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[Blockchain Science_Bitcoin] What is the essence of the value of crypto assets?

When the price of Bitcoin was at its highest, it reached nearly 70,000 U.S. dollars, which is equivalent to nearly 500,000 yuan. Now, even if it has fallen by about 70% from its highest point, it is still worth nearly 20,000 U.S. dollars.
Therefore, many people have never understood why Bitcoin is so valuable, let alone why people in the industry often say "one coin, one villa". How can one Bitcoin buy a villa in the future?
Today, let’s talk about why crypto assets represented by Bitcoin are so valuable?

01. What is the nature of value?
Before answering "Why are crypto assets represented by Bitcoin so valuable?", let us first solve a more fundamental question: What is the nature of value?
In order to answer this question, we first ask ourselves the following two questions:
· Diamonds are forever, and a diamond lasts forever. So what is the essence of the value of diamonds?
·What is the essence of value of artwork?
Regardless of whether you have the answer or not, let's first appreciate the following Leonardo da Vinci painting "Salvator Mundi" which was auctioned for US$450 million.

Diamond is very hard, the hardest substance in the world, but besides making drill bits, what other practical uses does it have? The clever Jew told a story that most women in the world believed. From then on, young boys had to spend all their money to buy a hard stone representing eternity for their beloved woman, and wear it on the woman's ring finger at a certain moment witnessed by relatives and friends.
The value of diamonds is nothing more than a widely accepted scam, but it doesn’t matter if we believe it.

Artworks have high appreciation value and are also rare, so after the death of the painter, the work has greater room for appreciation. But is the appreciation value really worth tens of millions or even hundreds of millions of dollars? Wouldn’t it be possible to appreciate the replica just as well if it is hung on the wall? High imitation works of art are not much worse than original paintings in terms of appreciation.
If it weren't for the large art collection group, and if it wasn't for the belief that someone would be willing to collect it at a higher price in the future, would there still be so many buyers willing to pay such a high price?

At this point, perhaps you have realized that if we don’t assign value to a thing, many things are not that “valuable” at all.
The air that is most important to our lives is free, and the food that keeps us full is extremely cheap. Strictly speaking, most of the amount we spend on our monthly bills is not necessary for survival, but it is necessary for life. These necessities of life are actually our "consensus". We all believe that these things are indispensable.
Therefore, we can conclude that the essence of value is consensus.

02. The value of crypto assets is also a consensus
Maybe you think that the essence of currency is not consensus, but the coercive power of government and guns.
This view is actually incomplete. There are many ways and reasons for the emergence of consensus, and government coercion is only one way of generating consensus.
In our society, there are many other ways to generate consensus: endorsement by authority figures, corporate credit, historical inheritance, science, religious beliefs... these can all generate consensus.
Historically, “indulgences” have been sold. If you don't belong to that sect (consensus group), you certainly don't spend money on indulgences.
We cannot understand the value of something simply because we do not belong to the consensus group on that thing.
Brand is a consensus, culture is a consensus, trend is a consensus, diamonds are a consensus, currency is a consensus, religion is a consensus, law is a consensus, folk custom is a consensus, credit is a consensus... Broadly speaking, the operation of human economy and society, It is based on various consensuses.
Where there is consensus, there is value, and creating value means creating consensus. The main significance of the government's bailout is to activate the confidence of private capital. Confidence is a bullish consensus. When the bullish capital exceeds the bearish capital, the market index will rise. The core of government regulation is consensus guidance.
"The market value of crypto assets represented by Bitcoin will eventually surpass gold." Because the group with this consensus is growing, the prices of crypto assets are also rising. The value of Bitcoin is essentially consensus.

03. Conclusion
People who don’t play games will not recognize game props, but this does not prevent the skins in “Honor of Kings” from being sold for tens or even hundreds of yuan a set; similarly, people who do not recognize crypto assets do not prevent them from selling them. Bitcoin has risen from zero to nearly 500,000 yuan at its peak in ten years.
The essence of value is consensus, and the value of cryptoassets represented by Bitcoin also lies in consensus. What affects the price of Bitcoin is not those who sneer at it, but those who have a consensus, and the number of this consensus group is constantly expanding.

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[Blockchain Science_Bitcoin] What is WBTC whose market value has grown from 4 million to 1.5 billion US dollars in less than a year?

Since Satoshi Nakamoto released his white paper, Bitcoin’s decentralized financial approach has opened up many possibilities, whether as a digital currency or a payment system.
The native virtual currency community proposed the concept of decentralized finance (DeFi), which essentially allows users to perform transactions and other operations on their own without relying on traditional intermediaries when providing financial services based on blockchain technology.
However, since the concept was proposed, DeFi has gradually emerged in various service forms such as infrastructure, payment and lending, derivatives and insurance, and is regarded as a financial market with great potential.
As the foundation of DeFi, a new financial ecosystem, Ethereum has attracted more and more Bitcoins. The first Bitcoin to use the Ethereum token standard (ERC20 standard) - WBTC (Wrapped BTC), has a total locked-up value of nearly US$1.5 billion. This is a huge flow of BTC from the Bitcoin network to the Ethereum ecosystem.
So, WBTC, as the ERC-20 version of Bitcoin, has suddenly become one of the important solutions for DeFi and occupies a dominant advantage in the field of tokenized crypto assets. What is the secret behind it? Today let us unveil the mystery of WBTC.

01. What is WBTC
The full name of WBTC is Wrapped Bitcoin, which literally means "wrapped Bitcoin". It is an ERC-20 token based on Ethereum and linked to Bitcoin.
It was jointly launched by blockchain projects such as BitGo, Kyber Network and Ren, and was officially launched in January 2019. This token is issued on Ethereum and is anchored 1:1 with Bitcoin. It is the ERC-20 version of Bitcoin and the first ERC-20 version of BTC. It aims to bring BTC liquidity into the Ethereum ecosystem. .
In the past two years, leading transactions have begun to deploy DeFi, making it once a "potential stock" ecosystem in the blockchain. Ethereum is the "main battlefield" of DeFi, and Bitcoin, as the most important digital asset, is also being introduced to the Ethereum chain through different solutions to participate in DeFi, and WBTC is one of the solutions.
On the one hand, the emergence of WBTC does not affect the storage value of Bitcoin, but can also participate in services on Ethereum. By migrating Bitcoin to Ethereum, investors can take advantage of the money-making opportunities that DeFi is constantly looking for.
On the other hand, WBTC provides a solution for the weak liquidity of decentralized trading platforms, and decentralized exchanges provide WBTC holders with income in return. The financial incentives provided by crypto liquidity also attract Bitcoin holders.
Data shows that as the first Bitcoin to use the Ethereum token standard (ERC20 standard), WBTC has a market value of nearly $1.5 billion. This is a huge flow of BTC from the Bitcoin network to the Ethereum ecosystem. This showcases the strong growth of the decentralized finance (DeFi) market in 2020 and WBTC’s dominance relative to other tokenized crypto assets.

02. Why does Bitcoin want to join in the excitement of Ethereum’s DeFi as its own DeFi?
Bitcoin itself is a form of DeFi, and developers are constantly building new DeFi applications on the Bitcoin network. However, Bitcoin itself cannot be easily moved across chains on Ethereum, and most applications are still in the theoretical stage. Compared to Ethereum, DeFi has some flaws in terms of security and stability.
So there was a tokenized version of Bitcoin on Ethereum. DeFi built on Ethereum does not require cumbersome cross-chain operations. The safety and convenience of asset swaps in a single chain also make up for the shortcomings of slow transaction speed. This is also an important basic equipment for the development of DeFi.
Since most DeFi products and projects currently run on Ethereum, it has also brought popularity to Ethereum, and the number of Bitcoins on the Ethereum network has surged. On the other hand, if DeFi continues to maintain this growth momentum, it can lay a more solid foundation for the Ethereum network as the prototype of the financial landscape.
If you want to combine the best of Bitcoin, Ethereum, and DeFi, then WBTC is one of the new breakthroughs. Currently, WBTC has been integrated into many DeFi platforms, such as Kyber Network, Airswap, etc. In addition, some other versions of tokenized Bitcoin are also emerging, such as renBTC, sBTC, etc.

03. Summary
In fact, when WBTC first appeared in 2019, it did not show obvious advantages. However, MakerDAO accepted WBTC as collateral for DAI loans, which became a breakthrough for Bitcoin on Ethereum, and then it skyrocketed.
However, the permissionless nature of DeFi makes using Bitcoin on Ethereum potentially risky.
What other advantages do you think about Bitcoin-anchored coins? Welcome to share your views in the message area.

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[Blockchain Science_Bitcoin] The total number of Bitcoins is constant at 21 million. What should I do after mining?

Many newbies are asking about the fact that Bitcoin is halved every four years. What should we do after it is mined? Where do miner rewards come from, and what coins are rewarded? What should I do if the total amount is constant and there is not enough? Today we will talk about the total amount of Bitcoin and miner rewards.

01. What is the total amount of Bitcoin? How did you find out?
In 2009, Satoshi Nakamoto mined the genesis block of Bitcoin and generated 50 Bitcoins. According to the Bitcoin mechanism, the next block will appear every approximately 10 minutes, and every approximately 210,000 blocks. The reward will be halved.
In other words, the reward for the first 210,000 blocks is 50 Bitcoins; from block 210,001 to block 420,000, the reward for each block is 25 Bitcoins. Based on the calculation that the production time of each block is about 10 minutes, the production time of every 210,000 blocks is about 4 years, which is the often mentioned halving in 4 years.
It changes every four years, with about 210,000 blocks produced in each four-year period. Each block in the first four years is 50 Bitcoins; in the second four years, each block is 25 Bitcoins; in the third four years, each block is 12.5 Bitcoins, and so on until all are Finished digging.
That is (50+25+12.5+6.25+3.125+1.5625+…+0.00000001)×2100≈210000, until all are dug out around 2140.

02. In addition to Bitcoin, can other tokens be mined?
In addition to Bitcoin, other Tokens can also be mined. However, different mining machines can mine different Tokens. If the algorithm mechanism of the two Tokens is the same, you can use one mining machine to mine different coins.
Otherwise, there is no way to use one mining machine to mine different types of Tokens at the same time, or the mining efficiency is very low, because the mining machines are customized according to specific algorithms.
In addition, miners will be rewarded with Bitcoins when mining Bitcoin, and Litecoins will be rewarded when mining Litecoin, so the Token rewarded depends on what you are mining.

03. What should I do if there is not enough money after digging?
The unrestricted issuance of currency by various countries has caused money to become less and less valuable. The emergence of Bitcoin has brought a solution to this problem of inflation.
As it becomes more and more known to the public, the total number of Bitcoins is constant at 21 million, which can avoid inflation. If it succeeds in the future, it will be widely used. Even if they are all mined around 2140, what will happen if there is not enough? What about causing deflation?
As mentioned before, the smallest unit of Bitcoin is Satoshi, which is only one billionth of a Bitcoin. The value of Bitcoin can be subdivided into very small units, so there is no need to worry about it in the short term.
In addition, if it really comes to 2140 and we are faced with the situation of running out of mining, Bitcoin is just a form of digital currency that has been developed so far. In addition, there are also Ethereum and others that can be used. But if it can be issued without limit, it will be the same as legal currency and lose its value.
In addition, regarding the issue of miner rewards after Bitcoin is mined, Satoshi Nakamoto once mentioned that as long as a given amount of electronic currency has entered circulation, the incentive mechanism can gradually be converted to rely entirely on transaction fees.
Therefore, even if all Tokens are mined, miners can continue to maintain the entire network system through handling fees.
What do you think of the idea that a constant total supply of Bitcoin will lead to deflation? Welcome to share your views in the message area.

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[Blockchain Science_Bitcoin] What lies about Bitcoin have scared countless people into regretful actions?

British Prime Minister Benjamin Disraeli once said, "There are three kinds of lies in the world: lies, bad lies, and statistics."
Bitcoin is often associated with various lies and misunderstandings. The following 10 are the most common misunderstandings we have collected.
01. Bitcoin funded KBFZ
Do you know who is funding KBFZ? It’s KBFZ and people who sympathize with KBFZ.
If you want to blame a currency, think of the U.S. dollar, which, relative to other currencies, has been used to fund wars, proxy wars, bombings, hijackings, and insurgencies.
In 2016, Europol found no evidence that KBFZ used cryptocurrencies to fund its activities. This is not to say that using cryptocurrencies to fund KBFZ has not happened and will not happen in the future. Cryptocurrency, like the U.S. dollar and other fiat currencies, is just a medium of exchange. We cannot put all the responsibility on the currency.

02. Bitcoin is another tulip mania
The "Tulip Mania" that swept the Netherlands in the 17th century is always associated with "Bitcoin Mania". Tulip mania caused the price of tulip bulbs to skyrocket, reaching 4,600 florins. After the bubble burst, the price dropped all the way, leaving only one percent of the peak.
It turns out that tulips, like shells and beautiful stones, lack intrinsic value to support such high prices. But Bitcoin is different. It is easy to divide and circulate, and the underlying blockchain technology ensures the decentralization of Bitcoin and the non-tamperability of transactions.
In "What is the Essence of Virtual Currency Value?" 》In the article, we talked about the essence of virtual currency being consensus. As more and more people understand Bitcoin and blockchain technology, the number of groups that have a consensus on Bitcoin will increase.

03. Bitcoin is mainly used for illegal purposes
This statement may have been true in 2013 and before, but with the crackdown on the “annet” and the closure of the “Silk Road”, the vast majority of Bitcoin transactions today are for legitimate purposes.
Still, that doesn’t stop the mainstream media from coming up with this old misconception from time to time, usually accompanied by the picture above.

04. Bitcoin can be hacked
Bitcoin exchanges and cloud-based wallets can theoretically be hacked, just like anything else connected to the internet. However, the underlying code of the Bitcoin blockchain cannot be broken by hackers. Bitcoin has been more thoroughly stress-tested than any other code before it.
If you are worried about your coins being stolen, you can use a mainstream wallet with your own private key instead of depositing it on the trading platform.

05. Bitcoin wastes too much energy
The Bitcoin mining process requires a large amount of energy. Not as much as reported, but every watt is worth it.
Rather than delving into lengthy technical explanations, here are relevant facts to ponder: Bitcoin mining consumes one-third less energy than the U.S. Christmas lights use each year.
One study estimates that Bitcoin uses 0.8 to 4.4 terawatt hours per year (1 terawatt hour TWh = 1000 GWh = 10^6 MWh = 10^9 kWh), and the annual energy spent on mining and recycling gold is 138 terawatts. At the time, the global banking system was spending 650 terawatt hours per year. Compared with these industries, the energy consumed by Bitcoin is almost negligible.
06. Conclusion
Although Bitcoin has been developed for more than ten years and blockchain technology has been recognized by countries around the world, lies and misunderstandings about Bitcoin have never stopped. Words such as "Bitcoin is a Ponzi scheme" appear from time to time. Appearing in various media.
In addition to the 5 common misunderstandings mentioned above, what other misunderstandings do you know about Bitcoin? Welcome to leave a message at the end of the article.

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[Blockchain Science_Bitcoin] Is Bitcoin a "Ponzi scheme"?

There is a well-known saying in the industry:
If you want the world to know that you know nothing about Bitcoin, the best way is to use the "tulip bubble" metaphor, or to say that Bitcoin is a "Ponzi scheme."
Today, let’s talk about why Bitcoin is not a “Ponzi scheme”.

01. What is a “Ponzi scheme”?
"Ponzi scheme", as the name suggests, is a scam invented by a person named "Pang". The protagonist's name is Charles Ponzi, who was born in Italy and immigrated to the United States in 1903.
In 1919, he designed an "investment plan." He claimed that this "investment plan" could achieve a return of up to 40% within 90 days. Moreover, he also gave evidence that "seeing is believing": the first batch of "investors" in this "investment plan" did get the promised returns within the specified time.

As a result, a large number of Americans began to follow suit.
In August 1920, Charles Ponzi went bankrupt. The reason is very simple. This "investment plan" was a scam from the beginning. There was no investment at all. It just used the money invested by subsequent participants to pay for the money invested by previous participants, creating the illusion of a "high return on investment." Because the promised rate of return was too high, the newly absorbed funds were not enough to cover the funds that early participants needed to redeem.
Since then, "Ponzi scheme" has become a proper term, specifically referring to those schemes that promise high returns, but actually use the money invested by new participants to pay interest and short-term returns to early participants to create the illusion of making money, thereby luring more people to participate. scam.
Therefore, we can summarize the three characteristics of a "Ponzi scheme": there is a central figure or institution to operate; it promises high returns; and it uses the money invested by new participants to pay interest and short-term returns to early participants.

02. Why is Bitcoin not a “Ponzi scheme”?
Next, let’s take a look at the three characteristics of whether Bitcoin has a “Ponzi scheme”.
First, “there is a central person or institution to operate from.”
We all know that Satoshi Nakamoto invented Bitcoin in 2008 and retired two years later.Since then, Bitcoin has been maintained by a group of top programmers from around the world, known as "Bitcoin Core Developers."
Looking at it this way, it seems that Bitcoin has a "central institution", but this is not the case. The main job of these core developers is to maintain the Bitcoin code and how to improve the Bitcoin system, not to fool ordinary people into buying and investing in Bitcoin.

The second point is “promise of high returns”.
In the Bitcoin white paper released by Satoshi Nakamoto in 2008, there was no word "promising high returns", and Satoshi Nakamoto did not publicly declare that investing in Bitcoin could bring huge returns.
Bitcoin itself is open source, so anyone can view and contribute to the Bitcoin code. All Bitcoin transaction records are stored in the Bitcoin network and can be viewed by anyone in the world.
If there really was a "promise of high returns", no programmer would have exchanged 10,000 Bitcoins for 2 pizzas worth US$25 in 2010 (these 10,000 Bitcoins are now equivalent to 1.36 billion RMB, at the peak worth RMB 4.6 billion).

The last point is, "use the money invested by new participants to pay interest and short-term returns to early participants."
Since Bitcoin does not have a "central institution" and does not "promise high returns", there is no operation of "using the money invested by new participants to pay interest and short-term returns to early participants".
You might say, right? Buying at a price of 44,000 yesterday and selling at a price of 45,000 today is using the money invested by new participants (those who bought 45,000 today) to pay interest and short-term returns to early participants (44,000 yesterday) 45,000 people who bought and sold today).
What's wrong?
As we all know, buying and selling Bitcoin is an individual’s freedom. One is willing to buy and the other is willing to sell. There is no forced buying and selling behavior, and there is no induction of new people to participate, so it cannot be called "using new participants' money to pay interest and short-term returns to early participants."

Besides, the price of Bitcoin does not keep rising, but fluctuates violently. No one can guarantee that after buying it, it will be sold to the next investor at a higher price. In the circle, the number of Bitcoin speculators who have lost money or even gone bankrupt far exceeds the number of investors who have made profits and achieved financial freedom.

03. Conclusion
After reading today’s article, if someone tells you that “Bitcoin is a Ponzi scheme” in the future, do you know how to respond?
That's right, ask him directly: Does Bitcoin "have a central person or institution to operate", does it "promise high returns", and does it "use the money of new participants to pay interest and short-term returns to early participants"?

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[Blockchain Science_Bitcoin] Is synchronization of Bitcoin full nodes too slow? SPV mechanism that can verify payments without using a full node

Since its birth, Bitcoin has been criticized for wasting electricity resources, but its powerful computing power is a necessary process, and it is difficult to find a better way to replace it.
As it has been around for longer and longer, more and more people are participating in transactions on its underlying technology blockchain, and the content of the distributed ledger has expanded rapidly. The storage capacity of a block set by Satoshi Nakamoto is 1 MB. This puts restrictions on the transaction process and transaction speed.
Therefore, downloading the entire ledger becomes a headache. Can you not download the entire ledger, but only find the parts that are relevant to you? In other words, find a filter and keep the useless stuff out.
So the SPV mechanism emerged.

01. SPV mechanism
The full name of SPV is "Simplified Payment Verification", which is commonly translated as simple payment verification. Its purpose is to verify whether a certain transaction exists, but it cannot verify the legality of the transaction. This requires a two-step operation. The first step is to confirm whether the transaction payment has been verified, and the second step is to calculate how many confirmations have been obtained.
Satoshi Nakamoto mentioned this concept in his paper:
It is still possible to verify transactions without running a full node. Users only need to retain all block header data on the longest chain.
Simply put:
If Xiao Hei transfers a Bitcoin to Da Bai, how can Da Bai know that the transaction of the coin has been completed? It is impossible to find witnesses in a decentralized system.
According to the traditional method, Dabai needs to download all the blockchain ledgers, then find Xiaohei's account, and first check whether it has such a Bitcoin before, and whether there is a record of transferring it to Dabai. Just the first step caused Dabai's storage capacity to explode.
The block size of each Bitcoin is 1 MB, and the block header is only 80 KB, so you only need to download the block header to save a lot of space.
What exactly are block headers and block bodies?
The block header is compared to a person's head, which stores the header information of the block, such as hash value, timestamp, etc.; while the block body is similar to the entire body of a person, storing detailed data of the block, such as specific Trading Information.The block header is included in the block body.
That is to say, although a block header has a hash value, after downloading the block header, Dabai still cannot know which block the transaction is recorded in. At this time, you need to go to the full node with the transaction ID to check whether it is there and where it is. in a block.

02. Payment verification process of SPV
Hey, what if the miners and Xiao Hei join forces to deceive Da Bai?
This is where the SPV mechanism comes in handy.
If the miners say that Xiao Hei has turned around, he has not. Then in order to lie, he must forge more transactions so that these transactions can get the same hash value as in his own block header. However, due to the technical characteristics of hashing, it is difficult to achieve the same hash value of the changed data as the original data.
In short, the entire SPV transaction process is as follows:
The first step is to confirm whether the transaction payment has been verified.
First, calculate the transaction hash value of the payment to be verified, save the block header from the blockchain network to the local, and then obtain the Merkle tree hash authentication path corresponding to the payment to be verified from the blockchain.
Compare whether the obtained hash value is consistent with your own. If they are consistent, it proves that the payment is genuine and valid.
The second step is to verify how many confirmations have been obtained. Based on the position of the block header, the number of confirmations that the payment has received is determined.
After completing these two steps, the transaction payment verification is completed.

03. Summary
The SPV mechanism not only saves storage space and reduces the waste of P2P network bandwidth, allowing ordinary users to operate without downloading complete data, but also brings great convenience to auditing accounts.
However, since SPV does not have complete block data, it cannot verify that the transaction does not exist. This situation can easily lead to double spending, and random link nodes may also be maliciously attacked by the network.
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[Blockchain Science_Bitcoin] What are the Bitcoin addresses?

In the encryption world, the wallet address is as important as the "bank card account number" and "receipt address", and any operation is inseparable from it. With the birth of the Ordinals protocol, it promoted the adoption of Bitcoin based on Segregated Witness and Taproot upgrades. , which makes many people use special address formats such as "bc1p" for the first time. So how many formats of wallet addresses do Bitcoin have, and what are their characteristics? Let’s do some popular science together today…

01. What is a Bitcoin address?
A Bitcoin address is used to send and receive Bitcoins, just like a traditional bank account. Anyone with your bank account can send you Bitcoins, and you can also transfer Bitcoins to other accounts.

A Bitcoin address is a string of letters and numbers. Here are a few examples:
These Bitcoin addresses will show where the Bitcoins are being received and sent from, telling people where the Bitcoins are coming from and where they are going. It's actually like an email system for sending and receiving emails, except in the Bitcoin context, the email content is Bitcoin, the email address is the Bitcoin address, and the mailbox is the Bitcoin wallet.

However, it is worth noting that a single address does not necessarily mean a single user. There may be a group of people behind an address, and a person may also have multiple addresses.

02. Classification of Bitcoin address types
As you can see from the picture above, Bitcoin addresses all start with the prefix 1, 3 or bc1. Apart from this, there is no other beginning. Why is this? This is because they use a different address format. In fact, there are four main types of bitmap addresses:

1. Legacy/Payment Public Key Hash (P2PKH) Address

This type of address is a traditional Bitcoin address, called a legacy address, also called a payment public key hash (P2PKH) address, because when Bitcoin was launched in 2009, its generation method started from the generation of a public key/private key pair. At the time, this was the only way to create an address.

Today, this type of address uses the most space in transactions and is therefore the most expensive address type. However, such addresses are easy to identify because they all start with "1".

Example: 15f12gEh2DFcHyhSyu7v3Bji5T3CJa9Smn

Currently, people will only use this type of address when using some old wallets that are incompatible with the new address.

2. Pay-to-Script-Hash (P2SH) address

Compared with the traditional address starting with "1", the P2SH address is not a hash of the public key, but a hash involving certain technical scripts. It can be used for transfer matters that require multi-signatures, etc., and you can even use Segregated Witness to save transaction fees. , sending to a P2SH address is about 26% cheaper than a wallet using the old address.

Example: 35PBEaofpUeH8VnnNSorM1QZsadrZoQp4N

3. Segregated Witness Address (SegWit) Bech32 Address

Segwit addresses are also called Bech32 addresses, and their characteristic is that they start with bc1q. This type of Bitcoin address reduces the amount of information stored in the transaction. They do not store signatures and scripts in the transaction, but in the witness. Therefore, compared to P2SH addresses, Segwit addresses can save approximately 16% of transaction fees, compared to traditional address and save over 38%. Because of this cost saving, it is the most commonly used Bitcoin transaction address.

Example: bc1q42lja79elem0anu8q8s3h2n687re9jax556pcc

However, some exchanges and wallets do not yet support Segwit addresses, so users will be prompted to send them a P2SH address. This is why most wallets still include the option to create a P2SH or even old address wallet.

4.Taproot address

To increase block space efficiency and improve fees, SegWit has introduced some changes in the way addresses are constructed. Therefore, based on the SegWit address, a Taproot address starting with "bc1p" was developed, which is translated as the main root address. This type of address further reduces storage space, improves transaction efficiency, and provides better privacy.

Example: bc1pmzfrwwndsqmk5yh69yjr5lfgfg4ev8c0tsc06e

03. Summary
Bitcoin addresses have some similarities to modern bank accounts in that bank accounts are also used in transactions to send assets. However, for Bitcoin addresses, Bitcoins are sent.

Although there are different types of Bitcoin addresses, these addresses are used in the same way and have cross-compatibility features, so Bitcoin can circulate between different addresses.

However, a warm reminder that encryption security has always been an issue worthy of concern. Please be sure to check the address carefully before sending encrypted assets to prevent unnecessary losses.

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[Blockchain Science_Bitcoin] What are BTC, BCH, and BSV fighting for? (2)

03. What are the advantages of each?
In the next 5 to 9 years, the current situation of the Three Kingdoms' struggle for hegemony is likely to be broken. The current situation of parallel development of the three countries is very likely to cease to exist. The reason is very simple: it all stems from the sentence in Satoshi Nakamoto's earliest post. talk:

In another decade or two, block rewards will become too small and transaction fees will become the main compensation for nodes. I’m sure in 20 years there will be very high transaction volume (on-chain) or no transaction volume.
The current block reward is 12.5, which will be halved to 6.25 in one year, 3.125 in 5 years, and 1.5625 in 9 years. The block reward is almost one-tenth of the current level and can no longer be used as the main source of income for miners. Then, the competition will actually be on-chain transaction volume and price.
All three use the SHA256 algorithm. If quantum computers do not threaten Bitcoin within 9 years, then the battle for computing power and the battle between miners will determine the final victory. If there is no threat from quantum computers, whichever company takes the lead in deciding to change the algorithm will actually declare failure.
So, starting from this point, it is easy to infer what the winners and losers of the three companies will be in the next few years:

1.BTC
Advantages: Unparalleled huge consensus, the "real Bitcoin" in the eyes of most people, has begun to attract institutions and real big funds to enter the market, and is currently the absolute king.
Winner: If BTC wants to maintain its security and attract enough miners to maintain the network, it must achieve either of the following two points before several halvings. If both points are achieved, the advantage will become huge. Big: Very high price; enough on-chain transaction volume brought about by the massive popularity of the Lightning Network and merchant support.

2. BCH
Advantages: Backed by the big tree of Bitmain, it has unique advantages in mining machines. When someone is not optimistic about the use value and congestion issues of Bitcoin, the first thing they think of is probably BCH.
The winning hand: Strictly speaking, the winning hand of BCH is not on you, but on BTC, especially the Lightning Network. Originally, BTC was used as gold, focusing on storing value, and BCH was used as cash, focusing on payment. However, the Lightning Network has undoubtedly touched the cake of BCH.
Therefore, the winner of BCH lies in its more advantageous experience and lower handling fees than the Lightning Network. Of course, more importantly, it has merchant support that is at least close to that of BTC. After all, if no merchant accepts BCH as a means of payment, it will have no use as a "cash" currency, and transfers between users alone cannot support enough on-chain transaction volume. After several halvings, miners The handling fee will be very low.

3. BSV
Advantages: Nchain’s hundreds of blockchain patents, the current booming development of various applications, and the possibility that CSW is Satoshi Nakamoto.
The winner: If we put aside the issue of CSW identity, the winner of BSV actually lies in the competition with underlying public chains such as ETH, Cosmos, and EOS in multiple dimensions such as development cost, user experience, security, and customer base, including The competition between UTXO and Account model, the competition between small world network PoW and PoS, DPoS, etc.

Complete text: https://zhuanlan.zhihu.com/p/681505845

[Blockchain Science_Bitcoin] What are BTC, BCH, and BSV fighting for? (1)

When BTC's block capacity gradually approached its upper limit a few years ago, the issue of expansion had been discussed for a long time. The game among miners, developers, and users was relatively chaotic. When negotiations could not be reached, forking became the only outcome.

Therefore, on August 1, 2017, BCH was forked from BTC and the block size was increased from 1M to 8M, claiming that he was the true embodiment of Satoshi Nakamoto's "peer-to-peer electronic cash system". On November 15, 2018, there were disagreements within BCH over the future development direction of BCH, which resulted in BCH splitting into the Bitmain-based BCHABC (the former later took back the BCH title) and the Nchain-based BCHSV (later named BSV).
At this point, Bitcoin finally formed the trend of the three countries. BTC electronic gold, BCH electronic cash and BSV global ledger. The following chapters will tell you what they are fighting for, as well as their respective advantages and disadvantages.

01. BTC, BCH, BSV
The goal of BTC is to allow an ordinary computer to run a full node, making BTC truly and thoroughly "decentralized." In other words, as long as there is one computer running BTC in the world, BTC cannot be killed.
Although this method has its advantages of security and "decentralization", at the same time, due to the "ultra-small block" of 1M and the birth of ASIC mining machines, it has become a "delusion" for home computers to become nodes.
In December 2017, the transfer fee for BTC reached a maximum of dozens of dollars. It is said that a netizen’s transfer did not arrive until a few weeks later. At this point, BTC's "electronic cash" path has come to an end temporarily. BTC has become a "good-looking but not easy to use" currency and has embarked on the path of "electronic gold" stored value.
In 2019, Lightning Network began to become popular, and it became really popular at the beginning of the year. At that time, the Lightning Network "torch passing" spread to almost all major WeChat groups. However, what you need to know is that the Lightning Network is currently only a prototype, and there are very few merchants that actually support the Lightning Network. The next 1 to 2 years, especially around the halving of the Bitcoin block reward next year, will be a critical development period for the Lightning Network. The specific reasons will be known below.

2. BCH
The underlying philosophy of BCH is to reproduce the meaning reflected in the title of the white paper "Electronic Cash", because the current block capacity of BTC is really unable to bear the most important function of cash "payment".
Compared with the underlying logic of BTC locking 1M cell speed and BSV's unlimited expansion, BCH appears to be more "flexible" at the underlying level, or in other words, it has not yet found its true underlying logic. The block size should be enough without being blocked. If it is not enough, expand it. The Lightning Network looks good. It will not be deployed for the time being but it is not ruled out that it will be deployed in the future. The smart contract seems good and there is nothing wrong with giving it a try. However, the disbandment of the Wormhole and Copernicus development teams can be said to have announced a temporary failure and end in the direction of smart contracts.
Judging from the recent development route of BCH, there is another intention to return to pure "electronic cash". This may be a good thing. If you find a route and insist on achieving it, you will at least be qualified to participate in this Three Kingdoms struggle. Wandering and unsteady, unable to find a backbone, ultimately falling behind.

3. BSV (BSV is called “Satoshi Vision” for a reason, which will be briefly discussed here)
The underlying philosophy of BSV is "protocol locking + free gaming + unlimited expansion".
Because what is being done is a global ledger, not electronic cash or gold, BSV’s development route is mainly aimed at the To B market. It wants to make a blockchain that can really attract large companies and institutions, or in other words, a stable Agreement, a global ledger that cannot be tampered with.
Therefore, the block size must be expanded first. One G is the minimum, and there will be TB-level expansion plans in the future.
As for the ambition of this global ledger, it is called Metanet on BSV. The ultimate goal is to use the current Internet as a side chain to form a value network for data transmission and storage that cannot be tampered with. To put it simply, it is BTC+ETH+IPFS (Filecoin), basically the rhythm of thousands of chains.

02. Sources of disagreement

Underneath the bottom layer just now, there is actually a deeper underlying philosophy, that is: where does the value of Bitcoin come from?
At this point, the underlying philosophy of BTC and BCH is consistent. The value presentation of BTC (BCH) itself is "currency". Being a currency (payment function + value storage function) is not only the initial form of BTC (BCH), but also its ultimate form. Its value source is mainly as the third step of the blockchain. A project, a huge consensus accumulated over ten years and "unkillable" capabilities.
BSV disagrees with this. BSV believes that whether it is shells or gold, or all things that have served as currencies in history, they first have use value, and then after a long period of consensus, they become monetary attributes. In the past 10 years, the origin of Bitcoin's use value has been the transfer of funds on the dark web. In other words, the core of the "currency consensus" formed by the "underground illegal currency consensus" cannot be self-verified, or self-consistent.
The underlying logic of BSV believes that Bitcoin itself is the wheel, and the global ledger (Metanet) is the car. Bitcoin is the universal currency on this global ledger, and its purpose is to provide fuel for this car and maintain the security of this untamperable ledger. and providing financial incentives. After having use value, the attribute of "universal currency", or "money", was extended. It’s just that when building a car, you need to build the wheels first, and then add the frame to the wheels.
In addition, BSV does not agree that BTC or BCH are "unfriendly" to supervision. It believes that blockchain technology should help commercial institutions, embrace supervision, take the compliance route, let crimes and evidence be exposed to the sun, and distinguish on the blockchain.

[Blockchain Science_Bitcoin] What is Bitcoin BRC-20?

The crypto market in May 2023 was ignited by the meme sector, and the Bitcoin ecological BRC-20 Token rose sharply, attracting extensive discussions in the industry.

According to data from Dune Analytics, BRC-20 related transaction (minting, transfer and deployment) fees reached nearly 1,265 BTC on May 29, setting a record high. The discussion of BRC-20 in major communities has also been increasing.

So, what is the recently popular BRC-20?
01.What is BRC-20?
BRC-20 is a Token issuance standard on Bitcoin. It stipulates the name, circulation, transfer and other functions of Token issued on Bitcoin. It was created by community enthusiast @domodata on March 8, 2023. BRC-20 was founded The next day, March 9, more than 30,000 "inscriptions" were minted, of which nearly 27,000 were text-type "inscriptions."

The creator of BRC-20 emphasized that this is just an experiment, which aims to test whether tokens can be minted and transferred through the Bitcoin NFT Ordinals protocol, and whether it can promote the "fungibility" of Bitcoin.

ordi is the first BRC-20 Token to be deployed. Each minting is limited to 1,000, with a total supply of 21 million. ordi has increased more than 100 times since its issuance.

Currently popular BRC-20 Tokens include pepe, punk, bayc, domo and other Memecoins. OTC transactions are active. Due to the attraction of speculative value and wealth effect, a large number of users download BTC wallets and enter the BTC ecosystem.
02.What is the principle of BRC-20?
Before talking about BRC-20, let’s first talk about the two concepts of Bitcoin NFT protocol Ordinals and inscriptions.

Because the total number of Bitcoins is 21 million, and one can be subdivided into 100 million satoshis (satoshi is sat, the smallest unit of Bitcoin), the cumulative total is 2100 trillion satoshis.
The Ordinal protocol was launched by Bitcoin developer Casey Rodarmor on January 21, 2023. It is a protocol used to number sats and assign a unique serial number to each sat.
Through the Ordinals protocol, writing information to each sat, such as text, pictures, audio and video information, generates an inscription, that is, the inscription is created by writing content to each sat using the Ordinals protocol.

Domo, the founder of the BRC-20 protocol, believes that the Ordinals protocol can not only be used to issue NFTs, but also be used to issue homogeneous tokens.When the inscription is Mint according to a unified protocol standard (JSON data format), a homogeneous Token can be generated. This method of issuing Tokens on the Bitcoin blockchain is called BRC-20.
Therefore, the inscriptions on the Bitcoin NFT are burned with different information. The inscriptions on the tokens marked on the BRC-20 are all text data (Text) in a unified JSON format.
In BRC-20, developers can create and issue Tokens on the blockchain through the Ordinal protocol. The inscription is also used as the accounting ledger of BRC-20 Token, which can be used to track each token transfer.
03. Summary
In general, BRC-20 has attracted widespread attention from the entire cryptocurrency industry. The emergence of BRC-20 has not only brought income to block producers, but also brought new vitality to the entire industry. By using the functionality of Ordinal, new solutions are provided for the transfer and management of digital assets.

However, due to market enthusiasm and attention, the future of BRC-20 remains uncertain. What do you think about the future development of BRC-20? Welcome to leave a message in the comment area.

[Blockchain Science_Bitcoin] What is the difference between Bitcoin and Q Coin?

People often ask, what is the difference between Bitcoin and Q Coin? Aren’t they both virtual currencies?
If your friend asked you this, how should you answer? Today Dabai will talk about their differences.

1. Different issuing entities
Q Coin is a relatively common consumption point in the platform issued by Tencent. It is not a currency. Similar to Q coins, there are game coins in various games and points on various online platforms. Behind them, the corresponding issuing entities, companies or institutions can be found.
There is no centralized issuance entity behind Bitcoin. It is a decentralized digital asset that is jointly issued by miners across the entire network through computing power competition. Miners can simply be understood as people involved in the issuance and accounting of Bitcoin.
2. Different credit endorsements
Q Coin is endorsed by Tencent. People recognize the value of Q Coin, purchase and use Q Coin based on their trust in Tencent.
Bitcoin is not endorsed by any institution or individual, and the ownership and use rights of Bitcoin are confirmed through private keys, which also reflects people's trust in the Bitcoin encryption algorithm.

3. Different accounting methods
Q coins are issued by Tencent, a centralized company, and the income and expenditure of Q coins on each account are settled by Tencent. Tencent has the authority to modify the Q-coin assets of any account, that is, it can increase or deduct the number of Q-coins in your account.
The issuance and circulation of Bitcoin are jointly maintained by miners across the entire network, without the need for a central organization, and through the consensus algorithm of proof of work, the ledger cannot be tampered with by anyone. Bitcoin’s decentralized accounting method is more secure and reliable than Q Coin’s centralized accounting method.
The workload proof mechanism can be simply understood as: whichever miner completes the workload given by the system first will be rewarded. In the Bitcoin system, the reward is Bitcoin, and the job given by the system is to find a solution to a difficult problem.

4. Different application scenarios
The usage scenarios of Q Coin are limited to Tencent’s games and various services. Q Coin cannot be used outside the business ecosystem built by Tencent. For example, Q coins cannot be used for shopping on JD.com.
Compared with Q Coin, which can only be circulated within Tencent's ecosystem, Bitcoin's usage scenarios and acceptance are much wider.It is now recognized globally, with well-known global companies such as Microsoft and Starbucks accepting Bitcoin payments. Bitcoin has received investment from many well-known investment institutions, such as Grayscale, Visa, Nasdaq, Citibank, etc. The daily transaction volume of Bitcoin exceeds 10 billion yuan. These are all manifestations of Bitcoin’s widespread recognition.

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[Blockchain Science_Bitcoin] What is Bitcoin?

Bitcoin has received unprecedented attention since the release of the white paper in 2008, especially since Bitcoin had its first transaction and increased tens of millions of times within ten years. Every time it surges The plunge has become the focus of attention and caused huge controversy.
So, what exactly is Bitcoin?
The Internet’s “last piece of the puzzle”?

As we all know, before the emergence of Bitcoin, the Internet was undoubtedly the brightest star in the past two decades. The Internet has indeed brought about earth-shaking changes in people's lives.
On the Internet, if I want to send you a photo, it is easy to do it using WeChat, QQ or email.
But after you received the photos, the photos in my hand did not disappear into thin air. That is, what you receive is a copy of this photo.
Send photos, videos or files, we can send copies to each other, but what about the money? This will definitely not work. It is impossible to have a situation like this: I transferred 100 yuan to you and you received it, but I still still have the 100 yuan in my hand. This is the so-called "double spending".
Internet technology alone cannot solve the "double spending" problem. So, we can usually pay directly with WeChat, Alipay, UnionPay, etc., so what’s going on?
This is because we rely on giant intermediaries such as WeChat, Alipay, and UnionPay to solve the "double spending" problem that cannot be solved by Internet technology alone.
In other words, after I transfer 100 yuan to you, these intermediaries deduct 100 yuan from my account and add 100 yuan to your account, thus solving the problem of "double spending" of 100 yuan.
But Bitcoin solves this problem perfectly. I transfer 1 Bitcoin to you. After you receive this Bitcoin, my account will lose 1 Bitcoin. This process does not require the participation of giant intermediaries. , Bitcoin’s unique internal mechanism perfectly solves the “double spending” problem.
It can be said that the emergence of Bitcoin has completed the last piece of the Internet technology puzzle, which is to realize the transfer of value without relying on intermediaries (for example, 1 Bitcoin is transferred from my account to your account).Therefore, the emergence of Bitcoin immediately became the focus of attention, and its underlying technology blockchain is also known as the "Internet of Value".
How does Bitcoin work?
Earlier we said that Bitcoin complements the "last piece of the puzzle" of the Internet, solves the "double spending" problem and realizes the free flow of value without relying on intermediaries.
So, how exactly does Bitcoin work?
We can think of the operation of Bitcoin as a large game. The rules of this game are as follows:
1. Anyone can join and play together, and can also quit at any time, provided that a computer is prepared as a game tool.
2. Whoever has a larger number of computer chips and a higher configuration will have a greater probability of receiving rewards from the Bitcoin system.
3. Bitcoins can be transferred to other people at will, but the Bitcoin transfer records will be sent to everyone and everyone will keep them individually.
4. Unless the majority of people agree, no one can modify the game rules and transfer records without authorization.
Precisely because there are Bitcoins as rewards, when I transfer 1 Bitcoin to you, these people participating in the game will rush to keep accounts. Reduce 1 Bitcoin to my account, add 1 Bitcoin to your account, and then back up the transfer records to everyone participating in the game, and the underlying technology of Bitcoin ensures that these records cannot be tampered with.
We mentioned above that when using Alipay to transfer money, we need to rely on Alipay, a giant institution, to record the transfer for us and solve the "double spending" problem.
Then, when using Bitcoin to transfer money, we don’t need to rely on other intermediaries. Using Bitcoin’s inherent technology and incentive mechanism, we can ensure that everyone participating in the game keeps accounts together, thereby solving the “double spending” problem and realizing value. transfer.
This is also the reason why Bitcoin can be decentralized and disintermediated.

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