Author: Zhu Weisha, Qin Wei

1. Insights from the White Paper: Public Transparency as the Primary Principle

The Bitcoin white paper first cites David, emphasizing that "transactions must be public" right from the start, before discussing technical elements such as timestamps and hash chains. The order of citations is not random; it clearly indicates that Satoshi Nakamoto considers public transparency to be the most important.

This arrangement strongly suggests Satoshi's priority: establishing the principle of "public transparency" is the fundamental prerequisite for achieving "trust without third parties" before constructing any technical solutions. Without transparency, trust cannot be established.

2. Examining "Decentralization": A Method Rather than a Goal

Bitcoin was created to combat fiat currency inflation, with the core issue being how to achieve fair currency issuance. Satoshi Nakamoto enabled anyone with computing equipment to participate in bookkeeping and earn rewards through a competitive computing mechanism. Therefore, the essence of "decentralization" is to provide a mechanism for fair issuance and resistance to censorship, while also being an effective way to ensure the system does not go down.

However, the industry has overly emphasized the technical form of "decentralization" over the years, even deifying it, which obscures Bitcoin's more fundamental value: verifiable public transparency. Once transparency is lost, even the most decentralized system will see its trust foundation crumble. Decentralization is an excellent means to achieve transparent trust, not the ultimate goal. The true objective is to establish a trust system that is clear in rules, verifiable in operation, and does not require intermediaries.

Any compromise on transparency mechanisms, whether for technical optimization or regulatory compliance, essentially deviates from Satoshi's original intention. Only by adhering to public transparency can we truly achieve trust without third parties.

3. Industry Validation: Pragmatic Integration Surpasses Dogmatic Purity

Over the past fifteen years, projects that have truly moved towards large-scale application have mostly integrated the efficiency of centralization with the transparency characteristics of blockchain. Whether it is Binance, USDT, Solana, or emerging DeFi protocols like Hyperliquid, even Ethereum, which has shifted to a more centralized governance model after moving to Proof of Stake (PoS), all indicate that pure decentralization faces bottlenecks in efficiency, compliance, and scalability. The mainstream future development will surely strike a balance between transparency, security, and performance, rather than rigidly adhering to a single technical form. Looking at the top 20 projects on Coinmarketcap, apart from Bitcoin, none have not found a realistic intersection between transparency and efficiency.

4. Terminology Distinction: Cryptocurrency Represents the Essence of the Industry More than Blockchain

The term cryptocurrency encompasses both technical (cryptography) and financial (currency) attributes, accurately depicting the characteristics of the industry, and is recognized by Satoshi Nakamoto. In contrast, blockchain, as a colloquial term for "hash chain," leans more towards the technical implementation method. Using cryptocurrency as a description of the industry is more accurate than blockchain. It is also more precise as a subset of digital currency.

5. Establishing a New Paradigm: Centered on Public Transparency

While Web3 reduces intermediaries through decentralization, it does not eliminate the need for compliance, custody, and risk hedging. Without solutions to these issues, it will be difficult to enter the mainstream financial stage.

Transparency shapes trust. Decentralization and blockchain are both technical paths to achieve transparency. Relying on transparency can significantly reduce regulatory costs and can be automated through AI.

Regulation should cover three levels: user and public oversight of platform ledgers, regulatory agencies' compliance reviews of platforms, and platforms' monitoring of the behavior of both parties in transactions.

6. The Essence of the Debate: Reducing Bookkeeping Costs is Key

Decentralization achieves fair currency issuance through competitive bookkeeping; if it is only used for bookkeeping, it must compete with Web2 systems. To be competitive, bookkeeping costs cannot exceed those of centralized systems. In reality, application projects adopt a unilateral bookkeeping plus blockchain verification model, where efficiency is comparable to centralization. Their transaction flows are publicly verifiable, with key hash values uploaded to public chains like Bitcoin or Ethereum. This achieves low-cost, efficient bookkeeping while establishing trust through public transparency, aligning with Satoshi's original intent.

7. Breaking the Dogma of Rigid Decentralization is a Need of the Times

Currently, Bitcoin faces multiple challenges, including increased computing power concentration, fewer maintainers, threats from quantum computing, and community divisions. Trapped by the dogma of decentralization, Satoshi cannot step in to oversee the situation, leading to a lack of flexible response mechanisms when facing real challenges. This rigid concept of decentralization makes it difficult to reach consensus on technological upgrades and governance decisions, further exposing the structural flaws brought about by a purely decentralized pursuit. Decentralization is useful, but it should not become a rigid dogma. If Satoshi were to appear, he would certainly say that public transparency is the core concept of Bitcoin.

8. Future Direction: A Chainless Platform Based on "Public Transparency"

Based on the above considerations, we have been building a "Chainless Transparent Platform" since 2023. Using the Near blockchain as the underlying layer, we aim to embody the value of "transparency" through four pillars:

• Institutional Transparency: Compliance rules are coded and executed automatically;
• Service Transparency: Comprehensive public disclosure of funds, assets, compliance, and ecological data;
• Technical Transparency: Consistent ledgers, verifiable data, integrating traditional auditing with on-chain advantages;
• Operational Transparency: Real-time disclosure of financial and risk information, eliminating information asymmetry.

The chainless platform does not replace decentralization but elevates it, making the chain intangible. Decentralization safeguards openness and freedom, while the transparent platform ensures compliance and trustworthiness. The combination of the two can build a new financial ecosystem that is both vibrant and sustainable.

Conclusion

Satoshi's most precious contribution is not a specific technology, but the concept of building transparent trust through code. The cornerstone of the future financial system must be a platform that can institutionalize and contextualize this concept. When transparency becomes the default and regulation is internalized as a system function, finance can truly achieve efficiency, inclusiveness, and fairness. All of this stems from a return to and adherence to the core value of "public transparency."

Blockchain and decentralization, as technical concepts, have guiding significance in the foundational innovation stage, but they have shown limitations in practical application. Regulation built on this thinking also urgently needs to be updated.

Regulation needs to shift its focus to a new paradigm centered on public transparency.

The chainless transparent platform will be supported by technology and guaranteed by compliance, dedicated to creating a public, fair, and just financial environment. Users, platforms, and regulators can all build trust based on transparency. By embedding compliance into code and making processes fully public, the chainless platform enhances efficiency while reducing trust costs. In such a system, regulation is no longer an external constraint but an endogenous system capability. In the future, transparent platforms will promote finance towards a higher level of co-governance and self-governance, truly achieving inclusiveness and sustainable development.

Interested parties can visit the Chainless website to read the white paper and over 800,000 words of cryptocurrency theoretical materials.

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