Craig Wright unveils plans for TerraNode to transform BTC into a global payment system

Australian entrepreneur Craig Wright announced his plans to develop TerraNode into a global borderless payment system running on top asset, Bitcoin. 

In an X post, Wright stated that the first phase of the system’s development had already begun following years of foundational work.

Craig Wright says TerraNode could launch in the next decade

On November 3, Computer scientist and self-proclaimed Bitcoin creator Craig Wright posted on X his plans for a new BTC scaling solution, TerraNode. He even claimed that TerraNode’s system would have unlimited capacity and be capable of handling any volume, even if demand surges.

He added that with TerraNode, users would not have to worry about fee hikes or delays due to upgrades when demand rises. He guaranteed the system would be built to ‘welcome growth without compromise’ and prioritize accessibility and scalability.

He emphasized that the focus is not on waiting for demand to necessitate expansion but on proactively developing an infrastructure capable of accommodating any level of demand growth.

With TerraNode, we’re creating a system designed to scale infinitely, where capacity is not a constraint. […]. No more waiting for improvements as demand surges, no more fee hikes that price out users.

– Craig Wright

According to Wright, the platform could launch in the next decade. However, after roughly 15 years of foundational work, it’s still in its first development phase.

Wright also emphasized that TerraNode would transform Bitcoin into a tool that promotes economic inclusivity instead of just a wealth-generating asset for a few individuals. He explained that TerraNode could increase Bitcoin’s practicality, allowing everyone from all walks of life to use the asset by eliminating its border hindrances and prohibitive fees.

Wright is still facing legal charges on counts of perjury and forgery

Craig Wright is still entangled in legal battles over allegations of perjury and forgery. The charges against him emanated from his previous claims to be Satoshi Nakamoto, Bitcoin’s developer and author of the Bitcoin white paper.

In July 2024, Justice Mellor, the presiding judge over Wright’s case, concluded that Mr. Wright was not the author of the Bitcoin whitepaper based on the evidence presented to the court. Mellor even stated that most of Craig Wright’s claims were related to forged documents noting that his attempts to prove he was or is Satoshi Nakamoto represented a severe abuse of its process.

The judge recently set Wright’s contempt hearing for December 18, but it’s uncertain if he will attend in person, as he cited his autism spectrum disorder and related courtroom challenges. He even requested to participate remotely from Singapore, where he intends to spend the holidays with his family.