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Q&A Series on Basic Concepts of Bitcoin (Part 5)

Weisha Zhu

Summary: Author:Weisha Zhu ——Answers to the concepts in the article "Invite Satoshi Nakamoto to Welcome the New World" 41. Bitcoin and the Bitcoin system are different 42. All users' bitcoins are recorded anonymously on the bitcoin system 43. Unification of ledger openly and user anonymity 44. The Bitcoin system has basically completed the issuance of Bitcoin ...

Author:Weisha Zhu

——Answers to the concepts in the article "Invite Satoshi Nakamoto to Welcome the New World"

41. Bitcoin and the Bitcoin system are different

42. All users' bitcoins are recorded anonymously on the bitcoin system

43. Unification of ledger openly and user anonymity

44. The Bitcoin system has basically completed the issuance of Bitcoin

45. The next phase of Bitcoin's technology will focus on second-layer technologies

46. The Bitcoin system is the system with the most bookkeeping nodes

47. The Bitcoin system has the largest computing power of the entire network

48. The Bitcoin system has no valuation

49. Bitcoin program developers are not paid

50. Program developers and computing power owners of the Bitcoin system check and balance each other

51. The research and development of the Bitcoin system have not been financed

52. Bitcoin system has no copyright and patent

53. Freedom is the core idea of the Bitcoin system

54. Satoshi Nakamoto left to form a community mechanism

55. The system designed by Satoshi Nakamoto kicked him out

56. Bitcoin represents advanced thinking

written in the back


The previous discussion introduces the basic concepts and characteristics of Bitcoin. The features of the Bitcoin system are discussed below. Although the initial version of the Bitcoin system has only more than 10,000 lines, the Bitcoin system is extensive and profound, representing the advanced thinking and development direction of humanity for everyone to understand, as little technology is involved as possible.

 

41. Bitcoin and the Bitcoin system are different

Bitcoin is a product produced by the Bitcoin system. Therefore, Bitcoin has value and can be traded. However, bitcoins do not represent the value of the Bitcoin system. People often confuse these two concepts because the bitcoin system is the ledger system of bitcoin. Every bitcoin is openly and transparently recorded on the bitcoin system.

 

42. All users' bitcoins are recorded anonymously on the bitcoin system

The user's wallet is different from our daily wallets. Bitcoin user wallets do not store money. It is only used to determine the attribution of Bitcoin ledger records. Every record is encrypted by using immutable encryption technology. The keys of each record form the wallet. The Bitcoin system only recognizes keys but not people. If the key is lost, the money is lost. The bitcoins in the ledger belong only to the person who owns the key, and the owner is anonymous. Satoshi Nakamoto's Bitcoin was analyzed by someone based on the mining model.

 

43. Unification of ledger openly and user anonymity

The Bitcoin ledger is globally public and can be viewed by anyone. But one doesn't know who traded. As an expert who can track internet IP addresses, know. Only one address is transmitted at a time, and the IP is hidden, so it is not easy to find. On the other hand, large transactions are associated with many addresses, and people can be found. Therefore, Bitcoin is not suitable for money laundering.

 

44. The Bitcoin system has basically completed the issuance of Bitcoin

The Bitcoin system is the perfect distribution system for Bitcoin. By the end of 2022, more than 19.3 million Bitcoins will have been issued, and left 6% of them will be issued. It can be considered that Bitcoin has basically completed the issuance. The system is reliable, stable, and trustworthy.

 

45. The next phase of Bitcoin's technology will focus on second-layer technologies

The Bitcoin system is often referred to as a tier. According to Satoshi Nakamoto's opinion, the technical structure of the first layer should keep no change; that is, all other problems should be solved through the second layer. The Bitcoin system is not a payment platform. Instead, it pursues the stability of technology and guarantees the best-stored value of Bitcoin to win the greatest trust in the market.

 

46. The Bitcoin system is the system with the most bookkeeping nodes

As a distributed system, the more accounting nodes, 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

By the end of 2022, the maximum computing power of the entire network will be 300,000,000 (Th/s) or 300 (Eh/s). It is equivalent to calculating 300,000,000,000,000,000,000 hashes per second.

Someone made a comparison:

Antminer S19 mining machine: Its SHA-256 operation speed can reach 95Th/s, which means it can complete 95 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 give a maximum of 52Th/s, which means it can be completed per second Fifty-two trillion hash operations, in fact, may not be able to reach this peak speed due to multi-core scheduling.

So, a $10,000 mining machine can perform a specific hash faster than hundreds of millions of dollars supercomputer!

Possessing 51% of the computing power can control the Bitcoin system. However, it is now looking increasingly unlikely.

 

48. The Bitcoin system has no valuation

Although the Bitcoin system has enormous computing power, the computing power is owned by various mining pools, and the Bitcoin system does not possess this computing power. Furthermore, the bitcoin system is based on the hash algorithm and distributes bitcoins according to the probability of computing power, so the bitcoin system has no valuation.

 

49. Bitcoin program developers are not paid

Bitcoin's program developers and maintainers are all volunteers. The third chief maintainer is Wladimir van der Laan, who retired in August 2022 and has not been named a successor. The purpose is to develop and maintain further decentralization. The Bitcoin system is automatic. After more than 10 years of maintenance, there are very few problems, and it is a mature system. There is no marketing promotion for Bitcoin, which is spread by product power. Communicators are also volunteers.

 

50. 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, The share of the bitcoin program code is more than 96%. In other words, there are still computing power teams that don't use their programs. The program development team can update the program, and the computing power team has the right not to download it. Therefore, any improvement requires the support of computing power and an advanced community check and balance mechanism. It is also one of the criteria for machine trustworthiness. As a blockchain project, if there is no check and balance, it will be no different from a Web2 project.

 

51. The research and development of the Bitcoin system have not been financed

Satoshi Nakamoto initially created the Bitcoin system, and there is no external financing.

 

52. Bitcoin system has no copyright and patent

Although Bitcoin is a great invention, Satoshi Nakamoto did not apply for a patent, the code is open source, and the real Satoshi Nakamoto gave up the copyright. Now it is the fake Satoshi Nakamoto who has obtained the copyright of the white paper of the Bitcoin system. Bitcoin has a clear attribution, and computing power has a clear attribution. The Bitcoin system has inventors and contributors, not owners. People who want to own the Bitcoin copyright don't understand the system at all.

 

53. Freedom is the core idea of the Bitcoin system

The Bitcoin system comes and goes freely. 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

A project in which everyone participates will eventually create a decision-making mechanism. Bitcoin creates a community consultation mechanism. The community consultation mechanism is still evolving.

 

55. The system designed by Satoshi Nakamoto kicked him out

The biggest Bitcoin miner was originally Satoshi Nakamoto, and he was still mining anonymously until the graphics card mining stage in 2013. At the professional mining machine stage, he was also out. 

The democracy Churchill defended, Churchill was defeated. It is the greatness of Churchill and the greatness of the Bitcoin system. After being defeated in 1951, Churchill was re-elected. At a turning point in history, the British people needed him.

 

56. Bitcoin represents advanced thinking

Volunteers, community consultation, Satoshi Nakamoto's stealth, natural evolution, automatic operation, openness and transparency, privacy protection, computing power determines value attribution, machine trustworthiness standards, etc., the Bitcoin system is close to the Utopia discussed by the Cypherpunks in the early years. Each of the above points is worth discussing and can inspire the future of humanity. But, of course, there is still a challenging way to go before the ideal of changing the world.

 

written in the back

This series provides the conceptual explanations and summaries needed to read chapters 10-13 of the article "Invite Satoshi Nakamoto to welcome the new world" and the previous article Q&A 1-10.

1. Full-text links

This article was published in Bitui Serial.

Chinese link:

https://www.bitpush.news/articles/tag/%E8%AF%B7%E5%87%BA%E4%B8%AD%E6%9C%AC%E8%81%AA

English link: https://en.bitpush.news/?s=Weisha+Zhu

2. Supplementary video explanation (over the wall in China)

This series of articles has been explained on Sun TV, and the articles and TV explanations are complementary.

The TV show is the interpretation of the point of the article. Broadcast schedule: The broadcast schedule is as follows:

Every 1, 3, and 5, Beijing time noon.

Sun TV's link is as follows:

https://www.youtube.com/watch?v=5dTend6oJ-8

The whole program is divided into two parts. The first part proves who Satoshi Nakamoto is, and the second part is about the Bitcoin standard. The program will continue, followed by discussions and Q&A, hoping to form a Bitcoin-based theoretical system. Users are welcome to leave messages in the TV comment area, and viewers will be selected to participate in the conversation.

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