Definition:
Satoshi Nakamoto is the anonymous creator(s) of Bitcoin. The smallest unit of Bitcoin (0.00000001), called the Satoshi, is named after them. Satoshi Nakamoto also created the Bitcointalk forum, posting the board’s first message. Satoshi is also known as the author of the infamous whitepaper, ‘Bitcoin: A Peer-to-Peer Electronic Cash System.’
Explanation:
In creating Bitcoin, Satoshi’s goal was simple – to create a system that would address the shortcomings of previous digital currencies by allowing persons to transact with each other without the need for a trusted third party or intermediary, such as a financial institution.
This was achieved by making the system decentralized, which meant that there was no single authority or central server involved in running or maintaining the network. In other words, the system was to be governed by all participants in the network, similar to how peer‐to‐peer file sharing works today.
Since the whitepaper was published, there have been several unsuccessful attempts to uncover the real identity of Satoshi.
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