50 BTC Donation Sparks Satoshi Nakomoto Theory

50 BTC Donation Sparks Satoshi Nakomoto Theory

Grin, a cryptocurrency launched in January based on the Mimblewimble privacy protocol, has received an anonymous donation of 50 BTC to help sustain its development. The funds were sent from a wallet dating from 2010 which led some, including Litecoin’s founder Charlie Lee, to muse on whether the generous donator was none other than Bitcoin’s creator –  Satoshi Nakomoto himself.

Although few details of the discussion accompanying the gift were revealed, the donor was complimentary about the Grin project as a whole and cryptically wrote, “It feels like 2009/10 again,” adding fuel to the theory-fire that it was someone involved with the early days of Bitcoin.

Spellbinding Secrecy

The anonymous nature of the donation is, of course, in keeping with the core premise of Grin and the Mimblewimble protocol that underpins it.

Originating from a paper released in the summer of 2016, Mimblewimble is thought to be named after a spell in Harry Potter that was cast to tie an adversary’s tongues in a knot so they could not form a cohesive defence.

Supporters of Grin, and other advocates of similar currencies such as Beam, believe the Mimblewimble technical protocol – not the Harry Potter spell – can provide a level of privacy in transactions that is superior to any of the existing privacy coins.

It has previously been suggested that the Litecoin Foundation were exploring the possibility of implementing the privacy option but the likely success of such a venture has recently been questioned by analysts Andy Hoffman and Chris Gilliard.

Hoffman and Gilliard argue that only coins that have Mimblewimble as a first layer solution can provide true privacy and without it “…everything from Monero to ZCash will be rendered useless.”