Decrypting Bitcoin: Four Elements for Designing a New Cryptocurrency The success of Bitcoin is not accidental, as it contains profound philosophical ideas and ingenious system design. The key to understanding Bitcoin lies in understanding the concept of "emergence" and how the world before and after emergence forms a harmonious and unified cycle. If we want to design a successful cryptocurrency similar to Bitcoin, we need to start from the perspective of emergence and identify four key roles in the system: -Individual self referential: This is the cornerstone of the system, where each individual has an independent "self referential" function, capable of self circulation and self referencing. -Feedback on overall hormones: This is a bridge connecting individuals and the whole, and a medium through which individual behavior affects the overall state. -Emergence as a whole: This is a global attribute that emerges from the system and is the result of the collective action of all individual behaviors. For example, the security, stability, and value of cryptocurrencies. -Nutrients provided to individuals as a whole: This is an incentive given to individuals as a whole to encourage them to continue participating in the operation of the system. For example, the reward mechanism of cryptocurrency. These four roles form a complete cycle: the individual influences the whole through "hormones", and the whole feeds back to the individual through "nutrient solution", thereby achieving self-organization and self maintenance of the system.