Ripple CTO Unveils Confusing Truth About Bitcoin (BTC)

Gamza Khanzadaev

Ripple CTO David Schwartz, who many believe to be Satoshi Nakamoto, reveals intriguing insights into Bitcoin

In a recent revelation, Ripple’s Chief Technology Officer David Schwartz shed light on a puzzling aspect of Bitcoin’s block intervals. Averaging, as Schwartz explained, holds the key to understanding the apparent contradiction surrounding BTC’s block time.

Schwartz, one of the original architects of the XRP Ledger, clarified the disparity in perceptions regarding Bitcoin’s block intervals. When people discuss the “average block interval” of 10 minutes, they are referring to a calculation based on blocks.

This means that, on average, a new block is mined every 10 minutes. However, the statement that there are “10 minutes until the next block” averages over time, signifying the average duration it takes for the next block to be discovered.

I’m sure you’ve heard that the average amount of time between bitcoin blocks is ten minutes. But it’s also true that any particular time, there is on average ten minutes until the next block. It seems impossible that there can both be on average both a block every ten minutes and…
— David “JoelKatz” Schwartz (@JoelKatz) October 20, 2023

The concept can be likened to evaluating buses and passengers, says Schwartz. Averaging over buses, where each bus is equally considered, results in a lower average due to less crowded buses pulling down the average. Conversely, averaging over passengers, where every passenger is equally counted, yields a higher average because crowded buses with more passengers elevate the average.

Notably, Schwartz, recognized as a cryptography expert, is rumored to be Satoshi Nakamoto, Bitcoin’s mysterious creator. These speculations stem from his profound expertise in cryptography, dating back to 1991, when he patented a decentralized computer system.

Despite these claims, Schwartz has consistently denied being Nakamoto, stating he only became acquainted with BTC in 2011.

About the author

Gamza Khanzadaev

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.

Source: https://u.today/ripple-cto-unveils-confusing-truth-about-bitcoin-btc