Although China government explicitly stopped ICO on September 4th, 20 17, it subsequently stopped the transaction between RMB and digital currency. However, driven by foreign upsurge, the upsurge of digital currency and blockchain in China has once again set off, and it is even more fanatical. Some people exclaimed that "the currency circle is one day, the world is one year", and even "the blockchain is one day, and the Internet is ten years". Various companies with the word "blockchain" have sprung up like mushrooms after rain, showing an increasingly frightening state of "irrational prosperity", which needs to be brought out of order.
In my opinion, the blockchain has eight "pain points". What is its redemption?
The mystery of bitcoin blockchain
Unconsciously, the over-perfect bitcoin blockchain system is divorced from reality and closed. This is precisely the fundamental problem of the bitcoin blockchain.
The original intention of Bitcoin design is to get rid of the traditional payment settlement and related social operation system and create a brand-new point-to-point direct transaction settlement system. The implicit design idea is that different computers from all over the world will participate (break national boundaries) to form an equal "self-organizing" network world without center (anarchy) and intermediary. This online world is different from the real world that has long been composed of sovereign independent countries and national governance systems. Therefore, the laws or rules of any country will not be applied, but new network rules will be formed, which will be built into the network system and maintained and modified by the computers involved in the operation. The network system is regarded as "God", and God, not the organization, is responsible for the implementation of the rules to ensure the fairness and justice of the implementation of the rules. The legal tender (sovereign) currency of any country is no longer applicable, so as to prevent the artificial control of money supply. Instead, it is a brand-new "encrypted digital currency", which is generated by imitating gold and using hash calculation and encryption technology for "mining". The total amount is set, and the amount put in each stage is completely controlled by the system automatically. On the basis that everyone logs in to the Bitcoin network system, every bitcoin acquisition will be confirmed by the whole network and recorded in a distributed way (full fidelity), the transfer of bitcoin assets can be carried out directly from point to point without any intermediary.
Thus, a safe and stable "beautiful world" with decentralization (anarchy), non-intermediation, democracy and fairness, no artificial manipulation and corruption, no taxes and improper charges, no forgery and tampering, and no external attacks can be prevented.
It can be seen that the establishment of Bitcoin network system is not simply to use advanced technology to solve practical problems in the real world, but is strongly anti-social, dedicated to getting rid of the ideological tendency (world outlook, values, philosophy) of existing social systems and mechanisms, and even forming a religious belief and organizational system (this may be an important reason why the inventor of Bitcoin did not want to disclose his identity and adopted the pseudonym "Satoshi Nakamoto"). Through the emergence and appreciation of virtual currency, an attractive incentive mechanism is formed to further enhance people's superstition and worship of online worlds and value systems such as Bitcoin, and strive to enhance its attractiveness and influence. Many participants firmly believe or strongly advocate that blockchain will rebuild the production relationship, organizational form and operation mode of human society; Digital currency such as Bitcoin will surely subvert and replace the existing legal tender system.
But in fact, it is precisely because the Bitcoin system is too perfect and committed to getting rid of the existing world operating system that it falls into a "utopian" thinking that is divorced from reality and self-enclosed. The more it pursues perfection, the more isolated it is, and the more difficult it is to solve practical problems in the real world. On the contrary, it will lose its practical value and become an online game. It is difficult to have much practical value, let alone change the world and subvert the legal tender system.
Judging from the closed system of the bitcoin blockchain itself, its system ("community") has indeed achieved decentralization, trust and mediation, and bitcoin assets can be freely transferred point to point. It seems that a beautiful society with full democracy, rule of law, equality and freedom, no fraud, no taxes and improper charges, and no corruption has formed the so-called "Internet of trust, Internet of value, and Internet of order". But the key issue is that this "beautiful" bitcoin blockchain system cannot exist independently from the real world. If bitcoin cannot be exchanged with legal tender in the real world, it will be difficult to realize its value. To realize the "value" of the bitcoin blockchain, we must connect with the real world and make the bitcoin blockchain system an intermediary link or a transitional stage of social wealth transfer represented by legal tender. This needs to solve the problem of its connection with the real world. Among them, online trading platforms in digital currency, such as Bitcoin, have become important infrastructure (plug-in system) and key links.
In the case that bitcoin must be exchanged in legal tender and auxiliary links such as online trading platform must be added to play a greater role, the characteristics of bitcoin blockchain center and disintermediation may cause serious problems. Looking at the real world environment, if the transfer of monetary assets runs through the bitcoin blockchain system, it actually increases the intermediary link instead of looking for an intermediary. Moreover, due to the strong anonymity of Bitcoin system and deliberate evasion of supervision, it is difficult to fully meet the requirements of anti-money laundering and anti-terrorism transportation. On the contrary, many new serious problems may arise, and many statements about bitcoin and blockchain are difficult to establish.
Those invisible pain points
Labels such as "decentralization", "democracy, equality and freedom" in the bitcoin blockchain cannot stand scrutiny; The truth is that if too much emphasis is placed on "decentralization", it will affect efficiency; Including bitcoin, has not yet become a real currency; ICO-style financing is not conducive to the development of blockchain ... but people can't see these "pain points" when they enthusiastically pursue the blockchain they believe in:
First of all, it is difficult for the bitcoin blockchain to establish a decentralized, democratic and equal society.
The bitcoin blockchain system envisages the establishment of an equal and democratic world for all participants, but in fact, the core team of code maintenance and the main forces involved in mining and operation exert greater influence, which is not so equal and democratic. Affected by the computing power of computers, everyone does not have equal opportunities to explore and acquire bitcoin as advertised. As a result of competition, the opportunities for mining and obtaining bitcoin are increasingly concentrated in a few mining pools or nodes with strong computing power, while more people may not be able to obtain bitcoin although they also participate in mining and consume resources. This makes Bitcoin more occupied by a few people and will enhance its voice or influence on the adjustment of network rules.
Second, there are strict conditions for peer-to-peer transactions of "de-trust" and "de-intermediary" in the bitcoin blockchain.
Within the Bitcoin system, both parties can conduct direct transactions without providing identity information and obtaining sufficient authoritative confirmation (users can change accounts for each transaction, that is, every time a transaction occurs, they can close the original account and transfer the balance to a newly opened account), forming the so-called "trusted Internet, value Internet and orderly Internet", but this implies an important premise, that is, everyone participates in the same Bitcoin blockchain network platform.
Because bitcoin is an endogenous "asset" in the network system, it has been strictly verified and distributed by the network system from the source, and it is difficult to forge or tamper with records. Therefore, its transfer really does not need to know the true identity of the holder, as long as it is determined that the transferor really has enough bitcoin for peer-to-peer transfer through the network system.
However, this is nothing to boast about. In today's society, as long as both parties open accounts in the same bank or third-party payment institution, banks or third-party payment institutions can also use the existing network communication technology to realize point-to-point timely transfer and settlement. Moreover, in the case of centralized operation, the speed or efficiency is much higher than that of the bitcoin system because there are no complex processes such as full-network broadcasting, multi-layer verification and distributed accounting like Bitcoin.
Third, the bitcoin blockchain is just a closed system for bitcoin generation and remittance, with limited practical functions.
In fact, it is difficult to push real-world assets or values to run on this system. Even if it can be pushed, if there is no very strict offline verification system to ensure the legitimacy, authenticity and accuracy of the pushed assets, once something false is pushed to the Bitcoin blockchain system, its operating system will be tight. It is hard to escape the result of "rumor".
If it is strictly limited to the Bitcoin blockchain system, based on the rules generated by Bitcoin, it will not even be able to solve the interest or dividends that should be generated by using Bitcoin to issue loans or investments, which will seriously affect the development and function of finance.
In order to give full play to the functions of Bitcoin system, it is necessary to convert Bitcoin into legal tender and regard Bitcoin system as a transitional link or a new intermediary link in the real world capital transfer. This requires the Bitcoin system to connect with the real world. Judging from the real world environment, the result is not to go to the intermediary, but to increase the intermediary!
Fourth, the bitcoin online trading platform is not an inherent part of the bitcoin system, nor is it decentralized.
To use and realize value, bitcoin must be converted into legal tender; The so-called bitcoin can be directly used for shopping or cash withdrawal at ATM. In fact, it needs to be converted into legal tender online for transfer consumption or withdrawal of legal tender cash.
With the expansion of the demand for online digital currency such as bitcoin and legal tender exchange, a special online digital currency trading platform has emerged to provide professional services for digital currency exchange, especially for those who are unwilling to participate in mining but willing to participate in digital currency speculation such as bitcoin. This greatly facilitates the exchange and transfer of digital currency such as bitcoin and legal tender, and provides strong support for the realization of bitcoin value, price increase and influence expansion.
However, this special platform for exchange or transaction with legal tender is only a plug-in system of bitcoin blockchain system, not an internal organization part of its system. Therefore, although digital currency trading platforms such as Bitcoin were attacked by hackers, Bitcoin was stolen, even the trading platforms closed down or the platform operators "ran away", this did not affect the safe operation of the Bitcoin blockchain system itself. Moreover, although the Bitcoin blockchain system is decentralized, the operation and management of the digital currency trading platform is centralized, and it is not completely restricted and protected by the Bitcoin blockchain system. So far, it has not been effectively supervised by financial supervision. There are potential risks in the operation of the trading platform and its assets. Therefore, the regulatory authorities must start from the supervision of legal tender and strengthen the exchange link between legal tender and online digital currency, especially the supervision of the legality and compliance of online trading platform business.
Fifth, the Bitcoin blockchain system places too much emphasis on "decentralization", which affects its efficiency, cost and supervision.
In order to realize the "decentralization" of the Bitcoin blockchain system, a large number of external computers need to be connected and run together (which becomes the basic condition for the "decentralization" operation). In this way, the more computer nodes are added, the more difficult it is to broadcast, verify and distribute the whole network in bitcoin mining and transfer, and the "mining" process needs to consume more and more energy, even causing environmental pollution. The processing procedure of the external trading platform of legal tender is complicated and the cost is high (the rate of buying and selling bitcoin on Cionbase Exchange in the United States is 1.49%. The exchange has become an important driving force and beneficiary of digital currency's prosperity), and its efficiency is very low (when the Bitcoin wallet is first installed, it will take a lot of time to download historical transaction data blocks, and it takes about 6 pieces to confirm a Bitcoin transaction, which often takes several days).
More importantly, if we join the bitcoin system, which is an intermediate link that completely confronts or evades state supervision, the circulation of legal tender may be completely out of control, resulting in extremely serious problems. In fact, Bitcoin is really favored by terrorists, drug dealers, cyber hackers and financial swindlers. , often used to transfer funds or assets to escape supervision.
Sixth, excessive pursuit of decentralization and full democracy and freedom will actually be divorced from realization.
Human beings are the animals with the most social attributes on the earth. Living in groups or groups can not only form greater synergy to resist natural enemies and overcome difficulties, but also help to increase reproductive opportunities, enhance learning and communication, promote the development of skills and brains, and promote the rapid evolution of mankind and become the master of the world in a short time. In this process, there must be contradictions and unity between personal interests and public interests in human society. Only by maximizing public interests can we fundamentally ensure the maximization of personal interests; To maintain a good relationship between individuals and organizations, we must form good rules that can be accepted by most people, and we need a mechanism to supervise the implementation of rules and punish violations. Therefore, in the long-term practice, it may be an inevitable choice to form a center and hierarchy in social organizations instead of complete equality, democracy and freedom. Although people constantly imagine the establishment of an equal, distribution according to needs "utopia" society, and even try to "bump into capitalism", it is difficult to succeed. In today's world, which is still based on the sovereignty of all countries, it is unrealistic to imagine establishing a decentralized, anarchic network world and a super-sovereign world currency, which is completely free from the constraints of national laws in the real world.
Bitcoin is not money.
Bitcoin is hard to become a real currency. This is actually the seventh pain point of the blockchain.
First of all, bitcoin highly imitates the design idea of gold and does not conform to the law of currency development.
Bitcoin is designed in imitation of gold. The total amount is limited, and the mining is becoming more and more difficult. The output is gradually reduced in stages, so as to eliminate the possibility of excessive human input and create a huge imagination space for the appreciation of Bitcoin. But this design idea is just a wrong choice, ignoring the fundamental reason why gold will withdraw from the currency stage.
As the value scale, exchange medium and value storage means of commodity exchange, money needs to be supported by value and maintain a relatively stable value (monetary value). However, as a natural substance, gold easily deviates from the actual level of economic and social development and its demand for money, leading to serious inflation or deflation. Moreover, when it shows an appreciation trend, it is easy to be overcharged and gain appreciation income, which seriously affects its function as a currency. Therefore, in the end, it is easier to be flexibly regulated, the total amount of money basically adapts to the level of economic and social development, and the value of the currency is basically stable (monetary facts have fully proved that gold can no longer be a currency.
Therefore, the idea of designing a monetary system by highly imitating gold is itself a retrogression and cannot be established.
Secondly, as a natural substance (precious metal) that people admire, gold itself has real value, such as making gold ornaments, and it still has industrial uses. But bitcoin is purely a string of encrypted numbers or numbers generated by network systems, not a natural substance. Once you leave the bitcoin system, it has no value and will disappear like air.
Bitcoin doesn't have any value reserves or corresponding wealth owned or controlled by its bitcoin network world, so it can't be a real currency, only a network "business circle currency" or "token".
Thirdly, Bitcoin is an open source system and can be downloaded for free. In the process of bitcoin rising, it is easy to produce many "cottage coins" or "fork coins" (according to statistics, by the end of 20 17, there were more than 1300 online digital coins in the world. Some people think that there are actually more, and some of them are not called "Cion" but "Token", which is translated into "general certificate", but the essence is the same). In this way, countless blockchain network "communities" will be divided in the network world (far exceeding the number of countries). If we can't exchange needed goods and keep the rules unified, it will inevitably lead to chaos in the online world, which will seriously affect the reputation and cross-chain circulation of online digital coins.
It is said that some people are trying to issue bitcoin cash in kind, such as bitcoin coins or paper money, in order to make it easier to use bitcoin offline. This is even more contrary to the logic of Bitcoin as a network digital currency and "decentralization", which is difficult to achieve.
Extraorbital ICO
Obviously, there are more problems with ICO in digital currency, which is tantamount to quenching thirst by drinking poison. This is the eighth biggest pain point of blockchain.
With the warming-up and price increase of blockchain and network "digital coins" such as Bitcoin and Ethereum, many "blockchain startups" and their corresponding cottage coins or fork coins have also been born. These "blockchain startups" have new concepts and short time, and their operating performance is difficult to meet the regulatory conditions of IPO. Therefore, under the impetus of some capital operators who participated in "coin speculation", ICO fund-raising methods characterized by issuing online digital coins initially and raising popular online digital coins (mainly bitcoin and etheric coins, not legal tender, thus avoiding the risk of illegal fund-raising) emerged.
Once ICO was launched, it further expanded the demand of popular digital currency such as Bitcoin and Ethereum, and raised their prices. The sharp rise in the prices of Bitcoin and Ethereum has made people who raise digital coins through ICO rich overnight, thus attracting more people and capital to enter the blockchain and digital currency fields, and making many people believe that ICO is a major financial innovation in the online world, even the end of Internet financial innovation.
However, because ICO is not effectively supervised by the regulatory authorities, there are many factors in its actual operation, such as black-box operation, internal speculation, false propaganda, malicious pyramid schemes and so on. For example, the total amount of "coins" determined by some ICO projects has no basis and rules at all, and it is completely decided by patting the head; Some have announced the number of "coins" to be publicly issued, but in fact only a few "coins" have been issued to prevent excessive issuance and it is difficult to speculate on the price; Many ICO projects are monopolized by a very small number of investors, and then they make great efforts to speculate, push up prices, maliciously manipulate the market, take the opportunity to make profits and then quit, leaving the risks to the takers (commonly known as "cutting leeks").
Encouraged by some digital coin speculators, many young people, with blind faith in blockchain and digital coins, or extreme worship and pursuit of getting rich overnight, devoted themselves to blockchain development and ICO operation, often excited about the success of ICO and getting rich overnight. Living in the fantasy that the prices of Bitcoin and Ethereum only go up and down, they never thought about the responsibility they should bear after completing ICO. I simply don't think about how to face investors in the future and how to gain a foothold in society if the blockchain project is difficult to produce actual value, or if the prices of bitcoin and Ethereum raised have fallen sharply and cannot be converted into enough legal tender to meet the capital needs of their entrepreneurship.
Many investors also have blind faith in blockchain and digital currency, and have the illusion that digital currency will only raise prices but not lower prices. They are keen on speculation in digital currency, regardless of the feasibility of the projects they invest in (many ICO projects can only be invested by "white papers" with limited words and vague information), or how to supervise the project team and project process after investment and how to protect the rights and interests of investors. Or they are more willing to participate in it, knowing that it has great risks, and forming pyramid schemes, so as to fool and deceive more people and funds into it, so as to become people who reap leeks for profit, rather than people who cut leeks for damage. Especially for some speculators of Bitcoin and Ethereum, by promoting ICO of other projects, the demand for Bitcoin and Ethereum can be expanded and their prices can be raised, and they can benefit from the premium of Bitcoin and Ethereum to hedge the risk of investing in ICO projects. The more ICO develops, the richer its income will be. Therefore, these speculators of Bitcoin and Ethereum have become the main driving force of ICO, constantly creating myths about blockchain and digital currency.
What's more, many countries are particularly keen to explore the so-called "sovereign encrypted digital currency". For example, the Venezuelan government introduced the "Digital Encrypted Petro" using the Ethereum ERC20 standard, which is compatible with Ethereum wallets and exchanges and has typical ICO characteristics. 2065438+The pre-sale of "Petro" began on February 20th, 2008, and it is said that the pre-sale of $735 million was raised on the first day. But it also reflects people's blind worship of encrypted digital currency, which is extremely risky.
It can be seen that the emergence of ICO has a great impact. This seems to provide new financing methods and channels for blockchain entrepreneurship. In fact, the focus is on speculating digital coins and raising funds for the public (not private placement), but there is a serious lack of necessary rules and supervision. This can easily cause very serious financial and social problems, and even lead the development of blockchain astray. This is particularly evident in China. Therefore, the government of China also took the lead in taking drastic action in the world, and completely stopped ICO in Chinese mainland on September 4th, 20 17. This is a wise and decisive move, which effectively curbed the rapid expansion of the situation.
Such drastic measures will naturally arouse strong opposition from stakeholders, especially when similar actions have not been taken abroad. Some countries are still encouraging digital currency to speculate, and even famous American futures exchanges are actively promoting bitcoin futures trading and striving to launch bitcoin ETFs. Therefore, some people strongly appeal that this move will make China lose its global leading opportunities or advantages in blockchain and digital currency, and will make serious historical mistakes, which should be corrected as soon as possible. But it turns out that this is all a bluff, even a threat. Now ICO projects all over the world are beginning to expose a lot of problems, which makes more and more countries, including the United States and even Japan, begin to strengthen the supervision of digital currency and ICO.
In any case, such fund-raising activities for the public must be strictly supervised and fraud must be severely cracked down. It is also very necessary to completely stop before there are appropriate regulatory rules. Otherwise, the development of ICO may lead the development of blockchain astray or a dead end, and cause serious social instability.
"redemption"
To sum up, only by jumping out of the thinking and paradigm of "bitcoin blockchain" can blockchain development achieve self-redemption.
Bitcoin is the earliest blockchain and the most successful landing project so far, but from a technical point of view, it is indeed a major innovation. Therefore, all kinds of statements about blockchain, although varied, are basically based on the paradigm of "bitcoin blockchain" consciously or unconsciously, and all kinds of blockchain application development are unconsciously caught in the "bitcoin blockchain". Fully enclosed mode. As a result, apart from the growing prosperity of the "currency circle", it is difficult to see successful cases in real blockchain applications so far, which seriously hinders the healthy development of blockchain.
It must be clearly seen that Bitcoin is only a result of blockchain application, "Bitcoin is not equal to blockchain".
Blockchain is a fusion of various technologies. Bitcoin in the blockchain is just a form of integration of multiple technologies, and different technologies can have multiple combinations. Therefore, the development of blockchain must jump out of the thinking and formula of "bitcoin blockchain" instead of pursuing too much idealism. It should be down-to-earth, seek truth from facts, focus on using relevant technologies to solve practical problems in the real world, and constantly improve and perfect in practice, so as to give full play to the positive role of blockchain.
First of all, "decentralization" is only a feature of the bitcoin blockchain, which does not mean that the entire blockchain must be decentralized.
The core of blockchain is the partition and distributed storage of data, but there are strict connections and encryption protection between blocks, forming multiple backups and cross-verification, thus ensuring the security of data and preventing fraud or tampering. Going to the center, and thus attracting a large number of external computers to join, forming a computer "public chain" * * * to run together, is not necessarily the necessary content of blockchain. Blockchain can also run independently on private computer groups, or attract certain qualified participants to join, forming a semi-centralized "franchise chain" operating system run by franchisee computer groups.
Secondly, the endogenous "coins" in network systems such as Bitcoin are not inseparable from the blockchain.
If we don't pursue decentralization, we don't necessarily need an incentive mechanism like Bitcoin. We can change the operational focus of the blockchain: from focusing on "mining" to generating "digital cryptocurrency" and the transfer authentication and recording of this "digital asset", giving up the verification of the legality, authenticity and accuracy of assets and the authenticity and accuracy of the identities of both parties to the transaction, and forming a closed network environment completely divorced from the real world. It will be transformed into strengthening the verification of the legality, authenticity and accuracy of assets and the authenticity and accuracy of the identities of both parties to the transaction, without developing and operating endogenous digital coins ("virtual assets") in the system, and then integrating the blockchain into the real world, truly solving practical problems in the real world, fully complying with the requirements of national laws and regulations, and avoiding becoming a tool and accomplice for illegal transactions and the spread of terrorism.
It must be noted that the Internet can only solve the transmission of information, including human information, material information and monetary information (words, data, images, etc. ), but it can't solve the physical transfer, including cash and cash. Therefore, the real solution to the transfer of physical assets in the real world requires the cooperation of the Internet of Things. It is still very difficult to solve the tracking, anti-counterfeiting and quality assurance of all kinds of objects, including all kinds of physical vouchers and documents, during transmission or transportation. Therefore, don't expect blockchain technology to be omnipotent. Facts have proved that it is unrealistic to fantasize about developing "P2P" lending and equity "crowdfunding" through the Internet and subverting traditional finance. Similarly, people think that blockchain can realize point-to-point direct transactions between people, and then form a self-organized, de-enterprise programmable digital economy. I believe that with the blockchain, ICO may become the end of the deepening of Internet finance and be completely subverted by Internet technologies such as blockchain.
Thirdly, digital currency, the central bank, cannot imitate the "network encryption digital currency" system such as Bitcoin or Ethereum.
With the emergence and increasing popularity of "network encryption digital currency" such as Bitcoin and Ethereum, many central banks, including the Bank of England and the People's Bank of China, have also announced that they will launch the central bank-led digital currency ("legal digital currency"). However, digital currency, which is dominated by the central bank, refers to the currency digitization realized by using new technologies such as blockchain under the existing legal tender system, or imitates the network encryption "digital currency" such as Bitcoin and Ethereum to form another brand-new currency system. What does this mean? It is precisely because of this that the central bank's actions even inspired the society's enthusiasm for network encryption "digital currency" such as Bitcoin and Ethereum. Many people firmly believe that the central bank is eager to launch its own dominant digital currency because the emerging network encryption digital currency has posed a serious threat to the traditional legal tender, indicating that the emerging digital currency has a strong impact and value potential, and needs to seize the rare historical opportunity or outlet and actively invest in the network digital currency such as Bitcoin and Ethereum.
In fact, some central banks do think that digital currency, such as Bitcoin and Ethereum, may represent the development direction of the online world. They must keep up with the trend, seize the opportunity of digital currency, form influence, fight for the right to speak in the online world, and start to design their own digital currency by imitating Bitcoin and Ethereum. However, the biggest feature of digital currency, such as Bitcoin and Ethereum, is "decentralization", which has a fundamental conflict with centralized digital currency dominated by a national central bank and is difficult to coordinate. Moreover, even if the central bank can imitate Bitcoin and Ethereum to design a new monetary system different from legal tender, it will be difficult for this monetary system to completely replace the existing legal tender system overnight or even in a short time, which means that a country will have to run the two monetary systems in parallel for a long time, which will make the monetary authorities face great challenges and risks. A little carelessness will cause chaos in the monetary system and violent turmoil in financial operation, which is very dangerous. Therefore, after several years of demonstration and experiment, some central banks announced that they would stop digital currency's research. The Bank of China has gradually made it clear that digital currency led by the central bank is not a brand-new network encryption digital currency such as Bitcoin and Ethereum. Generally speaking, under the existing legal tender and its operating system (including commercial banks), we should make full use of various technologies including blockchain to further enhance the digitalization of legal tender, mainly replacing cash (M0) instead of "mining".
It can be seen that sticking to the "bitcoin blockchain" paradigm does not have much value and development space. The development of blockchain needs to jump out of the thinking and paradigm of "Bitcoin blockchain"! The seemingly perfect mining and coinage blockchain is not perfect, so stop deceiving yourself.