An Australian entrepreneur could become a major contributor to Bitcoin’s future by turning the currency into a tool that will drive economic inclusion around the world.
Craig Wright It is looking to build a global payment system based on cryptocurrency, turning Bitcoin into a means of international transactions.
Harnessing Bitcoin
Wright, who is also a computer scientist, aims to create technology that enables it to scale Bitcoin With the help of TerraNode.
If successful, TerraNode will allow Bitcoin to be used in everyday transactions, increasing the currency’s appeal to investors and consumers.
According to Wright, he envisioned TerraNode as a system that would make borderless global payments possible that would be powered with the help of Bitcoin.
The first phase of this vision has already begun.
After years of groundwork, we are scaling the Bitcoin system to a level where it will never reach its limit.
It’s not about waiting until demand forces us to expand. It’s about proactively building infrastructure that can…
– S Tominaga (@CsTominaga) November 3, 2024
With TerraNode, we’re creating a system designed to scale infinitely, where capacity is no constraint. (…). He said there is no more waiting for improvements as demand rises, and no more high fees that price out users.
the Australian businessman He revealed that the first phase of developing the system is continuing, saying: “The first phase of this vision is already underway.”
He added that after spending years developing it, he can now push Bitcoin to what he says is “a level where it will never reach its limit.”
The businessman said the move was necessary because he did not want to wait until the demand for Bitcoin forced him to expand it. “It’s about proactively building infrastructure that can handle anything, no matter how big demand growth is.”
BTC market cap currently at $1.36 trillion. Chart: TradingView.com
15 years in the making?
Wright said it took 15 years for this system to work and now it’s starting to become a reality, claiming that the next decade of Bitcoin is on the verge of collapse. “We are building a financial ecosystem that anyone, anywhere, can join.”
With TerraNode, Wright believed he had created a system that could scale BTC infinitely without any limitations in its capacity, adding that the system not only meets current needs, but exceeds those needs on an unprecedented scale.
TerraNode will embrace growth that is “accessible, affordable and ready,” he said.
According to him, every individual around the world can use Bitcoin to trade and act as a tool that allows them to connect to the global market rather than an “asset to hoard.”
Facing legal charges
Currently, Wright is facing legal troubles due to accusations of forgery and perjury that arose after he claimed to be Satoshi Nakamoto.
Nakamoto is a mysterious person believed to be the creator of Bitcoin.
However, the court ruled that all documents used by Wright to prove that he is the creator of Bitcoin are forged.
The court set a hearing for the businessman on December 18.
Featured image by Lucy North/AP, chart from TradingView