David Schwartz, a Chief Technology Officer at Ripple said that the Bitcoin’s white paper was a model T for the payments.
In 1991, David was working on the problems regarding graphics rendering that required a certain amount of CPU power. The aim was to have a large number of machines to perform an easy task in order to contribute to a single result. But creating such a system was a herculean task.
Impact of Satoshi’s White Paper
With the white paper, the complications reduced to none. As in the white paper, there was a peer-to-peer payment system which interrupted the financial industry – gave power to the people to conduct transactions across the wide network without involving any trust medium in between.
With the white paper, there was a chance to make value exchange accessible to the public. The paper has the ability to protect customers from any financial crisis; which can be done by allowing them to let them exchange money without any inflation and high interest rates. In the developing countries, by using cryptocurrency, any transaction fees can be prevented. Thus, it promotes financial inclusion.
White Paper – Model T for payments
One of the significant features of Satoshi’s network that helps in this democratization is ‘transparency and consensuses, which makes this such a revolutionary concept.
What does it mean by Transparency?
Whenever you send a check to your roommate, you have no insight into the transaction process. Satoshi wanted users to see where their money goes in the whole process.
The protocol for the transactions of cryptocurrencies like bitcoin requires users to impose rules, which help in preventing any party from controlling the validation of the transaction.
According to David, without BTC and Satoshi, the crypto space wouldn’t be what it is today. He further added, “in order to avoid any mistake in the future, we need to see new ways to apply blockchain.”