How to destroy the Internet? The answer to the high vote is to be able to simultaneously destroy dozens of core server nodes or dozens of core main cables distributed around the world. This is something that is almost impossible to do.
Bitcoin is most prominent in terms of distributed nodes and security. After all, only those who master 51% of Bitcoin's global resources can master the right to speak and become a dictator on Bitcoin. In the current competitive global environment, no one believes that someone can do it before Wu Jihan became a martial arts ally.
Wu Jihan, who graduated from Peking University, has achieved the dreams of most companies in the world with less than five years of entrepreneurial time. He has controlled more than 50% of the industry's core resources (computing power) and has become the absolute value of trillions of market capitalization. Oligarch.
What happened during the five years?
Bitcoin evangelistIn 2011, when Bitcoin was not yet in full swing, Wu Jihanhan was already active in the currency circle. The reason why he was revered as a "preacher" was because he was the first to translate Nakamoto's Bitcoin white paper into Chinese. When the interview was later asked why the white paper was translated, he explained:
The mainstream Chinese community's evaluation and interpretation of Bitcoin are actually pessimistic. They are not able to understand the meaning and value of a limited-capacity currency to the public. They generally regard Bitcoin as a pyramid. Game, or a pyramid scheme. At this time, if someone can well interpret the economic value of Bitcoin and explain its basic technical principles to the public, it would be scarce at the time. We also feel a responsibility, we need to stand up and explain something.
At that time, he had just touched Bitcoin. He was unique in his vision and determined the value of Bitcoin. He raised 100,000 yuan with his relatives and friends, and invested in Bitcoin. At that time, the price of Bitcoin was $10. Three years later, he cleared all Bitcoin, and the highest price was $300. This allowed him to earn the first pot of gold from Bitcoin.
In the same year, he and his friends founded the Bitcoin exchange website, Babbitt. The prototype of Babbitt is a personal website. The first appreciation of the website is the personal sponsorship from Wu Jihan. This is the founder's love and expectation for the newborn. And now. Babbitt has become the leading blockchain media in China.
In 2013, Wu Jihan and his friend Jenke Group founded Bitumin. In November of the same year, they completed the self-developed 55nm Bitcoin mining chip BM1380 and the BM1380 wafer-based ant mining machine S1, which is the first generation of ant mining machine. In mid-2016, Bittron developed and launched the ninth generation of ant mining machine S9. Because the efficiency of the mining machine is better than other competing products on the market, Bitcoin quickly established its position as the “hegemony†in the mining market, with a market share of 70%-80%.
According to the latest data from BTC.com (May 17th), BTC.com and AntPool, which are directly owned by Bitcoin, now account for 42.62% of Bitcoin's entire network, plus a round of financing from Bit China. ViaBTC, Bitcoin already has 51.27% of the computing power of Bitcoin, which is enough for Bitcoin to do whatever it wants with the Bitcoin network. What's more, BTC.TOP is also an alliance of the Bit continent.
The fascination of Bitcoin is that it carries the vision of geeks to decentralize. Now, Wu Jihan has a terrifying right in the bit world, and Nakamoto sees this scene without knowing what to think. Peace and security come from personal self-discipline, which has to be worrying.
Will he do evil? What if he does evil? In fact, if there is an accident in Bitcoin, Bitland will suffer huge losses.
But he did another thing.
He created a new bitcoin.
In 2009, at the beginning of the birth of Bitcoin, Nakamoto confirmed the block size of Bitcoin to 1M, which made the transaction smoother. This restriction, in order to protect the interests of miners, ensures that weak computers can also mine; second, the 1M limit is also seen as a necessary security measure to prevent potential attackers from overloading the entire Bitcoin network.
However, the 1M limit does in fact cause network congestion and slow transaction processing.
There are two ways to solve this problem. One is to directly widen this small intestine path into a large road (hard fork), and the other is to build a bridge shunt on this small intestine path without changing the shape of the original path (soft fork, isolation verification ).
Wu Jihan firmly supported the first, and the core maintenance team of Bitcoin supported the second.
The risk of the first solution is that the implementation of hard fork requires all exchanges, wallets and users to perform security upgrades, which is a big event that affects the industry chain. If a user doesn't upgrade their wallet, he will stay on the old version of Bitcoin. He will find that his bitcoin is incompatible with the bitcoin that upgrades the wallet, and it produces two bitcoins. The system will be confusing and a digital asset loss event will occur.
The reason why Wu Jihan opposed the second scheme is that the scheme advocated by the Bitcoin core maintenance team is not a blockchain. It does not have the characteristics of decentralization, which will lead to the rise of the sidechain and the weakening of the bitcoin main chain. Being more easily controlled by a centralized organization can lead to the centralization of Bitcoin.
There has been a fierce quarrel between the two sides and it has been deadlocked. Later, Wu Jihan used his own computing power to forcibly implement the first plan, expand the block capacity, and implement hard forks. Thus, in July 2017, Bitcoin had its first hard fork, giving birth to a new currency, Bitcoin Cash BCH. After the birth of BCH, many mines turned to investing in BCH mining based on economic interests. At the highest, they had diverted half of Bitcoin's computing power, causing the Bitcoin network to be largely blocked. Ten days later, BCH reached a market value of $15 billion.
The failure of this line of battle has made the Bitcoin core maintenance team gnash. In their view, Wu Jihan is a businessman full of copper smell. Wu Jihan was put on the title of “villain†by Coindesk, the authoritative media of the currency circle. The overseas forum called him “Jihad†(terrorist).
Later, in an interview with Caijing magazine, Wu Jihan said, “Bitcoin cash has its own independent route. It has different understanding of Bitcoin for future prospects and future development. Before bitcoin fork, with bit The coin has a historical origin, but after the fork is its own independent community, nothing more.†He did not know what happened to the hard fork at that time, “we will only know when that step is reachedâ€.
Is the high concentration of bitcoin computing power that will make Bitcoin lose the value of trust? Will it affect the potential of Bitcoin in the future? No one can predict. The reality is that bitcoin prices reached their peak at the end of 2017, five months after Bitcoin first forked.
After looking around the Bitcoin world for no opponents, he began to turn his target to other currencies. Ethereum, Litecoin, Dash, and Monroe are launched.
According to an analysis by investment bank Bernstein, Bitcoin's operating profit in 2017 was $3 billion to $4 billion. Nvidia’s earnings report shows that its net profit for the 2018 fiscal year was $3,047 million, which means that Bitcoin is equivalent to Nvidia’s operating profit of $3 billion. But Bitcoin CEO Jenke Group disclosed to Business Weekly earlier this year that Bitcoin's 2017 annual revenue was $2.5 billion. Although there is no definitive financial data to evaluate both aspects, it is clear that the operating results have reached this magnitude.
An upstream semiconductor manufacturer's marketing director revealed that the gross profit of selling an AICS mining machine can reach 50%. This gross profit is also linked to the value of the currency. When the value of the currency is high, the mine will have a strong willingness to buy a mining machine, often in short supply, and the price of the mining machine will rise. . Bit Continental's best-selling ant mining machine S9 is priced at more than 10,000 yuan. It can be sold for more than 30,000 yuan in the hottest market, but the cost is five or six thousand yuan. The profit is very objective. For every 10 mining machines sold in the world, 7 are from Bitian.
This advantage of the right to the world has also attracted criticism. David Vorick, Siacoin's chief developer, blogs that "Butlanders use despicable tricks" to "prevent other ASIC companies from producing in China" and "use mining machines until they are no longer profitable and sell them to the public." ". Although there is no hard evidence, Warwick said, "The operating entity that maximizes profits will only sell the printing machine when it has not sold more money." Otherwise why? The manufacturer is selling the miner instead of mining it himself.†Bittland subsequently rebutted it, but did not defend itself too much.
What is the mining income of that bit of land? As of April 26, the remaining 4 million bitcoins have not been dug up. If Bitcoin maintains its current computing power, at least 2 million bitcoins will be attributed to Bitcoin. According to the price of May 22, the value of this bitcoin is 106.4 billion yuan. This is not the income that can not be controlled in the traditional sense of the enterprise. This billion-dollar is almost only time to reach the Bitian mainland and reach out from the table. At present, the price of bitcoin is at a low level, and the price increase of 100,000 yuan is a consensus in the currency circle. This billion yuan has become 200 billion or more, and it is only a matter of time.
Regulatory crisis and unexpected east windChina's regulation of the blockchain is well known in the blockchain circle (there are signs of easing now). There were 9.4 event currency circles and exchanges, and a blockchain conference in Shanghai was urgently suspended. The blockchain industry was dubbed “being on the edge of the lawâ€.
When the Bitcoin core team argued with Wu Jihan, the Bitcoin community even mentioned in the open letter that the Bitcoin network is currently being centralized. If China knows the position of Bitcoin in the Bitcoin world, it will try to pass Limit Bitcoin to indirectly control the bitcoin network, thus affecting the development of the global encryption economy.
The currency went out of the sea, and OKEx and the fire currency were quietly waiting for the supervision. The founder of OKEx, Xu Xing, even said that he was "ready to turn in the country at any time" and later waited for the edge control of the executives. Bitcoin certainly smells the crisis of supervision. The news that the regulatory authorities are considering closing the mine has been frequently transmitted. The Bitland mainland feels pressure and has to consider the path of transformation and survival. Since 2017, Bitcoin has set up offices overseas, investing in mines and exchanges overseas, which can be understood as overseas layout, and can also be regarded as preventing the sudden domestic regulatory risks.
On April 16, 2018, the ZTE incident broke out and the whole nation ushered in a wave of chip entrepreneurship. Ali acquired chip supplier Zhongtianwei, and the British chip giant ARM set up a Sino-foreign joint venture company in China. The news of various chips is endless.
“Everyone went back and replaced the products on BP with chips, and the others didn’t move at all.†An entrepreneur criticized the hot chip startup at the time.
The core component of the mining machine is the chip. The chips of the ASCI mining machine are much more powerful than the most common computer chips on the market. It is reported that the dedicated ASIC chip can be tens of thousands or more times higher in computing power than the general-purpose CPU and GPU of the same generation.
As a core technology that can influence the national strategy, Bitcoin has accumulated a lot in this area. This sudden east wind seems to be the high-end customization of the bit mainland without the heart. A company that is on the verge of regulation has suddenly come to the stage with great brilliance. Zhao Changpeng who goes out to sea may not need a friend, but I wonder if Wu Jihan, the global mining machine tyrant, will have some joy in his heart?
Baidu Encyclopedia on the introduction of Bitland
More good news came one after another.
Jiang Yang, vice chairman of the China Securities Regulatory Commission, investigated the second largest bitcoin miner chip maker in China, Jia Nan, on April 24, saying that "regardless of what your chip is used for, it is essentially a chip company, I hope you will be listed in China." This sentence officially became the name of the mining machine manufacturer, and the factory owners cried.
In May, China's second-largest mining machine manufacturer, Jia Nan, and another mining machine manufacturer, Zhejiang Wingbit, announced plans to list in Hong Kong.
As the world's largest mining machine manufacturer, what is Bitland doing? Are you also seeking to go public in full swing?
In November 2017, Bitland released its AI brand Sophon, and released the world's first tensor-accelerated computing chip (TPU) BM1680, which officially launched the artificial intelligence (AI) field. Wu Jihan’s statement is that the field of artificial intelligence requires a lot of calculations, which is a natural choice for Bitumin. In January 2018, Sophon landed in the field of security, and will use artificial intelligence to help build security in Xinjiang.
In December 2017, Bitia's ViaBTC mine, which led the round A, announced its launch of CoinEx, a digital currency exchange that is priced at Bitcoin. Previously, there was no exchange using Bitcoin Cash (BCH) pricing.
In March 2018, Bitcoin participated in the US e-commerce website Openbazaar, which is dominated by cryptocurrency. Openbazaar is an open source project that hopes that the OPENBAZAAR protocol and software will allow businesses and consumers to get out of the traditional system controlled by the consortium and participate in e-commerce activities in a free, fair and independent manner.
In March 2018, Bittland opened a service center in Russia. Russian miners will be able to repair ASIC mines directly in the local area, saving time and money. Bitcoin is also building mines, regional headquarters, branch offices or data centers in Israel, Singapore, Switzerland, and Washington, DC.
In May 2018, Bitcoin led a $100 million investment in the E-round financing of the overseas financial technology company Circle, with well-known companies such as Goldman Sachs and Baidu, with a post-mortem valuation of $3 billion. Circle plans to introduce a stable value cryptocurrency USD Coin to replace the current USDT.
Bitcoin is stepping up the field of industrial chain layout and transformation of artificial intelligence. Wu Jihan’s vision is long-term and he can see the sword of Damocles hanging over his head. But an east wind in April has already put his heart down.
When most people have not understood what the blockchain and cryptocurrency are, Bitcoin has become a giant in the global blockchain encryption economy industry chain, completing mines, mines, computing power, and exchanges. The coverage of the entire industry chain of cryptocurrencies firmly grasps the golden key to the future development of the blockchain economy.
In March of this year, the Ministry of Science and Technology released the "2017 China Unicorn Enterprise Development Report", and Bitcoland was listed on the list with a valuation of US$1 billion. We may not be able to know the exact financial data, but it is clear that the $1 billion valuation is not enough to measure the value of this super unicorn that has been established for less than five years and has an annual profit of over $3 billion. It is rumored that Bit China has valued tens of billions of dollars.
Wu Jihan, who is not high, has already stood at the top of the global blockchain. In the near future, the name of Wu Jihan, the "mineral fighter" may be overshadowed by another name that is more dazzling and more glorious. "AI giant" Wu Jihan.
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