The story of Bitmain’s once-disbanded Copernicus team has long intrigued the blockchain world. Originally formed in October 2017 to rebuild the Bitcoin Cash (BCH) full node client in Go, the team grew from six to over 30 engineers before being laid off in late 2018 amid a brutal crypto winter. Now, its former leader, Jiang Jiazhi, is stepping back into the spotlight—sharing profound insights on decentralized exchanges (DEX), blockchain consensus evolution, and the future of public chains.
In a recent live session hosted by the BCH Angel community and moderated by BCH China lead Wang Hongli, Jiang unveiled his team’s technical journey, ongoing research, and vision for the next wave of decentralized finance. This article recaps and expands on that conversation, offering clarity, structure, and forward-looking analysis tailored for developers, investors, and blockchain enthusiasts.
The Copernicus & Wormhole Legacy: Open-Source Foundations for the Future
Jiang Jiazhi began by reflecting on two major projects from his time at Bitmain: Copernicus, a Go-based full node implementation for BCH, and Wormhole Protocol, a token and smart contract framework built atop BCH.
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Copernicus: High-Quality Code, Real-World Performance
Unlike many experimental blockchain clients, Copernicus achieved rapid mainnet block production after launch. With 80% unit test coverage and strict code quality controls, it stands as one of the most robust non-C++ Bitcoin-derived clients ever built. Its use of Go (Golang) enhanced development speed without sacrificing reliability—making it ideal for enterprise-grade deployment or integration into broader ecosystem tools.
Wormhole Protocol: Beyond Simple Tokens
While Wormhole’s first phase enabled BCH-based token issuance (similar in function to Ethereum’s ERC-20), its long-term goal was far more ambitious: full smart contract support on BCH. The team had already developed a WebAssembly (WASM) virtual machine and a custom blockchain-optimized storage engine, laying the groundwork for complex dApps on a high-throughput chain.
Although both projects are currently in maintenance mode, Jiang emphasized that their source code remains valuable as modular components for future blockchain development—potentially serving as building blocks for new public chains or Layer 1 upgrades.
Consensus Evolution: Why PoS Is Gaining Momentum
When asked about the trajectory of consensus protocols, Jiang highlighted key shifts in the blockchain landscape:
- PoW dominance is waning: Among the top 10 cryptocurrencies, no new Proof-of-Work (PoW) chains have broken through in years.
- PoS adoption is accelerating: With Ethereum’s transition to Proof-of-Stake (PoS) and chains like EOS and BNB Chain thriving, stake-based consensus now dominates innovation.
Why PoS Is Winning: Security & Speed
Jiang pointed to two critical advantages:
- Economic security: In systems like EOS with 21 elected block producers, collusion requires buying out 2/3 of nodes—an economically prohibitive feat.
- Transparency: Even if malicious activity occurred, fraudulent transactions would be permanently recorded and publicly visible, limiting usability.
Moreover, PoS enables faster iteration. Projects like Cosmos provide modular frameworks (e.g., Tendermint) that let developers rapidly prototype new consensus models—fueling rapid experimentation across the ecosystem.
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He also noted the rising relevance of USDT on TRON, where sub-second finality offers a compelling alternative during BTC or ETH congestion—underscoring user demand for speed and low cost.
Blockchain’s Killer Apps: Tokenization, Trading, and Transfers
According to Jiang, blockchain’s most viable use cases remain tightly focused:
- Token Issuance – From BTC mining rewards to ICOs, IEOs, and utility tokens like BNB, creating digital assets is blockchain’s original and most proven function.
- Token Trading – Exchanges generate immense value; even in bear markets, volume leaders remain profitable.
- Token Transfers – Instant, borderless value transfer with synchronized data and funds is unmatched by traditional finance.
He also expressed excitement about Facebook’s rumored stablecoin initiative, noting that just a 1% adoption rate among its 2+ billion users could double blockchain’s global user base overnight—driving real-world utility through mass-market payments.
Why DEX Matters: A Paradigm Shift in Exchange Design
Jiang has been a vocal advocate for decentralized exchanges (DEX)—not just as trading platforms, but as foundational infrastructure for autonomous economies.
What Makes a True DEX?
Most current DEXs are smart contracts running on general-purpose chains. Jiang argues that a true DEX should be built on a purpose-built public chain, optimized for:
- Native token issuance and trading
- P2P network resilience
- Non-custodial asset control
- Transparent order matching
- Low-latency confirmation (<1 second)
- Built-in liquidity mechanisms (e.g., Bancor)
EOS vs. Ethereum: A Performance Case Study
Using data from Newdex (EOS) and IDEX (Ethereum), Jiang demonstrated how performance impacts DEX viability:
- User retention: EOS DEX users declined less during bear markets and rebounded faster.
- Transaction volume: Despite fewer total DEXs, EOS surpassed Ethereum in both transaction count and total trading value.
- Smart contract activity: EOS supports richer on-chain logic due to higher TPS and zero gas fees.
This proves a crucial point: DEX demand exists—but was suppressed by technical limitations on slower chains like Ethereum.
What Held Back DEX Growth?
Jiang identified four key bottlenecks:
- Low TPS – Ethereum struggles with ~15 transactions per second.
- High latency – Block confirmations take 10–20 seconds.
- Expensive fees – Gas wars make small trades impractical.
- Technical debt – Example: Wrapped Ether (WETH), a workaround for ETH’s inability to trade natively on ERC-20-compatible DEXs.
Once these barriers are lifted—via better consensus, sharding, or dedicated chains—DEX adoption accelerates naturally.
Exchange-Led DEX Initiatives: Binance, CoinEx & Beyond
Centralized exchanges like Binance and CoinEx are launching their own DEXs—leveraging existing liquidity and user bases.
Jiang praised Binance’s innovation track record—from BNB to IEOs—and suggested that Binance Chain could become a model for exchange-driven decentralization. By migrating value from centralized platforms to native tokens (like BNB or CET), these projects may achieve sustainable tokenomics through real utility.
He emphasized that true DEX success will be measured not by trading volume alone, but by whether non-blockchain-native businesses choose to raise capital via token offerings on DEX platforms.
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FAQ: Addressing Key Questions
Q: Is the Copernicus team still active?
A: While no official announcement has been made, Jiang confirmed the core team remains intact and focused on blockchain R&D. A public reveal is expected when the time is right.
Q: Can BCH support advanced smart contracts like Ethereum?
A: Not natively today—but projects like Wormhole showed early progress. With continued investment, BCH could evolve into a smart contract platform.
Q: Why did DEX succeed more on EOS than Ethereum?
A: EOS offers higher throughput, instant finality, and free transactions—critical for smooth DEX UX. Ethereum’s congestion and fees hinder performance.
Q: Will DEX replace centralized exchanges?
A: Not fully—but they’ll capture niche markets demanding censorship resistance and self-custody. Hybrid models may dominate long-term.
Q: What makes a DEX “decentralized” beyond just code?
A: True decentralization requires community governance, open participation, transparent rules, and resistance to single-point control—elements often missing in exchange-launched DEXs.
Q: How important is Schnorr signature adoption for BCH?
A: Extremely. Schnorr enables better privacy, lower fees via signature aggregation, and paves the way for advanced protocols like Taproot.
Looking Ahead: A New Chapter for Blockchain Infrastructure
Jiang concluded by reaffirming his team’s commitment to pushing the boundaries of blockchain technology—particularly in DEX architecture and consensus innovation. While details remain under wraps, he hinted at upcoming developments that could reshape how we think about decentralized finance.
As blockchain matures, the line between infrastructure and application blurs. The next breakthrough won’t come from hype—but from engineers quietly building the tools that empower autonomy, speed, and global access.
And when that moment arrives, those who’ve stayed focused on fundamentals—like Jiang Jiazhi and the Copernicus team—may just lead the next revolution.