Jihan Wu Claims ASICS Promote Decentralization
March 29 2019 - 1:05PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
March 29, 2019 -- ADVFN Crypto NewsWire -- Do ASIC miners have a
hidden benefit that almost everyone in the crypto space was
previously unaware of? Reportedly, at an event in China yesterday,
Jihan Wu publicly stated that ASIC miners lead to a higher level of
decentralization on crypto networks.
He then mentioned Ethereum’s
planned upgrade to a Progressive Proof-of-Work algorithm and stated
that he does not believe it will truly be ASIC-resistant. In
attempting to claim that the Ethereum network is also already
centralized, Wu pointed to the fact that two mining pools control
about half of the network.
While this is true, his later claim
that part of the team working on the Ethereum upgrade to ProgPow
answers to the CEO of NVIDIA, appears to have no basis in fact. The
fact that he said this, though, speaks volumes.
Wu has put almost all of his
financial resources into mining endeavors that depend heavily or
wholly on ASICS and he continues to support them even though he
does not work for Bitmain anymore. His new company will reportedly
involve an amalgamation of Bitcoin Cash and decentralized finance,
in some way. At this point, it is not exactly clear what this will
involve, especially since he still seems to be involved in
Bitmain.
Last year, Bitmain launched an
Ethereum ASIC, which Wu reportedly still has some sort of stake in
it, it makes sense that Wu will do anything in his power to
discredit the network’s move to a GPU heavy form on consensus. If
he did nothing, he would likely be sitting by as this new miner
quickly became obsolete. By October, when ProgPow is planning to
launch, it will be truly interesting to see whether Wu’s statements
cause any real chaos. Until then, one thing seems clear to anyone
who has been studying what decentralization is, in the context of
the blockchain world. ASICs make things worse in that
respect.
By: BGN Editorial Staff
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