by Rushali 
Cryptocurrency is the world that is always has something latest happening there. Be it about cryptocurrencies or any new technology or the latest is the investment by big companies. Every day we will hear that some big firm has invested in cryptocurrency. Day by day the list of companies investing in cryptocurrency is getting long. Cryptocurrency is the future of the currency market. Since its release in the year 2009, it has created a stir in the whole market.
It was developed on a technology called a blockchain. Bitcoin was the first cryptocurrency to be launched in the market. Till today it is the most widely used and most popular cryptocurrency. It has recently touched its all-time high of over $61000. Bitcoin has crossed $1 trillion in market capitalization.
Sometimes, bitcoin is used as a synonym for cryptocurrency. Today, there are more than 4000 cryptocurrencies still the world of cryptocurrency is ruled by bitcoin only. Bitcoin was developed by a person called Satoshi Nakamoto. Who is Satoshi Nakamoto, From which country he is, no one knows? How does he look no one knows. Is he still alive, no one knows. He is just a name in the cryptocurrency world.
Now, there is another person called Adam Back, who is often believed to be the real Satoshi Nakamoto. People believe that he is the original developer of the first cryptocurrency bitcoin.
Today our article will focus on him only.
Introduction
Adam Back is a cryptographer and cyberpunk. He has co-founded Blockstream in the year 2014. And in the year 2016, he was appointed as the CEO of Blockstream. He has also invented Hashcash that is used in bitcoin mining.
Early life
Adam Back is born in July 1970 in London, UK. He was interested in computers since his childhood his first computer was a Sinclair ZX81. He has learned the basics of it while trying to use it then he started reversing engineering video games and finding deceptive keys in software packages. Adam has completed his Ph.D. in Computer science in distributed systems from the University of Exeter. He also has A levels in advanced mathematics, economics, and physics. During his Ph.D. days, Adam worked with compilers to make use of parallel computers in a semi-automated way.
He also became very interested in PGP encryption, electronic cash, and retailers. He used to spent two-thirds of his time working with encryption. Then after graduation, Adam spent his career as a consultant in start-ups and larger companies in applied cryptography, writing cryptographic libraries, designing, reviewing, and breaking other people’s cryptographic protocols.
Also Read : Brad Garlinghouse
Cryptography
In the year 1997, it was the time of early digital assets research. Just like Wei Dai, David Chaum, and Hal Finney, Adam Back also invented Hashcash. Today, a similar system is used in bitcoin mining. He also used Credilib that is library implements the credential systems of Stefan Brands and David Chaum. He was the first person to describe the non-interactive forward secrecy security property for email and also to observe that any identity-based encryption scheme can be used to provide non-interactive forward secrecy.
Adam is also known for promoting the use of ultra-compact code with his 2-line and 3-line RSA in Per signature file and non-exportable T-shirts to protest cryptography export regulations.
Adam Back was one of the first two people to receive an email from Satoshi Nakamoto the founder of bitcoin. In 2016, the Financial Times has identified Back as a potential Nakamoto candidate, along with Nick Szabo and Hal Finney. In the year 2020, a YouTube channel called Barely Sociable that has around 400000 subscribers claimed that Back was Nakamoto. But Adam Back has denied that. Craig Wright had also sued Adam Back for stating that Wright was not Nakamoto, but later Wright dropped the suit.
Adam also has promoted the use of satellites and mesh networks to broadcast and receive bitcoin transactions, as a backup for the traditional internet.
Adam Back Net worth
In the year 2020, while talking to Bloomberg Adam Back has predicted that bitcoin will reach $300000 in the next 5 years. And he further said that the investments by the institutional investors will not lead to this price rise. It will be the adoption by the retail investors that will help bitcoin to reach that milestone. He believes that the pandemic has already forced people to find an alternate source of income as the unemployment rate is increasing and with the current bullish run of the cryptocurrency industry will attract more retail investors.
Exactly what is the net worth of Adam Back is not known but we can certainly say that he is definitely holding bitcoin at a very low price as he is a big supporter of the same. And if in the next 5 years his prediction turns out to be true then, he will also enter the list of wealthiest people in the cryptocurrency world.
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