A trial could reveal the identity of the creator of Bitcoin

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The family of a deceased man, David Kleiman, who claimed to have helped create bitcoin, are facing a lawsuit in an attempt to secure the fortune they claim to deserve, the Wall Street Journal (WSJ) reported.

The Florida lawsuit could have the effect of unmasking the long-secret identity of Satoshi Nakamoto, the creator of bitcoin, according to the report. The family of the deceased said Kleiman and his partner, Craig Wright of London, were both pseudonyms for Satoshi Nakamoto, and as such the family is entitled to half the fortune.

The identity of Satoshi Nakamoto has been a mystery for years, with speculators not even knowing whether it is one or more people, according to the report.

Wright has long said he created bitcoin, although the bitcoin community has not widely accepted his request, according to the report. But Kleiman’s family claim that Kleiman and Wright have mined over a million bitcoin, and the plaintiffs claim they have proof.

In other news, Bitcoin has had a new update – its first in four years – that comes with greater privacy and transaction efficiency, CNBC reported.

The update also makes it possible to have smart contracts, which can be used to exclude intermediaries from transactions, according to the report.

Called Taproot, the update “opens up many opportunities for entrepreneurs interested in expanding the utility of bitcoin,” according to Alyse Killeen, founder and managing partner of bitcoin-focused venture capital firm Stillmark, according to the report.

The update is about digital signatures, which act like a kind of fingerprint on every transaction, and Taproot will add Schnorr signatures, so multi-signature transactions are unreadable, the report says. This will have the effect of making simple transactions the same as more complex multi-signature transactions, which will allow greater confidentiality.

Meanwhile, JC Flowers founder Chris Flowers has decried bitcoin, calling it “really laughable as a serious alternative payment method,” Bloomberg reported.

“It’s too slow, too expensive,” he told the Berlin-based SuperReturn conference, according to the report.

While some experts say crypto is a way to combat growing cost pressures, Flowers criticized the theory, saying inflation is not a top priority for those who use digital assets, the report says. .

“When was the last time you spoke to a 25-year-old who said, ‘You know I’m really worried? Inflation, ”he said, according to the report.

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NEW PYMNTS DATA: 2021 HOLIDAY SHOPPING PERSPECTIVES

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