The core of (underlying logic) is **'seeing the essence of things, rather than the appearance'**. If we apply the thinking framework proposed by Liu Run in the book to Ethereum ($ETH )**, we can break it down from the following three core dimensions:
1. The 'worldview' of $ETH : from currency to decentralized computer
The book emphasizes that the underlying logic is the rules behind things. The underlying logic of Bitcoin is 'digital gold' (value storage), while the underlying logic of Ethereum is **'global decentralized computer'**.
Appearance: A kind of virtual currency that can rise and fall.
Underlying logic: A blockchain-based operating system (OS). Just like iOS or Android supports countless apps, Ethereum's essence is to provide a platform for decentralized applications (dApps) to run. Its value does not depend on 'coin value', but on 'the usage rate of the ecosystem'.
Core variables: network effects and supply-demand.
Liu Run mentioned finding the 'core variables' that influence things. For ETH, this can be summarized as:
Network Effect: The more developers build on Ethereum, the more users there are; the more users there are, the more funds and security are attracted, creating a positive feedback loop.
Deflationary model (EIP-1559): This is the 'economic logic' of Ethereum. The busier the network, the more ETH gets burned. When 'burn rate > production rate', ETH transitions from inflation to deflation, fundamentally altering its asset properties.
Judgment criteria: right and wrong, and profit distribution.
The book discusses 'whoever suffers the biggest loss is the one at fault'. Applied to the relationship between Ethereum and its competitors (like Solana and L2 solutions):
Security and decentralization: This is the uncompromising foundational principle of Ethereum. It would rather sacrifice speed (lower performance, higher fees) to ensure immutability.
Profit distribution: Through smart contracts, Ethereum resolves the 'trust cost' issue. It redistributes the profits that would have been earned by centralized entities (like banks) back to the stakers who maintain the network.
Summary: The clouds part to reveal the sun.
From a foundational logic perspective, if you're only looking at the price chart, you're observing the 'environment'; if you're examining tech upgrades, you're focused on 'methodology'; but if you understand the **'global consensus computation layer', you've truly grasped the 'underlying logic' of Ethereum**.
Essence: Ethereum is not 'money'; it is the 'fuel' (Gas) driving future decentralized finance and$ETH digital sovereignty.