The U.S. House of Representatives on July 12 passed bipartisan legislation introduced by U.S. Rep. Mace (R-SC) that would encourage the migration of federal government information technology systems to quantum-resistant cryptography.

The Quantum Computing Cybersecurity Preparedness Act, H.R. 7535, which Rep. Mace cosponsored on April 18 with bill sponsor U.S. Rep. Ro Khanna (D-CA), advanced to the U.S. Senate on July 13 and was referred to the U.S. Senate Homeland Security and Governmental Affairs Committee for consideration.

Quantum computing is the next frontier in technology; it will take our civilization forward in leaps and bounds. In many ways, it will turn our conventional understanding of computing on its head, said Rep. Mace. But like all great leaps in technology, there are those that will use it for sinister and nefarious reasons.

Rep. Mace said that H.R. 7535 instructs the federal government to take the necessary steps to protect our nations sensitive information from those who wish to do us harm using this emerging technology.

If enacted, H.R. 7535 would require the Office of Management and Budget (OMB), in consultation with the Chief Information Officers Council, to prioritize the migration to post-quantum cryptography and to assess critical systems one year after National Institute of Standards and Technology (NIST) standards are issued, according to a bill summary provided by the lawmakers.

Additionally, the measure would instruct the OMB director to report to Congress on a strategy to address this risk, any required funding and an analysis on current efforts. The report would be due one year after the bill becomes law, the summary says.

OMB also would be directed to provide a yearly report to Congress on the progress of the federal government in transitioning to post-quantum cryptography. The first report would be due one year after the NIST standards are released.

I hope that the Senate will swiftly take up the bill and deliver it to the presidents desk, said Rep. Khanna.

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House approves Mace's bill upgrading government IT cryptography - Ripon Advance

Along with last weeks roll call votes, the House also passed the Quantum Computing Cybersecurity Preparedness Act (H.R. 7535), to encourage the migration of federal government information technology systems to quantum-resistant cryptography.

HOUSE VOTES

CARIBBEAN TIES: The House has passed a resolution (H. Res. 1168), sponsored by Del. Stacey E. Plaskett, D-V.I., stating the need to strengthen U.S. economic partnerships with Caribbean countries. Plaskett said the partnerships support budding democracies at our doorstep and create mutually beneficial economic stability with our neighbors. The vote, on July 12, was 351 yeas to 64 nays.

YEAS: Chellie Pingree, D-1st District; Jared Golden, D-2nd District

FEDERAL WORKER BENEFITS: The House has passed the First Responder Fair Return for Employees on Their Initial Retirement Earned Act (H.R. 521), sponsored by Rep. Gerald E. Connolly, D-Va. The bill would keep federal government workers classified as first responders for the purposes of receiving retirement benefits if those workers are disabled on the job and then move to non-first responder jobs within the federal government. Connolly said: We want to incentivize our first responders to continue their service to this nation. We shouldnt punish them for injuries they sustained protecting us. The vote, on July 12, was unanimous with 417 yeas.

YEAS: Pingree, Golden

CYBERSECURITY TRAINING: The House has passed the National Computer Forensics Institute Reauthorization Act (H.R. 7174), sponsored by Rep. Elissa Slotkin, D-Mich. The bill would reauthorize, through 2032, the U.S. Secret Services National Computer Forensics Institute, which trains state and local law enforcement agencies in addressing cybersecurity and electronic crime. The vote, on July 13, was 410 yeas to 16 nays.

YEAS: Pingree, Golden

FENTANYL EXPOSURES: The House has passed the Prevent Exposure to Narcotics and Toxics Act (H.R. 5274), sponsored by Rep. David P. Joyce, R-Ohio, to require the Customs and Border Protection agency to distribute containment devices to its workers to prevent their exposure to fentanyl. Joyce called the requirement a simple but necessary extension of the tools we provide those who defend our borders and help them do their jobs safely. The vote, on July 13, was unanimous with 429 yeas.

YEAS: Pingree, Golden

ACTIVE SHOOTER ALERTS: The House has passed the Active Shooter Alert Act (H.R. 6538), sponsored by Rep. David N. Cicilline, D-R.I. The bill would establish an Active Shooter Alert Communications Network at the Justice Department, and have the network make plans for sending alerts about active shooters by working with local and state governments. Cicilline said the network will provide access to an important tool for law enforcement departments across the country, regardless of their size or location. An opponent, Rep. Jim Jordan, R-Ohio, said state and local governments already had adequate alert systems, and called the bill another failed attempt by Democrats to do something about the surge in violence and crime across the country. The vote, on July 13, was 260 yeas to 169 nays.

YEAS: Pingree, Golden

VETERANS AND TOXINS: The House has passed the Sergeant First Class Heath Robinson Honoring our Promise to Address Comprehensive Toxics Act (S. 3373), sponsored by Sen. Tim Kaine, D-Va., to increase medical benefits and treatments for military veterans who were exposed to toxins in Iraq and Afghanistan. A bill supporter, Rep. Mike Bost, R-Ill., said it will help millions of veterans, servicemembers, survivors, and military families. The vote, on July 13, was 342 yeas to 88 nays.

YEAS: Pingree, Golden

MILITARY COMMISSIONS: The House has passed an amendment sponsored by Rep. Adam Schiff, D-Calif., to the National Defense Authorization Act (H.R. 7900), that would require the Defense Department to publish on the Internet the proceedings of military commissions. Schiff said the requirement would show the American people that we believe they have the right to observe military commission proceedings, including those against the individuals who planned the 9/11 attacks. An opponent, Rep. Mike Rogers, R-Ala., said: Letting hardened terrorists know there is a public audience for their hate will do far more harm than good. The vote, on July 13, was 218 yeas to 207 nays.

YEAS: Pingree, Golden

CONTRACTOR LABOR PRACTICES: The House has passed an amendment sponsored by Rep. Mondaire Jones, D-N.Y., to the National Defense Authorization Act (H.R. 7900), that would bar the Defense Department from awarding contracts to employers found to have recently engaged in unfair labor practices. Jones said taxpayer dollars should go to companies that are helping to build and strengthen our country, not tear it down. An opponent, Rep. Rick Allen, R-Ga., said: This flawed blacklisting amendment will threaten federal contractors due process rights because a federal contractor could be prohibited from DOD contracts before a charge has been fully adjudicated. The vote, on July 13, was 221 yeas to 207 nays.

YEAS: Pingree, Golden

MILITARY LABOR STANDARDS: The House has passed an amendment sponsored by Rep. Janice Schakowsky, D-Ill., to the National Defense Authorization Act (H.R. 7900), that would give preferential treatment to potential Defense Department contractors who meet certain labor relations standards. Schakowsky said the amendment was needed to prevent contractors from harassing workers. An opponent, Rep. Rick Allen, R-Ga., said that by favoring contractors who have signed neutrality agreements with workers who might unionize, the amendment would stifle employee free choice and prohibit employers from communicating with their employees about the downsides of union representation. The vote, on July 13, was 220 yeas to 209 nays.

YEAS: Pingree, Golden

MILITARY CONTRACTING: The House has passed an amendment sponsored by Rep. Andy Kim, D-N.J., to the National Defense Authorization Act (H.R. 7900), that would give preferential treatment to potential Defense Department construction contractors with a majority of their employees living near the planned construction project. Kim said the preferential treatment will help small businesses and highly skilled workers in the building trades access new opportunities and unlock the local economic potential of military bases across the country. An opponent, Rep. Michael Waltz, R-Fla., said it would increase time and money to an already difficult, lengthy, and often slow military construction process. The vote, on July 13, was 220 yeas to 207 nays.

YEAS: Pingree, Golden

MILITARY HARASSMENT CLAIMS: The House has passed an amendment sponsored by Rep. Veronica Escobar, D-Texas, to the National Defense Authorization Act (H.R. 7900), that would require the military to complete its reviews of harassment and discrimination complaints within 6 months. Escobar said the time limit was needed because our servicemembers lack many of the protections and privileges that their civilian counterparts have when it comes to discrimination and harassment. An opponent, Rep. Mike Rogers, R-Ala., said that by overturning current military procedures for reviewing complaints, this amendment creates an existential threat to the good order and discipline of the military. The vote, on July 13, was 219 yeas to 209 nays.

YEAS: Pingree, Golden

MILITARY HARM TO CIVILIANS: The House has passed an amendment sponsored by Rep. Ro Khanna, D-Calif., to the National Defense Authorization Act (H.R. 7900), that would authorize up to $5 million of annual spending on programs to mitigate civilian harm from military actions. Khanna said the funding would help make sure we have the resources to track and report and minimize civilian casualties. An opponent, Rep. Mike Rogers, R-Ala., said it diverts critical dollars needed to ensure the readiness of our servicemembers to fulfill unnecessary paperwork requirements. The vote, on July 13, was 215 yeas to 212 nays.

YEAS: Pingree, Golden

NUCLEAR TESTS: The House has passed an amendment sponsored by Rep. Bill Foster, D-Ill., to the National Defense Authorization Act (H.R. 7900), that would end limits on funding for the Preparatory Commission for the Comprehensive Nuclear Test-Ban Treaty Organization. Foster said of the need for increased funding: We must continue our efforts to reduce the threat of nuclear weapons and continue longstanding commitments to our allies. An opponent, Rep. Doug Lamborn, R-Colo., said: This amendment would require American taxpayers to provide money to an organization for a treaty the United States is not even a party to. The vote, on July 13, was 216 yeas to 209 nays.

YEAS: Pingree, Golden

D.C. NATIONAL GUARD: The House has passed an amendment sponsored by Del. Eleanor Holmes Norton, D-D.C., to the National Defense Authorization Act (H.R. 7900), that would give the mayor of Washington, D.C., authority over the Districts National Guard equal to authority the governors of the 50 states have over their National Guards. Norton said currently, presidential control over the D.C. National Guard creates a loophole in the Posse Comitatus Act which limits the militarys involvement in civil law enforcement. An opponent, Rep. Andrew Clyde, R-Ga., said: The D.C. mayor must not have equal authorities as governors of states and territories have over their National Guards because the D.C. mayor is not a governor. The vote, on July 13, was 218 yeas to 209 nays.

YEAS: Pingree

NAYS: Golden

WHITE SUPREMACY: The House has passed an amendment sponsored by Rep. Bradley Scott Schneider, D-Ill., to the National Defense Authorization Act (H.R. 7900), that would require the Federal Bureau of Investigation, Homeland Security Department, and Defense Department to oppose white supremacist and neo-Nazi activity by agency employees. Schneider said: Extremism is a threat to us in all segments of society. There is no reason to believe that our military is any different. An opponent, Rep. Andy Biggs, R-Ariz., said: This amendment denigrates our men and women in the service. It is Orwellian in nature. The vote, on July 13, was 218 yeas to 208 nays.

YEAS: Pingree, Golden

DOMESTIC TERRORISM: The House has passed an amendment sponsored by Rep. Kathleen Rice, D-N.Y., to the National Defense Authorization Act (H.R. 7900), that would require the Federal Bureau of Investigation and Homeland Security Department to send Congress a report on processes needed to improve their reports on domestic terrorism threats. Rice said the report would ensure that we give our agencies the tools they need to give us the best intelligence and information. An opponent, Rep. Andy Biggs, R-Ariz., said the amendment would enable the Biden administration to use existing counterterrorism resources as a tool to target and silence citizens who disagree with government actions. The vote, on July 13, was 220 yeas to 205 nays.

YEAS: Pingree, Golden

POSSE COMITATUS: The House has passed an amendment sponsored by Rep. Adam Schiff, D-Calif., to the National Defense Authorization Act (H.R. 7900), that would bar the use, in legal proceedings, of evidence obtained by military members in violation of the Posse Comitatus Act, which governs the involvement of the military in domestic law enforcement activities. Schiff said the measure would prevent any president of either party from unlawfully using the military as a domestic police force, and it would ensure that evidence obtained because of unlawful acts isnt used against any American. An opponent, Rep. Andy Biggs, R-Ariz., raised concerns about the possible disuse of evidence regarding immigration law if members of the military were lawfully used for assistance at the border with Mexico. The vote, on July 14, was 215 yeas to 213 nays.

YEAS: Pingree

NAYS: Golden

MILITARY SPENDING: The House has passed the National Defense Authorization Act (H.R. 7900), sponsored by Rep. Adam Smith, D-Wash., to authorize $850 billion of fiscal 2023 spending at the Defense Department and military construction programs, and prescribe military personnel levels for the year. Smith said of the need for the bill: The men and women who serve must have the tools and the support from us that they need to do that job. The vote, on July 14, was 329 yeas to 101 nays.

YEAS: Pingree, Golden

5G NETWORKS: The House has passed the Promoting United States International Leadership in 5G Act (H.R. 1934), sponsored by Rep. Michael T. McCaul, R-Texas, to require the president to form an interagency government working group for supporting U.S. 5th generation (5G) mobile telecommunications systems. A supporter, Rep. Young Kim, R-Calif., said: This bill will help ensure that the United States is doing all we can to stop Russian and Chinese malign influence taking control of the worlds 5G networks. The vote, on July 14, was 405 yeas to 20 nays.

YEAS: Pingree, Golden

SUDAN COUP: The House has passed a resolution (H. Con. Res. 59), sponsored by Rep. Gregory W. Meeks, D-N.Y., condemning last Octobers military coup in Sudan and calling for the restoration of the countrys constitutional leaders. The vote, on July 14, was 417 yeas to 7 nays.

YEAS: Pingree, Golden

VETERANS RECORDS: The House has passed the Access for Veterans to Records Act (H.R. 7337), sponsored by Rep. Carolyn B. Maloney, D-N.Y., to require the U.S. Office of the Archivist to send Congress a plan for ways to reduce the backlog of processing veterans requests for National Personnel Records Center documents, and authorize $60 million of spending on that effort. Maloney said the current backlog of about 500 thousand records requests has left veterans and their families struggling as they wait to receive material needed to access housing, healthcare, and other government services. The vote, on July 14, was 406 yeas to 21 nays.

YEAS: Pingree, Golden

SENATE VOTES

MILITARY READINESS: The Senate has confirmed the nomination of Ashish Vazirani to be the Defense Departments Deputy Under Secretary for Personnel and Readiness. Vazirani, a longtime management consultant and former naval officer, is a senior official at the A2O Strategies business consultancy, and previously was CEO of the National Military Family Association. The vote, on July 12, was 73 yeas to 21 nays.

YEAS: Susan Collins, R-Maine; Angus King, I-Maine

BATF DIRECTOR: The Senate has confirmed the nomination of Steven M. Dettelbach to be head of the Bureau of Alcohol, Tobacco, Firearms, and Explosives. Dettelbach was a U.S. attorney in Ohio for most of the Obama administration and, since 2016, has been a partner at the BakerHostetler law firm. A supporter, Sen. Sherrod Brown, D-Ohio, called Dettelbach a career prosecutor with decades of experience fighting crime, religion-motivated violence, gun trafficking, and he is a proven consensus-builder with bipartisan support. The vote, on July 12, was 48 yeas to 46 nays.

YEAS: Collins, King

FEDERAL RESERVE BOARD: The Senate has confirmed the nomination of Michael Barr to be a member of the Federal Reserves board of governors for a 14-year term ending in 2032. Barr, an assistant secretary at the Treasury Department during part of the Obama administration, has since been a finance and public policy professor at the University of Michigan. A supporter, Sen. Sherrod Brown, D-Ohio, said Barr has worked for a quarter century to make our financial system safer and fairer. The vote, on July 13, was 66 yeas to 28 nays. Barr was then confirmed, in a separate 66-28 vote, to also be the boards vice chairman for supervision for a four-year term.

YEAS: Collins, King

EXPORT-IMPORT BANK: The Senate has confirmed the nomination of Owen Herrnstadt to be a member of the board of the U.S. Export-Import Bank. Herrnstadt, currently an executive at the International Association of Machinists and Aerospace Workers union, is also an employment and labor law professor at Georgetown University, and was formerly a Federal Reserve official. A supporter, Sen. Sherrod Brown, D-Ohio, praised Herrnsatdt as a 30-year-long labor activist, fighting for workers. The vote, on July 13, was 51 yeas to 44 nays.

YEAS: Collins, King

CIA GENERAL COUNSEL: The Senate has confirmed the nomination of Kate Heinzelman to be the Central Intelligence Agencys general counsel. Currently a senior aide in the attorney generals office, Heinzelman had been a partner at a Washington, D.C., law firm, and a legal official in the Obama administration in various roles. The vote, on July 14, was 50 yeas to 41 nays.

YEAS: Collins, King

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How Maine's members of Congress voted last week - Press Herald

Whether you own cryptocurrency or not, the Ethereum Merge is a big deal. In the works since 2014, the long-delayed Merge will see ethereum, the second-biggest blockchain behind bitcoin, become nearly carbon neutral.

That is of huge consequence. Cryptocurrency critics argue that coins like bitcoin and ether are useless and use enormous amounts of electricity. The first point is polarizing and subjective, butthe second is unequivocally true. In an era when more people than ever view climate change mitigation as society's No. 1 priority, the carbon emissions of bitcoin and ethereum are too conspicuous to ignore.

In the Merge, ethereum will adopt a system known as proof of stake, which has been planned since before the blockchain's creation in 2014. Because of its technical complexity, and the increasingly large amount of money at risk, it has been delayed multiple times. The Merge is part of what in the past was called "ether 2.0," a series of upgrades that reshape the blockchain's foundations. Mid-September is the goal deadline.

"We've been working on proof of stake for about seven years now," Ethereum co-creator Vitalik Buterin said at the Eth Shanghai conference in March, "but finally all of that work is coming together."

Here's everything you need to know to make sense of the big day.

To understand the Merge, you first need to understand the role of cryptocurrency miners.

Say you wanted to mine cryptocurrency. You'd set up a powerful computer -- a mining rig -- to run software that attempts to solve complex cryptographic puzzles. Your rig competes with hundreds of thousands of miners around the world trying to solve the same puzzle. If your computer unscrambles the cryptography first, you win the right to "validate" a block that is, add new data to the blockchain. Doing so gives you a reward: Bitcoin miners get 6.25 bitcoin ($129,000) for every block they verify, while ethereum miners get 2 ether ($2,400) plus gas, which are the fees users pay on each transaction (which can be huge).

It takes a powerful computer to have a chance in this race, and people typically set up warehouses full of rigs for this purpose. This system is called "proof of work," and it's how both bitcoin and ethereum blockchains run. The point is that it allows the blockchain to be decentralized and secure at the same time.

"It's what's called the civil resistance mechanism," said Jon Charbonneau, an analyst at Delphi Digital. Every blockchain needs to run on a scarce resource, Charbonneau explained, one that bad actors can't monopolize. For proof-of-work blockchains, that resource is power in the form of the electricity required to run a mining operation.

To overtake ethereum right now, a bad actor would need to control 51% of the network's power. The network is made up of hundreds of thousands of computers around the world, meaning bad guys would need to control 51% of the power in this vast mining pool. Doing so would cost billions of dollars.

The system is secure. Though scams and hacks are common in crypto, neither the bitcoin nor ethereum blockchains themselves have been compromised in the past. The downside, however, is obvious. As cryptographic puzzles become more complicated and more miners compete to solve them, energy expenditure soars.

Lots and lots. Bitcoin is estimated to consume about 150 terawatt hours a year, which is more electricity than 45 million people in Argentina use. Ethereum is closer to Switzerland's 9 million citizens, eating up about 62 million terawatt hours.

Much of that energy comes from renewable sources. About 57% of the energy used to mine bitcoin comes from renewable sources, according to the Bitcoin Mining Council. (BMC relies on self reporting among its members.) This is motivated not by climate conscientiousness but self interest: Renewable energy is cheap, so mining operations are often set up near wind, solar or hydro farms.

Still, the carbon footprint is extensive. Ethereum is estimated to emit carbon dioxide at a similar scale to Denmark.

The Merge will see ethereum completely shed proof of work, the energy-intensive system it currently uses, in favor of proof of stake.

In crypto land, "staking" refers to depositing cryptocurrency to yield interest. For instance, the creators of the terraUSD stablecoin offered customers 19% interest on staked TerraUSD: You could put in $10,000 and take out $11,900 after a year (until it imploded).

When proof of stake comes into effect, miners will no longer have to solve cryptographic puzzles to verify new blocks. Instead, they'll deposit ether tokens into a pool. Imagine each of these tokens is a lottery ticket: If your token number is called, you win the right to verify the next block and earn the rewards that entails.

It's still an expensive enterprise. Prospective block verifiers who will be known as "validators" instead of miners need to stake a minimum of 32 ether ($38,500) to be eligible. This system sees punters put up raw capital, rather than power, to validate blocks. Whereas a bad actor needs 51% of a network's power to overrun a proof-of-work system, they'd need 51% of the total staked ether to overrun the proof-of-stake system.

Since cryptographic puzzles will no longer be part of the system, electricity expenditure will go down an estimated 99.65%, according to the Ethereum Foundation.

The way in which ethereum will transition from proof of work to proof of stake will be achieved through a merging of two blockchains.

The ethereum blockchain that people use is known as "mainnet," as distinguished from various "testnet" blockchains that are used only by developers. In December 2020, Ethereum developers created a new network called the beacon chain. The beacon chain is essentially the new ethereum.

The beacon chain is a proof-of-stake chain that has been chugging along in isolation since its creation 18 months ago. Validators have been adding blocks to the chain, but these blocks have contained no data or transactions. In essence, it's been put under various stress tests ahead of the big day.

The Merge will see the data held on Ethereum's mainnet transferred to the beacon chain, which will then become the prime blockchain on ethereum's network. In the run-up to the Merge, ethereum developers have been stress testing the new blockchain by running data and transactions through it on various ethereum testnets.

"If you talk to the ethereum developers, and I have, they would tell you that if proof-of-work mining got banned overnight, they could do the Merge right now and it'd be fine," Charbonneau said. Much of the ironing out developers are currently focused on pertains to applications and clients built on top of ethereum, he added, not the proof-of-stake execution itself. "If they did the Merge today, it would be buggy for a few months ... but the protocol itself, there's no worries [among the developers]."

Absolutely. Critics of ethereum typically bitcoin enthusiasts compare the merge to changing the engine of an airplane in the middle of a passenger flight. At stake is not just the airplane, but the $140 billion worth of ether in circulation.

On a technical level, there could be many unforeseen bugs with the new blockchain. Solana, another proof-of-stake blockchain, has suffered several complete outages this year. Solana and ethereum differ in that solana's fees are minuscule, which means it's easier for bots to overwhelm the blockchain, but technical difficulties aren't out of the question.

Critics also wonder whether proof of stake will be as secure as proof of work. Charbonneau reckons it could be safer because of a function called "slashing" in essence, validators can have their staked ether burned, and their network access revoked, if they're found to have acted maliciously.

"Say someone 51% attacks bitcoin today, you can't really do anything," Charbonneau said. "They have all the miners and they could just keep attacking you. With proof of stake, it's really simple. If you attack the network, it's provable and we just slash you, and then your money's gone."

"You get one bullet, and then that's it. Then you can't do it again."

Ether is down nearly 70% since the beginning of the year, and many are hoping that the Merge will revive the cryptocurrency's price. This has been a hotly debated topic within crypto circles in recent months. The answer is that no one knows.

Many argue that the Merge is already priced in; it's been in the works for seven years and many big-time investors, the argument goes, have put money on ethereum with the expectation that the Merge would be successful. More important than how the Merge impacts ether's price in the short term is how it shapes the cryptocurrency's long-term prospects.

Charbonneau said that reducing ethereum's carbon footprint out of environmental concerns is "definitely a meaningful part" of ethereum developers' motivations for the Merge. But beyond that, he notes, it's also about making ethereum adoption easier for big companies to justify.

"The reality is, if you take the environmental caring part away, there are a lot of people who are not going to use it [ethereum] and not want to invest in it just based on ESG reasons," Charbonneau said, referring to environmental, social and corporate governance standards for ethical investing. "There are a lot of tech companies that have openly said, 'we are not going to do anything until after the Merge.'"

The Merge is expected to happen in September. In a recent conference call among ethereum developers, the Ethereum Foundation's Tim Beiko put Sept. 19 as a tentative date.

"This merge timeline isn't final, but it's extremely exciting to see it coming together," another developer tweeted. "Please regard this as a planning timeline."

Continued here:
Ethereum Merge: How Crypto's Carbon Footprint Is About to Shrink - CNET

While many refer to 2009 in the creation of Bitcoin as the birth of crypto, the origins of this technology go way back. Cryptocurrencies and specifically Bitcoin were built on top of decades of technological innovations and envisioning. Its only thanks to several mathematical and computer science breakthroughs of the 70s and 80s, several brilliant minds that laid the foundation of cryptocurrencies. The basics of encryption were developed in the late 70s and early 80s. The first concepts of cryptographic currencies came in during the 1990s. In 2009 Satoshi Nakamoto created Bitcoin by putting together the most interesting innovations in an ingenious new way and thats how he created the Blockchain.

Satoshi Nakamoto

Since the existence of Bitcoin, the question still remains who Satoshi Nakamoto really is. Truth is, nobody knows. There are a lot of potential candidates but what we at Elcryptodoc really think, is that its a collective of math geniuses and cryptography legends who understood that to create a truly decentralized and revolutionary new currency, they needed to remain anonymous. One of the biggest gifts that Satoshi ever gave to the world was remaining anonymous because as we know every single individual or group of people can be made to look flawed but a powerful idea, well.. that can remain perfect forever. Experts at Elcryptodoc says that Satoshi Nakamoto can be a person or a group, its not even known if he or they are still alive because Satoshis crypto wallet, his personal coins were mined at the very beginning of the bitcoin network and they have never been touched. As of today Satoshi based on the holding what it is in that wallet is one of the richest people on this earth.

Born in the financial crisis

In the financial crisis in 2008 the first Bitcoin whitepaper came out by Satoshi Nakamoto. There is even a message inscribed in one of the first blocks of Bitcoin that makes a reference to the global financial crisis. Thats how we know for sure that Satoshi was inspired by this collapse of mainstream finance to create the powerful innovation that we now know as bitcoin.During and after the financial crisis, when the government began to print insane amounts of money, the rise of crypto has been unstoppable since.Thats why experts at Elcryptodoc believes, that the more money governments are continuing to print, the harder the Crypto market will continue to grow.

Decentralized

Bitcoin is a decentralized digital currency without a central bank or a single administrator. Fundamentally what this means is that nobody is in control and can make a decision in printing more bitcoin so to speak. It also means that anybody can access the administration from any computer in the world. You dont even need Bitcoin to run a Bitcoin node or access the network. The whole beauty of this is that anyone has access to the same code around the world and that code prevents anyone from corrupting the system.

Trust code over humans, because code can be incorruptible as long as it is build right, like bitcoin, says Elcryptodoc.

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The Birth Of Crypto And Bitcoin, Per Elcryptodoc - News Ghana