He may not be a household name like Vitalik Buterin or Satoshi Nakamoto. But, as far as Crypto city is concern he is so close to the mayor of the city.
You know of Smart contracts? Yes, the famous smart contracts which are a household name. He conceived them. That’s how much influence he has in the crypto city.
Who is Nick Szabo?
Not much about this man is known. The guy certainly enjoys his privacy. Other than tracing his roots to Hungary, the rest is blank. He maintains a blog on whose biography section is a collection of reviews on his works.
Education and Interests
Nick Szabo is an American. He holds a degree in Computer Science from the University of Washington. He also holds a Doctor of Jurisprudence degree from George Washington University of law.
Nick Szabo Research.
His papers, essay, and tutorials on a variety of topics are genius, the most notable of his research are papers on BitGold and smart contracts. He tackles all his topics with authority. But, his works on cryptography, blockchain, and Bitcoin are exciting reads. He goes into details of the functionality of the crypto world.
Nick Szabo goes around the globe giving lectures on cryptocurrency.
What gives him so much Relevance in Crypto City?
Wondering on what gives the man so much influence? He laid the foundation on which Bitcoin was built. Bitcoin was conceived in 2007 and released to the public in 2009. Bitcoin exploited the idea of smart contracts. Nick Szabo visualized the idea over a decade before Bitcoin.
Some people believe he is the mysterious creator of Bitcoin — Satoshi Nakamoto.
Nick Szabo’s Crypto Journey
Before the invention of the first cryptocurrency, Nick was into cryptography. He has a lot of work to prove this. Besides, he created smart contracts in 1996. Thus, when Bitcoin was released in 2009, he was ready.
Other cryptocurrencies like Ethereum, EOS and plenty of others followed Bitcoin. With these entries, his influence only keeps growing. His smart contracts idea can’t stop growing.
These far we have established that Nick is a force in crypto. Furthermore, it is evident that the guy is a genius. However, there is much to this guy.
Who is Nick Szabo: Projects and Ideas
Nick is a silent cryptographic master.
You could easily say the best thing that happen to him is designing a mechanism for a digital currency. The mechanism was the inspiration for the Bitcoin blockchain.
From the connection of Bit Gold mechanism and Bitcoin, Nick is ‘Satoshi Nakamoto.’
Nick is one of the developers and promoter of blockchain. Nick has also made ideas that are part of the blockchain industry today.
Top of his contributions is smart contract idealization and Bit Gold design. Inclusive of them are thoughts he has shared to advance blockchain.
Smart Contract Conception
A contract is a legal agreement between parties outlining their responsibilities to each other. Nick`s idea was to make this digital.
If you happen to read about crypto and blockchain, you will stumble on smart contracts.
Heard of ICOs and their tokens? They are the foundation of the smart contract invention.
Nick Szabo conceived smart contracts in 1995. The best current implementations of the smart contract are Ethereum and EOS. Fulfilling promises with regard to other promises is the basis of smart contracts. These digital contracts are run within computer networks.
Forerunner to Bitcoin: Bit Gold
Bit Gold stands for two key properties of online transactions. While Bit stands for sending and receiving information. Gold stands for the system not using third parties.
Nick developed the Bit Gold mechanism in 1998. Being a cryptographer, Nick proposed a digital money system. Overly, he aimed to do away with third parties who made the gold system inefficient. So, he suggested a secure cryptographic process.
Nick`s paper that outlined the Bit Gold was not implemented. Even with that, the paper is a direct forerunner to the Bitcoin blockchain. As a result, you can enjoy the benefits of blockchain with Nick`s idea.
Nick`s Thoughts on Currency
Nick has a good understanding of history, money, and cryptocurrency. All these make his writings well informed and full of legal background. You cannot miss the invaluable resource from his writings.
He has written several kinds of literature concerning what he loves best — blockchain and cryptography. They span from 1993 to date. Some literature may seem irrelevant. But they will be still valuable in the thought process how the blockchain works.
Besides writing valuable literature about cryptography, money, and property, Nick gives opinions about cryptocurrency and blockchain.
In a recent tweet, Nick shares the important areas of improvement in cryptocurrency. He says in the next few years secure storage and having decentralized exchanges are important. With more focus on the consumer, he emphasizes the importance of user-friendly systems.
With regard to security, Nick criticized EOS for its centralization issues. He stated that the aspect of EOS centralization makes the project vulnerable to breach and attacks. Even worse to account holders, EOS can seize and suspend accounts.
Another good analysis by Nick is the history of money and its evolution. The insight from this analysis has provided useful information in cryptocurrency. In the analysis, he says that we exist in a multiple currency status sourced from the barter system. However, even with technology, you will still see numerous currencies.
So, Nick Szabo is a colossal figure not just only in the cryptocurrency community but also for his work in cryptography and digital currency in general.
Albeit the confusion in his role as Satoshi Nakamoto, he makes valuable contributions. And for that matter he is respectable and influential in the world of cryptography.
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