The Renaissance of BTC: Inscription Content on Chain

The value consensus of digital cryptocurrencies stems from their unique culture, and the dissemination of value consensus is inseparable from the inherent culture of cryptocurrencies. Value consensus is essentially a Meme, and cryptocurrencies cannot avoid the Meme phenomenon; BTC is the earliest and largest Meme. BTC embedded a piece of news in the genesis block, directly integrating its core culture, ultimately achieving self-guidance.

Reclaiming on-chain culture and decentralized cultural traditions is a feasible way to return to the self-guided nature of BTC. The emergence of Ordi and Sats inscriptions directly embeds inscription code information into the BTC community, becoming the spontaneous starting point of the BTC Renaissance. The integration of crypto culture and technology, by binding crypto assets with culture through content on-chain, may become the direction for the development of inscription 2.0.

Introduction

On January 3, 2009, the Bitcoin genesis block was born on a small server in Helsinki, Finland. Satoshi Nakamoto recorded a news article from The Times on that day's script area of the genesis block:

"On January 3, 2009, the Chancellor was on the verge of implementing a second round of emergency aid for banks."

This marks the beginning of the Age of Exploration in the crypto world. Adventurers, ambitious individuals, and capitalists are setting sail to search for treasures and belonging in the crypto realm.

After 13 years, Satoshi Nakamoto has become a legend, and the script area of BTC once again welcomes a bright moment. With the upgrades of BTC's segwit and Taproot, the storage space of BTC has attracted renewed attention. The emergence of inscription technology has tapped into the value of BTC's storage space - this is a secure storage space protected by a network of over 400 million TH/s hash power. Utilizing this space as a ledger, its security surpasses that of any other blockchain. Inscription technology explores the technical route of the BTC chain as a multi-asset financial proof platform. The value of inscriptions highlights the value of BTC's script space.

This is just the starting point for the revival of BTC, as the crypto community begins to rethink the essence of BTC: BTC is not only its own ledger but can also serve as a ledger for other assets! This brings forth a reflection on Satoshi Nakamoto's actions: What is the significance of recording a piece of paper news in BTC's storage space? What is the significance of repeatedly recording off-chain readable content on-chain?

Answering these questions will solve the product motivation for putting social content on the blockchain.

Value Consensus = Meme!

Friends who are new to the crypto world, especially those transitioning from the blockchain field, often feel confused about projects like EOS, which are technically advanced but have low valuations. This is because they do not distinguish between the differences in technical consensus and value consensus.

Consensus is divided into technical route consensus and value orientation consensus.

The value of BTC has been gradually established from zero, ultimately achieving self-guidance of value. In this process, the community must not only reach a technical consensus but also a value consensus. Having only a technical consensus does not imply a strong value consensus. Taking EOS as an example, its technical level is still not lagging behind even today, and its on-chain experience and ecological applications once rivaled those of ETH. However, all technical and ecological advantages could not prevent the EOS Foundation from selling EOS in exchange for BTC and ETH. This action caused EOS to become a tool for the team to harvest profits in the eyes of community members. When an asset forms a stereotype in the minds of investors, reversing that consensus requires strong capital support. Without capital backing, and with key members leaving, even the best products cannot sustain EOS's valuation.

In contrast to the originator of Meme coins, Doge, there were hardly any developers left even before Musk started promoting it. However, Musk's endorsement led most investors to believe that with Musk's social influence backing it, Doge would be seen, recognized, and loved by more people, ultimately leading to ownership. The diffusion of token consensus relied on Musk as the source of dissemination, giving it a tremendous boost. This kind of community consensus propelled the price of Doge from $0.014 to $0.8.

Two cases illustrate that EOS has good technology and good products, but lacks a good price; Doge is purely a Meme, with no ecosystem and technology, yet has a high valuation. Technical consensus does not equate to value consensus.

The process of reaching a consensus on value orientation is the process of forming a Meme.

The technical consensus of BTC ensures that every account can fully control its own permissions, and there is no double spending. The technical consensus has been promoted by its technical white paper since the birth of BTC. BTC has gone from having no price to having a price, from being mined by individuals to truly realizing payments, a process that took a year and a half. During this time, BTC community members not only reflected on whether BTC as a chain is secure enough but also focused on whether BTC has value and what that value is. This is a value consensus, and value consensus is always subjective. The foundation of BTC's value consensus is "The Non-State Alternative" and the fear, uncertainty, and doubt regarding the centralization of currency (FUD). The news recorded in the genesis block is the seed and the fuse of FUD. Without this piece of news in the genesis block, it would have long been buried in the vast archives of The Times.

Satoshi Nakamoto is a master of attention. Looking back at the successful launch of BTC, Satoshi has been attracting the attention of crypto bigwigs in the crypto community. For example, he showed David that BTC had realized the B-cash concept proposed by David and gained David's offline support. This support helped establish the brand of BTC within the community and won community attention. On January 12, 2009, Hal Finney( received 10 bitcoins from Satoshi Nakamoto as a test transfer, becoming the first recipient of a bitcoin transfer. Since then, Satoshi often transferred the mined BTC to friends in the crypto community to attract the attention of community members. This behavior later evolved into one of the unique attention-grabbing methods of crypto projects: airdrops!

Tracing back the first real BTC transaction, Laszlo Hanyecz bought two pizzas for 10,000 BTC. In this transaction, BTC had its first price. Both parties understood BTC, and the premise for reaching a consensus on BTC's purchasing power was that both recognized the value narrative of BTC. The recognition of the value narrative hinges on noticing the value narrative of BTC. Satoshi Nakamoto engraved a deeply meaningful headline in the genesis block, which naturally allows every BTC evangelist to spread the value narrative of BTC while explaining its history. This is the most direct and efficient way to capture value.

) The price of coins cannot escape the Meme phenomenon.

Most tokens are essentially Meme coins. Looking back at other tokens in the crypto space, many mainstream tokens like UNI, ARB, OP lack clear value capture support. The rights and obligations of more assets are difficult to distinguish, and it is even hard to find effective value capture points. The valuation in the crypto space cannot be fully explained by monetary theory or financial asset theory. BTC is claimed to be a peer-to-peer cash payment system, but how many people have actually used BTC for payments to date? Boldly speaking, BTC is the biggest Meme. The price of the coin is the embodiment of the Meme. It is precisely because of its Meme attributes that assets in the crypto space possess qualities distinct from traditional finance - attention. Its volatility cycle is also quite different from traditional finance.

Even the value of utility tokens contains a Meme component. The pricing of financial assets ultimately depends on supply and demand. Supply and demand arise from changes in human decision-making, which is influenced by emotions, and emotions are swayed by information. Behavioral finance has long been a consensus in the investment community. The traditional financial value represented by tokens and Memes are not mutually exclusive. Memes can enhance the valuation of utility tokens, but they can also diminish the value of utility tokens.

Therefore, we can say that the essence of the coin price is the embodiment of the Meme.

In the short term, the price of the coin may be manipulated, but in the long run, the size of the community holding the tokens and their willingness to hold depends on whether the value proposition is successfully communicated. Just like the Apple iPhone, even if the cost-performance ratio is not high, users still buy into it. Only long-term believers and holders are the true support for the value of the tokens. And these believers and holders are attracted by culture.

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) The achievement of consensus requires cultural dissemination.

The technical consensus and value consensus of tokens are formed through different paths. Technical consensus helps to form the value consensus of tokens. However, whether it is technical consensus or value consensus, there are emotional factors involved, and people often use intuitive thinking to simplify their understanding. Therefore, unlike the cold code that is copied between different computers, consensus needs warm content as a carrier to spread among people. This warm content that spreads among people is what we usually define as social content.

There is no difference among all crypto projects in creating brands and establishing value consensus through social media and social content. Almost all projects have various social accounts and private communication spaces. From community operation to group moderators, projects will form their own community hierarchies. Social accounts become the source of communication, while communities or individual crypto circles become the channels for dissemination.

The technical white paper of BTC is calm and objective, while the news inscribed in the genesis block is full of warmth. This news reflects the value orientation that Satoshi Nakamoto wants to promote to BTC followers. The genesis block, deployed with full nodes around the world, ensures that as long as BTC exists, this excerpt advocating BTC's value orientation will continue to spread. Each time this excerpt is read, people are reminded again that the end of centralized central banks is near. If BTC is regarded as a religion, then "UK Chancellor's bailout" is the apocalyptic prophecy of that religion. And BTC is the Maitreya, the Messiah, the Noah's Ark in the apocalypse.

The crypto world has always been the best at cultural dissemination. Just looking at the wave of inscriptions, various small images and slogans are all aimed at helping more people understand the Meme culture represented by four letters. Unfortunately, the dissemination area is still primarily dominated by Web2 social media, and Memes do not carry a strong value orientation like BTC. Many inscriptions struggle to find their positioning during dissemination. Successful inscriptions, on one hand, occupy the orthodox position of inscriptions, and on the other hand, create a unique culture in their narratives, such as the Sats community's "1 sats=1 sats".

In summary, cultural content is a carrier of value orientation. This understanding aligns with the Meme theory. A Meme is an information unit in cultural dissemination. Here, culture refers broadly to thoughts, ideas, customs, artistic forms, and so on. To support token prices, designers need to consider the relationship between culture and token prices during the process of cultural dissemination. The meme inherent in BTC set a good precedent for the crypto community, but unfortunately, many tokens that claim to be "memes" later often only pursue the cost of "meme" dissemination, neglecting the relationship between the "meme" and the token's value. This is also why, after BTC, there are only token names with memes, but no narrative of the memes.

Content On-chain: Capturing Native On-chain Attention

Capturing on-chain native attention for content on the chain is currently a very rare strategy. Other tracks have not formed a continuous economic cycle and are mostly in the experimental stage.

( To widely reach a consensus on value orientation, it is necessary to capture attention.

To reach a consensus on value, information must first be disseminated. In modern society, the cost of content creation is nearly zero, and compared to the flood of incoming content, attention has become a scarce commodity since a century ago. From the positioning of mainstream media to the slots of KOLs, and from Web2 to Web3, project operations cannot overlook the importance of attention. Since the advent of the first generation of print media, attention has been the main trading commodity of the media. With the entry into the Web2 era, platforms that control the flow of traffic see traffic distribution as a source of monopolistic profits.

In the traditional business world, product advertisements aim to inform consumers about the products themselves, promoting their attributes and value propositions. However, the most high-end advertisements often adopt a method of value proposition output. Multinational giants like Apple and Huawei, as long as they provide differentiated branded products, often understand this well. This kind of value proposition output aligns with the values of digital encrypted assets.