The Value of Bitcoin Code: A Leap from Function to Capability

Ten years ago, when I was still working at Motorola, Huawei proposed a goal for programmers to write 7 lines of code every day. After calculations, I found that each line of code was worth about 100 dollars. However, when I delved into Bitcoin code, I realized that its value far exceeded the results of traditional internet programming. This huge difference prompted me to decisively turn to the field of Bitcoin development.

Nowadays, each line of Bitcoin code is worth up to 20 million dollars. This astonishing figure prompted me to delve into the reasons behind it. After careful consideration, I concluded that the high value of Bitcoin code stems from its inherent "consensus creation ability" and "growth vitality," which is the fundamental difference between it and traditional internet code.

The value of code can be divided into two categories: "capability code" and "functional code". The reason Bitcoin code is so precious is that it belongs to "capability code", possessing the ability to create global decentralized consensus and adaptive growth.

The code of Bitcoin is not merely a simple implementation of functions; it embodies a form of decentralized mechanical consensus and a set of self-executing rules, thereby creating a brand new digital capability. This capability enables Bitcoin to condense the originally intangible human consensus onto the network through the proof of work (PoW) mechanism, integrating the universally recognized resource of "energy" and the ultimate value of "time" into the network. By incentivizing different miners through BTC to compete, it has completed the integration of human consensus values, forming an unprecedentedly powerful decentralized global consensus network. This not only creates enormous commercial value but also lays a solid foundation for future value to be carried.

The Bitcoin code also possesses a "vitality of growth," which means the ability to grow adaptively. Through the longest chain consensus mechanism, miners continuously compete for computing power, constantly raising the consensus barrier. The system automatically adjusts the difficulty every 2016 blocks to balance computing power and block generation speed. In addition, the game among stakeholders such as miners, nodes, protocol and application developers, users, and investors forms an ever-evolving network. This endows Bitcoin with the characteristics of self-maintenance and adaptive growth, allowing it to remain robust in different environments, like a living entity. The mechanical consensus expressed by the Bitcoin code is a type of "capability-type" product of adaptive growth that is difficult to replicate.

In contrast, traditional internet code is mostly "functional" products, designed to achieve specific functions or address specific needs. Taking online shopping systems as an example, the code of e-commerce platforms is primarily used to assist users in selecting products, checkout, and payment functions. This code can be quickly modified based on business needs and is also easily replicable, hence its irreplaceability and long-term value are relatively low.

Another typical example is a database management system. Although database products are widely used, their core functionalities are data storage and retrieval, which can be replaced by more efficient implementations. Therefore, the value of their code is diluted due to the lack of uniqueness.

Overall, the high value of Bitcoin code comes from its inherent "consensus creation ability" and "growth vitality", as well as its unique attributes that cannot be replicated. It is a vibrant code that not only solves the decentralized consensus problem but also establishes a unique value system through its growth characteristics and complex ecosystem. The Bitcoin network has developed from zero to a network valued at $1.5 trillion in just 15 years, and this growth rate fully reflects the value of "capability-based" code. In contrast, traditional internet code may perform excellently in specific functions, but due to its substitutability and functionality, it cannot reach the value height of Bitcoin.

The next time you launch or evaluate a tech project, consider asking yourself: "Is this adding a feature, or is it creating a new capability?" This question may yield unexpected insights.