’s creation, a bronze statue was placed in Budapest. This statue had a featureless face with a hoodie that entailed the logo of Bitcoin [BTC]. The sculptors behind the statue put forth the idea back in June 2021 itself. The face was built with a reflective material in which viewers could see themselves. With this, the sculptors intended to give the impression, “we are all Satoshi.”

Bitcoin

The co-founder of the statue project, András Győrfi, spoke about the coin and pointed out that Bitcoin created value along with its underlying technology, blockchain.

Several people were seen being a part of this event and Debreczeni Barnabás, CEO of Shinrai, a Hungarian crypto exchange was one of them. Barnabás spoke at the ceremony and said,

“Satoshi Nakamoto has created an independent money free of any middlemen that empowered people with financial sovereignty […] We have erected this statue to remind ourselves courage is virtue. We need to keep on dreaming big.”

Filed Under: News, Bitcoin News, World Tagged With: Bitcoin (BTC), Satoshi Nakamoto

Hal Finney: Glimpse of the legendary Bitcoin Pioneer on his 7th death anniversary

August 29, 2021 by Chayanika Deka

Anyone in the cryptocurrency industry is familiar with Hal Finney, the legendary Bitcoin pioneer and an OG of the extropians cypherpunk movement. He passed away on the 28th of August 2014, but his impact on Bitcoin and the view on technology and innovation will inspire generations to come. Let’s look at his life.

Seven years ago today, Hal Finney left us.

Rest in peace to the husband, father, and cypherpunk who contributed to #Bitcoin in ways we'll all never forget. 🙏 pic.twitter.com/beXhCkPFH4

— Documenting Bitcoin 📄 (@DocumentingBTC) August 28, 2021

Finney is best known for receiving the first 10 Bitcoin from the pseudonymous creator of the world’s largest cryptocurrency, Satoshi Nakamoto. He was a computer scientist and played a crucial part in the testing of the newly created infrastructure of 2009 called- Bitcoin.

The renowned cryptographer and coder had also worked as the second developer for the PGP Corporation, after Phil Zimmerman, and had earlier expressed his love for the technology as it protected the rights of individuals to privacy. He continued to work there until his retirement in 2011. Never a person two write long-tweets, Finney is much more than that. In fact, his impact on crypto as a technology is still felt today.

Talking about his journey, the scientist had posted on the Bitcointalk forums about his early experiences with BTC and revealed mining several blocks on the network as a relatively simple process in 2009 when CPUs were used instead of GPUs. Finney was never the one to shy away from announcing his fascination for encryption and cryptography.

“Much of my free time and effort these days are devoted to my activities in cryptography. In the past, I have participated actively on the Cypherpunks mailing list. Cypherpunks Archives seem to go down suspiciously often; too much “burn before reading” stuff there, I guess.”

Finney was an avowed libertarian who had developed the first “cypherpunk remailer,” a software that receives an encrypted email and bounces messages to their destinations. It restricts anyone from identifying the sender.

Should Finney’s emails be an sold as an NFT?

That might be a tricky question, But the email exchanged between Satoshi Nakamoto and Finney was nothing short of priceless and this represents a key part of the history of the financial transition that we are witnessing today. The previously unpublished emails disclose the communications between the mysterious creator and Finney starting from November 2008 and January 2009, the very month Bitcoin was launched.

This is relevant also because many thought that Hal was Satoshi, but the emails debunked those theories. Even so, the conspiracies continued to swirl after reports emerged that someone named Satoshi Nakamoto lived just two blocks away from Finney.

Running bitcoin

— halfin (@halfin) January 11, 2009

From Bitcoin to Visiting the future

In August 2009, Finney was diagnosed with Amyotrophic Lateral Sclerosis. He might have passed away but not before securing his ambitious mission to visit the future. Just after his legal death seven years ago, Finney’s body was transported from a Scottsdale, Arizona hospital to Alcor Life Extension Foundation which happens to be a facility of the cryonics firm. That night, Finney’s blood and other fluids were removed from his body and replaced with a collection of chemicals that are reportedly designed to be as minimally toxic as possible to his tissues. According to the company, this process would inhibit the formation of ice crystals that would lead from freezing and destroy his cell membranes.

His wife had earlier revealed that he was always optimistic about the future and that he embraced every new technological advancement. With this, he became one of the early adopters of human cryopreservation.

Filed Under: Bitcoin News, News Tagged With: Bitcoin (BTC), Hal finney, Satoshi Nakamoto

Bitcoin Whitepaper to Celebrate 12 Years as Cryptocurrency’s Price Continues to Take Up Front Pages

October 30, 2020 by Akash Anand

Bitcoin came to the public eye for the first time in 2010, an event that marked the shift in the financial world. Invented by the still-reclusive Satoshi Nakamoto, Bitcoin went on to create waves that would change how people view decentralized and virtual assets.

Although 2010 is seen as Bitcoin’s birth date, the idea for the cryptocurrency was first sown in the 2008 whitepaper. As we celebrate the 12th anniversary of the whitepaper on October 31 it becomes imperative to take a look back and see how far we have come from the nascent stages of yesteryear.

On October 31, 2008, the world learned about a tamper-proof, decentralized peer-to-peer protocol that could track and verify digital transactions with added functionalities. One of Bitcoin’s main attractions was that it could put a stop to double spending and evoke transparency in every individual transaction. The concept of Bitcoin also drew in the developer crowd after learning about the mining feature and how miners are rewarded for obtaining Bitcoins off the blockchain.

Satoshi Nakamoto envisioned Bitcoin as a real-world tool that would make transactions and purchases much easier and quicker. Although Bitcoin has not fully permeated every level of banking, the past decade has seen several companies integrate Bitcoin or its compatriots into its fold. At press time, Bitcoin was trading for $13,165 with a total market cap of $243.96 billion. A healthy 7-day growth had elevated Bitcoin’s daily trading volume to $32.58 billion, a figure that users expect to climb in the coming days.

Over the last several years, Bitcoin has set many milestones for itself, including key changes to native cryptocurrency peripherals. Bitcoin’s price movements have been one of the most striking figures since its inception as analysts continue to predict higher growth. The current cryptocurrency price point of $13,165 is 438,833,333 % higher than its first recorded value of $0,003. At the time of writing, Bitcoin’s circulating supplies was 18.52 million. This means that only 2.47 million BTC tokens are left to be mined on the blockchain.

As we celebrate the 12th year of the whitepaper, Bitcoin has been seeing changes in terms of other peripherals as well. On October 29, Bitcoin’s hash rate fell by 40 percent while the transaction fees rose to a 28-month high. Some members of the Bitcoin community claimed that the drop in hash rate was because of the end of China’s rainy season. China is one of the largest miners of the cryptocurrency and mining remains affordable only when hydroelectricity is available in the plenty.

Despite Bitcoin’s naysayers, it is an undeniable fact that the world’s largest cryptocurrency has become a constant in the financial world. Bitcoin’s price movements may continue to be erratic but it is a surety that the still unknown Satoshi would be proud of the idea that he had all those years ago.

Filed Under: Bitcoin News Tagged With: 12th anniversary, Bitcoin (BTC), news, Satoshi Nakamoto, whitepaper

Square Crypto Funds “The Eye of Satoshi” Bitcoin Lightning Network Watchtower

June 3, 2020 by Arnold Kirimi

Square Crypto has been dispensing out grants to developers working on free, open source projects that underpin the future burgeoning of both the Bitcoin and Lightning networks. This time around, its latest allocation went to a watchtower service for the Bitcoin Lightning.

The digital currency creation division of Jack Dorsey’s Square payments company, Square Crypto, has offered to sponsor the Eye of Satoshi, a Lightning Network watchtower that keeps track of blockchain transactions to shield the users on the layer-two scaling solution.

The Eye of Satoshi watchtower comes from the Spanish developer Talaia. Watchtowers were introduced to the Lightning Network back in 2019 to act as a reserve service option for tracking blockchain transactions when your Lightning software is inactive. Indeed, with the Eye of Satoshi observing, it is impossible for peers to block the channel and grab your crypto.

“If your Lightning Network software is ‘offline’—as in it isn’t actively monitoring the blockchain—you need a third-party that can keep watch for you. This could be because you’re running a lightweight wallet, aren’t actively using your wallet, or your Lightning Network node crashes. This is what watchtowers do.” highlighted Square Crypto on Twitter.

Grant #6 goes to Talaia (pronounced “Talaia.”) Based in Spain and developed by @sr_gi, Talaia is building a FOSS Lightning Network watchtower called The Eye of Satoshi. It monitors blockchain transactions to protect you from peers closing the channel and taking your coins.

— Spiral (@spiralbtc) June 1, 2020

Square Crypto highlights the benefits of having watchtowers in place

Currently, Talaia operates on C-Lightning and will also work with different Lightning Network enactments. Additionally, Square Crypto noted that there will be several advantages of the Eye of Satoshi than just keeping an eye on blockchain transactions. According to the funding firm, the watchtower protects the network’s users from some type of attacks.

Square Crypto is an arm of major Fintech firm Square, founded and run by the also CEO of Twitter, Jack Dorsey. Dorsey is famous in the cryptocurrency industry for his support for Bitcoin. Moreover, Dorsey is not only an oral supporter of Bitcoin but he also practically purchases a full Bitcoin every week, utilizing Square Cash App. Furthermore, the Twitter CEO has also set up a task force at the social media giants to develop a decentralized version of Twitter. 

Filed Under: News, Altcoin News Tagged With: CEO at twitter, Lightning Development Kit (LDK), Lightning Network, Satoshi Nakamoto, square, Square Crypto, talaia, Twitter

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