The Cultural Foundations and Value Consensus of Crypto Assets

The value consensus of digital Crypto Assets is rooted in its own culture. Value consensus refers to Meme, and Crypto Assets cannot escape the influence of the Meme phenomenon. Bitcoin, as the earliest and largest Meme, directly conveyed its core culture to the community by embedding a piece of news in the genesis block, ultimately achieving self-bootstrapping.

Returning to on-chain culture and decentralized cultural traditions is a viable path to recreate the spontaneous self-propagation miracle of Bitcoin. The emergence of Ordinals and Sats inscriptions directly embeds inscription code information into the Bitcoin community, becoming the spontaneous starting point for the Bitcoin renaissance. In the future, the combination of Crypto Assets culture and technology, through the method of content on-chain, may bind Crypto Assets with culture, which could become a direction for the development of inscriptions 2.0.

Value Consensus is Meme

Friends who are new to the Crypto Assets space often feel confused by some technically advanced but undervalued projects, which is due to not distinguishing the difference between technical Consensus and value Consensus.

Consensus can be divided into technical route consensus and value orientation consensus. Achieving technical consensus does not necessarily mean having a strong value consensus. For example, although EOS has advanced technology, its lack of value consensus has led to a prolonged slump in price. In contrast, pure meme coins like Dogecoin, despite lacking technology and ecology, can achieve high valuations.

The process of reaching a value-oriented consensus is the process of forming a Meme. The realization of value bootstrap in Bitcoin from non-existence to existence requires not only technical consensus but also value consensus. Value consensus is always subjective, and the foundation of Bitcoin's value consensus is the questioning of centralized currency. The news headline in the genesis block is precisely the seed of this value perspective.

Satoshi Nakamoto is good at capturing attention. He gained attention through interactions with the crypto community, transfer tests, and other methods, which later evolved into the airdrop strategy commonly used in crypto projects. When Bitcoin first achieved real transactions, the premise for both parties to reach Consensus on its purchasing power was to acknowledge its value narrative. Satoshi Nakamoto engraved meaningful news headlines into the genesis block, allowing every Bitcoin evangelist to naturally spread its values while explaining history, which is the most direct and efficient method of value capture.

Most tokens are essentially Meme coins. Even utility tokens contain a Meme component in their value. The price of tokens in the long term is determined by the size of the community and the willingness to hold coins, both of which depend on whether the value proposition is successful. Only long-term believers and holders are the true support of a token's value.

Content On-chain: Capturing Native Attention on the Chain

Capturing on-chain native attention for content on the blockchain is currently a relatively rare strategy, while most other tracks are still in the experimental stage.

To widely reach a consensus on value orientation, it is necessary to first ensure information reach. In the modern society of information explosion, attention has become a scarce resource. From mainstream media to KOLs, project operations will not overlook the importance of attention. In the crypto field, there are not only traditional marketing methods but also on-chain information channels. For example, although Bitcoin inscriptions consist of only a few characters, they can directly inject Meme information into the core of the community.

Unlike traditional media, Web3 media has a unique business logic and audience. The on-chain content in the form of inscriptions can be seen as a content filter centered around cost-benefit ratios. Only cultural memes deemed to have potential can occupy a place in the inscription market. This mechanism also serves to focus attention.

On-chain content may seem dull, but it carries the "wealth password". The huge price increases attract the attention of those seeking to get rich quickly. The closed and immutable nature of on-chain content also helps maintain the core attributes of Meme culture. Moreover, the close coupling of content with token trading ensures the spatial proximity of content and assets, facilitating precise targeting.

Social Inscription: The Renaissance of Bitcoin

Social inscriptions are a new type of inscription concept that provides more on-chain space for showcasing culture by adding attributes. It inherits the attitude of inscriptions towards the value of Bitcoin script space while exploring the possibility of combining crypto culture with technology.

The exploration direction of social inscriptions is the combination of humanity and technology. If high-quality cultural content that matches Memes can be created, it may overturn the current value creation model of Meme tokens. In addition to the cultural perspective, social inscriptions are also considering the possibility of on-chain social graphs, and financializing the relationships between accounts is another exploration direction.

However, social inscriptions also face some limitations. The ability to create content that carries culture will determine its level of development. In addition, the scarcity of space resources on the Bitcoin chain will also restrict the limits of content being put on the chain.

Nevertheless, as an innovative token issuance mechanism that continues the success story of Bitcoin, social inscriptions still have the opportunity to achieve excess market returns against the backdrop of a bull market. It represents a more comprehensive Meme construction path, expected to drive a renaissance in the Bitcoin ecosystem.