Jihan Wu

June 5, 2018219
Jihan Wu

Jihan Wu is a co-founder of BITMAIN, one of the most famous and valuable companies in bitcoins, and became the focus of Bitcoin Unlimited, a solution to Bitcoin’s scalability. Based in Jihan Wu Bitmain supports AntPool, which has the largest distribution of HTS among mountain pools; At present, AntPool is 16.4% of all blocks. This makes Jihan Wu very influential in the bitcoin community.

Bitmain

Bitmain was founded in 2013 to develop and sell the world’s leading bitcoin manufacturers using Bitmain’s ASIC chip technology. His original bitcoin miner was Antminer S1, which was upgraded over time to match the level of complexity of the bitcoins. In May 2016, Antminer S9, the world’s first consumer bitcoin and the most energy-efficient miner based on the 16-nm ASIC processor, was released by Bitmain. The company is the proud owner of several brands, including Antminer, Antpool, and Hashnest, which rank first in their respective areas. Bitmain’s headquarter is in Beijing, with offices in Amsterdam, Hong Kong, Tel Aviv, Qingdao, Chengdu, and Shenzhen.

Bitcoin without restrictions

Bitcoin blocks have a limited storage capacity of 1 MB from the very beginning and under the current popular Bitcoin Core system. Nevertheless, Bitcoin Unlimited claims that the size of these units should be increased, as it will provide smoother control by deactivating the blocks. Unlike the current 1 MB hard size, Bitcoin Unlimited protects complete freedom and flexibility to increase the size of the blockchain, and this will be done by the miners. So, if there is a consensus on this issue, we will have a new bitcoin-blockchain with large blocks.

Opponents of Bitcoin Unlimited believe that increasing the size of the blocks can lead to a hardfork in the code that will separate the network. They also believe that such flexibility can lead to the fact that miners choose large and large blocks, which makes mining of miners with limited resources difficult, thereby concentrating “extraction” in the hands of several miners. Such concentration, in fact, will lead to centralization, which is the opposite of the idea of decentralization, which is the basis for bitcoin.

Jihan Wu aggressively pushes out a hard fork and accepts Unlimited, but has not yet received enough support. An alternative solution to the problem, called SegWit or Segregated Witness, which does not require a hard fork, is equally discussed and there is no consensus. Support for the pool of mines on the proposal shows that Bitcoin Unlimited supports about 40%, and SegWit – 34%, and the rest – BIP100 and 8MB Blocks.

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