* This article is a collective effort of CKB Eco Fund, and much of it was inspired by discussions with Jan Xie, Cipher Wang, Han Tang, Baiyu, and Chester Chen. This article was written by Dr. Hongzhou Chen, Research Lead, hongzhou@ckbeco.fund

1 Introduction

In recent years, a sense of nihilism has permeated the blockchain industry, with many believing that it has strayed from the original vision of a “P2P electronic cash system” as outlined in the Bitcoin white paper[1]. Innovation has stagnated, with little real value being created or mass adoption achieved. Instead, the space has been dominated by speculative gambling.