An Australian entrepreneur could make a significant contribution to Bitcoin’s future by transforming the currency into a tool that will drive economic inclusivity around the world.
Craig Wright looks at building a global payment system based on the cryptocurrency, making BTC a medium for international transactions.
Leveraging Bitcoin
Wright, who is also a computer scientist, wants to create a technology that will allow him to scale Bitcoin using TerraNode.
If successful, TerraNode would enable the use of BTC in everyday transactions, increasing the coin’s appeal to investors and consumers.
According to Wright, he envisioned TerraNode as a system that would enable global borderless payments, carried out using Bitcoin.
The first phase of this vision has already been initiated.
After years of groundwork, we are scaling Bitcoin’s system to a level where it will never reach a limit.
This isn’t about waiting until demand forces us to expand. It is about preventively building an infrastructure that…
— S Tominaga (@CsTominaga) November 3, 2024
With TerraNode we create a system designed to scale infinitely, where capacity is not a limitation. (…). No more waiting for improvements when demand rises, and no more waiting for rate increases that cost users more, he said.
The Australian entrepreneur revealed that the first phase of the system’s development is underway, saying: “The first phase of this vision is already in motion.”
He added that after spending years developing it, he can now take BTC to what he says “a level where it will never reach a limit.”
The businessman said the move is essential as he does not want to wait for BTC demand to force him to expand it. “It’s about pre-emptively building an infrastructure that can handle everything, no matter how much demand grows.”
BTC market cap currently at $1.36 trillion. Chart: TradingView.com
15 years in the making?
Wright said it took him 15 years to make this system work and it is now starting to become a reality, claiming Bitcoin’s next decade is about to unravel. “We are building a financial ecosystem that anyone, anywhere, can connect to.”
With TerraNode, Wright believed he had created a system that could scale BTC infinitely without limitations in its capacity, adding that the system not only meets current needs, but exceeds those needs to a scale never seen before.
He said TerraNode would embrace growth that is “accessible, affordable and ready.”
According to him, any individual around the world can use Bitcoin to trade and it can serve as a tool through which they can connect to the global market rather than “an asset to hoard.”
Facing legal charges
Right now, Wright is confronted legal issues due to charges 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, a court ruled that all documents Wright uses to prove he is the creator of BTC are fake.
The court has set a contempt hearing against the businessman for December 18.
Featured image by Lucy North/Associated Press, chart from TradingView