Gate.io Blog The Biggest Names in The Crypto Space — Who Created Cryptocurrency

The Biggest Names in The Crypto Space — Who Created Cryptocurrency

14 February 10:25

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Dubbed one of the best inventions of the century, cryptocurrencies have changed the financial sector as a result of their decentralized nature. [Decentralized finance](https://www.gate.io/blog_detail/196/Decentralized-Finance-DeFi-A-Technology-That-Challenges-Centralization "Decentralized finance"), under which cryptocurrency falls, enables cheap and borderless transfer of funds at a very low cost. However, it was not simple to establish a global network of decentralized finance. In this article, we will discuss 10 people who created cryptocurrency and made it known and widely adopted. 
## What is cryptocurrency? 
A cryptocurrency is a digital currency that exists on the blockchain and has no regulating authority. It is a [peer-to-peer type](https://www.gate.io/bitwiki/detail/580/peer-to-peer-networking "peer-to-peer type") of virtual currency which people use around the world. Individuals and institutions can send and receive it anywhere on earth as long as they have access to the blockchain and have the associated technology such as digital wallets.

All the crypto transactions are verified and recorded on the public ledger enabling all parties to view them. The <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> creator, Satoshi Nakamoto describes cryptocurrency  as “a peer-to-peer version of cash” that enables people to make online payments without intermediaries.  
## The purpose of cryptocurrency
Cryptocurrency serves various purposes including being a medium of exchange, store of value, unit of account, and investment asset.

The vision of the crypto creator Satoshi Nakamoto was to have digital money that acts as an alternative payment system, with no government or central control. As such, “he/she/they” wanted a digital currency that would be globally accepted as a payment for goods and services.

Therefore, most cryptocurrencies perform the major functions of money such as unit of account and store of value.

**Store of value**: Some cryptocurrencies such as stabl<a href="/price/ecoin-ecoin" target="_blank" class="blog_inner_link">Ecoin</a>s can maintain their values for a long period. Although the prices of other tokens fluctuate significantly, many people keep them for long periods. The reason is that their values may appreciate over time as well. Therefore, to a large extent they also maintain their purchasing power.

**Unit of account**: People use cryptocurrencies to measure the values of goods and services. However, currently most individuals and businesses do not accept cryptocurrencies as means of payment.

**Wealth accumulation**: Many people around the world [invest in cryptocurrencies](https://www.gate.io/buy_crypto?method=card&fiat=EUR "invest in cryptocurrencies") to generate profit or earn interest. For ex<a href="/price/amp-amp" target="_blank" class="blog_inner_link">Amp</a>le, some investors buy and hold certain cryptocurrencies such as <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>, expecting their values to rise.

For ex<a href="/price/amp-amp" target="_blank" class="blog_inner_link">Amp</a>le, <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> was less than $1.00 in 2011 but currently it is over $16,000. Interestingly, in November 2021 the price of BTC was above $60,000. Therefore, investors speculate on values of cryptocurrencies and generate much wealth from that.

**Money transfer**: It is very fast, convenient and cheap to send money in the form of cryptocurrencies around the world. Since cryptocurrencies do not involve intermediaries the cost of transferring them is very low. Notably, that cost does not vary based on distance or the geographical location of the receiver or sender. 
## Creators that have shaped the crypto world
Although many people have ventured into the crypto world and established blockchains and digital assets, there are pacesetters such as Satoshi Nakamoto, Vitalik Buterin, Charlie Lee, Justin Sun, Jackson Palmer, Jed McCaleb and Chris Larsen. Let’s discuss how these cryptocurrency inventors shaped the crypto world. 
### Satoshi Nakamoto — the creator of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>
Most people want to know [who Satoshi Nakamoto is](https://www.gate.io/learn/articles/who-is-satoshi-nakamoto/286 "who Satoshi Nakamoto is"). In simpler terms, Nakamoto is the <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> creator, who is known as the founder of cryptocurrency. He created the <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> code in 2007 before publishing the <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Whitepaper, which explains that <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> facilitates direct internet transactions without using intermediaries such as banks. He published the <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> whitepaper, on 31 October 2008.
![](https://gimg2.gateimg.com/image/article/16763409211.png)
When did <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> start?- Gizbot

Subsequently, Satoshi Nakamoto mined the first <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">[Bitcoin on 3 January 2009](https://www.gate.io/zh/blog_detail/1724/celebrating-14-years-since-bitcoin-was-first-introduced "Bitcoin on 3 January 2009"), heralding a new era of cryptocurrencies. On 22 May 2010 a Florida based man was the first person to use BTC to buy a real-world product when he purchased a pizza for 10 000 BTC. That is the reason why people call 22 May the “Pizza Day”.

The <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>’s whitepaper and Nakamoto’s mining of the first BTC laid the foundation for a cryptographically secure, transparent, t<a href="/price/amp-amp" target="_blank" class="blog_inner_link">Amp</a>er-proof and censorship resistant monetary system.

However, the identity of the <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> creator whose pseudonym is Satoshi Nakamoto is shrouded in mystery. This is because people do not know whether Satoshi Nakamoto was a man, woman or a group of several individuals who used a single name.   
### Vitalik Buterin — the co-founder of <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> 
One of the prominent crypto creators is Vitalik Buterin, the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> founder. Buterin first heard about <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> in 2011 from his father, Dmitry Buterin, a computer scientist. Vitalik’s knowledge of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> increased during the time he contributed articles to <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Magazine that used to publish issues related to the coin.

Since he developed keen interest in <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and cryptocurrency, Buterin, a Russian-Canadian writer and programmer, travelled extensively to discuss with <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> developers. When he had acquired much knowledge about <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> he planned to develop a superior blockchain.

As a result, on 27 November 2013 Buterin launched the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> whitepaper where he explained the concept of the blockchain he aimed to develop. Therefore, in 2013 Buterin [launched the Ethereum blockchain](https://www.gate.io/learn/articles/what-is-ethereum/42 "launched the Ethereum blockchain"), a decentralized and permissionless network.

In 2014 , Buterin and his team held an initial coin offering where they raised 31,500 BTC worth $18 million. Presently, the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> blockchain is the second largest based on market capitalization.

### Craig Sellars and Reeve Collins — the creators of <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> USDT
The history of the blockchain cannot be complete without mentioning Craig Sellars and Reeve Collins, the creators of the third largest cryptocurrency - <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> USDT. Basically, <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> USDT is the biggest stabl<a href="/price/ecoin-ecoin" target="_blank" class="blog_inner_link">Ecoin</a> on the Market at the moment.

Brock Pierce, Reeve Collins, and Craig Sellars launched <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> USDT on 6 October 2014. They built <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> USDT, called Realcoin by that time, on the Omni Protocol since it enabled developers to create smart-contract-based properties on the <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> blockchain.

The name Realcoin was changed to <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> USDT on 20 November 2014. <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> USDT, which uses the Proof of Reserves consensus mechanism, was first traded on Bitfinex in January 2015. It is also the same year that the owners of Bitfinex purchased <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> USDT. As of now, it supports the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>, <a href="/price/algorand-algo" target="_blank" class="blog_inner_link">Algorand</a>, <a href="/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a>, <a href="/price/eos-eos" target="_blank" class="blog_inner_link">EOS</a>, OMG and the <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> networks. 
### Charlie Lee — the founder of <a href="/price/litecoin-ltc" target="_blank" class="blog_inner_link">Litecoin</a> 
Charlie Lee was among the first cryptocurrency creators following the successful launch of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>. In fact, Lee first learned about cryptocurrency in 2011 when he read about the Silk Road, a marketplace that used to accept <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>. 
![](https://gimg2.gateimg.com/image/article/16763409712.png)
<a href="/price/litecoin-ltc" target="_blank" class="blog_inner_link">Litecoin</a>’s creator Charlie Lee - <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>ist

Thereafter, Lee, a software engineer, chatted with Mike Hearn, one of the developers of the <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> blockchain. It was Hearn who inspired Lee to develop his own cryptocurrency- <a href="/price/litecoin-ltc" target="_blank" class="blog_inner_link">Litecoin</a>.

Lee, who holds bachelor's and master’s degrees from the Massachusetts Institute of Technology, [launched Litecoin in October 2011](https://www.gate.io/learn/articles/what-is-litecoin-ltc/147 "launched Litecoin in October 2011"). Significantly; he developed the coin using <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> technology and code, although he made some improvements on them. For instance, he improved on the Hash protocol, the transaction time and the total supply.

However, <a href="/price/litecoin-ltc" target="_blank" class="blog_inner_link">Litecoin</a> was not his first crypto project. Lee and a team of other developers created Fairbix which they cloned from another crypto project called Tenebix. However, Fairbix just like Tenebix failed before making a big impact on the crypto stage.

### Justin Sun — the founder of <a href="/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a>
Justin Sun, an advocate of cryptocurrency, NFT and the metaverse, through the <a href="/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a> foundation [founded TRON in 2017](https://www.gate.io/learn/articles/what-is-tron/172 "founded TRON in 2017") with the major aim of decentralizing the web through smart contracts. In 2018 he purchased <a href="/price/bittorrent-btt" target="_blank" class="blog_inner_link">BitTorrent</a> that offers decentralized service on a large scale. Bit Torrent, with a community of over 100 active users, helped <a href="/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a> to expand rapidly. 
![](https://gimg2.gateimg.com/image/article/16763410153.png)
<a href="/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a>’s founder Justin Sun - BTC-Echo

Although <a href="/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a> was first developed on the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> blockchain it became a stand alone network in July 2018. The major aim of Sun, a holder of a Bachelor of Arts degree in History (Peking University) and a Master of Arts in East Asia Studies (University of Pennsylvania), was to develop <a href="/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a> into an infrastructure that supports multiple gaming applications, trading platforms and decentralized finance protocols.

### Billy Markus and Jackson Palmer — founders of <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a>
Jackson Palmer and Billy Markus, who are software engineers and IT professionals, developed <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a>, a mem<a href="/price/ecoin-ecoin" target="_blank" class="blog_inner_link">Ecoin</a> which they [launched in December 2013](https://www.gate.io/learn/articles/what-is-dogecoin/36 "launched in December 2013"). Basically <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> is a sarcastic meme coin, with a logo of a Shina Inu dog. 
In fact, Palmer and Markus formed <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> using the code from <a href="/price/litecoin-ltc" target="_blank" class="blog_inner_link">Litecoin</a>, a hard fork of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>. 
![](https://gimg2.gateimg.com/image/article/16763410825.png)
Billy Markus and Jackson Palmer - CodeSnail

Soon after the launch, the <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> gained much support from major social media platforms such as Reddit, where it is used as a tipping currency. However, when they realized that the tokens had gained momentum, Palmer and Markus left the development efforts in the hands of a team of developers. Currently, <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> is ranked number 9 with a market capitalization of over $9 billion.

### Chris Larsen and Jed McCaleb — Founders of Ripple (<a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a>)
In 2011, three engineers namely David Schwartz, Jed McCaleb, and Arthur Britto set out to develop a blockchain that was better than <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>. Their aim was to have a network that would overcome the limitations of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> as well as creating a sustainable cryptocurrency that would become an international means of payment. 
![](https://gimg2.gateimg.com/image/article/16763411306.png)
Chris Larsen and Jed McCaleb - CryptoGazette

Therefore, in June 2012, the team launched the <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> ledger consisting of the transaction protocol, the Ripple network and Ripple (the digital asset). Soon after the launch Chris Larsen joined the team. It is also important to note that in the early days, the digital asset was called Newcoin, later changed to OpenCoin, before being renamed Ripple (<a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a>). 
Based on the Scrypt algorithm, the Ripple blockchain has faster transactions than the conventional decentralized networks. Presently, Ripple is the sixth largest blockchain with a market capitalization of over $17 billion.

## Conclusion
We have discussed cryptocurrency creators who made the greatest impact on the crypto sector. These include Satoshi Nakamoto, Vitalik Buterin, Charlie Lee, Justin Sun, Jackson Palmer, Jed McCaleb and Chris Larsen. Most of them are still actively working to create a better future of cryptocurrencies through making network upgrades and other related initiatives.

## FAQs about the famous people in crypto
### Who actually created cryptocurrency?
Satoshi Nakamoto created the first cryptocurrency called <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> which he launched in 2009. He used cryptography to develop <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> which laid the foundation for other creators to develop their own cryptocurrencies. Although he launched BTC in 2009, he developed the code in 2007 and published the <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> whitepaper in 2008.  Since Satoshi Nakamoto is a pseudonym, people do not know his/her true identity. Therefore people assume that Satoshi Nakamoto can be a woman, man or a group of like-minded people.

### Who is the God father of cryptocurrency?
David Chaum is the godfather of cryptocurrency since he came up with a plan to develop a digital currency in 1989.  In fact, he developed the first protocol for a digital currency secured by cryptography. Due to his work, he has been referred to as the father of online anonymity and the godfather of cryptocurrency.
![](https://gimg2.gateimg.com/image/article/16763412067.png)
Godfather of crypto David Chaum - Bloomberg

### What is the oldest crypto?
<a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> is the oldest cryptocurrency since it was launched in 2009.  The other cryptocurrencies were launched a few years after <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>. For ex<a href="/price/amp-amp" target="_blank" class="blog_inner_link">Amp</a>le, <a href="/price/litecoin-ltc" target="_blank" class="blog_inner_link">Litecoin</a> was launched in 2011, <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> USDT in 2014 and Ether (ETH) in 2013. Whereas <a href="/price/litecoin-ltc" target="_blank" class="blog_inner_link">Litecoin</a> was a hard fork of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>, the other cryptocurrencies were developed using similar blockchain technology.
### How old is Vatalik Buterin
Born on 31 January 1994 Vitalik Buterin, the creator of <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>, is currently 29 years old. Notably, he developed <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> in 2014 when he was 19 years old and became the youngest billionaire in May 2021 at the age of 27.  As a fact, Buterin is a Russian-Canadian programmer and writer, who showed amazing interest in Mathematics and Science at a young age.

<div class="blog-details-info">
<div>Author: **Mashell C.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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Creators that have shaped the crypto world

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