Technology

Nick Szabo, father of smart contracts

2023-12-12 05:05:58

Nick Szabo, father of smart contracts

Nick Szabo born April 5, 1964 is an American scientist, programmer, legal scholar, and cryptographer. He graduated from the University of Washington in 1989 with a degree in Computer Science and a Juris Doctor from George Washington University Law School the same year. He is Professor Emeritus at Universidad Francisco Marroquín, with research on smart contracts and cryptocurrencies.

In 1998, Szabo designed a mechanism for a decentralized digital currency he called “bit gold,” which, although never put into production, But it is seen as “A direct prototype of the Bitcoin architecture,” his ideas about bit gold and the operation of a cryptographically secure automated process-based network influenced the development of Bitcoin and other cryptocurrencies.

Bit Gold

In 1998, he designed a system for a decentralized digital currency called Big Gold, but it was never put into production. In Szabo's BitGold project, participants will devote computer power to To develop the encryption system in the Bit gold network before sending it to the Public-key entry system to solve the problem. in each solution and will be passed on to the next solution. This side of the system provides a way for the network to verify and timestamp new coins.

So what makes Nick Szabo so important in the crypto industry?

Bitcoin is based on his public-key concept, an idea that is the cornerstone of the Blokchaing technology that powers the bitcoin ecosystem.

Nick Szabo is considered to be an important player in the cryptocurrency industry because he invented the concept of Smart contracts, which are contracts that can be executed automatically and are highly secure through cryptography. He also designed bit gold, a decentralized digital currency system that has never been put into production But it has influenced the development of Bitcoin and Blockchain technology.