Content on the Chain: The Cultural Renaissance of Bitcoin

The value consensus of digital cryptocurrencies is rooted in their unique culture, and the dissemination of this value consensus cannot be separated from the cultural connotations of cryptocurrencies themselves. Value consensus is essentially a Meme(, and cryptocurrencies cannot escape the influence of the meme phenomenon. Bitcoin, as the earliest and largest meme, embedded a news report in its genesis block, directly implanting its core cultural concept, ultimately achieving self-guidance and development.

Revisiting the tradition of on-chain culture and decentralized culture is a feasible way to return to the spontaneous bootstrap model of Bitcoin. The emergence of inscriptions like Ordinals and Sats directly embeds inscription code information into the Bitcoin community, marking the spontaneous starting point of the Bitcoin renaissance. The combination of crypto culture and technology, consciously binding crypto assets and culture through content on-chain, will become an important direction for the development of inscription technology 2.0.

Prologue

On January 3, 2009, around 6:15 PM, the genesis block of Bitcoin was born on a small server in Helsinki, Finland. In the script area of this genesis block, Satoshi Nakamoto recorded a news article from The Times on that day:

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

Thus, the Age of Exploration in the crypto world has begun. Adventurers, ambitious individuals, and capitalists are setting sail, chasing the treasures of the crypto world and searching for their own belonging.

Thirteen years have passed in the blink of an eye, and Satoshi Nakamoto has become a legend, his whereabouts unknown. The script area of Bitcoin has once again entered the spotlight. Thanks to Bitcoin's Segregated Witness and Taproot upgrades, the storage space of Bitcoin has drawn renewed attention. The emergence of ordinal inscription technology has unearthed the value of storage space on the Bitcoin chain - a storage space safeguarded by a network with over 400 million TH/s of hash power. Utilizing this space as a ledger, its security surpasses that of any other blockchain. The ordinal inscription technology route is a technical exploration of using the Bitcoin chain as a multi-asset financial proof platform. The existence of ordinal inscription value highlights the worth of the Bitcoin script space under this architecture.

![Content of inscription on chain: The Renaissance of BTC])https://img-cdn.gateio.im/webp-social/moments-ac655c4fff8bfdca9abaca787bd96df3.webp(

This is just the starting point for the revival of Bitcoin. Members of the crypto community are beginning to reassess their original understanding of Bitcoin: Bitcoin can not only serve as a ledger for Bitcoin but also as a ledger for other assets! This is followed by reflections on Satoshi Nakamoto's actions. What is the significance of reprinting a physical newspaper article in Bitcoin's storage space? What is the significance of reloading human-readable content from off-chain onto the chain?

If you can answer this question, you have solved the motivation for social content on the blockchain.

Value consensus is equivalent to a meme!

Friends who are new to the crypto space, especially those who have transitioned from the blockchain circle, often feel confused by projects like EOS that are technically advanced and have a good user experience, yet are poorly valued. This is because they have not distinguished between technical consensus and value consensus.

) Consensus is divided into consensus on technical routes and consensus on value orientation.

The value of Bitcoin is also built up gradually from nothing, ultimately achieving self-guided value bootstrap###. In the process of achieving value bootstrap, the community must not only reach a technical consensus but also a value consensus. Simply achieving a technical consensus does not mean having a strong value consensus. Taking EOS as an example, its valuation has troubled many technicians: clearly the technology is good, so why is the price stagnant? Even today, EOS's technology is still not considered outdated. The on-chain experience and interactions, as well as ecological applications, were once not inferior to Ethereum. However, all the technical barriers and ecological advantages could not stop the foundation's personnel from selling EOS to buy Bitcoin and Ethereum. This operation has led EOS to become a tool for the team to cut韭菜 in the eyes of community members. When an asset forms a stereotype in the minds of investors, reversing this consensus requires tremendous capital strength. Without capital support, coupled with the departure of core members, no matter how good the product is, it cannot support EOS's valuation.

In contrast, the originator of meme coins, Dogecoin, had very few developers left before being promoted by Musk. However, Musk's endorsement led most investors to believe that with Musk's social influence, Dogecoin would be seen, recognized, loved, and even held by more people. The diffusion of token consensus relies on Musk as the source of propagation, which is like adding wings to a tiger. This kind of community consensus pushed the price of Dogecoin from $0.014 all the way to $0.8.

Two cases, EOS technology and products are excellent, but there is no good price. Dogecoin is purely a meme, without ecology, without 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 memes.

The technological consensus of Bitcoin ensures that each account has complete control over its own permissions and that there is no double spending. The technological consensus has been promoted by its technical white paper since the inception of Bitcoin. Bitcoin has gone from having no price to having a price, from mining by some to actual payments, over a period of one and a half years. During this year and a half, Bitcoin community members have continually reflected not only on whether Bitcoin, as a chain, is secure enough, but also on whether Bitcoin is valuable and how much it is worth. This is the consensus of value. The consensus of value is always subjective. The foundation of Bitcoin's value consensus is laid by "The Non-State Currency" and the fear, uncertainty, and doubt regarding the centralization of currency )FUD###. The news article that was included in the genesis block is the seed and fuse of FUD. Without the reprinting of this genesis block, this news 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 Bitcoin, Satoshi has been seeking the support of crypto bigwigs within the crypto community. For example, he demonstrated to David that Bitcoin had realized David's B-cash concept, gaining David's support offline. This support established a brand for Bitcoin within the community, thus attracting community attention. On January 12, 2009, Hal Finney( received 10 Bitcoins sent by Satoshi during a Bitcoin transaction test, becoming the first recipient of a Bitcoin transfer. Since then, Satoshi has often transferred mined Bitcoins to friends in the crypto community, gaining the attention of community members through this action. This behavior later evolved into one of the unique ways crypto projects establish attention: airdrops!

Tracing back to the first real transaction of Bitcoin, Laszlo Hanyecz purchased two pizzas for 10,000 Bitcoins. In this exchange, Bitcoin first acquired a price. Both parties in the transaction were aware of Bitcoin. The premise for both parties to reach a consensus on Bitcoin's purchasing power is their recognition of Bitcoin's value narrative. The foundation for acknowledging the value narrative is the ability to notice Bitcoin's value narrative. Satoshi Nakamoto engraved a deeply meaningful news headline on the genesis block, which allows every Bitcoin evangelist to automatically convey Bitcoin's value narrative when explaining its history. This is the most direct and efficient form of value capture.

) The price of coins fluctuates and cannot escape the meme phenomenon.

Most coins are meme coins. Looking back at other tokens in the crypto space, many mainstream tokens like (UNI, ARB, and OP) lack clear value capture support. The rights and obligations of more assets are difficult to distinguish, making it hard to find effective value capture. The valuation in the crypto space cannot be explained by monetary theory, nor by financial assets. Bitcoin claims to be a peer-to-peer cash payment system, but how many people actually use Bitcoin for payments today? Let's be bold and say that Bitcoin is the biggest meme. The price of coins is a matter of memes. It is precisely because of the meme attribute that assets in the crypto space have a characteristic different from traditional finance, namely attention. Its volatility cycle is also markedly different from traditional finance.

Even the value of utility tokens contains elements of memes. Ultimately, the pricing of financial assets depends on supply and demand. Supply and demand arise from changes in human decision-making, which are influenced by emotions affected by information. Behavioral finance has long been a consensus in the investment industry. 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 reduce the value of utility tokens.

Therefore, we say that the issue of coin prices is a matter of memes.

In the short term, coin prices can be manipulated by patterns, but in the long run, the size of the community holding tokens and their willingness to hold coins depends on whether the value output is successful. Just like with Apple phones, even if the cost-performance ratio is low, users still buy into it. Only long-term believers and long-term holders are the value support for the tokens. And these believers and holders are inspired by culture.

![Inscriptions Content on Chain: The Renaissance of BTC]###https://img-cdn.gateio.im/webp-social/moments-038b8bde395b61ffdc5cf5724ef18e78.webp(

) The achievement of consensus requires cultural dissemination.

The technical consensus and value consensus of a token are formed through different paths. Technical consensus helps to form the value consensus of the token. Both technical consensus and value consensus have an emotional component, and there are instances where people rely on intuitive thinking to take shortcuts. Therefore, unlike copying cold code on different computers, consensus spreads among people and needs to use warm content as a carrier. This warm content, which spreads among people, is what we typically define as social content.

All crypto project teams have no disagreement in building brands and establishing value consensus through social media and social content. Almost all project teams have various social accounts and private domain communication spaces. From community operations to group moderators, project teams will form their own community hierarchy. Social accounts become the source of dissemination, and communities or a series of crypto circles become the channels of communication.

The technical white paper of Bitcoin is calm and objective, but the news inscribed in the genesis block is warm. This news reflects the value orientation that Satoshi Nakamoto wants to promote to Bitcoin followers. As the genesis block is deployed with full nodes around the world, as long as Bitcoin exists, this excerpt advocating Bitcoin's value orientation will not stop its dissemination. Every time this excerpt is read, people are reminded that the end of centralized central banks is near. If we consider Bitcoin as a religion, then "UK Chancellor's Bailout" is the apocalypse of this religion. And Bitcoin is the Maitreya, the Messiah, the Noah's Ark in the apocalypse.

The crypto circle has always understood cultural dissemination the best. Just looking at the recent wave of inscriptions, various small images and slogans are all aimed at letting more people understand the meme culture represented by four letters. Unfortunately, the area of dissemination still mainly relies on Web2 social media, and the memes themselves do not carry a strong value orientation like Bitcoin. 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 narrative, such as the "1 sats=1 sats" from the Sats community.

In summary, cultural content is a carrier of value orientation. This understanding coincides with meme theory. A meme is an information unit in cultural dissemination. Here, culture broadly refers to thoughts, concepts, customs, art forms, etc. In order to support token prices, designers must consider the relationship between culture and token prices during the process of cultural dissemination. The meme inherent in Bitcoin has set a good precedent for the crypto community, but unfortunately, many subsequent tokens that claim to be "memes" often only pursue the cost of meme dissemination, neglecting the relationship between memes and token value. This is also why, after Bitcoin, there are only meme-based coin names without any narrative about the memes.

Content On-Chain: Capturing Native Attention on the Chain

Capturing on-chain native attention for content on the blockchain is currently a very rare content on-chain strategy. Other tracks are all