Australian entrepreneur Craig Wright has unveiled his plans for TerraNode, announcing plans to shape it into a borderless global payment system running on the Bitcoin network.
In his recent statement on X, Craig Wright announced that the work to transform the system had already begun. Similarly, he noted that this development began after they finished foundational work that took years.
Craig Wright reveals TerraNode’s launch date
Craig Wright took to microblogging platform X to reveal his plans for the new Bitcoin scaling solution, TerraNode. He noted that TerraNode will have enormous capacity and be able to handle any volume of transactions, even during surges.
Wright added that users will not need to worry about delays associated with system upgrades and hike in fees during periods of surges. He also said that the system will be built to embrace growth without compromising its parts. Similarly, the system will prioritize accessibility and scalability to help users.
He explained that the team behind the system will not wait for demand to increase before expanding, but will proactively develop the system to accommodate the level of demand. Wright said TerraNode will be able to scale infinitely, and capacity will never be an issue as they won’t need to wait for improvements.
Craig Wright also mentioned that the system could launch in the next decade. However, after several years of foundational work, the system is still being developed. He said the system will be able to move Bitcoin from a tool used to generate wealth for a select few to a system that promotes economic inclusivity. His goal is to enable everyone to use Bitcoin regardless of where they are worldwide. They will do this by eliminating border hindrances and prohibitive fees.
Wright’s legal battle and challenges
Craig Wright is still fighting perjury and forgery allegations in court. The legal battles relate to his claims about being Satoshi Nakamoto, the pseudonymous creator of the leading digital asset Bitcoin. Aside from his claim of developing Bitcoin, Wright also said he is the author of the digital asset’s White paper.
Based on the evidence presented to the court in July 2024, the presiding Judge, Justice Mellor, said the evidence showed beyond reasonable doubt that Craig White is not Satoshi Nakamoto. According to the judge, Wright’s claims of being Satoshi Nakamoto were based on several forged documents, undermining and abusing the court process.
The judge recently set his next court appearance for December 18 on contempt charges. However, it is uncertain if Wright will show up due to claims of autism spectrum disorder and other courtroom-related challenges. He also requested to join remotely from Singapore, where he is on holiday with his family.