The UTXO-like model (Object) proposed by the Sui chain undoubtedly brings new ideas to the expansion of cryptocurrencies. However, to achieve the level of thoroughly “adaptive security and reliability” as Bitcoin, it still has at least three more steps to take. A deep dive into these issues not only clarifies the challenges Sui faces but also allows for a more profound understanding of Bitcoin’s unique value as the foundational layer of consensus.
First is the issue of fund security. The design of the Sui chain should return the control over asset security to the Object users themselves, rather than relying solely on hundreds of validators. This approach is closer to Bitcoin’s model, where users control their assets directly through private keys—this is the core of truly decentralized asset management.
Second is the consensus mechanism. The PoS (Proof of Stake) model may need to shift toward a “P/NP external asymmetric interaction” verification model. Introducing external energy inputs—similar to the physical resource consumption of Bitcoin’s Proof of Work (PoW)—can effectively resist entropy increase. This not only provides a more objective anchor of security but also avoids the potential centralization risks caused by internal stake distribution.
Lastly, and most critically, lies in the reuse of the underlying account system. We must consider how to reuse Bitcoin’s UTXO account base. The consensus and security of the entire cryptocurrency ecosystem should originate from the vast number of user holders behind Bitcoin’s UTXO system. Only by expanding based on this kind of “maximum consensus” can emerging cryptocurrency systems ensure a solid security foundation.
When it comes to expanding the Bitcoin network, it is essential to distinguish between two fundamentally different paths:
First: Expanding the Bitcoin network based on BTC (as a monetary asset). This type of expansion focuses on the financial attributes of BTC, such as lending, derivatives, and other financial products developed around BTC. It represents an innovation of upper-layer applications based on the existing monetary foundation.
Second: Expanding the Bitcoin network based on the UTXO base of Bitcoin. This path is more fundamental—it involves expanding based on Bitcoin’s decentralized, adaptive consensus. It means building broader and deeper applications atop Bitcoin’s core accounting model, leveraging its inherent security and decentralization.
There is no need to limit our perspective to the financial attributes of BTC. In fact, Bitcoin’s UTXO account system is more powerful than BTC’s financial properties. It is not merely an accounting system—it is the largest decentralized account system in human history.
Just as a nation is built upon the foundational management of population identity, and a company upon a financial equity system, Bitcoin’s UTXO account system holds the potential to establish a new adaptive order for all humanity. This is not merely a financial innovation, but a transformation in the fundamental model of social organization. Consensus and security will ultimately return to each individual user behind the Bitcoin UTXO.
Considering how to build a truly decentralized, adaptive, and secure global system upon the solid foundation of Bitcoin’s UTXO might be the ultimate direction for the development of cryptocurrency.
Sui has at least broken away from the traditional blockchain approach of expanding performance solely through VM parallel execution, and instead seeks to enhance performance from the account base level. Only by expanding concurrency from the atomic unit of the account itself can true scalability be achieved.
