Gu Qianfeng, CTO of BTCMedia Asia Pacific, proposed: A new theory of business economics and enterprise management based on Bitcoin principles

Nakamoto 2025-9-18 19:12 52928人围观 BTC

After Alibaba opened an unmanned supermarket in 2017, some aunts asked: Why not open a supermarket without a boss? In fact, "supermarket without bosses" is a form of distributed commerce.

Distributed business is a school of economic management developed based on the principles of blockchain. It was proposed by Dr. Xiao Feng, Chairman of Wanxiang Blockchain Co., Ltd., and after in-depth research and practice by BTCMedia Asia Pacific CTO Gu Qianfeng, a set of theoretical systems and implementation plans across blockchain technology, economics and management were formed.

In a centralized organization, instructions and incentives are from top to bottom. Although efficient, they are not stable and are greatly affected by the "center". Distributed grid organizations are often too fragmented and inefficient.

As the world's first decentralized digital currency, Bitcoin has developed since the beginning of 2009. Despite encountering various market and policy impacts, it has still survived and grown tenaciously. This is due to a set of adaptive mechanisms designed by Satoshi Nakamoto for Bitcoin.

Gu Qianfeng started from the basic technical principles of Bitcoin, combined with many years of business management experience and economic theory, and innovatively developed a relatively complete set of distributed business theories.

Source: Carbon Chain Value

Author: Gu Qianfeng, CTO of BTCMedia Asia Pacific and author of carbon chain value

1. Bitcoin Mining

Before the creation of Bitcoin, many cryptographers have been trying to launch a decentralized digital currency, but there are two major problems that have not been able to find good solutions.

1. Double-spend payment problem

As a form of data, encrypted digital currency is infinitely replicable. Without a centralized institution, people have no way to confirm whether a digital currency has been spent. When the digital currency that has been spent is used a second time, a "double-spend payment" will occur.

Under the centralized transaction model, a trusted third party will be set up to record the transaction ledger, thereby ensuring that each digital currency will only be spent once and cannot be used for other payments. However, under the decentralized model, this problem has not been properly solved.

2. Adaptation problem

Because there is no centralized organization to issue digital currency, a mechanism must be designed to make the use of Bitcoin controllable. That is to say, this mechanism must operate through algorithms without the control of a centralized organization, and dynamically adjust according to the situation, or according to pre-set rules (i.e., the algorithm in the code), once the conditions are met, it will be automatically executed.

In 2008, Satoshi Nakamoto proposed a brand new solution in a paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System."

The above two major problems were successfully solved. The core of this solution is to establish a stable and adaptive digital currency issuance and circulation system through the POW (Proof of Work) mechanism.

Satoshi Nakamoto "buried" Bitcoins in the Bitcoin blockchain in advance, and all Bitcoins are generated in the form of rewards through each node competing for accounting rights. The method of competing for accounting rights is: hash guessing.

What is a hash puzzle?

There is a special hash value that will have N zeros in front of it. Since the hash algorithm is irreversible, you can only "guess" the plaintext that N zero hash values will appear in front of it through constant experimentation. The greater the number of zeros, the more trials are required.

Computing power is the number of times this encryption algorithm can be calculated in one second. The higher the computing power, the higher the probability of guessing, the higher the probability of getting the accounting rights, and the more Bitcoin rewards you will get.

The Bitcoin network relies on computing power competition to compete for accounting rights. Once you grab the accounting rights of a certain block, you can get Bitcoin rewards. This is Bitcoin’s POW consensus mechanism, also known as “proof of work.” The current accounting right reward for each block is 12.5 Bitcoins. Every four years, this reward will be halved.

According to the algorithm specified in the Bitcoin source code, we can calculate how many Bitcoins a mining machine with a computing power of H can mine in a day:

Among them, H is the computing power of the mining machine, and D is the computing power of the entire network.

Taking the S9 mining machine as an example, H=13500G, the computing power of the entire network at the time of writing this article is: 3462542391191G

Therefore, after 24 hours of mining, you can get: 0.00098 Bitcoins, which is a gross income of about 49 yuan based on a price of 50,000 yuan.

2. Bitcoin’s adaptive mechanism

From the above formula, it can be seen that when the computing power of the mining machine increases, the number of Bitcoins obtained also increases. When the mining machine is added, the total computing power (D) of the entire network will also be promoted. The increase of D will reduce the mining income. On the contrary, if the total computing power (D) of the entire network decreases, mining profits will increase. This is the essence of Bitcoin’s adaptive mechanism.

Under this adaptive mechanism, we can understand: why the price of Bitcoin will continue to be pushed up, and why Bitcoin can still survive in various storms to this day?

First of all, with the advancement of technology, high-computing power mining machines enter mining, trying to obtain a computing power advantage higher than the average computing power in order to obtain more profits. However, these newly entered miners will quickly increase the total computing power, and the difficulty will soar. Soon, the industry will find that mining is not cost-effective. Old mining machines exited, computing power growth returned to normal levels, and mining profits increased again. As a result, new mining machines began to swarm in again.

Repeatedly, the price of Bitcoin rises in the wave-by-wave adaptation process of miners. Every time the price plummets due to external reasons, many miners will leave the market, and then the computing power will drop. When the mining cost drops to a position that is balanced with the falling price, new mining machines will enter again.

It is under this adaptive mechanism that Bitcoin has been operating normally since the beginning of 2009.

3. Introduction to distributed business

Adaptation is an advanced ability of biological evolution. A successful distributed organization must have self-adaptability and be able to make appropriate adjustments according to changes in the environment.

The adaptive characteristics of Bitcoin have important reference value for us when designing distributed organizational structures and ecosystems.

How to make an ecosystem operate stably and permanently without centralized intervention and control, the design of adaptive mechanism is a top priority that must be considered. A well-designed adaptive mechanism can enable each organizational member to exert their subjective initiative, self-motivation, and self-adaptation to promote organizational development.

Distributed commerce is a set of theories and methodologies that draw on the Bitcoin mechanism to solve this problem.

As mentioned above, in order to ensure the unification of the ledger in the absence of a centralized accounting institution, Bitcoin has designed a set of fair and transparent incentive mechanisms, and uses an algorithm solidified in the code to automatically execute incentives: issue Bitcoins.

Referring to Bitcoin principles, the following points should be first considered when designing a distributed business model:

1. Fair and transparent

2. Make it clear in advance

3. Algorithm execution

4. Incentive-based

Secondly, by referring to the Bitcoin mining formula, a dynamic incentive mechanism that binds individuals and collectives can be designed.

When designing the incentive mechanism of a decentralized organization, H in the mining formula is equivalent to the individual's ability, and D is equivalent to the sum of the abilities of everyone in the organization.

The improvement of personal capabilities will have an impact on the overall capabilities of the organization. The faster the organization develops, the development of personal capabilities must also catch up, otherwise the incentives received will be greatly reduced.

If the organization develops slowly, that is, the denominator D grows slowly, people with average abilities or even lazy people will receive high rewards in the organization. This is obviously unfair, and people from outside the organization will quickly join, so that the total ability of the organization will be improved, thereby eliminating some people with weak abilities.

Driven by this dynamic incentive mechanism, distributed organizations can develop stably and rapidly. It solves the big problem of inefficiency that has plagued distributed organizations for a long time.

Next, we will start from the adaptive principle of Bitcoin and study where the value of distributed organizations comes from.

Through the above analysis, we know that the value of Bitcoin lies in "participation", which is the so-called "comedy of the commons". So where does the value of a distributed organization come from?

The value of a distributed organization comes from the people who participate, including builders and users (note: there are no leaders). Builders are like the "miners" in the Bitcoin network, and users are like people who use Bitcoin to trade.

Unlike centralized organizations, where the value comes from products, services, etc., the value of distributed organizations comes from the ecosystem created by the consensus and co-construction of participants and users.

What is produced and what services are provided are not important in a distributed organization. What is important is that the things provided must be valuable and allow people to experience this value, thereby attracting more people to become "participants" or "users."

Therefore, there are no buyers and sellers, no upstream and downstream, or even competition between competitors in the distributed organizational ecosystem. Everyone’s goal is to continuously generate value for the ecosystem in which they live.

What is the result after the organization generates value? The most direct thing is that tokens have value as a form of equity. Can enter the secondary market for circulation, just like stocks.

The continuous increase in the number of participants is the underlying reason why Bitcoin has gone from worthless to a maximum of 20,000 US dollars in just 9 years.

Let’s go one step further and look at the relationship between incentives and organizational development.

There is a very important rule in Bitcoin mining: the difficulty increases regularly. That is, every 2016 blocks, about 14 days later, the computing power (that is, D in the above formula) will increase. This rule is already baked into the Bitcoin source code and cannot be changed by anyone (except for a fork).

Corresponding to a distributed organization, an excellent incentive mechanism design will regularly evaluate the sum of the abilities of everyone in the organization. The results of the evaluation are used as the denominator for the next calculation of rewards. This mechanism can effectively promote the organization's continuous learning and development.

Finally, let’s talk about the frustrating things. As the saying goes, if we stay together for a long time, we will break up. But in a distributed organization, the situation is a little different.

We often hear the word "bifurcation". What is a bifurcation? Forks are a phenomenon unique to blockchain. Because a blockchain network is composed of countless nodes, upgrading the blockchain is not as simple as a software upgrade, deleting the old ones and replacing them with new ones.

The upgrade of the blockchain will directly cause the split of nodes. Taking Bitcoin as an example, when someone changes some unreasonable aspects of the original Bitcoin code, some nodes will think that the new version of the blockchain has just begun, and the mining income on the new blockchain may be relatively high, so they decisively update the new version.

However, when this group of people who were brave enough to try new things left, the mining difficulty of the original Bitcoin was reduced and the profits were increased, so some people were willing to stay and continue to mine the old blockchain. This results in the division of the community, or the division of the blockchain nodes.

The fundamental reason for the split is that different people have different expectations for the benefits of mining on the new and old blockchains.

This situation is the same in distributed organizations. After a distributed organization develops to a certain stage, if the old mechanism no longer adapts to the new situation, it will also face "bifurcation".

Forks are not scary, especially in distributed organizations. Generally, there is no need to worry about the collapse of the old organization, or whether the new organization will face high risks. On the contrary, both the old and new organizations that have been forked can develop themselves. This is the most attractive thing about distributed organizational structures: they are extremely vital.

Viruses are a fairly typical distributed organization that can "fork" into new viruses under special circumstances. New viruses can adapt to new environments, while original viruses still survive in the old environment.

At the same time, the virus is extremely resistant to destructiveness. Even if almost all cancer cells are removed through surgery, as long as there are a few cells left, they can grow rapidly and quickly pose a new fatal threat to healthy tissues in a short period of time.

This article briefly introduces the context and framework of distributed business theory. Interested friends can contact me and our partners in Beijing, Shanghai, and Shenzhen.

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