On 21 September, Jihan Wu, the co-founder of Bitmain spoke about the protection and security part of the blockchain innovation, amid the World Digital Mining Summit, facilitated by Bitmain and BitKan.
Bitmain is a privately owned business headquartered in Beijing, China. It is known to be one of greatest Bitcoin mining greatest organization and the biggest ASIC chip maker on the planet.
Jihan said that the predicament of privacy and security was one of the main territories which the blockchain innovation advancement had to address throughout the following decade. As indicated by him, fund keeps on being the main real use of the blockchain innovation. In any case, the logical inconsistency among protection and security would be the primary significant purpose of consideration in fund.
Jihan talked about the security models utilized in the blockchain business, he expressed that the UTXO show utilized for Bitcoin [BTC] had been working since the time BTC was made.
The UTXO security display likewise had a few defects in them which must be tended to. One of the issues with the model was that the system did not have privacy, this was on the grounds that all the exchange could be followed on the blockchain organize. Jihan expressed that the issues with the UTXO display was addressed by the network by focussing on the executing another innovation.
ZK snark was one of the options which professed to offer better protection in the system. He additionally included that the issue with ZK snark, when contrasted with UTXO, was that vulnerabilities in the blockchain couldn't be recognized promptly. This could have brought about a considerable measure of harm.
As indicated by Jihan, innovation lack of bias was likewise critical for the blockchain business. Direction of blockchain in the money related market was important in light of the fact that the budgetary applications were winding up more far reaching. This ,thus, brought about members crosswise over global fringes. Hence, it was essential to amend the administrative issues in the blockchain business.
He expressed that when bitcoin was conceived nobody was prepared to assume the liability to react to the administrative issues. Notwithstanding, as the framework became greater the issues couldn't be overlooked and needed to quickly be tended to.