重新定義比特幣的貨幣政策

比特幣擁有兩個形成基礎層的不同市場：零層和第一層。第零層，即安全和貨幣政策層，在每個區塊都會舉行一次拍賣，礦工們透過計算從固定供應中「購買」比特幣。第一層是最終結算層，涉及在不可變帳本上進行交易的個人。 Dhruv Bansal 對固定比特幣供應的框架強調，所有 2,100 萬枚比特幣都是在 2009 年創建的，而發行時間表只是在 131 年的時間裡解鎖它們。這種基於市場的觀點強調網路的安全性，因為礦工集體提供運算能力來保護帳本並獲得區塊獎勵。

Redefining Bitcoin's Monetary Policy: The Significance of Dhruv's Perspective

重新定義比特幣的貨幣政策：Dhruv 觀點的意義

In the realm of Bitcoin, a groundbreaking shift in understanding the network's monetary policy has emerged, spearheaded by the visionary insights of Dhruv Bansal. His novel perspective reframes the issuance of Bitcoin, challenging the commonly held view and revealing a profound truth about the nature of the network's immutable ledger.

在比特幣領域，在 Dhruv Bansal 的遠見卓識的引領下，人們對網路貨幣政策的理解發生了突破性的轉變。他的新穎視角重新定義了比特幣的發行，挑戰了普遍持有的觀點，並揭示了有關網路不可變帳本本質的深刻真相。

Version 1: The Conventional View

版本 1：傳統觀點

The traditional understanding of Bitcoin's monetary policy posits that the total supply of 21 million coins will be issued gradually over a 131-year period, culminating in the year 2140. According to this view, as of March 2024, approximately 93.62% of the total supply has been "created," with 6.25 bitcoins released into circulation roughly every ten minutes.

對比特幣貨幣政策的傳統理解認為，2,100萬枚比特幣的總供應量將在131年的時間內逐步發行，最終在2,140年達到頂峰。根據這種觀點，截至2024年3月，約佔總供應量的93.62%大約每十分鐘就有 6.25 個比特幣被「創造」出來進入流通。

Version 2: Dhruv's Paradigm

版本 2：Dhruv 範式

Dhruv's paradigm fundamentally alters this perspective, asserting that all 21 million bitcoins were "created" via the network's consensus mechanisms on January 3, 2009. His framing emphasizes that the entire supply of Bitcoin already exists but has not yet been "released" or "unlocked" into circulation.

Dhruv 的範式從根本上改變了這一觀點，聲稱所有2100 萬個比特幣都是在2009 年1 月3 日透過網路共識機制「創建」的。他的框架強調比特幣的全部供應已經存在，但尚未「釋放」或「解鎖」 」進入流通。

Dhruv's terminology is crucial for understanding his framing. Instead of viewing mining as a process of creating new coins, he suggests that miners are "purchasing" bitcoins from an existing supply, paying for them with computations. This distinction becomes evident when considering the ever-increasing difficulty of Bitcoin mining.

德魯夫的術語對於理解他的框架至關重要。他沒有將採礦視為創造新硬幣的過程，而是建議礦工從現有供應中「購買」比特幣，並透過計算來支付費用。當考慮到比特幣挖礦的難度不斷增加時，這種差異就變得顯而易見。

In the traditional view, the rising difficulty appears as an "inefficiency of scale," where more resources are consumed to create fewer coins over time. However, Dhruv's perspective flips this notion on its head. As Bitcoin adoption grows and the value of the network increases, the price of newly released bitcoins adjusts upward, reflecting the increased demand for the limited supply. This framework explains the rationale behind the increasing resources invested in mining.

在傳統觀點中，難度的上升表現為“規模效率低下”，隨著時間的推移，會消耗更多的資源來創造更少的貨幣。然而，德魯夫的觀點顛覆了這個觀念。隨著比特幣採用率的成長和網路價值的增加，新發行的比特幣的價格會向上調整，反映出對有限供應的需求增加。該框架解釋了採礦業投資不斷增加的原因。

Dhruv's framing also underscores the significance of Satoshi Nakamoto's groundbreaking invention of a timekeeping system for distributed networks. By anchoring the block time to the completion of a computational puzzle, Satoshi ensured that the issuance of bitcoins would occur at a consistent and predictable pace.

Dhruv 的框架也強調了中本聰開創性發明分散式網路計時系統的重要性。透過將區塊時間固定在計算難題的完成上，中本聰確保了比特幣的發行將以一致且可預測的速度進行。

The Dual Markets of Bitcoin's Base Layer

比特幣基礎層的雙重市場

Dhruv posits that Bitcoin operates on two distinct markets, known as Layer Zero and Layer One, which together constitute the network's base layer.

Dhruv 認為比特幣在兩個不同的市場上運行，即零層和第一層，它們共同構成了網路的基礎層。

Layer Zero represents the security and monetary policy layer, where every block since January 3, 2009, has witnessed an auction held by the Bitcoin network. In this auction, the network offers a fixed number of bitcoins at a computational price, which is paid collectively by the global Bitcoin mining industry.

第零層代表安全和貨幣政策層，自 2009 年 1 月 3 日以來的每個區塊都見證了比特幣網路舉行的拍賣。在這次拍賣中，網路以計算價格提供固定數量的比特幣，該價格由全球比特幣採礦業集體支付。

This auction process ensures that the blockchain's timekeeping mechanism remains accurate, with the network adjusting the computational price to match the target block time. The market forces at play in Layer Zero protect the network against potential cheaters and ensure its unwavering security.

此拍賣過程確保區塊鏈的計時機制保持準確，網路調整計算價格以匹配目標區塊時間。零層中發揮作​​用的市場力量保護網路免受潛在作弊者的侵害，並確保其堅定不移的安全性。

Layer One, on the other hand, is the transaction and final settlement layer, where users compete for block space by bidding transaction fees. The interplay between these two markets is vital for maintaining the integrity and functionality of the Bitcoin network.

另一方面，第一層是交易和最終結算層，用戶透過競價交易費用來爭奪區塊空間。這兩個市場之間的相互作用對於維護比特幣網路的完整性和功能至關重要。

The Core Trade on Layer Zero: Computations for Bitcoin

零層的核心交易：比特幣的計算

The core trade on Layer Zero is the exchange of computations for bitcoins. This market enables the gradual release of the fixed Bitcoin supply while simultaneously ensuring the network's security through proof of work.

Layer Zero 的核心交易是比特幣的計算交換。這個市場能夠逐步釋放固定的比特幣供應，同時透過工作量證明確保網路的安全。

Dhruv's Framing: A Path to Widespread Adoption

Dhruv 的框架：廣泛採用的途徑

Dhruv's framing not only provides a more accurate understanding of Bitcoin's monetary policy but also has the potential to alleviate misconceptions about mining, particularly among those who view it as wasteful or environmentally unsustainable.

Dhruv 的框架不僅提供了對比特幣貨幣政策的更準確的理解，而且有可能減少對採礦業的誤解，特別是那些認為採礦是浪費或環境不可持續的人。

By highlighting the security-enhancing nature of mining and the incentives for miners to continue operating, Dhruv's perspective empowers individuals to make informed decisions about their involvement in the Bitcoin ecosystem.

透過強調挖礦的安全增強性質以及對礦工繼續運作的激勵，Dhruv 的觀點使個人能夠就參與比特幣生態系統做出明智的決定。

The Future of Bitcoin's Base Layer

比特幣基礎層的未來

As the total Bitcoin supply gradually enters circulation, the Layer Zero market will eventually cease to exist. However, the Layer One market will continue to function, providing the necessary incentives for miners to secure the immutable ledger.

隨著比特幣總供應逐漸進入流通，零層市場最終將不復存在。然而，第一層市場將繼續發揮作用，為礦工提供必要的誘因以確保不可變的帳本​​安全。

Conclusion

結論

Dhruv Bansal's groundbreaking perspective on Bitcoin's monetary policy challenges the conventional understanding of the network. By introducing the concept of two distinct markets operating on the base layer, he reveals the intricate interplay between security, scarcity, and the issuance of the limited Bitcoin supply.

Dhruv Bansal 對比特幣貨幣政策的開創性觀點挑戰了對該網路的傳統理解。透過引入在基礎層上運行的兩個不同市場的概念，他揭示了安全性、稀缺性和有限比特幣供應的發行之間錯綜複雜的相互作用。

His framing enhances our understanding of Bitcoin's unique characteristics and emphasizes the critical role of free markets and mathematics in safeguarding the network's integrity. As Bitcoin continues to evolve and gain widespread adoption, Dhruv's insights will undoubtedly play a vital role in shaping its future trajectory.

他的框架增強了我們對比特幣獨特特徵的理解，並強調了自由市場和數學在維護網路完整性方面的關鍵作用。隨著比特幣不斷發展並獲得廣泛採用，Dhruv 的見解無疑將在塑造其未來發展軌跡方面發揮至關重要的作用。