On 21 September, Jihan Wu, the co-founder of Bitmain spoke about the privacy and security aspect of the blockchain technology, during the World Digital Mining Summit, hosted by Bitmain and BitKan.
Bitmain is a private company headquartered in Beijing, China. It is known to be one of biggest Bitcoin mining biggest company and the largest ASIC chip producer in the world.
Jihan said that the dilemma of privacy and security was one of the first areas which the blockchain technology development had to address over the next decade. According to him, finance continues to be the first major application of the blockchain technology. However, the contradiction between privacy and security would be the first major point of attention in finance.
Jihan spoke about the security models used in the blockchain industry, he stated that the UTXO model used for Bitcoin [BTC] had been functioning since the time BTC was created.
The UTXO security model also had several flaws in them which had to be addressed. One of the problems with the model was that the network did not have privacy, this was because all the transaction could be tracked on the blockchain network. Jihan stated that the problems with the UTXO model was addressed by the community by focussing on the implementing a new technology.
ZK snark was one of the alternatives which claimed to offer better privacy in the network. He further added that the problem with ZK snark, when compared to UTXO, was that vulnerabilities in the blockchain could not be identified immediately. This could have resulted in a lot of damage.
According to Jihan, technology neutrality was also very important for the blockchain industry. Regulation of blockchain in the financial market was necessary because the financial applications were becoming more widespread. This ,in turn, resulted in participants across international borders. Thus, it was important to rectify the legislative issues in the blockchain industry.
He stated that when bitcoin was born no one was ready to take the responsibility to respond to the regulatory issues. However, as the system grew bigger the issues could not be ignored and had to immediately be addressed.
Subscribe to AMBCrypto’s Newsletter
Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.
The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.
The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:
“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”
Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.
A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.
One supporter of BSV, mboyd1, tweeted:
“Orphaned blocks are a feature, not a bug”
To this tweet, Zyo, another cryptocurrency enthusiast replied:
“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”
Subscribe to AMBCrypto’s Newsletter
BitMax.io [BTMX.com] and EtherZero [ETZ] established Strategic Partnership
Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC relishes bull’s company, while bear takes over LTC’s market
Blockchain Cruise takes place on the Mediterranean from June 9th-13th!
Stellar Lumens [XLM/USD] and XRP/USD Price Analysis: Sideways clamp holds strong as prices stagnate
Bitcoin SV [BSV]: John McAfee ‘sues Calvin Ayre in four different countries’; vows to bankrupt him
Cardano [ADA]: Proof of Stake [PoS] throws away expensive process & advances the network, says Charles Hoskinson
Cardano [ADA]: We will emerge from 2019 more decentralized than any other network, says Charles Hoskinson
Bitcoin [BTC]: Don’t buy into it if you are not ready to be rekt, warns Richard Heart
XRP takes another step into mainstream adoption as Skype hints a possible integration
Breaking: SBI Virtual Currencies delists Bitcoin Cash [BCH] in response to Binance’s Bitcoin SV delisting
Is John McAfee among crypto adherents who knows Satoshi’s true identity?
Bitcoin [BTC]: Officials crack down on massive BTC fraud in ‘largest pill seizure in the history of New Jersey’
Bitcoin [BTC], Bitcoin Cash [BCH] accepted as payments by Corporate Traveller following tie-up with BitPay