Jae Kwon

By you?

By me, yeah, in the beginning.

It was just an open source project, and it was always meant to be an open project, right?

And I just felt the need to build this thing because I saw the need for it when I saw everyone struggling with Bitcoin Core, Bitcoin D. What do those mean?

It's like the core software for Bitcoin, right?

And people were forking that on GitHub.

This amazing tool for code replication on GitHub was enabling the creation of altcoins because people were just forking Bitcoin.

And I was like, okay, this is really cool.

I want to help people do this, but, you know, improve it.

So what's the improvement?

It doesn't require proof of work.

And initially, I cared about this angle, this, you know, like replacing proof of work with an algorithm that doesn't require energy expenditure.

Proof of work is how Bitcoin secures itself.

It means... This is a miner?

Yeah.

So, essentially, it's a lottery system.

And the work you're doing is scratching a lottery ticket.

And the difficulty of whether you're likely to win or not is self-adjusting so that on average, every 10 minutes around the globe, no matter how many people are participating, there's only one winner every 10 minutes.

Yeah, exactly.

The block reward.