The story of Bitmain’s Copernicus team is one of resilience, innovation, and quiet persistence in the face of industry upheaval. Originally formed in October 2017 with a mission to redesign the Bitcoin Cash (BCH) full-node client in Go, the team grew from six to over thirty engineers before being disbanded at the end of 2018 amid market downturns. Yet, like phoenix rising from ashes, key members have continued their journey—stealthily advancing blockchain infrastructure and redefining what decentralized exchange (DEX) ecosystems could become.
In a recent fireside chat hosted by the BCH Angel community and moderated by Wang Hongli, former Copernicus project lead Jiang Jiazhi offered rare insights into the evolution of blockchain consensus, the future of DEXs, and his team’s ongoing research in core protocol development.
The Legacy of Copernicus and Wormhole Protocol
Jiang began by reflecting on two foundational projects: Copernicus, the Go-based BCH full node implementation, and Wormhole, a token issuance and smart contract protocol layered on BCH.
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“Copernicus was built with engineering rigor,” Jiang explained. “We achieved 80% unit test coverage—an industry-leading standard—and our node began producing blocks immediately after launch. It remains one of the most active non-C++ Bitcoin-family clients on the mainnet.”
The Wormhole Protocol aimed to extend BCH’s utility beyond payments by enabling token creation and smart contracts. While Wormhole successfully launched its first phase—supporting token issuance—the team also developed a WebAssembly-based virtual machine and a custom storage engine optimized for blockchain data structures.
Though both projects are now in maintenance mode, Jiang emphasized that the underlying codebase remains a valuable open-source asset for the broader blockchain ecosystem. The team continues to focus on core protocol research, with plans to unveil a new public chain initiative when ready.
Consensus Evolution: From PoW to PoS and Beyond
When asked about the trajectory of consensus mechanisms, Jiang highlighted a pivotal shift: the rise of Proof-of-Stake (PoS) and hybrid models.
“We’re seeing a clear trend,” he noted. “While Bitcoin and BCH remain strong Proof-of-Work (PoW) chains, newer entrants like EOS and BNB are proving that PoS can scale effectively.”
He pointed out that among the top ten cryptocurrencies, only BTC, BCH, and Litecoin are pure PoW chains. Meanwhile, BNB and EOS—both PoS or delegated PoS (DPoS) systems—have demonstrated superior performance and growing market dominance.
Why PoS Is Gaining Ground
- Security through economic incentives: In DPoS systems like EOS, collusion among 2/3 of validators is economically irrational and nearly impossible.
- Transparency of attacks: Even if malicious transactions were confirmed, they’d be permanently recorded—making stolen assets unusable due to traceability.
- Faster iteration: Projects like Cosmos enable rapid experimentation with consensus algorithms, accelerating innovation.
Jiang also referenced USDT on TRON as a real-world indicator: “If Bitcoin becomes congested again, how many users will switch to TRON for faster, cheaper transfers? The demand for scalability is undeniable.”
He concluded: “BCH has made strong progress after a painful split. But we must keep evolving—technologically and philosophically.”
Blockchain’s Killer Use Cases: Tokenization, Trading, and Transfer
According to Jiang, blockchain excels in three fundamental areas:
- Token Issuance
From ICOs to IEOs and BNB’s success, token creation remains a powerful tool for project funding and incentive alignment. - Token Trading
Even in bear markets, exchanges thrive. As Jiang quoted: “Trading creates value.” - Token Transfer
Instant, borderless value transfer is blockchain’s core advantage—especially relevant for global payments.
He expressed particular excitement about Facebook’s proposed stablecoin (now known as Diem): “With 2 billion users, even a 1% adoption rate would double blockchain’s user base overnight. A single global ledger could revolutionize cross-border finance.”
Why DEX Is the Future of Decentralized Finance
Jiang’s passion lies in decentralized exchanges (DEX)—not just as trading platforms, but as full-fledged public chains.
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“Most DEXs today are just smart contracts on existing chains,” he said. “But true DEX should be a purpose-built blockchain—designed from the ground up for security, speed, and autonomy.”
Key Advantages of Native DEX Chains:
- Full lifecycle support: issue, trade, transfer tokens on one chain
- No custodial risk; users retain control
- Resilient P2P network ensures uninterrupted trading
- Transparent order books and settlement
- Built-in privacy features
- Community-governed upgrades
He cited EOS as a compelling example: “On EOS, tokens can be born, traded, and die without ever touching a centralized exchange. That’s the power of high throughput and low latency.”
EOS vs. ETH: A Tale of Two DEX Ecosystems
Using data from Newdex (EOS) and IDEX (Ethereum), Jiang illustrated stark contrasts:
- User retention: EOS users rebounded faster post-bear market
- Transaction volume: Newdex surpassed IDEX in both number of trades and total value
- Smart contract activity: EOS supports more complex DEX operations due to better performance
“The bottleneck isn’t demand—it’s technology,” Jiang stressed. “High fees, slow confirmations, and low TPS suppressed DEX growth on Ethereum.”
He added: “Wrapped Ether (WETH) exists because ETH can’t natively trade itself on DEXs—a technical workaround that reveals architectural limitations.”
What’s Holding Back DEX Adoption?
Jiang identified four major constraints:
- Low TPS (transactions per second)
- Long block confirmation times
- High transaction fees
- Poor wallet integration
But he remains optimistic: “With faster consensus, better UX, and dedicated infrastructure, DEX demand is being unleashed.”
He quoted Ocean—one of CoinEx’s founders: “DEX public chains are just getting started. Everyone is still on the front lines.”
Exchange-Led DEX Initiatives: Binance vs. CoinEx
When discussing exchange-backed DEXs like Binance DEX and CoinEx Chain, Jiang praised their strategic vision.
“These aren’t side projects,” he said. “They represent a new business model: shifting value from centralized platforms to native tokens like BNB or CET.”
He highlighted several benefits:
- Lower operational costs
- Shared liquidity between CEX and DEX
- Brand synergy across platforms
- Long-term value accrual to token holders
Regarding Binance, Jiang noted its consistent innovation—from BNB to IEOs—and predicted continued leadership in DEX adoption.
“Binance moving its own business toward decentralization? That’s bold—and telling,” he said.
FAQ: Your Questions Answered
Q: Is the Copernicus team still active?
A: Yes. Though no longer under Bitmain, core members continue R&D on blockchain protocols and plan to launch a new public chain.
Q: Can DEX really compete with centralized exchanges?
A: Not yet—but with better performance and user experience, native DEX chains will eventually capture significant market share.
Q: Why hasn’t Wormhole seen wider adoption?
A: Market conditions and ecosystem maturity slowed adoption. However, its technical foundation remains sound for future use.
Q: Will BCH support smart contracts like Ethereum?
A: Full smart contracts require robust infrastructure. While Wormhole made progress, broader execution environments are still evolving.
Q: What makes a successful DEX?
A: A truly successful DEX enables any high-quality project—even outside crypto—to raise funds and list tokens without intermediaries.
Q: When will Jiang’s team go public?
A: They’re focused on development. An official announcement will come when the time is right.
Final Thoughts: Building the Next Generation of Blockchain Infrastructure
Jiang ended with a forward-looking note: “We’re studying Schnorr signatures, exploring PoS innovations, and deeply committed to engineering excellence.”
His message was clear: while headlines chase prices and hype, real progress happens quietly—in codebases, testnets, and protocol designs.
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For those watching the evolution of blockchain at its deepest layers, the return of the Copernicus minds may signal the dawn of a more scalable, secure, and truly decentralized financial future.
Core keywords: decentralized exchange (DEX), Bitcoin Cash (BCH), blockchain consensus, smart contracts, token issuance, public chain development, Copernicus team, Wormhole Protocol