——Answering the concepts in the article “Invite 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, the Bitcoin system is profound. It represents the advanced ideas and development direction of humanity. For everyone to understand, the technology is involved as little as possible. The concepts starting from this section are not limited to the Bitcoin standard, and the relevant basic concepts of the Bitcoin system and blockchain will be discussed more extensively. This section is all about the decentralization of the Bitcoin system.
Summary of the decentralization of the Bitcoin system
57. Transaction decentralization
There is no need to go through the bank’s third party. The bank as an intermediary party is removed. But there is still a third party. This third party is the party that keeps the account. How can the party that keeps the account not cheat? It is guaranteed by program design.
58. No one can control ledger
Program design ensures that the ledger is not controlled. No accounting party can modify the program, and no party can control the ledger. It is essential and is one of the correct answers to Bitcoin decentralization.
59. Storage structure is decentralized
There is no centralized scheduling for Bitcoin storage; anyone can join and withdraw.
60. The right to record the general ledger is decentralized
Only the winner of the proof-of-work competition obtains the right to record.
61. Account verification is decentralized
The account holder is responsible for verifying the block; six blocks are verified as valid. Does it mean that we don’t know who the next verifier is?
62. Coin issuance is decentralized
The Bitcoin system does not have a unified coin issuing agency.
63. Management is decentralized
There is no unified management agency, and it relies on community consultation.
64. Decision-making is decentralized
The Bitcoin system does not intervene from the founder. It relies on community governance, which is necessary for mature blockchain projects. However, there is a central point in the community. The consultation mechanism and voting mechanism of community governance are not perfect.
65. Responsibility is decentralized
You have your own money and control your risks.
66. Computing power is decentralized
Computing power can be freely added without permission.
67. Decentralized operation
There is no centralized operating organization, so there is no management cost.
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