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Review the origins of Bitcoin and reflect on the development direction of the Crypto Assets industry.
Reflection on the Original Design of Bitcoin and the Development of the Current Crypto Assets Industry
Recently, while rereading the Bitcoin white paper, I noticed significant differences between the timestamp system originally envisioned by Satoshi Nakamoto, which was based on CPU power competition, and the current reality. These differences are mainly reflected in two aspects:
Firstly, today's Bitcoin mining no longer relies on CPU computing power. Secondly, the mining model has evolved from a peer-to-peer competition to a centralized mining pool proxy model. These changes reflect Satoshi Nakamoto's limitations at the time, as he could not foresee the future direction of technological development.
This observation has led me to reflect on the development path of the entire crypto assets industry. Currently, the industry seems to rely too heavily on certain early established concepts, especially regarding Proof of Stake (PoS) and sharding technology. This has resulted in a large number of PoS public chains and layer-two network solutions, but practice has shown that many of the ideas are difficult to achieve the expected results.
As a powerful PoS system, Ethereum also faces growth bottlenecks. Its security relies on the amount of staked ETH, while the amount of stakable assets is limited, which essentially constrains the sustainable development of the system. At the same time, the state computation and changes of Ethereum and its layer two networks still depend on the global state tree of L1, which limits the effective implementation of sharding technology.
In contrast, certain projects attempt to achieve a sharding scheme for parallel computing by transforming the world state tree. Although some progress has been made, they have still not achieved a qualitative leap. This highlights the importance of reverting to earlier technological concepts, such as Bitcoin's stateless UTXO model, which provides a better foundation for concurrent processing.
The reason why the industry development is trapped in certain inherent thinking patterns may be due to an excessive focus on recent innovations while neglecting earlier foundational theories. Re-examining the historical context from Turing's computer theory, Shannon's information theory to Satoshi Nakamoto's Bitcoin design may provide new ideas for the current technological challenges.
In the process of continuous innovation in the crypto assets field, we need to balance the exploration of new technologies with the learning from historical experiences. Only by fully understanding the historical roots of the industry can we better respond to future challenges and promote the healthy and sustainable development of the industry.