Bitmain to Deny Jihan Wu is Out

Yesterday news that mister Wu left the post of chairman of the board of directors appeared
15 November 2018   804

Bitmain Bitcoin has denied rumors that its head Jihan Wu left the post of chairman of the board of directors. This is reported by CCN.

News that Jihan Wu and three other functionaries withdrew from the board of directors of the company appeared the day before. According to one version, Wu entered into an unspoken confrontation with Bitmain co-founder Micree Zhang, since he is focused on developing products in the field of AI and chip production.

It was also stated in reports of local publications, Wu moved to the position of Bitmain supervisor and lost his right to vote in the decision-making process of the board of directors, in connection with which he will no longer be able to influence the management of the company.

In a letter to CCN, Bitmain marketing manager Nishant Sharma confirmed that the board of directors of the company had undergone personnel changes, but the information that Jihan Wu had left the post of chairman called fake. He also denied the departure of other members of the board.

As is standard listing practice, Bitmain is restructuring its board and group structure, to ensure it meets regulatory requirements on its road to IPO. This is to simplify the board structure to facilitate its management. There have been no board departures and co-founder Jihan Wu will continue to lead the company as co-chair, together with co-chief executive officer, Micree Zhan.
 

Nishant Sharma

Marketing maneger, Bitmain

Bitmain filed an official application for an IPO on the Hong Kong Stock Exchange in September.

Buterin to Propose to Increase PoS-Validators Reward

According to Vitalik proposal, if PoS-validators, for example, validate 1,000,000 ETH, then the annual yield will be 18.1%
23 April 2019   100

The creator of Ethereum, Vitalik Buterin, published on GitHub a proposal on changing the reward scheme for validators after the transition of ETH to the Proof-of-Stake consensus mechanism (PoS).

According to the formula proposed by Buterin, if PoS-validators, for example, validate 1,000,000 ETH, then the annual yield will be 18.1%.

Buterin PoS Validators Reward Proposal
Buterin PoS Validators Reward Proposal

The more assets are fixed for validation, the lower the interest rate. So, 134 217 728 ETH will bring cryptoinvestors only 1.56% per annum. At the same time, the maximum annual emission volume will be 2,097,152 ETH.

Considering that the current volume of Ethereum's market offer is 105,777,585 ETH, this offer is focused on the medium and long term. Buterin also clarified that the profitability indicators are shown without taking into account proceeds from transaction fees. Consequently, the actual income of validators can be several percent higher than the values ​​indicated in the table.

According to Justin Drake, a researcher at the Ethereum Foundation, if after implementing PoS 32 million ETH will be allocated for stacking, the income of validators will be 3.2% per annum. At the same time, the annual emission indicator will be 1% (for comparison, the current indicator of Bitcoin inflation is 3.94%).

In this case, Drake notes that after the activation of EIP 1559 of the funds collected in the form of commissions, will be destroyed. Consequently, with an average gas consumption of each shard of 1000 ETH per year, inflation will drop to 0.5%.

Users left generally positive comments on the offer. However, some of them expressed fears that in the new conditions the exchange may receive significant advantages, which will be able to do stacking at the expense of clients.