Zcash's Zooko, Bitmain's Jihan Wu have Chat, Ask Burning Questions During Interview

Zcash Talk: Zooko Chats With Jihan Wu

Zooko, a team member of Zcash, has recently released an interview with Jihan Wu, which is a co-founder of Bitmain. The chat happened via video on May 24. In the talk, they talked about Bitmain, its commercial practices, Zcash ASIC miners and communication gaps.

The Zcash representative started saying that that many people on the Zcash community and even in the team were deeply suspicious of Bitmain. He was not really annoyed, but many people were suspicious since Bitmain released and ASIC Zcash miner without telling them first and that it could create a trust gap in the community. Because of this, the Zcash community was thinking about changing its proof of work system.

Jihan Wu defended himself by stating that the communication gap happens because it is really hard to talk to the West when they are in China. Some people have started to spread lies because of the gap. Because of this, they simply decided not to communicate anymore and just release the products.

The Bitmain founder also denied any stealth mining operation using Monero. He stated that the company was mining Zcash and building Zcash miners.

Zooko has stated that communication could be improved if the company started to keep written decisions and really engaged more with the community (even with the flame wars) instead of hiding and being secretive. Also, Zooko said that he should be more transparent and disclose more information about the company like stealth mining policies, statistics and corporate structure.

Who Owns Bitmain?

Jihan Wu said that he would talk to the other people on the company and that he only owned 25-28% of Bitmain. The other co-founder, Micree, owns more than he does. He also stated that there three other big investors and a group of shareholders that owns less than 5% of the company.

He stated that the company is worth $10 billion USD, being one of the four most valuable companies in the crypto market (along with Coinbase, Binance and Upbit).

Zooko’s general feeling when the conversation ended was that Jihan Wu was being sincere and that he was looking forward to seeing Jihan Wu in the next Zcash conference.

For the whole talk, you can click here.

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