Future Blockchain Economy Infrastructure: BTCs Satoshi Summary
Bitcoin-based The best option for decentralising the public chain authority for smart contracts is the SATOSHI+ consensus algorithm
Fair and open! For Satoshi Spirit only!
BTC missed! Bring BTCs!
Present-day Social Issues
Currency Issues
Money does not define wealth, which is all the commodities and services that can satisfy people's needs at all levels of society. On the one hand, having money is necessary for carrying out economic activity. Without using money as a measurement instrument, it is hard to assess how each person contributes to society as a whole and to carry out numerous transactions effectively. As a result, the "redistribution" of social wealth will result from the distribution of money in society. Money distribution should impartially reflect everyone's output in an ideal world, however this is not the case
First, the majority of the world's currencies are created by various central banks. Based on their analysis, the central banks choose the overall quantity and the method for issuing the currencies. No matter how accomplished the economists hired by the central bank are or how thorough their study is, the society is being seen from a tiny number of people, thus their inputs and outputs cannot be exhaustive. Because of this, society is a chaotic system where even a small loss may be felt a thousand kilometres away. The effectiveness of the management is still under question
Second, money is transmitted from the centre to individuals. Fairness dictates that currency should be allocated to everyone in a way that is appropriate for each person. From a just perspective, the poor should receive more money than they now do, as this can help them out of their financial binds and promotes societal stability. Since the money is created by the central bank, there is only one possible transmission path for it: central bank > major banks > small banks > large enterprises > small enterprises. There is a gap between the rich and the poor because it is easier to get more money the closer you are to the centre and harder to get less money the farther you are from it. Additionally, because of the arrangement, the central bank must issue
Banks will continuously issue new credit currencies in order to expand business. Due to the fact that each nation has only one official currency, multiple banks' credit activities with various levels of risk result in the same credit currency. When a particular credit project is problematic, the associated credit currency has been sufficiently circulated, no one can identify the account to which the credit corresponds, and effective risk reduction cannot be done. The central bank is responsible for covering all credit risks. When risks mount to a point where even the central bank cannot tolerate them, a financial crisis will occur. The circulation of risks is the root of financial engineering issues, and it is impossible to directly link risks and credit currency.
contract problems
The smallest functional unit for how modern society functions is a contract. Even in daily life, there is a verbal contract at work behind every purchasing activity. Although maintaining a contract can significantly increase the effectiveness of social collaboration, people are frequently caught in "prisoner's dilemma" and "tragedy of the commons"-style conundrums. In practise, many contracts cannot be completed in full after being signed. It may result in significant expenditures for the party breaking the rules as well as tremendous losses for the party that abides by the regulations. Another significant issue that needs to be answered in the future is how to create an unbreakable contract at a low cost and one that can evolve, as well as how to form an organisation to serve society on the basis of this
Overview of Bitcoin
Since its inception by Satoshi Nakamoto and others in 2009, Bitcoin has been a successful social experiment based on blockchain technology. Since its creation, bitcoin has been important.
Using Mathematical Logic Reasoning to Increase Trust
Bitcoin uses PoW (Proof of Work) to resolve the final consistency issue and asymmetric encryption techniques to determine asset ownership. The non-tampering characteristics of data are ensured by the usage of chain data structures, while the openness and transparency of data are ensured through P2P networks. Based on logic and mathematics, this approach develops a trust system that does not require approval from any institutions or organisations
Having operated smoothly for more than ten years, bitcoin. The fact that it has attracted more and more participants rather than being penetrated by hackers of any kind demonstrates the validity of the mathematical reasoning underlying it.
Demonstrate the Success of Free Banking
As was already mentioned, there are problems with the way central banks print money. As a result, we pin our expectations on free banks and anticipate that each bank will print money at will. According to Hayek, better money can be produced by free banks rather than the government having to issue it. However, older economists are constantly concerned that non-state issued currency may have a number of issues
The social experiment of Bitcoin shows the viability of free banking. Future currency reforms might be doable with the help of bitcoin. It endorses money and makes sure that its issue and circulation are free from corruption and based on open, transparent, and unchanging mathematical logic.
Motivating the Development of Programmingism
In order to ensure that no one may break the law, programmingism refers to the determination of rules in the form of code. Many Bitcoin-inspired inheritors hold that all "operable and clear rules" can also be mathematically confirmed, in addition to the "rule" of transactions
Ethereum, a project that supports smart contracts, has been followed by the emergence of numerous more projects. Despite appearing to have monopoly and performance issues, they offer a useful setting for programmingism practise
Examining the Use of Blockchain Technology
The vital role that blockchain plays in societal development has been widely acknowledged by governments around the world, which has an acceleration effect on the advancement of blockchain technology and industrial innovation. In the situations listed below, Satoshi can benefit society, in our opinion.
New Bookkeeping Tool
Organizations and individuals can utilise the new bookkeeping model to measure their contributions in a narrow range because blockchain can solve the trust problem. For instance, everyone can prevent the losses brought on by the central bank's currency transmission process by issuing a small-scale use of points. When completing larger-scale deals with others, one can exchange for higher-level points.
Innovative Financial Engineering
Accounting on the blockchain is completely transparent. By leveraging blockchain, we can therefore define the purpose, risk, and amount of each loan. Other credits won't be impacted if this credit fails. Financial risks won't build up in this way, eliminating the need for recurring financial crises.
Each bank may issue its own currency based on this. Users will hold their currency longer at the bank with improved risk management, which will improve society's currency. Even if the risk is poorly managed, it will just result in the bank's money being worthless again (although this will have a significant societal impact) and won't lead to a generalised financial catastrophe
Autonomous Decentralized Organization (DAO)
Blockchain technology can create a collaborative algorithm. The overarching strategy and incentives are part of the collaboration. By removing cooperation friction, the cost of collaboration can be decreased, hence enhancing social welfare for each member. A distinct autonomous organisation (DAO) has developed as a result of this. The primary characteristic of DAO is that all bookkeeping and authority are decided by algorithms.
If we consider society at a higher level, it is likewise a special type of organisation. Therefore, using the blockchain to implement digital legislation and lower the cost of law enforcement is another alternative.
Introduction to Satoshi
Dispersal of the Public Chain
Public chain projects have implemented numerous advances across the globe since the introduction of the Ethereum smart contract. However, these developments centre on the technology itself, whereas optimising for authority is subhuman. To address speed and scalability issues, Ethereum is progressively switching from PoW to PoS. Other public chains are either PoS, moving toward PoS, or failing because to the inefficiency of PoW
Decentralization, or the decentralisation of authority, is the most significant Bitcoin revolution. However, PoS returns power to the centre, and power monopoly has turned into a lucrative business. Take Ethereum as an example. When the ETH pledge is successful in gaining authority, the capital will make every effort to amass ETH in order to monopolise computing power and create the unbreakable monopoly of Ethereum. With awards and transaction fees collected through block production, authority and interests are continuously bolstered
The best authority decentralisation to date, even after more than ten years of blockchain technology development, is still Bitcoin's PoW. In order to prevent anyone from having a permanent monopoly on processing power, Bitcoin's proof-of-work system is built on chip and energy technologies. To increase hash rates, lower-cost energy sources and devices with more processing capacity are required. The development of human civilization is the process. However, PoS can monopolise continuously if it just purchases Token and pledges it into the computing power
PoW appears to be energy and environmentally wasteful. From a future perspective, consider leveraging the energy sources to power both the Bitcoin system and the entire world economic system (smart contract public chain). In this manner, the worldwide decentralised bookkeeping authority benefits from the support provided by the utilisation of 10% of energy sources.
Public Satoshi Chain
The ideal option for the decentralisation of the public chain authority for smart contracts is the Satoshi public chain, a component of the future blockchain economy infrastructure. The world of the future is one of smart contracts and programmability, and it will have brand-new financial systems, organisational structures, and communication channels
The SATOSHI+ consensus algorithm, the third ground-breaking innovation in blockchain and cryptography, was created by Satoshi. The first is the creation of Bitcoin (PoW), followed by Ethereum (smart contracts) and the SATOSHI+ consensus algorithm.
The emergence of SATOSHI+ has made it possible for the Bitcoin network to conduct smart contracts efficiently. All of the computing power used by Bitcoin supports Satoshi's computing power by default, and all of the resources used to run Bitcoin PoW preserve Satoshi's decentralised capabilities. "Satoshi bookkeeping smart contract by employing Bitcoin's computer power," reads one statement. This is the best option for the present public chain technology, therefore please consider this sentence. There aren't any more.
The Satoshi public chain is connected to the Bitcoin PoW consensus process through the SATOSHI+ consensus algorithm, allowing the world to run on a single set of PoW. Future decentralised money systems, financial engineering, and autonomous organisations will all benefit from Satoshi as the best underlying infrastructure.
Technical Organization Chart
BTCs
Within the Satoshi public chain, BTCs are the main encrypted fuel used to pay transaction fees. Ethereum's ETH serves the same purpose and has the same value. BTC + Satoshi = BTCs is a public chain technology formula.
The BTC community is fostering a culture of collaboration, sharing, and consensus. Future airdrops of free BTC project tokens will be made available by the Satoshi ecological project so that BTCs can benefit from both the increasing value of the Satoshi public chain and the value of ecological prosperity.
Mine Bitcoins
There are 2.1 billion BTCs available, and they can be mined using one of two techniques. In the early stages, Bitcoins were obtained using Satoshi APP mining, and in the latter stages, Bitcoins can be obtained through on-chain decentralised node mining
An original airdrop technique is APP mining. Airdrops are conducted using the APP's integrated features.
By using the block mining method, which successfully addresses the issues of free cost, fairness, and incentives, all users are able to earn BTC for nothing by putting out the necessary effort. The Satoshi consensus is being built up piece by piece during this process. A sizable consensus network involving more than 100 nations worldwide has been constructed by numerous users, creating a net similar to that of a spider spinning a web and laying the groundwork for the main Satoshi public chain network and its future growth. More individuals receiving free Bitcoins is Satoshi's dream. 525.6 million Bitcoins will be given away for free and fairly to all people worldwide via the Satoshi public chain. The two-year airdrop mining cycle is anticipated to terminate on December 12th.2022...
A great possibility for people to alter for nothing is APP mining. Due to the limited amount of mining that will be done each year and the fact that people can only mine through the decentralised chain node in the latter stages. It is much less than the quantity of mining APPs. In other words, a sizable chunk of the future circulation is made up of BTCs mined by APP. When APP mining is finished, the APP's computational capacity will as well, making it impossible for mining to continue. Later, node mining will be the sole way to get BTCs
After the main net goes live, on-chain decentralised node mining will begin, and validator nodes and repeater mining will be available at that moment. Bitcoin processing power nodes and BTCs pledged spare nodes are the two different categories of validator nodes. Only when the processing power node is insufficient is the spare node used. Please read the technical white paper that will be published later for further information. It will operate with node mining during the remaining time for APP mining. Running nodes and repeaters will be the sole mining technique in the future
The Initiative
Dozens of IT enthusiasts from various nations worldwide worked on the Satoshi public chain project. They adhere to Satoshi Nakamoto's philosophy and are devoted followers of him. The ideal approach to honour Satoshi Nakamoto is through the public chain called "Satoshi."
The project has completed all technological modules after more than three years of research and development, and the final assembly, optimization, and debugging are currently underway. The launch of Satoshi TestNet on April 1, 2022. The rollout of MainNet is scheduled for the third quarter of 2022. Prior to the MainNet launch, a technical white paper that describes the SATOSHI+ consensus algorithm and the functioning of the full Satoshi public chain will be made available
The Construction Team
Regardless of who did it, the world has changed. The fact that the world has changed is important. It is evident that neither we, nor Satoshi Nakamoto, are who we claim to be. We are only some followers of Satoshi Nakamoto who are prepared to remain unremarkable in order to achieve greatness
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