Former Bitmain Co-Founder Jihan Wu Delivers Keynote Address at The Way Summit in Moscow
- Jihan Wu of Bitmain spoke at The Way Summit in Moscow, Russia.
- The Bitmain co-founder is scheduled to speak at an upcoming Bitcoin conference.
Jihan Wu is known to the world as the co-founder of Bitmain. However, a few months ago, reports begun to come out regarding his professional downfall, along with other issued regarding Bitcoin Cash’s hard fork and the split of the chain in November.
However, Wu chose to make an out-of-character appearance at Moscow’s The Way Summit, when he delivered a keynote address, which may hint at a return to the rest of the market this year.
The Way Summit was held a few days ago, where Wu spoke about “the debate of Decentralization and Centralization in Proof of Work (PoW),” which is what the company’s blog stated. Wu has not been in the public eye for a while, only coming to social media on a few occasions for a few periodic posts. He still holds a lot of respect among people in the crypto community. In fact, when Binance succumbed to a hack that stole $40 million in the process, CEO Changpeng Zhao looked to Wu for support and guidance.
During the industry gathers, Wu spoke in favor of the PoW design as an economic model that is “decentralized by design,” as the Bitmain blog notes. He added that the biggest threat to cryptocurrency networks is centralization, explaining,
“With PoW, the network is maintained through the established social contract between all network users meaning that the resilience of the network doesn’t just rely on a single node, ensuring greater security.”
Wu went on, defending against the concept of ASIC-based miners being a problem in centralization that is just waiting to begin. He spoke to the miners at the event, encouraging more of them to contribute to the network to ultimately remove the risk of being involved in a 51% attack on networks.
Overall, this could be a sign that Wu is returning to the public eye. Just a day earlier, the Bitcoin 2019 conference announced that Wu would be speaking at their event as well, which is in San Francisco.
However, the group has a reputation for being unwelcoming, according to CoinSpice, so the reception that Wu will receive is unknown. On Twitter, the conference’s official account emphasized that the conference is about Bitcoin, and not Bitcoin Cash.
Bcash is not getting any time at our conference. This is a Bitcoin conference
— Bitcoin 2020 (@bitcoin2020conf) May 17, 2019