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BTCs Satoshi Whitepaper Summary

Future Blockchain Economy Infrastructure Bitcoin-based SATOSHI+ Consensus Algorithm Optimal Solution for Decentralization of Smart Contract Public Chain Authority

Wealth refers to all the goods and services that can meet the needs of human beings at all levels in society, while money does not. On the one hand, money is the basis to engage in economic activities. Without money as a measurement tool, there is no way to evaluate the contribution of individuals to the entire society, and it is impossible to implement various transactions efficiently. Therefore, the distribution of money in society will lead to the “redistribution” of social wealth. The ideal way of money distribution should reflect everyone’s output without bias, but this is not the case.

First, central banks of various countries produce most of the currencies. The central banks decide the total amount and how to issue the currencies based on their research. However, no matter how comprehensive the central bank’s research is and how talented the economists hired, it is the incomplete observing operation of the society from a small number of people, and their inputs and outputs cannot be exhaustive. Therefore, society is a chaotic system, and the slightest loss could be a thousand miles away. It is still doubtful whether the management is effective.

Second, the transmission path of money is from center to individuals. From the perspective of fairness, currency should be distributed to everyone in a way that matches the individuals. From the standpoint of justice, the poor should get more money than they have, which can help them out of the woods and is more conducive to social stability. Because the central bank produces the currency, its transmission path can only be the central bank >large banks>small banks>large enterprises>small enterprises. The closer to the center, the easier it is to get more money, and the farther away from the center, the less money it gets, which creates a gap between the rich and the poor. Furthermore, due to the system, the central bank needs to issue more currencies to make up for the vacancy because the poor do not have enough money, making the disparity between the rich and the poor continue to enter a vicious circle.

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Financial Issues

To develop business, banks will continually release new credit currencies. Because there is only one legal currency in a country, different banks’ credit business with different risks produces the same credit currency. When a specific credit project has a problem, and the corresponding credit currency has gone through enough circulation, and nobody knows which account the credit corresponds to, and effective risk cutting cannot be carried out. It is up to the central bank to cover all credit risks. A financial crisis will break out when risks accumulate, and even the central bank cannot bear them. The cause of financial engineering problems lies in the circulation of risks, and it is impossible to correlate risks and credit currency one-to-one.

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Contract issues

A contract is the smallest functional unit for the operation of modern society. Even a purchase behavior in daily life is a verbal contract at play behind it. Although keeping a contract can greatly improve the efficiency of social collaboration, people are trapped in-game dilemmas such as “prisoner’s dilemma” and “tragedy of the commons.” In reality, many contracts cannot be fully fulfilled after being concluded. It not only causes enormous losses to the party that abides by the rules but may also bring considerable costs to the breaching party. How to establish an unbreakable contract at low cost and evolvable, and build an organization based on this, to serve the society, is also an important subject that needs to be resolved in the future.

Bitcoin is a social experiment based on blockchain technology started by Satoshi Nakamoto and others in 2009, and it has been running successfully for more than ten years. Bitcoin has been significant since its born.

Building Trust by Using Mathematical Logic Reasoning

Bitcoin uses asymmetric encryption technology to determine assets ownership and PoW (Proof of Work) to solve the final consistency problem. The use of chain data structure ensures the non-tampering features of data and the use of P2P networks to ensure the openness and transparency of data. This system builds a trust system that does not require endorsement from any institution or organization based on mathematics and logic.

Bitcoin has been running successfully for more than ten years. Instead of being compromised by any form of hackers, it has attracted more and more people to participate, which shows the reliability of the mathematical logic behind it.

Prove the Viability of Free Banking

As mentioned earlier, there are drawbacks in how the central banks issue the currency. Therefore, we place our hopes on free banks, looking foward that each banks freely issuing its currency. Hayek believes that currency doesn’t have to be issued by the state, and free banks can provide better currency. Nevertheless, Economists of old age are always worried that non-state issued currency might have various problems.

Bitcoin, as a social experiment, proves that free banking is viable. Bitcoin can provide a feasible path for future currency reforms. It reasonably uses mathematical logic to endorse currency and ensure that the issuance and circulation of currency are open, transparent, and immutable.

Inspiring the Emerge of Programmingism

Programmingism refers to the determination of rules in the form of code to ensure the no one can violate the regulation sociological thinking. Inspired by Bitcoin, many inheritors believe that not only the “rule” of transactions can be confirmed mathematically, but all “operable and unambiguous rules” can also be confirmed mathematically.

Many projects that support smart contracts, represented by Ethereum, have emerged one after another. Although it seems that there are monopoly and performance problems, they provide an effective platform for practicing programmingism.

Many governments worldwide have recognized the critical role of blockchain in social development, and it accordingly accelerates the development of blockchain technology and industrial innovation. We believe that Satoshi can contribute to society in the following scenarios.

New Tool for Bookkeeping

Since blockchain can solve the trust problem, organizations and individuals can use the new bookkeeping model to measure their contributions in a small range. For example, by issuing a small-scale use of points, everyone can avoid the losses caused by the central bank’s currency transmission process. One can exchange for higher-level points to complete transactions with others when they need to trade on a larger scale.

Financial Engineering Innovation

Blockchain accounting is entirely transparent. Therefore, we can clarify each loan’s object, risk, and the amount by using blockchain. If this credit goes wrong, it will not affect other credits. In this way, financial risks will not accumulate, and therefore get rid of periodic financial crises.

On this basis, each bank can issue its currency. The bank with better risk control will attract users to hold the currency more, contributing to society’s better currency. Even if the risk is not well controlled, it will only cause the money issued by the bank to return to zero (although this will have a great social impact) and will not trigger a financial crisis in the entire society.

Decentralized Autonomous Organization (DAO)

Blockchain can build an algorithm for a group of people to collaborate. The collaboration includes incentives and the overall plan. Reducing the collaboration cost means eliminating collaboration friction, improving individual social welfare. Based on this, a unique autonomous-organization DAO has formed. The main feature of DAO is that algorithms determine all bookkeeping and authority based on algorithms.

Society is also a unique organization if we think of it from a higher level. Therefore, it is another option to carry out digital legislation through the blockchain, thereby reducing the cost of law enforcement.

Since the emergence of the Ethereum smart contract, public chain projects have carried out various innovations worldwide. Still, these innovations revolve around the technology itself, while optimizing for the authority is degrading. Ethereum is gradually transitioning from PoW to PoS to solve the performance and scalability. Other public chains are either PoS or on the way to PoS or lost in PoW inefficiency.

The most important revolution of Bitcoin is decentralization, decentralization of authority. However, PoS brings authority back to centralization, and authority monopoly has become a capital game. Take Ethereum as an example, when the pledge of ETH obtains the authority, the capital will do its best to accumulate ETH to monopolize computing power and become the monopoly of Ethereum, and this monopoly is unbreakable. Authority and interests are constantly being strengthened with rewards and transaction fees obtained from block production.

After more than ten years of development of blockchain technology, the best authority decentralization so far is still Bitcoin’s PoW. Bitcoin’s PoW is based on energy technology and chip technology so that no one can monopolize computing power permanently. It is needed to develop lower-cost energy and chips that can generate higher computing power to reach more hash-rate. The process is the progress of human civilization. However, PoS only needs to buy Token and pledge it into the computing power, and it can monopolize constantly.

PoW seems to be un-environmentally friendly and waste energy. Suppose using the energy sources to run the Bitcoin system and run the entire global economic system (smart contract public chain) from the future perspective. In this way, it is worthwhile to use 10% of energy sources as support because it serves the global decentralized bookkeeping authority.

Satoshi Public Chain

Satoshi public chain is a future blockchain economy infrastructure, an optimal solution for the decentralization of smart contract public chain authority. The future is a smart contract world, a programmable world, and the new world will have new currencies, finances, organizational structures, new ways of collaboration…

Satoshi invented the SATOSHI+ consensus algorithm, the third revolutionary technology in the blockchain and encryption. The first is the invention of Bitcoin (PoW), the second is the invention of Ethereum (smart contracts), and the third is the invention of the SATOSHI+ consensus algorithm.

The emerge of SATOSHI+ allows the Bitcoin network to run smart contracts with high performance. All Bitcoin’s computing power naturally supports Satoshi’s computing power, and all the energy and computing power paid for Bitcoin PoW protect Satoshi’s decentralization capabilities. In one sentence, “Satoshi bookkeeping smart contract by using Bitcoin’s computing power.” Please think about this sentence, and this is the best solution for the current public chain technology. There are no others.

The underlying of the Satoshi public chain is through the SATOSHI+ consensus algorithm that connects Bitcoin’s PoW consensus algorithm so that the world only needs to have one set of PoW to run everything. Satoshi will become the best underlying infrastructure for decentralized currency systems, financial engineering, and autonomous organization in the future.