Models, Research & Prompt ·
Token and bitcoin
English translation of the Chinese original. This version is generated for international readers and may be refined over time.
English translation of the Chinese original. This version is generated for international readers and may be refined over time.
Date: 2026-04-07
Yesterday I read an article published by Tiger In-hoon. I'm still thinking about how this old yellow is connected to Satoshi.
And then I suddenly remembered that I had written an article about what bitcoin was, and there was a local knowledge bank that wasn't there yet. I feel like I'm missing an opportunity to publish the article, and after reading it, I think I can link the two articles.
I dare to define it, AI's calculus, Token, which is actually BTC 2. 0.
Long logic, short story.
But sometimes the two stories come together to see that larger logic.
Group one: the collapse of the old order
In 2008, the bank fell
Banks are a centralized financial institution. Its authority comes from national credit, and you trust the country, so you give it to the bank, which keeps your account. Only you and the bank know. The fewer people you want to know, the better.
It's been running for centuries. It looks good.
In 2008, it crashed.
The "trustworthy" big banks became the source of the financial crisis. The Government used taxpayers ' money to save them, and ordinary people paid for nothing. On January 3rd, 2009, Chinese Chung permanently carved a sentence into the first block of bitcoin:
** "The Minister of Finance is about to implement the second round of bank assistance. "**
This is not a random time stamp, it is a declaration of war - ** the old system of trust is dead and the new one begins today.**
When people lose trust in centralized institutions, code and mathematics begin to become new beliefs.
2026, the old data centre paradigm ends
Seventeen years later, San José SAP Center. Wong In-hoon came to the stage and declared the end of another old order - not financial trust, but a model of calculation.
In the past, the data centre was a repository of documents, measured by storage capacity and the number of servers.
Huang In-hoon said: This paradigm is out of date.
Over the past two years, the Token production rate at the same 1 GW data centre has increased from 22 million to 700 million - ** 350 times, within two years. ** By 2027, global AI computing needs will exceed $1 trillion.
The old unit of measure is byte and the new unit of measure is Token. The old authority was the warehouse manager and the new authority was the factory director.
** Twice collapsed, with the same signal: a new faith system will emerge when the old measures fail.**
Group II: New rule makers
Sakamoto: Don't believe in the village chief
Nakamoto appeared. He told you: you don't have to go to the bank and put that money on the Internet.
You must call him a liar.
But his core idea is to subvert two things: ** who owns the bookkeeping and what the bookkeeping looks like.**
Turn the books into three things:
** A public ledger. ** Not only do you and the bank know it, but it's on the Internet. All nodes have identical copies. Every deal you make, it's proven all over the world.
** An unmistakable account book. ** The header of each page of the account is printed on a page of digital fingerprints (Hashi values). You have to change millions of books all over the world at the same time and have more than 50 percent of the world's computing power -- almost impossible in reality.
** An account book maintained through a talent contest. ** Who's in charge of accounting? It is no longer a bank employee, but a global miner who competes by addressing an extremely complex mathematical dilemma. Whoever solves it first has the right to wrap this period's transactions into a "block", add them to the books (block chains) and receive the new bitcoin as an incentive. That's "mining."
Central himself does not produce any bitcoin. He only defined the rules.
Wong In-hoon: Token is income, counting is factory
Wong In-hoon did exactly the same thing on GTC 2026.
He shows a picture that can almost be used as the cover of an AI Token white paper on economics: The y-axis are throughput (how much token is spent per MW power) and the X-axis are interactive (token speed as perceived by users). Below the figure is five pricing slots:
Free: $ 0/ million Token
Mediam: $3/million Token
High: $6/ million Token
Premium: $45/ million Token
Ultra: $150/ million Token
He even helped the CEOs with the company's checkbooks to plan the calculus distribution: 25% to the free floor, 25% to the middle, 25% to the high end, 25% to the super-high end.
And then he said, "Let's go straight to the economics textbook:
Token is income. "**
Wong In-hoon himself does not directly produce any Token. He only defined the rules and then laid the product line of Inverda on every level of the rules.
** Two people do not produce Token, but rather define Token ' s production rules and pricing mechanisms.**
Group 3: Books and reasoning -- who will record the world
The village's public books
It's like a village:
Previously, only the village chief (bank) had a bookkeeping book, and only the village chief knew how much money there was.
He said, "Let's not trust the village chief." Thereafter, every household in the village (node) was given an identical book. Every time someone made a deal (such as a bride price for an old Wang's daughter), they shouted a voice in the village square (broadcast trade), and the whole village heard it.
The most powerful families in the village (miners) then began the race to move bricks (calculating the Hashi puzzle), and whoever finishes the move as required will be responsible for the complete copying of the trader on a new page (block) of the books. The header of this page is also marked with the unique mark of the previous page (Hashi) and forms a chain that is always extended back - this is the block chain.
The others immediately checked the correctness and the new page was posted to their books, which were updated once the entire village had approved it.
China has also designed a magic sand leak: moving bricks too quickly (less than 10 minutes/page) requires more sophisticated bricks (upgrading difficulty); too slow (more than 10 minutes/page) allows for rougher (lower difficulty). Regardless of the influx of heavy labour, the pace of book updating has remained stable at one page per 10 minutes.
AI reasoning: every conversation is a check-up
In AI's world, the way to record the world is reasoning.
And every time you ask AI, the model is going to be deciphered into Token, calculated by billions of parameters, and decoded into Token for you. This process is the "Ai World Record" -- it translates human problems and needs into valuable outputs.
The mine is called Mining, the reasoning is Inference, two words, one of the essence: ** transform electricity into something of value.**
The miner's excavated Crypto Token sold; the reasoning model spent electricity output AI Token sold to developers and businesses at millions. The left is the meter, the right is the income, the middle is different, the two are identical.
** One recorded the deal, one recorded the wisdom. Two books, the same logic.**
Group 4: Who moves the bricks # # competition for the right to account
Miners: Validity is qualification
The village books are here, and the next question arises: who's willing to take the bricks?
China has designed an extremely fine economic incentive: whoever is responsible for accounting, rewards the new bitcoin. Li's first move of bricks will give you 6. 25 new food coupons - enough for six months. A tip can also be charged at the time of bookkeeping, and whoever pays the tip is charged first.
Following this news, a large group of labourers from the neighbouring villages joined the lifting teams with shovels (mineers) and copies of the books expanded from 10 to millions.
An arms race in mining hardware began: CPU → GPU → FPGA → ASIC, each generation of specialized hardware turned the previous generation into scrap iron. The greater the ability to calculate, the greater the probability of the right to record, the higher the returns.
Vera Rubin + Groq LPU: competition for reasoning
In AI Token's world, "the right to keep accounts" is called** the right to reason** -- who can produce at the lowest cost and the fastest, Token, who has the right to price this age.
At GTC 2026, Wong In-hoon announced the birth of a new generation of "mine machines" in the field of reasoning.
Weeda decomposed the reasoning process into two stages: the calculation intensive** prefill phase** to Vera Rubin and the highly sensitive ** decoded phase to Decode** to Groq LPU. The two were synergized by Dynamo software to achieve both high throughput and low delay in the same data centre - two indicators that were naturally contradictory in the past.
Official data: This combination is 35 times higher than the previous generation Blackwell platform, with a specific task load of **Token swallowing **, unlocking 1, 000 token/s.
Groq LPU is a ** determinative data stream processor** - static compiler, doing one thing, very low delay to token decode. This "do one thing but do one thing" structural philosophy, in the field of AI reasoning, is almost equal to the moment the miners switched from GPU to ASIC:
** General purpose hardware fully crushed by dedicated hardware. The ASIC moment of reasoning, coming.**
The evolutionary path of AI ' s reasoning is reproducing the same trajectory followed by mining: Hopper → Blackwell → Vera Rubin + Groq LPU.
Team 5: Why doesn't anyone dare build # False
Three failures of Zhao Black Heart
The village chief asked the most critical question: "What if someone deliberately makes a false account?"
Zhao tried to cheat and tried to replace "Zhang San" with "100" China has three red lines in the morning.
** First red line: Hashi protection from hypocrisy. ** As soon as the numbers were changed, the security codes on the account pages became red. The previous page of digital fingerprints are printed on each page ' s top: 50-page fingerprints = mathematical calculations of page 49. Change page 49 so that the fingerprints on page 50 are not matched unless all the pages that follow are recalculated. Zhao Black Heart spits blood, biting on.
** Second red line: nodal validation. ** When Zhao Blackheart handed over the fake books to the villagers, Wang Accountant Second found: "This is the wrong print! Zhang San's digital signature can't tell!' The whole village group tore up the fake account. Zhao Black Heart spits blood again and doesn't want to go on.
** Third red line: economic penalties. ** Zhao Blackheart moved bricks for three days in vain (consumption of a great deal of calculus), put up food money (electricity costs), lost grains and was excluded from the network for three months.
Finally, Zhao Black Heart lamented: "Who was born of bitcoin and Zhao Black Heart."
** The lessons of blood and tears: the cost of cheating is always higher than the return of honest accounting.**
Instead of taking the risk of changing old books, moving the bricks to earn a new ticket. >
Physical law: a red line where no one can fork
In AI Token's world, the question "Why doesn't anyone dare fake" is another answer for Wong Jin-hoon: The laws of physics.
In his speech, he said:
"You still gotta build that 1GW data centre. The 15-year amortized cost of that factory is about $40 billion, even if nothing goes in. Land, electricity, heat dispersion - each with a physical ceiling. "
You want to fake it? You want to get around this?
Zhao Black Heart is facing alms and economic punishments - smart programmers may find holes, and someone will try a new chain around fork. In fact, the ETA and the Lateco are all the products of Fork's dissatisfied with the Bitcoin rule.
But nobody can fork the thermodynamics second law. No one can get the physical area of a land fork, no one can get the grid capacity of a city fork, no one can get the physical limits of heat dispersion fork.
** The lock is coded, and the lock of Wong In-hoon is coded. The latter is harder to break.**
Cluster 6: two expressions of scarcity
21 million: smallpox forged by code Board
China has set the iron law that has the most profound impact on the entire encryption economy:
** The total amount of bitcoin never exceeds 21 million.**
It's in the code. Nobody can change it. It's not promise, it's law, it's math.
For every 210, 000 blocks (about four years), the incentive for mining is halved. The first 50 pieces per block, then 25, 12. 5, 6. 25... By 2140, the last bitcoin was dug and never increased.
This design creates ** human scarcity** - no matter how much calculus flows, the total is forever capped. Scarcity is the value anchor of the entire encrypted economy.
But this lock has a congenital loophole:** code can be fork. ** Not like the 21 million cap? Fork, a new chain, 200 million, a new name, whatever. People do, and they do.
# 1GW: A ceiling made of thermodynamics
Huang In-hoon wrote another ceiling in the laws of physics.
A 1GW data centre will never become 2GW. This is not a policy restriction, not a commercial decision, but the law of the atom. You spent 40 billion dollars building this factory, and the amount of output you've had in 15 years of life, Token, depends entirely on the computing structure you put in.
Wong In-hoon said: ** "You must ensure that the strongest computing system is in place to get the lowest cost of Token production. "**
And that's why every generation of new Yvette GPU releases triggers a global data centre procurement boom -- In a fixed physical container, put in a stronger "mineer", more tokens per unit of electricity output, more profit space.
Two types of scarcity lead to the same result: an arms race in dedicated hardware.
| Bitcoin. | AI reasoning | |
|---|---|---|
| ** Scarcity sources** | The code's dead. 21 million. | A GW cap locked by the laws of physics |
| ** Is it possible to bypass** | Okay. | Fork |
| ** Path to an arms race** | CPU→GPU→FPGA→ASIC | Hopper→Blackwell→Vera Rubin+Groq |
| ** The most profitable role** | Bitland, mine seller. | Imwida for GPU. |
Group 7: The moment the copper stamp falls
The old village chief says goodbye
When the old village chief last opened that yellow book, his hand-written honesty ** was four big words, and in the financial turmoil of 2008, it had become a dead letter.
A new miracle is happening in the square:
As a result of a food ticket dispute between Zhang San and Li Si, Mr. Wang moved out of the block ledger and turned to page 492, signed the numbers of Zhi Li and the entire village books were identical - the verdict was automatically generated under mathematical rules, without argument or favouritism.
The new clerk, Min, was asked by the villagers: "Will you abuse your power? My power is just a bunch of math questions. It's a matter of reconciliation, and it's a matter of the village.
** Real power, in the code of these machines. **"
In winter and this day, the villagers did not worship the gods of wealth, as they had done in previous years, but read the words in the words of the founding blocks:
** "On 3 January 2009, the Minister of Finance is about to implement the second round of banking assistance. "**
The old village chief slowly removed the copper seal and put it gently next to the miner:
Now, that's the authority of the village. "**
Wong In-hoon's proclamation
On the stage in San José, Huang In-hoon spoke the same thing in another language.
He wrote on the slide:
Tokens are the new commodity. And like all commodities, once it reaches an inflection, once it becomes mature, it will segment into different parts.
Token is a new commodity. When commodities mature, they are naturally layered.
He was not describing the current situation; he was prejudging a market structure, and then laying the product line of Inverda precisely on every level of that structure.
No one questioned it under the stage.
Because in 2008, the Bitcoin White Paper had to repeatedly argue about the value of a de-centreized electronic cash system - 17 years later, people were fighting.
And in 2026, everyone sitting down on stage had spent millions of Tokens this morning with Claude Code or ChatGPT.
** They don't need to be convinced Token has value, their credit card bills have proven.**
The old village chief lays down his copper stamp on the basis of consciousness, and the CEOs under the table draw their cheques on the bill.
** Results are the same: new authority has been established.**
End: one disappears, one disappears
But these two Tokens, there's a crack that leads them to a different end.
The demand side of Cripto Token is speculation**. No one "needs" bitcoin to finish the job, and you hold it because you believe someone will buy it at a higher price in the future. It is a faith economy - value is in non-use, and the more valuable it is, like digital gold.
The demand side of AI Token is ** productivity.** You don't need to believe it's worth it, you just need to open Claude Code, and efficiency gains already happen. This is the productivity economy - the value of which is at the moment when it is used, like digital power, the output is consumed.
** It depends not on faith, but on indispensability.**
There is a charisma of desire. He designed the rules, gave them to the code, then completely invisible. Cypherpunk's romantic -- creating faith in math and then disappearing.
Wong In-hoon is more like a businessman than any scientist. He designed the rules and personally maintained them, holding a global show once a year in San José, adding bricks and bricks to deepen the moat.
Two people, one disappeared, one everywhere. But what they did was exactly the same thing:
** Defines a set of conversion rules for "calculations → Token ** values" and then lets the economy operate around them.**
The one you saw because you believed, Token, you can see now without believing.
It is the next basic measurement unit after Watt, Amber, Bitt.
Attach: Key noun quick check
| Terminology | Interpretation |
|---|---|
| ** Bitcoin** | Point-to-point electronic cash system, independent of banks or governments, operated entirely by code and mathematical rules |
| Link chain | Open, unmovable changes in the global maintenance of thousands of computers Ben. |
| ** Block** | The basic unit of the block chain is equivalent to the "one sheet" in the ledger. |
| ** Miners** | Participants in the exercise of the right to account by calculating the mathematical dilemma (PoW) |
| Hashi | Data "digital fingerprints", a fixed length string generated by SHA-256 algorithm |
| ** Mining** | The process of balancing the rights of accountancy is essentially a Hash collision game |
| ** Inference** | AI Model processing input, output generation, AI Token 'drilling' |
| ** Private key** | A bunch of encrypted numbers. Whoever has a private key controls the corresponding bitcoin. |
| 21 million cap | Bitcoin total cap. It's in the code. Nobody can change it. |
| AI Factory | Huang In-hoon defines the concept in GTC 2026: a data centre with Token output efficiency as a core indicator |
| Vera Rubin | New Generation GPU platform, prefilling of reasoning |
| Groq LPU | Special Decomposition Accelerator, decoding phase, with Vera Rubin combined to increase throughput 35 times |
| Dynamo | The British Weeda Logical Scheduler, which automatically assigns Prefill/Decode to different hardware |
| Crypto Token | Mining, value from scarcity and belief, digital gold |
| AI Token | Basic unit of measure of reasoning, value derived from actual use, digital power |