- Jihan Wu has signalled a possibility of Bitcoin Hard Fork
- The idea of network split came due to some internal power dispute among the co-founders of Bitmain
- The possible split could disrupt the cryptocurrency community, and the cryptosphere might witness a sharp fall in prices
Bitcoin Hard Fork means a change in the network’s protocol converting invalid transactions and blocks to valid. Jihan Wu is the co-founder of Bitmain, one of the most valuable Bitcoin mining firms. The firm is known to hold an enormous hashrate of Bitcoin, as its AntPool is currently mining 16.4% of all the blocks. Observing the cases, it seems like Wu is having reasonable control over the mining operations and Bitcoin. The aforementioned fact makes Wu highly influential in the community of the flagship cryptocurrency.
Recently, following Wu’s Twitter feed, it is observed that he was asking for a possible Bitcoin Hard Fork. However, the split was expected to disrupt the community and sharp falls in the price of the cryptocurrency.
Why is Jihan Wu involved in the Bitcoin Hard Fork?
Jihan Wu is the first individual to translate the Bitcoin white paper by Satoshi Nakamoto into the Chinese language. With Wu, Micree Zhan Ketuan is also the co-founder of the major Bitcoin mining firm. In 2017, Wu removed Zhan from the Beijing branch after observing a long-time power struggle between them. Indeed, the co-founders’ ongoing battle has significantly hard forked the world’s most famous crypto token.
After gaining favour from authorities, Zhan came back to take control of Beijing’s old Shenzhen factory. Indeed, due to the dispute’s among the co-founders, the entity is to develop a separate supply chain and manufacturing process for making the AntPool product. For the aforementioned reason, Wu has been aggressively pushing a hard fork, although he still hasn’t gathered enough support.
What impacts could the BTC forks bring?
It seems like Wu is indicating an upcoming Bitcoin Hard Fork, which can mark an unstable time for the crypto asset. Observing the fact, the crypto community is little concerned. It is known that the network split can be disruptive for a community. Moreover, it brings an often competitive vision in the crypto market, which leads the traders and miners to move on separate paths over time. Indeed, the end result will entirely impact the prices to fall sharply, as the tokens are volatile and heavy fluctuations can be witnessed.
To understand what can happen eventually, Bitcoin and Bitcoin Cash split is a good example, where holders of BTC ended up with an equal number of forked off coins.