– Answering the concepts in the article “Invite out Satoshi Nakamoto to welcome the new world”
Zhu Weisha September 7, 2024
The previous discussion introduced the basic concepts and characteristics of Bitcoin. The following discusses the characteristics of the Bitcoin system. Although the initial version of the Bitcoin system has only more than 10,000 lines, it is profound and represents humanity’s advanced ideas and development direction. Technology involves as little detail as possible so that everyone can understand.
41. Bitcoin is different from the Bitcoin system
Bitcoin is a product produced by the Bitcoin system. Bitcoin is valuable and can be traded. Bitcoin does not represent the value of the Bitcoin system. People often confuse these two concepts because the Bitcoin system is the Bitcoin ledger system. Each Bitcoin is recorded openly and transparently on the Bitcoin system.
42. All users’ Bitcoins are recorded anonymously on the Bitcoin system
Bitcoin users’ wallets are different from our daily wallets. Bitcoin users’ wallets do not store money. They are only used to determine the ownership of Bitcoin ledger records by adopting tamper-proof encryption technology. The key of each record constitutes a wallet. The Bitcoin system only recognizes keys, not people. If the key is lost, the money is lost. In the ledger, Bitcoin only belongs to the person with the key, and the owner is anonymous. Satoshi Nakamoto’s Bitcoin was analyzed by someone based on the mining model.
43. The unity of ledger disclosure and user anonymity
The Bitcoin ledger is open to the world; anyone can view it. But who is trading is unknown. As a professional, you can track the Internet IP address to find out. It isn’t easy to find only when only one address is transmitted at a time and the IP is hidden. Large transactions are associated with many addresses, and people can be found. Bitcoin is not suitable for money laundering.
44. The Bitcoin system has almost completed the issuance of Bitcoin
The Bitcoin system is a perfect issuance system for Bitcoin. By the end of 2022, more than 19.3 million have been issued, and there % are still 6% to complete the issuance. It can be considered that Bitcoin has basically completed the issuance. The system is reliable, stable, and trustworthy.
45. The next stage of Bitcoin technology is mainly concentrated on the second layer of technology
The Bitcoin system is usually called the first layer. According to Satoshi Nakamoto, the first layer of technical structure should be implemented throughout; all other problems should be solved through the second layer. The Bitcoin system is not a payment platform. It pursues technical stability and guarantees the best storage value of Bitcoin. Thus, it has won the greatest trust from the market.
46. The Bitcoin system is the system with the most accounting nodes
As a distributed system, the more accounting nodes there are, the higher the reliability. By November 2022, Bitcoin will have more than 7,000 full nodes.
47. The Bitcoin system has the largest computing power of the entire network
At the end of 2022, the maximum computing power of the entire network will be 300,000,000 (Th/s) or 300 (Eh/s). This is equivalent to calculating 300,000,000,000,000,000,000 hash values per second.
Someone made a comparison:
Ant S19 mining machine: Its SHA-256 computing speed can reach 95Th/s, meaning it can complete 950 trillion hash operations per second.
Tianhe-2: Each 12-core Intel CPU can provide about 400MH/s computing power, and 80,000 Intel Xeon CPUs (12-core and 57-core CPUs) can provide a maximum of 52Th/s, which means that 520 trillion hash operations can be completed per second. In fact, due to multi-core scheduling, this peak speed may not be reached.
Therefore, a mining machine worth over 10,000 US dollars is faster than a supercomputer worth hundreds of millions when performing specific hash operations!
Having 51% of the computing power can control the Bitcoin system. It seems increasingly impossible at present.
48. The Bitcoin system has no valuation
Although the Bitcoin system has such a large computing power, various mining pools own it, and the Bitcoin system does not own this computing power. The Bitcoin system distributes Bitcoin according to the probability of computing power competition based on the hash algorithm, so the Bitcoin system has no valuation.
49. Bitcoin program developers do not have wages
Bitcoin program developers and maintainers are volunteers. The third chief maintainer is Wladimir van der Laan, who will retire in August 2022 and has not designated a successor. The purpose is to develop and maintain further decentralization. The Bitcoin system is an automatically running system. After more than 10 years of maintenance, there are very few problems, and it is a mature system. Bitcoin has no marketing promotion and relies on product power to spread. The disseminators are also volunteers.
50. The program developers and computing power owners of the Bitcoin system check and balance each other
The most important team for Bitcoin program development and maintenance is Bitcoin Core, with a download rate of more than 96% of the Bitcoin program code. In other words, there are still computing power teams that do not use their programs. That is, the program development team can update the program, and the computing power team has the power not to download it. Therefore, any improvement must win the support of computing power and an advanced community check and balance mechanism. It is also one of the standards for machine trust. As a blockchain project, there is no difference from the Web2 project if there is no check and balance.
51. The research and development of the Bitcoin system has not been funded
Satoshi Nakamoto created the Bitcoin system and has not received external financing.
52. The Bitcoin system has no copyright and patents
Although Bitcoin is a great invention, Satoshi Nakamoto did not apply for a patent, the code is open source, and Satoshi Nakamoto also gave up the copyright. Bitcoin has a clear ownership, and computing power has a clear ownership. The Bitcoin system has inventors and contributors, but no owners. People who want to own the copyright of Bitcoin do not understand Bitcoin at all.
53. Freedom is the core idea of the Bitcoin system
The Bitcoin system is free to come and go. Users are free to come and go, computing power is free to come and go, and volunteers are free to come and go. There is no tyranny of the majority. Those who agree with the rules stay, and those who disagree leave.
54. Satoshi Nakamoto left to form a community mechanism
Projects in which everyone participates will eventually form a decision-making mechanism. Bitcoin has formed a community consultation mechanism. The community consultation mechanism is still evolving.
55. The system designed by Satoshi Nakamoto drove him out
The largest Bitcoin miner was originally Satoshi Nakamoto. In 2013, he was still mining anonymously in the graphics card mining stage and also out in the professional mining machine stage. Churchill defended the democratic system that elected him. It is Churchill’s greatness and the greatness of the Bitcoin system. Churchill was re-elected after losing the election in 1951. At the turning point of history, the British people needed him.
56. Bitcoin represents advanced ideas
Volunteers, community consultation, Satoshi Nakamoto’s invisibility, natural evolution, automatic operation, openness and transparency, privacy protection, computing power determines value ownership, machine trust standards, etc. The Bitcoin system is close to the ideal country discussed by cypherpunks in the early years. Each of the above points is worth discussing and will give inspiration to the future of humanity. Of course, there is still a long way to go to achieve the ideal of changing the world.
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