儘管比特幣打算使人們選擇退出以國家為中心的貨幣系統，但區塊鏈行業自此失去了自己的方向。

今天，我們看到政府的威脅以及區塊鏈解決方案優先考慮可擴展性和績效而不是權力下放。

While Bitcoin was intended to enable people to opt out of state-centralized money systems, the blockchain industry has since lost its way. Today, we see the threat of government overreach along with blockchain solutions that prioritize scalability and performance over decentralization.

儘管比特幣打算使人們選擇退出以國家為中心的貨幣系統，但區塊鏈行業自此失去了自己的方向。今天，我們看到政府的威脅以及區塊鏈解決方案優先考慮可擴展性和績效而不是權力下放。

The rise of networks like Ethereum and Solana has certainly been captivating, but these blockchains comprise core values in exchange for usability and institutions’ adoption. To achieve the mission that Satoshi started, there is a dire need to return to Bitcoin’s original ethos of money, which is credibly neutral, immutable money that cannot be manipulated.

以太坊和索拉納等網絡的興起當然令人著迷，但是這些區塊鏈構成了核心價值，以換取可用性和機構的採用。為了實現Satoshi開始的任務，迫切需要返回比特幣的原始貨幣精神，這是無法操縱的中立，不變的錢。

Immutability is king

不變性是國王

With a fixed supply of 21 million coins and regular halving events, Bitcoin exudes monetary certainty. No central authority or discovery can change Bitcoin’s supply. This positions Bitcoin as an incredibly predictable store of value against the backdrop of money printing and rampant inflation, setting it apart from other forms of currency. Additionally, Bitcoin’s rules are extremely difficult to change, which builds long-term trust in the network.

比特幣固定供應2100萬個硬幣和定期減半活動，散發出貨幣確定性。沒有中央權威或發現可以改變比特幣的供應。這將比特幣定位為在貨幣印刷和通貨膨脹猖ramp的背景下，將比特幣視為可預測的價值存儲，將其與其他形式的貨幣區分開來。此外，比特幣的規則極難更改，這建立了網絡的長期信任。

Flexibility and performance, but at what cost?

靈活性和性能，但要花多少錢？

Key layer-1 (L1) players such as Ethereum and Solana offer unmatched flexibility and performance, but with an alarming trade-off. Ethereum’s governance-led updates that affect gas fees and staking rewards don't always please those with ETH holdings. Moreover, Solana prioritizes speed and performance above all else, which leaves it vulnerable to increased levels of centralization. As a result of trade-offs, L1 networks like Ethereum and Solana are severely weakened in the face of censorship and manipulation, whether from governments, regulators, or powerful corporate interests.

諸如以太坊和索拉納之類的鑰匙1（L1）球員提供了無與倫比的靈活性和性能，但具有令人震驚的權衡。以太坊的治理主導的更新會影響汽油費和訂婚獎勵，並不總是讓那些擁有ETH持有的人。此外，Solana優先考慮速度和績效，這使其容易受到集中度的增加。通過權衡取捨，面對審查和操縱，以太坊和索拉納等L1網絡都會嚴重削弱，無論是從政府，監管機構還是強大的公司利益中。

As of March 2024, Coinbase controlled 3.84 million ETH staked on 120,000 validators, representing 11.42% of the total staked Ether, and is the largest solo Ethereum node operator. This concentration poses centralization issues, as a handful of large players, like Coinbase, could threaten Ethereum’s decentralization and trigger regulatory risks. Additionally, it takes control away from the individual and places it back into the hands of a large, centralized corporation — the complete opposite of the original vision for cryptocurrency.

截至2024年3月，Coinbase控制了384萬ETH，將120,000個驗證器放置，佔總固定以太的11.42％，並且是最大的個人以太坊節點操作員。這種集中度提出了集中化問題，因為像Coinbase這樣的少數大型參與者可能威脅到以太坊的權力下放，並引發監管風險。此外，它可以控制自己的個人，並將其放回一家大型集中式公司的手中，這與加密貨幣的原始願景完全相反。

The role of venture capital in crypto

風險投資在加密貨幣中的作用

The crypto industry began as a rebellion against Big Tech and the gatekeeping of Silicon Valley, where only accredited investors could back startups and benefit from early-stage gains. Crypto flipped that paradigm on its head. For the first time, ordinary people, not VCs or insiders, could participate in creating new technologies from Day One. But now that the industry has had some time to mature, venture capital has reasserted itself, dispensing crypto in ways that appeal to the very systems it was trying to disrupt.

加密業始於反對大型技術的叛亂和矽谷的守門，那裡只有認可的投資者才能支持初創企業並從早期的增長中受益。加密蛋糕將那個範式翻轉了出來。從第一天起，普通人，而不是風投或內部人士，即首次參與創建新技術。但是，既然該行業已經有一些時間成熟，風險投資已經重新確定，以吸引試圖破壞的系統的方式分配加密貨幣。

Recent: Metaplanet’s Bitcoin ‘premium’ nears $600K per BTC

最近：Metaplanet的比特幣'Premium'接近每BTC $ 60萬美元

While venture capital hastens innovation, it also centralizes control through token distributions, board seats and control over product roadmaps. Solana is among the leading blockchains to have received lots of investment from firms such as a16z and Polychain Capital. This investment fuelled rapid growth but also created a centralization of tokens and decision-making powers among a handful of investors.

在風險投資加速創新的同時，它還通過代幣分佈，董事會座位和對產品路線圖的控制來集中控制。 Solana是從A16Z和Polychain Capital等公司獲得大量投資的領先區塊鏈之一。這項投資推動了快速增長，但也創造了代幣和決策權的集中化。

The most prominent crypto projects, like Ethereum and Solana — whether cynical of the old system or not — are ultimately built to serve institutions in their current state. Founding teams lock up large pre-mines, give favorably tilted terms to early investors, and structure incentives toward eventual exits rather than long-term decentralization. These behaviors reintroduce many similar power dynamics that Bitcoin sought to eliminate.

以太坊和索拉納（Ethereum and Solana）等最傑出的加密項目（無論是舊系統是否憤世嫉俗）最終是為在當前狀態下服務的機構而建造的。創始團隊鎖定了大型的預礦，給早期投資者提供了傾斜的條件，並為最終退出而不是長期分散化而結構激勵措施。這些行為重新引入了比特幣試圖消除的許多類似的功率動力學。

Decentralization is not optional

權力下放不是可選的

Decentralization is the essence of censorship resistance as well as individual economic liberty. Bitcoin’s resistance to alteration protects it from being hijacked by powerful interests. Networks that see decentralization as a trade-off risk falling under the control of a new gatekeeper class. To preserve the promise of crypto, decentralization must remain the highest priority.

權力下放是審查制度和個人經濟自由的本質。比特幣對改變的抵抗可以保護其免於受到強大利益的劫持。將權力下放為權衡風險的網絡落在了新的看門人班級的控制之下。為了保留加密貨幣的承諾，權力下放必須是最高優先級。

The strength of Bitcoin is in its neutrality and immutability, not its programmability or speed.

比特幣的強度在於中立性和不變性，而不是其可編程性或速度。

The crypto ecosystem needs to get back to these values to avoid repeating the mistakes of the traditional financial system. Rather than trends or institutional approval, the industry must recommit to developing instruments for absolute financial independence. Returning to Bitcoin’s original vision is the only way to separate currency from the state and reclaim control over money through a trustless, censorship-resistant system.

加密生態系統需要恢復這些價值，以避免重複傳統金融體系的錯誤。該行業必須不再是趨勢或機構批准，而是為開發具有絕對財務獨立的工具而建議。返回比特幣的原始願景是將貨幣與國家區分開並通過無信任的，抗審查制度的系統恢復對貨幣的唯一方法。

Opinion by: Dr. K, co-founder of Quai Network.

意見作者：Quai Network聯合創始人K博士。