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Adam Back - Bitcoin & Crypto NEEDS Decentralisation

 
Adam Back - Bitcoin & Crypto NEEDS Decentralisation
Breaking News / Bitcoin
  • The Blockstream CEO recently spoke in an interview where he talked about the early years of Bitcoin.
  • “Decentralized. This is perhaps the main word about Bitcoin arising from the proposals that came before it.

Adam Back, the inventor of the proof-of-work system, Hashcash has recently spoken in an interview where he talked about the early years of Bitcoin, privacy, digital money and much more. 

Speaking at the LaBitconf crypto event in Uruguay, Back talked to Cointelegraph for the interview. The developer and cryptographer didn’t just invent Hashcash but is also the head of Blockstream.

We’re going to go through the highlights of the interview over the course of two articles today, so sit back and relax as you read the best bits of Backs interview. You can read the original interview here

Speaking on the ‘first-ever’ digital money transaction, Back had this to say.

“Decentralized. This is perhaps the main word about Bitcoin arising from the proposals that came before it. [David] Chaum had launched the first version of a 'digital money' back in 1989. And some of us on the Cypherpunk lists tried to bootstrap value into Chaum's DigiCash demo server, where it was possible to get coins by email and was promised not to issue more than 1 million units of it.”

Back further adds that when DigiCash went bankrupt during the experiment, a lesson was learned. That lesson was that they “needed a decentralized, peer-to-peer approach, and that was part of the discussion about Hashcash, B-Money, Bit-Gold, RPoW, and other bootstrapping ideas. You had to create digital money in a decentralized way, without a bank interface, without permission or partnership with a bank.”

For more news on this and other crypto updates, keep it with CryptoDaily!

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