The Real Value of Code: The Shift from Functionality to Capability

Ten years ago, I was still working at a well-known telecommunications company. At that time, a competitor set a goal for programmers to write 7 lines of code a day. After calculations, I found that each line of code was worth about $100. However, years later, when I delved into the source code of Bitcoin, I realized that each line of code was worth far more than the output of traditional internet programming. This huge difference prompted me to decisively shift to the field of Bitcoin development.

Today, the value of each line of Bitcoin code has skyrocketed to an astonishing $20 million. This figure is shocking and has prompted me to delve into the reasons behind it. After careful consideration, I have come to a conclusion: the high value of Bitcoin code stems from its inherent "consensus creation ability" and "growth vitality," which is precisely the fundamental difference between it and traditional internet code.

We can categorize the value of code into two types: "capability-type" code and "function-type" code. The reason Bitcoin code is so expensive is that it falls under "capability-type" code, possessing the ability to create global decentralized consensus and adaptive growth.

Every line of code in Bitcoin is not just a simple implementation of functionality, but carries a decentralized mechanical consensus, a set of self-executing rules, thereby creating a whole new digital capability. This capability allows Bitcoin to condense the originally intangible human consensus through the proof-of-work mechanism on its network, integrating the universally recognized resource of "energy" and the ultimately recognized value of "time" into the network, incentivizing different miners to compete with Bitcoin, completing the integration of human consensus values, and forming the most powerful decentralized global consensus network in human history. This not only creates immense commercial value but also lays a solid foundation for carrying even greater value in the future.

The Bitcoin code also possesses "growth vitality," meaning the ability to grow adaptively. Through the longest chain consensus mechanism, miners continuously compete for computing power, constantly raising the consensus barrier. The system automatically adjusts the difficulty every 2016 blocks to balance computing power and block generation speed. Furthermore, the interplay among miners, nodes, protocol and application developers, users, and investors forms an ever-evolving network. This endows Bitcoin with the qualities of self-maintenance and adaptive growth, akin to a living organism, whose growth and anti-fragility enable it to maintain robustness in various environments. The mechanical consensus expressed by the Bitcoin code is a "capability-based" product of adaptive growth, which is non-replicable.

In contrast, traditional internet code is mostly "functional" products, aimed at achieving specific functions or solving particular needs. Taking online shopping systems as an example, the code for e-commerce platforms is designed to help users select products, check out, and make payments. This code can be quickly modified according to business needs and is easy to replicate, resulting in lower irreplaceability and long-term value.

Another typical example is a database management system. Database products are widely used, but their core functions are data storage and retrieval, which can be replaced by more efficient implementations. Therefore, the value of their code is diluted due to a lack of uniqueness.

Overall, the high value of Bitcoin code originates from its inherent "consensus creation ability" and "growth vitality," as well as its unique properties that cannot be replicated. This is a code with deep vitality; it not only addresses the decentralized consensus issue but also establishes a unique value system through its growth characteristics and complex ecosystem. In just 15 years, the Bitcoin network has grown from zero to a network valued at $1.5 trillion, which is the best embodiment of the value of "ability-based" code. In contrast, traditional internet code, despite potentially excelling in specific functionalities, cannot reach the value heights of Bitcoin due to its substitutability and functionality.

When starting or evaluating a technical project, we should ask ourselves: "Is this adding a feature, or is it creating a new capability?" This question may help us better understand and assess the long-term value and potential of the project.