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Bitmain co-founder speaks about the dilemma between privacy and security

Ajay Narayan



Bitmain co-founder speaks about the dilemma between privacy and security
Source: Pixabay

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.

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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.


Is Binance 2.0 and margin trading really accessible for ‘everyone?’




Binance 2.0 and margin trading is accessible for 'everyone' or Is it?
Source: Unsplash

Binance, one of the world’s largest exchanges, announced recently that Binance’s upgraded version, Binance 2.0, was available to everyone. CZ tweeted,

“While #bitcoin is on a tear on price, @Binance have rolled out Binance 2.0, with margin access to everyone. In bear and bull markets, we #BUIDL!”

The margin trading feature which was previously available for limited users has now been made available for everyone. Although CZ’s tweet says it is available to everyone, there is still a catch to this. It is not available for users in countries where crypto-jurisdictions are unclear. These include the U.S, Iran, North Korea, Syria, Cuba, Crimea, Canada, Japan, and South Korea.

CZ followed up the above tweet with another, talking about performance, a “key improvement” that comes with Binance 2.0. Previously, when trading volume rose, users would suffer from lags and other performance issues. However, the upgrade will solve each of these issues, said CZ.

“One of the key improvements in this upgrade that not easily visible is performance. During peak times, if you experience lag or other performance issues, be sure to try out 2.0. We will soon decommission the “1.0” version due to legacy performance bottlenecks.”

However, even after CZ’s announcement, margin trading is still not accessible to a few users. These users were greeted with a notification which said, “This feature is only available for invited users.” A lot of users have complained about the same, with CZ yet to put out a statement about the same.

Additionally, Binance has announced the start of BEP2, which is a community listing program where Binance lists one project every month for three months. This will extend from the 20th of a month and extend to the 20th of the next month. Any of the following coins, as seen in the tweet below, might be listed on Binance over the coming days.

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