Michael J. Saylor, co-founder, and CEO of Microstrategy, recently tweeted that Bitcoin’s Nakamoto Consensus is the only verified method for establishing digital property.
His tweet was in reply to the post by Saifedan.com, which discussed the reply of Saylor in an interview with Lexfridman.
The Nakamoto Consensus utilized by #Bitcoin is the only proven method for creating digital property. https://t.co/PGfGtZIJmt
— Michael Saylor⚡️ (@saylor) April 22, 2022
What is the Nakamoto Consensus?
The Nakamoto Consensus, as its name suggests, was drafted by Bitcoin’s pseudonymous creator, Satoshi Nakamoto, in the white paper that launched Bitcoin.
The Nakamoto Consensus is a set of rules that confirm the legitimacy of a blockchain network by combining the proof-of-work consensus algorithm with a peer-to-peer network that uses Byzantine Fault Tolerance (BFT).
Prior to Satoshi’s establishment of the Nakamoto Consensus, Byzantine Fault Tolerance was employed in peer-to-peer networks to ensure the legitimacy of a range of cryptography-related projects, including some early types of digital money.