尽管比特币打算使人们选择退出以国家为中心的货币系统，但区块链行业自此失去了自己的方向。

今天，我们看到政府的威胁以及区块链解决方案优先考虑可扩展性和绩效而不是权力下放。

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.

尽管比特币打算使人们选择退出以国家为中心的货币系统，但区块链行业自此失去了自己的方向。今天，我们看到政府的威胁以及区块链解决方案优先考虑可扩展性和绩效而不是权力下放。

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.

以太坊和索拉纳等网络的兴起当然令人着迷，但是这些区块链构成了核心价值，以换取可用性和机构的采用。为了实现Satoshi开始的任务，迫切需要返回比特币的原始货币精神，这是无法操纵的中立，不变的钱。

Immutability is king

不变性是国王

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.

比特币固定供应2100万个硬币和定期减半活动，散发出货币确定性。没有中央权威或发现可以改变比特币的供应。这将比特币定位为在货币印刷和通货膨胀猖ramp的背景下，将比特币视为可预测的价值存储，将其与其他形式的货币区分开来。此外，比特币的规则极难更改，这建立了网络的长期信任。

Flexibility and performance, but at what cost?

灵活性和性能，但要花多少钱？

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.

诸如以太坊和索拉纳之类的钥匙1（L1）球员提供了无与伦比的灵活性和性能，但具有令人震惊的权衡。以太坊的治理主导的更新会影响汽油费和订婚奖励，并不总是让那些拥有ETH持有的人。此外，Solana优先考虑速度和绩效，这使其容易受到集中度的增加。通过权衡取舍，面对审查和操纵，以太坊和索拉纳等L1网络都会严重削弱，无论是从政府，监管机构还是强大的公司利益中。

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384万ETH，将120,000个验证器放置，占总固定以太的11.42％，并且是最大的个人以太坊节点操作员。这种集中度提出了集中化问题，因为像Coinbase这样的少数大型参与者可能威胁到以太坊的权力下放，并引发监管风险。此外，它可以控制自己的个人，并将其放回一家大型集中式公司的手中，这与加密货币的原始愿景完全相反。

The role of venture capital in crypto

风险投资在加密货币中的作用

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.

加密业始于反对大型技术的叛乱和硅谷的守门，那里只有认可的投资者才能支持初创企业并从早期的增长中受益。加密蛋糕将那个范式翻转了出来。从第一天起，普通人，而不是风投或内部人士，即首次参与创建新技术。但是，既然该行业已经有一些时间成熟，风险投资已经重新确定，以吸引试图破坏的系统的方式分配加密货币。

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

最近：Metaplanet的比特币'Premium'接近每BTC $ 60万美元

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.

在风险投资加速创新的同时，它还通过代币分布，董事会座位和对产品路线图的控制来集中控制。 Solana是从A16Z和Polychain Capital等公司获得大量投资的领先区块链之一。这项投资推动了快速增长，但也创造了代币和决策权的集中化。

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.

以太坊和索拉纳（Ethereum and Solana）等最杰出的加密项目（无论是旧系统是否愤世嫉俗）最终是为在当前状态下服务的机构而建造的。创始团队锁定了大型的预矿，给早期投资者提供了倾斜的条件，并为最终退出而不是长期分散化而结构激励措施。这些行为重新引入了比特币试图消除的许多类似的功率动力学。

Decentralization is not optional

权力下放不是可选的

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.

权力下放是审查制度和个人经济自由的本质。比特币对改变的抵抗可以保护其免于受到强大利益的劫持。将权力下放为权衡风险的网络落在了新的看门人班级的控制之下。为了保留加密货币的承诺，权力下放必须是最高优先级。

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

比特币的强度在于中立性和不变性，而不是其可编程性或速度。

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.

加密生态系统需要恢复这些价值，以避免重复传统金融体系的错误。该行业必须不再是趋势或机构批准，而是为开发具有绝对财务独立的工具而建议。返回比特币的原始愿景是将货币与国家区分开并通过无信任的，抗审查制度的系统恢复对货币的唯一方法。

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

意见作者：Quai Network联合创始人K博士。