On 2nd August, Jihan Wu spoke about Bitcoin Cash and its potential for innovation and how the team is not granted enough freedom to follow their innovative ideas. He is the Co-founder of Bitmain, which is a Bitcoin mining company closely associated with ASIC chip technology. The talk happened at Hotel Grand InterContinental Seoul Parnas during the Huobi Carnival.
Wu said that innovation can only breathe when one does not have to report each activity to a superior. He stated:
“If you have to report everything to an executive… You need to get approval. In this structure, efficiency is low because the entire system has to deal with the risks as a whole.”
Talking about the script operation code of Bitcoin Cash, Wu said that the code can be removed without having an impact on the functioning of the blockchain. This allows functions such as smart contracts to be developed and implemented freely.
Additionally, Wu stated that the script code capacity of Bitcoin Cash was recently increased from 40 bytes to 220 bytes. This can facilitate an easy route to develop new protocols.
When it comes to the issue of increasing the block-size on the blockchain, Wu believes that the Bitcoin community has wasted a lot of time on focusing on the block-size. He further conveyed that innovation requires an environment with good engineers for it to be born.
Jihan Wu was recently ranked in ‘The Ledger 40 Under 40’ list of Fortune that included the names of the most influential people in the business world. According to Fortune, the Bitmain Co-founder is the ‘undisputed king’ of the cryptocurrency mining space.
It has also been seen that Jihan Wu has shown a great inclination towards Bitcoin Cash, which in itself is a controversial hard fork. Fortune had also recorded Wu stating that his interests also lie in ‘stablecoins’.
In the month of July, Bitmain also submitted a proposal regarding the development of a project on the Bitcoin Cash. Bitmain proposed to build a protocol containing smart contracts on the coin’s blockchain.
In the same timeline, Bitmain also brought in four fresh policies for its practices involving shipping and mining. The policies were to counter issues such as secret mining and empty blocks among others.