Bitcoin’s Second-Ever Developer Malmi to Work on a New Cryptocurrency Venture

The buzz is up that the coder who worked along with Satoshi Nakamoto and created Bitcoin, Martti ‘Sirius’ Malmi, is back with a bang!

He is soon going to join a team of developers and would work on a new cryptocurrency project called as ‘AXE.’

Not many of us know, but Satoshi and Malmi became friends over the time, and Malmi developed the majority of the changes introduced in the second code release of Bitcoin. He even had the admin privileges to access the website.

However, Malmi left Bitcoin saying that “Bitcoin had already gone from zero to one,” and that the cryptocurrency was up and running with a growing community,” with “lots of great developers working on it.”

Journey So Far

martti-malmi-blockchainlandAfter exiting Bitcoin, Malmi worked on another venture called Identifi that aims to reduce the control exercised by Internet giants like Google and Facebook in 2014.

But, he soon realized that something else was needed and using a crypto token could help. According to Malmi, “Most of the giant online businesses, such as Google, Facebook, eBay or Airbnb are basically centralized indexes – searchable lists of stuff. If we want to disrupt them, we need decentralized indexing.”

To make the things fall in their place, a new company was launched called ERA. Mark Nadal, the CEO of Era, said, “Martti and I were discussing how governments can still blacklist bitcoin miners’ IP addresses. Telecom companies, Google, Amazon or others can throttle or reroute our traffic without net neutrality.”

He further added, “This is a huge vulnerability that could affect everyone, thus why we’re building AXE.”

Blockchain Practicality

Notably, AXE will combine the online reputation system of Malmi’s Identifi and GUN, which is a decentralized database system.

Malmi is going to head a new cryptocurrency project, but he is still doubtful about the promise of blockchain tech as is usually advertised. He feels that blockchain technology is overhyped and is also implemented for applications which do not need it. If an application doesn’t need a distributed ledger with trusted parties, you don’t need a blockchain at all.

He thinks that ERA would incorporate the cryptocurrency rightly. He also said that he would try to bring a significant change even if that comes tough, instead of doing something easy.

That said, we have a lot of expectations from Malmi, and we are sure, he will introduce something that would benefit the blockchain industry on the whole.

Image credit: Andre Francois

Related post:

The Complete Story of Bitcoin (BTC) ETFs

Nikita Mittal

An avid technical writer with more than 8 years of experience, Nikita is an engineer by profession and writer by passion. She writes all things about the cryptocurrency and blockchain.

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