Legend: Satoshi Nakamoto, the mastermind behind Bitcoin
While some leading figures in finance are ‘legends’, the mysterious creator of Bitcoin, Satoshi Nakamoto, is truly ‘legendary’ in the sense that his/her/their true identity remains unknown - it is currently presumed to be a pseudonym.
What is known is that Nakamoto developed Bitcoin, wrote the cryptocurrency’s original white paper, and deployed its reference implementation. Among their primary innovations was the resolution of digital currency’s ‘double spend’ flaw, wherein a single token could be transacted several times by one individual after already being used. This was countenanced by employing a peer-to-peer network to accurately record coin exchanges.
The primary development period for Bitcoin began in 2007. During its first few years, all modifications of the crypto’s source code were carried out by Nakamoto. However, in 2010, Gavin Andresen was given full control of its source code and Nakamoto reportedly ceased active involvement with Bitcoin.
- “The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust”
Since the popular crypto’s inception there has been copious speculation on Nakamoto’s true identity. Self-proclamations of being born in 1975 and living in Japan have been met with scepticism: a preference for British English spelling and colloquialisms in verified forum posts have led some to believe Nakamoto could actually be from the Commonwealth of Nations. Similarly, timestamps between posts indicate that Nakamoto was most inactive between 2pm and 8pm Japanese time, even during weekends. Presuming that Nakamoto slept during these six hours, this potentially lends credence to the idea that they are not based in Japan.
Some specific (but unverified) identities have also been put forward, generally computer science experts of international renown. They include Hal Finney, Nick Szabo, Craig Wright, and Dorian Satoshi Nakamoto. The latter assertion, despite having the same name and being a trained physicist and systems engineer, is still unsubstantiated by anything other than circumstantial evidence.
Others believe that Bitcoin’s code is too sophisticated to have been created by an individual, and therefore must have been the product of a collective. Regardless, it is unlikely that Nakamoto’s true identity will be revealed unless they themselves choose to do so. With Bitcoin’s creation poised to be one of the most significant events in recent economic history - pathing the way, among other things, for the digitisation of currency and value - Nakamoto could one day be regarded as this century’s equivalent of the unnamed Chartres Cathedral architect.
Each month, FinTech Magazine will be summarising the lives and careers of the most significant figures in finance. Read about them - as well as industry stats, infographics, exclusive interviews, and more - in our 'Upfront' section.
Nymbus enters strategic partnership with Plaid
Nymbus, a leading provider of banking technology solutions, has partnered with Plaid, a data network powering the digital financial ecosystem, to more instantly authenticate and fund customer bank accounts for financial institutions.
This new integration will allow Nymbus bank and credit union clients to securely onboard new users in a matter of seconds, which in turn translates to more active and engaged banking experiences. Plaid’s data network enables consumers to connect their financial accounts at over 11,000 institutions globally to more than 5,000 digital finance apps, including leading payments, investing, and budgeting tools.
What are the benefits of the integration?
Benefits of the Nymbus and Plaid integration for financial institution customers include:
- Improve user identity verification and reduce fraud.
- Instantly authenticate and link members’ bank accounts.
- Streamline ACH transfers between any bank or credit union in the US.
- Access and analyse comprehensive transaction data.
- Validate real-time account balances to protect against overdraft and enable account pre-funding.
“As more consumers than ever before rely on digital finances for their everyday lives, financial institutions need to meet their customers where they are while supporting safe and reliable money management experiences,” said Sarah Howell, Chief Alliance Officer at Nymbus. “Our expanding network of partners are important contributors to Nymbus’ combined portfolio of the technology, people and process available to quickly innovate with new routes to market and revenue streams.”
Continuous growth and expanding partnerships
Founded in 2015, Nymbus has continued to grow. Most recently the company has closed a new round of financing led by the Curql Fund. The US$5 million investment will be used towards Nymbus CUSO and accelerate a shared commitment to breakthrough technology for ensuring continued growth and stability for the credit union community.
Nymbus CUSO was founded in March 2021 to help break through barriers to growth, and its mission is to connect credit unions with trusted fintech offerings that both simplify technology delivery and enable new digital revenue opportunities.
Last year Plaid set a goal to move 75% of its traffic to APIs by the close of 2021, calling it “one of our top priorities as the industry moves full-steam ahead toward a fully digital financial system.”
Recently it has announced an open finance partnership with Capital One, a digital finance innovator, and the successful completion of its migration to the Capital One API. They have also completed or have in-motion data access agreements with major US financial institutions, including U.S. Bank, JPMorgan Chase, Wells Fargo, and others.