- Answering the concepts in the article "Invite Satoshi Nakamoto to Welcome the New World"

Zhu Weisha September 8, 2024

 

This section continues to discuss the characteristics of the basic concepts of the Bitcoin system and blockchain. Although the initial version of the Bitcoin system has only more than 10,000 lines, it is profound. It represents humanity's advanced ideas and development direction. Technology involves as little detail as possible so that everyone can understand it. This section mainly consists of the trust issues retained by the Bitcoin system.

 

Trust retained by the Bitcoin system

 

78. Trust system service programmers

Trust the level of programmers. Not only at the moral level but also at the cognitive level. Fortunately, the Bitcoin maintenance team and programmers have implemented Satoshi Nakamoto's idea: "0.1 structure is implemented throughout."

 

79. Trust computing power not to do evil

Trust computing power not to do evil. Facts have proved that when one party exceeds 51% of the computing power, it does not do evil.

 

80. Time accumulates trust

The trust described in the above two items has events that affect trust. The Bitcoin system has withstood the test of time. Time has tested the stability of technology and the level of participants. From the perspective of the Internet, Bitcoin is a mature system. It has the trust required by mature systems.

 

81. Openness and transparency are the source of credit

It is the core idea of ​​the Bitcoin system. Satoshi Nakamoto only quoted one sentence from Wei Dai in the entire white paper, and he was ranked as the first citation, which shows the importance of this idea. In the transaction process, Satoshi Nakamoto said: "To achieve this goal without introducing a trusted party, all transactions must be published publicly." This idea is also the core idea of ​​Web3. The Bitcoin system's practice has proved that openness and transparency are the best way to gain market trust.

 

82. Machine trust is the trust basis of the Bitcoin system

The Bitcoin system does not need to trust intermediaries. It does not need to trust people, which means that most of the uncertainties are excluded. This certainty is machine trust. The machine is trusted as one party. Every change in the software may destroy this trust.

 

83. Summarize the machine trust standard created by the Bitcoin system

Machine trust is also trust. In the end, we still need trust. It's just that the fewer people you trust, the fewer trust links, and the safer the trust links, the better. The less trust you need, the smaller the risk and the greater the value.

Absolute remove trust does not exist. Even paper money is an intermediary, and people have to trust paper money. If there is no trust at all, modern society cannot function.

Machine trust is the de facto standard created by Satoshi Nakamoto. Satoshi Nakamoto's trust standard can be summarized into 9 items:

1. The fewer people you trust, the better.

2. The fewer trust links, the better.

3. The safer the trust links, the better.

4. The system has an automatic check-and-balance mechanism and a check-and-balance between computing power and program maintainers.

5. It has a community decision-making mechanism.

6. De-control

7. You have your data.

8. The ledger is open, transparent, and cannot be tampered with.

9. The longer the trust has been experienced, the better; credit needs time to accumulate.

In fact, there is another hypothesis: code is law. Modifying the code must be based on the rules, which is the underlying consensus of the machine trust standard.

A theorem is derived: the system must not crash.

The machine credit created by Satoshi Nakamoto implies trust in third parties and, at the same time, proposes that the way to generate trust in the market is through openness and transparency. We need trust, but we also have to check and balance. The less trust is required, the fewer checks and balances are needed. If this check and balance mechanism is not automatic, it is not machine trust. The chaos in the blockchain lies in the misunderstanding of the relationship between automatic trust and checks and balances. Bitcoin's automatic checks and balances do exist.

The comparison standard is explained as follows:

Compared with Articles 1, 2, and 3, Bitcoin is a core program developed by one person. Only one person needs to be trusted. There are two trust factors: the Internet structure and the network operator. Now, there is trust in the Bitcoin system operator.

There is still a difference between automatic checks and balances and community decision-making checks and balances in Articles 4 and 5. The above are all degree indicators.

Article 6, "de-control," means that a third party does not control user data. However, it still has its community decision-making mechanism as a system. Articles 7 and 8 are mandatory indicators.

Article 9 is a result indicator. Time trust is the fundamental trust.

https://chainless.hk/2024/09/09/qa-series-on-basic-concepts-of-bitcoin-part-9/

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