Cryptocurrency has developed to this day and has passed its initial stage, but what can you find if you type the words “blockchain problems” on Google? We found that the reflective articles were few and far between. Blockchain has been iterating for 12 years. It may be one-sided to say that it has stayed still, but it has not made much progress. In the field of blockchain, whether in application or technology, there are minor improvements to the blockchain, but there is not a single project that can compete with Bitcoin. It is time to summarize, reflect, and elevate our understanding to theory.
Decryption White Paper Series
As the airdrop approaches, we have begun to publish DW20 white papers, chainless white papers, and comments from experts. The knowledge span of cryptocurrency is enormous. Based on our learning experience, we have launched a white paper series with various authors and perspectives. There will always be one that suits you. There are five versions of the DW20 white paper; there are two versions of the chainless white paper, suitable for different readers. We will publish them starting with the most readable version. Interspersed with commentaries.
Congratulations on reading to the end. The Decryption White Paper series is a companion to the Enter the White Paper series. Enter the White Paper is a detailed explanation of the essential concepts of the Two white papers. The chainless white paper is written as a reference book, and the directory identification is very detailed. There is a lot of content in the two white papers that need to be implemented step by step. The original version is in Chinese. If there is any ambiguity in the English version, the Chinese version shall prevail.
The design of the centralized ledger of the chainless system is precisely the same as that of the Bitcoin ledger. Transactions are completed in one ledger. Due to the different coin issuance modes, competing for accounting rights like Bitcoin is unnecessary. Inheriting the ideological value of Bitcoin, abandoning the current blockchain general ledger structure, while inheriting the excellent technology of web2, the chain of ideas is invisible, using the ideas of Bitcoin to transform the existing centralized system and create a new general ledger method, used to solve the pain points of blockchain such as transaction speed and transaction costs, a financial system compliant with Web3.0 was born.
The design of DW20 Decentralized Standard currency incorporates the issuance principles and methods of the US dollar, Bitcoin, fiat-backed stablecoins, algorithmic stablecoins, and collateralized stablecoins. It absorbs their advantages and improves upon their shortcomings. Currently, stablecoins issued in the cryptocurrency field do not possess the conditions to become a standard currency, but DW20 has the potential to become a standard currency.
Ms. He Bing is my good friend; she graduated from the Graduate School of the People’s Bank of China (now merged into Tsinghua University to become Tsinghua PBC School of Finance) and once owned and operated her own securities company in China. Currently living in the United States. Her specialty is foreign exchange trading. The analysis part is my interpretation of Mr. He’s article. Quite a question and answer.
Miles is in charge of wallet and application development. He has been immersed in the field of cryptocurrency for many, many years. His version does not have a lot of financial narrative, which is especially suitable for friends with insufficient financial background, and it is easy to get started immediately. What he wrote is very much like an instruction manual. They understood my idea and implemented a chainless system using modular blockchain tools.
The content of the DW20 Decentralized Standard Currency White Paper is vibrant, and the professional level is also very high. From my understanding, I have excerpted or abbreviated the full text and added some of my analysis and experience. Because I only have the level of a beginner, mistakes are inevitable. For relevant errors, please correct me, and the original text of the white paper shall prevail.
Mr. Ren is my WeChat group friend, and the group gathers because of similar interests. In August 2008, Satoshi Nakamoto sent his white paper to some friends in the cypherpunk mailbox, including the great Hal Finney and Adam Baker, who is still alive today and are most likely to understand him. The first response gave Satoshi Nakamoto great confidence. Mr. Ren is a highly thoughtful person who likes to think about problems from a philosophical perspective. He has a different view on DW20, which is unique and in-depth. The relationship between linear and nonlinear shows that the current blockchain’s shortcomings are profound.
Written earlier: I met Lu Xiaobo in 2023 through the series of articles “Invite out Satoshi Nakamoto to welcome the new world.” He is the first reader to leave a message on our website chainless.hk. That is what the community is like, meeting friends through writing. I invited Xiaobo to write a white paper from his perspective. He put in a lot of effort and also showed his strengths and viewpoints—a financial view of a cryptocurrency novice. That is a self-effacing statement. In fact, both the concept of cryptocurrency and financial cognition are of a high level. His writing is easy to understand, more friendly to most readers who do not understand technology, more readable, and has a larger audience.
The DW20 decentralized standard currency is the best project in the cryptocurrency circle after Bitcoin that I have seen, and it has the qualification to challenge second place. Mr. Zhu said that calling DW20 a standard currency is “taking advantage of Bitcoin,” which is a modest statement. When DW20 enters the stablecoin stage, it has stored value, transaction medium, and ruler. There are three characteristics of currency is real cryptocurrency. But Bitcoin is just a crypto asset.