Jihan Wu Speaks about Privacy and Security.

Jaca Wu, the co-founder of Bitmain who has been written and written a lot about the recent days, talked about the privacy and security aspects of the blockchain technology at the World Digital Mining Summit event.

Bitmain is a private company based in China, Beijing. It is currently the largest Bitcoin mining company on the market, as well as the world's largest manufacturer of ASIC chips.

Jihan emphasized that the biggest problem that blockchain technology has to solve is the privacy and security dilemma. According to Wu, finance is still the most used sector of blockchain technology. Nevertheless, the inverse ratio between secrecy and security can be the first remarkable factor in the financial sector.

Referring to UTXO, one of the first models produced for Bitcoin, Wu stressed that this has a few problems to be solved. One of the biggest vulnerabilities of the model is that there is no confidentiality due to the monitoring of transactions in the blockchain network. Jihan later said that, in addition to the mentioned gap, a few more problems were solved by community developers.

ZK snarks became one of the more privacy solutions in the network. However, according to Wu ZK Snark compared to the UTXO model, the shortcomings of the blockchain network can not be recognized immediately. This may cause the attack not to be noticed until a lot of damage is seen in the event of a possible attack.

According to Jihan, there is no security when there is privacy, and privacy when it is security.