submitted by sidhujag to ethereum [link] [comments]
We are excited to participate and present Syscoin Platform's ideal characteristics and capabilities towards a well-rounded Reddit Community Points solution!
Our scaling solution for Reddit Community Points involves 2-way peg interoperability with Ethereum. This will provide a scalable token layer built specifically for speed and high volumes of simple value transfers at a very low cost, while providing sovereign ownership and onchain finality.
Token transfers scale by taking advantage of a globally sorting mempool that provides for probabilistically secure assumptions of “as good as settled”. The opportunity here for token receivers is to have an app-layer interactivity on the speed/security tradeoff (99.9999% assurance within 10 seconds). We call this Z-DAG, and it achieves high-throughput across a mesh network topology presently composed of about 2,000 geographically dispersed full-nodes. Similar to Bitcoin, however, these nodes are incentivized to run full-nodes for the benefit of network security, through a bonded validator scheme. These nodes do not participate in the consensus of transactions or block validation any differently than other nodes and therefore do not degrade the security model of Bitcoin’s validate first then trust, across every node. Each token transfer settles on-chain. The protocol follows Bitcoin core policies so it has adequate code coverage and protocol hardening to be qualified as production quality software. It shares a significant portion of Bitcoin’s own hashpower through merged-mining.
This platform as a whole can serve token microtransactions, larger settlements, and store-of-value in an ideal fashion, providing probabilistic scalability whilst remaining decentralized according to Bitcoin design. It is accessible to ERC-20 via a permissionless and trust-minimized bridge that works in both directions. The bridge and token platform are currently available on the Syscoin mainnet. This has been gaining recent attention for use by loyalty point programs and stablecoins such as Binance USD.
SolutionsSyscoin Foundation identified a few paths for Reddit to leverage this infrastructure, each with trade-offs. The first provides the most cost-savings and scaling benefits at some sacrifice of token autonomy. The second offers more preservation of autonomy with a more narrow scope of cost savings than the first option, but savings even so. The third introduces more complexity than the previous two yet provides the most overall benefits. We consider the third as most viable as it enables Reddit to benefit even while retaining existing smart contract functionality. We will focus on the third option, and include the first two for good measure.
Syscoin + Matic IntegrationMatic and Blockchain Foundry Inc, the public company formed by the founders of Syscoin, recently entered a partnership for joint research and business development initiatives. This is ideal for all parties as Matic Network and Syscoin Platform provide complementary utility. Syscoin offers characteristics for sovereign ownership and security based on Bitcoin’s time-tested model, and shares a significant portion of Bitcoin’s own hashpower. Syscoin’s focus is on secure and scalable simple value transfers, trust-minimized interoperability, and opt-in regulatory compliance for tokenized assets rather than scalability for smart contract execution. On the other hand, Matic Network can provide scalable EVM for smart contract execution. Reddit Community Points can benefit from both.
Syscoin + Matic integration is actively being explored by both teams, as it is helpful to Reddit, Ethereum, and the industry as a whole.
Proving Performance & Cost SavingsOur POC focuses on 100,000 on-chain settlements of token transfers on the Syscoin Core blockchain. Transfers and burns perform equally with Syscoin. For POCs related to smart contracts (subscriptions, etc), refer to the Matic Network proposal.
On-chain settlement of 100k transactions was accomplished within roughly twelve minutes, well-exceeding Reddit’s expectation of five days. This was performed using six full-nodes operating on compute-optimized AWS c4.2xlarge instances which were geographically distributed (Virginia, London, Sao Paulo Brazil, Oregon, Singapore, Germany). A higher quantity of settlements could be reached within the same time-frame with more broadcasting nodes involved, or using hosts with more resources for faster execution of the process.
Addresses used: 100,014
The demonstration was executed using this tool. The results can be seen in the following blocks:
It is important to note that this POC is not focused on Z-DAG. The performance of Z-DAG has been benchmarked within realistic network conditions: Whiteblock’s audit is publicly available. Network latency tests showed an average TPS around 15k with burst capacity up to 61k. Zero-latency control group exhibited ~150k TPS. Mainnet testing of the Z-DAG network is achievable and will require further coordination and additional resources.
Even further optimizations are expected in the upcoming Syscoin Core release which will implement a UTXO model for our token layer bringing further efficiency as well as open the door to additional scaling technology currently under research by our team and academic partners. At present our token layer is account-based, similar to Ethereum. Opt-in compliance structures will also be introduced soon which will offer some positive performance characteristics as well. It makes the most sense to implement these optimizations before performing another benchmark for Z-DAG, especially on the mainnet considering the resources required to stress-test this network.
Cost SavingsTotal cost for these 100k transactions: $0.63 USD
See the live fee comparison for savings estimation between transactions on Ethereum and Syscoin. Below is a snapshot at time of writing:
ETH price: $318.55 ETH gas price: 55.00 Gwei ($0.37)
Syscoin price: $0.11
Snapshot of live fee comparison chart
Z-DAG provides a more efficient fee-market. A typical Z-DAG transaction costs 0.0000582 SYS. Tokens can be safely redeemed/re-spent within seconds or allowed to settle on-chain beforehand. The costs should remain about this low for microtransactions.
Syscoin will achieve further reduction of fees and even greater scalability with offchain payment channels for assets, with Z-DAG as a resilience fallback. New payment channel technology is one of the topics under research by the Syscoin development team with our academic partners at TU Delft. In line with the calculation in the Lightning Networks white paper, payment channels using assets with Syscoin Core will bring theoretical capacity for each person on Earth (7.8 billion) to have five on-chain transactions per year, per person, without requiring anyone to enter a fee market (aka “wait for a block”). This exceeds the minimum LN expectation of two transactions per person, per year; one to exist on-chain and one to settle aggregated value.
Tools, Infrastructure & Documentation
Syscoin BridgeMainnet Demonstration of Syscoin Bridge with the Basic Attention Token ERC-20
A two-way blockchain interoperability system that uses Simple Payment Verification to enable:
APITools to simplify using Syscoin Bridge as a service with dapps and wallets will be released some time after implementation of Syscoin Core 4.2. These will be based upon the same processes which are automated in the current live Sysethereum Dapp that is functioning with the Syscoin mainnet.
DocumentationSyscoin Bridge & How it Works (description and process flow)
Superblock Validation Battles
HOWTO: Provision the Bridge for your ERC-20
HOWTO: Setup an Agent
Developer & User Diligence
Trade-offThe Syscoin Ethereum Bridge is secured by Agent nodes participating in a decentralized and incentivized model that involves roles of Superblock challengers and submitters. This model is open to participation. The benefits here are trust-minimization, permissionless-ness, and potentially less legal/regulatory red-tape than interop mechanisms that involve liquidity providers and/or trading mechanisms.
The trade-off is that due to the decentralized nature there are cross-chain settlement times of one hour to cross from Ethereum to Syscoin, and three hours to cross from Syscoin to Ethereum. We are exploring ways to reduce this time while maintaining decentralization via zkp. Even so, an “instant bridge” experience could be provided by means of a third-party liquidity mechanism. That option exists but is not required for bridge functionality today. Typically bridges are used with batch value, not with high frequencies of smaller values, and generally it is advantageous to keep some value on both chains for maximum availability of utility. Even so, the cross-chain settlement time is good to mention here.
CostEthereum -> Syscoin: Matic or Ethereum transaction fee for bridge contract interaction, negligible Syscoin transaction fee for minting tokens
Syscoin -> Ethereum: Negligible Syscoin transaction fee for burning tokens, 0.01% transaction fee paid to Bridge Agent in the form of the ERC-20, Matic or Ethereum transaction fee for contract interaction.
Z-DAGZero-Confirmation Directed Acyclic Graph is an instant settlement protocol that is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions that are received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure that there is absolute consensus on the ordering of transactions and no balances are overflowed (no double-spends).
APISyscoin-js provides tooling for all Syscoin Core RPCs including interactivity with Z-DAG.
DocumentationZ-DAG White Paper
Useful read: An in-depth Z-DAG discussion between Syscoin Core developer Jag Sidhu and Brave Software Research Engineer Gonçalo Pestana
Trade-offZ-DAG enables the ideal speed/security tradeoff to be determined per use-case in the application layer. It minimizes the sacrifice required to accept and redeem fast transfers/payments while providing more-than-ample security for microtransactions. This is supported on the premise that a Reddit user receiving points does need security yet generally doesn’t want nor need to wait for the same level of security as a nation-state settling an international trade debt. In any case, each Z-DAG transaction settles onchain at a block target of 60 seconds.
Syscoin SpecsSyscoin 3.0 White Paper
(4.0 white paper is pending. For improved scalability and less blockchain bloat, some features of v3 no longer exist in current v4: Specifically Marketplace Offers, Aliases, Escrow, Certificates, Pruning, Encrypted Messaging)
WalletsWeb3 and mobile wallets are under active development by Blockchain Foundry Inc as WebAssembly applications and expected for release not long after mainnet deployment of Syscoin Core 4.2. Both of these will be multi-coin wallets that support Syscoin, SPTs, Ethereum, and ERC-20 tokens. The Web3 wallet will provide functionality similar to Metamask.
Syscoin Platform and tokens are already integrated with Blockbook. Custom hardware wallet support currently exists via ElectrumSys. First-class HW wallet integration through apps such as Ledger Live will exist after 4.2.
Current supported wallets
Syscoin Spark Desktop
ExplorersMainnet: https://sys1.bcfn.ca (Blockbook)
Thank you for close consideration of our proposal. We look forward to feedback, and to working with the Reddit community to implement an ideal solution using Syscoin Platform!
submitted by SwipeWallet to Swipe_io [link] [comments]
London, United Kingdom — Swipe is proud to announce that it has launched its test network for Swipe Network Staking and will launch a Decentralized Finance Lending/Earn application on Binance Smart Chain. Swipe, which was recently acquired by Binance, has garnered enormous growth over the past month in all avenues of its business and plans to launch a new product, feature, event, listing, or partnership every week until the end of the year.
Swipe NetworkThe Swipe Network (swipe.org) is the payment protocol that enables real-time crypto-to-fiat conversions for all of Swipe’s products and services (Wallet, Card, & Issuing). With the launch of the Swipe Network testnet, users can use the Swipe Faucet to grab testnet-SXP to use on the decentralized finance application.
Users will be able to bond SXP to the Swipe Network smart contract as collateral to ensure the guarantee of conversions for these exchanges. Since Swipe facilitates real-time conversions on-demand, there is a reserve system in place to lock SXP and guarantee that the merchant and payment networks receive the exact fiat amount that it processes. Most of these processes occur off-chain and are guaranteed by Swipe at the moment, but now can be bonded by the community and on-chain.
Users will receive 12% APY on their staked SXP within the Swipe Network. Swipe plans to enable staked SXP to earn the processing fees it charges in the future as well on top of the collateral rewards from staking. The main network for swipe.org will be launched in two weeks. Users can access the testnet from: https://testnet.swipe.org with a public faucet being released in the next few days. To promote the usage of Swipe Network, Swipe will be partnering with exchanges that will offer staking and enhanced initial rewards and will be announced soon.
Swipe Finance (SwipeFi) & SGV — Lending/Earning DeFi App built on Binance Smart Chain controlled by the community by the Swipe Governance Token (SGV) and Liquidity Mining.Swipe is proud to announce its plans to launch a DeFi App on Binance Chain called SwipeFi which will enable Binance Chain tokens to be used to earn interest on their supply of collateral to the protocol and borrow against their collateral directly on the Binance blockchain. Swipe has been working with the core developers of Binance Smart Chain through the acquisition and partnerships between Swipe and Binance, to launch SwipeFi.
Users have witnessed historical highs in transaction fees, gas costs, and delays using the Ethereum blockchain for Decentralized Finance (DeFi). Bringing a complete lending/earn protocol using the battle-tested open-source protocols, such as Compound, to Binance chain gives users an immense value proposition.
Bitcoin, Ethereum, and other assets are already wrapped and issued on Binance Chain and are verifiable on their native blockchains for cross-compatibility, which will give exposure to use these assets for supplying and borrowing from SwipeFi. There are stablecoins such as BUSD, TUSD, and others that are also guaranteed on their native chains, which are wrapped and issued on Binance Chain already. Therefore, the base layer of the collateral needed to start a project of this magnitude already exists. Binance.com offers simple on and off-ramps for converting the Binance chain version to the native version (example: BTCB to BTC and vice versa) as well as SwipeFi plans to open up decentralized bridges for this wrapping.
Transactions on Binance Chain are considered one block finality, take less than ~5 seconds to complete, and cost a fraction of the price that it would cost on Ethereum. This will make DeFi transactions seamless and efficient.
SwipeFi will initially support BTC, BNB, ETH, BUSD, TUSD, and SXP to supply or borrow. The protocol will be governed by a new Binance Chain BEP2 token: Swipe Governance Token (SGV). SGV will be used on the protocol to vote on proposals and governance decisions while earned through liquidity mining so that the supplier and borrowers of the protocol can be incentivized to participate in governance as well. There will be a total supply of 10,000,000 SGV ever in existence.
On August 17, 2020, at 00:00 UTC, there will be a snapshot of SXP balances. There will be a distribution of 1 SGV per 100 SXP.
This will give an initial supply of approximately 2,999,700 SGV with the remaining SGV to be mined via Liquidity Mining by supplying and borrowing on the protocol over a 5 year period.
There will be no SGV sold or allocated to the team aside from what they already hold in SXP. This will enable users to mine over 70% of the total SGV supply over a five year period. Swipe will release the SwipeFi white paper and governance details by August 10, 2020, with plans to launch a testnet in September.
Stay up-to-date with all the latest news from Swipe
Telegram: https://t.me/SwipeWallet & https://t.me/Swipe
Written by TokenInsightsubmitted by CoinExcom to btc [link] [comments]
Published by tokenin.cn
OutlookThe development of CoinEx Chain contributes to the future development of CoinEx’s centralized and decentralized exchanges; the concept of trichain operation simplifies the functions of each chain, improving their performance. At present, there are few exchanges working on the public chain, and no fierce competition has occurred.
ConclusionConsidering the status and development prospects of the project, TokenInsight gives CoinEx a rating of BB with a stable outlook.
1. Multidimensional evaluation
2. Project analysisCoinEx (CoinEx Technology Limited) was established in December 2017 and is headquartered in Hong Kong, China. It is a sub-brand of the ViaBTC mining pool. At present, CoinEx’s business scope includes CoinEx exchange, CoinEx public chain, and CoinEx decentralized exchange. The current development focus of the CoinEx platform are public chain and exchange. The main purpose of the public chain is to build a decentralized exchange (DEX) infrastructure and an ecosystem around DEX.
CoinEx business structure，Source: CoinEx; TokenInsight
2.1 Introduction“ CoinEx Chain uses the parallel operation of three chains which are DEX, Smart, and Privacy, as well as cross-chain technologies to create a rich decentralized exchange ecosystem and blockchain financial infrastructure.
The core of CoinEx’s early business was the exchange, consisted of two major categories which were spot and derivatives trading. Currently, there are 123 trading currencies online, covering 302 trading pairs. On June 28, 2019, CoinEx released the CoinEx Chain public chain white paper, aiming to build a decentralized trading system (CoinEx DEX) with community-based operations and transparent transaction rules, and providing user-controlled asset trading scenario by the highest technical standards in the industry; CoinEx Chain has become another development focus of CoinEx. CoinEx Token (CET), which was originally a native token of the CoinEx exchange, will also be developed mainly as a built-in token of the public chain.
CoinEx Chain is a public chain based on the Tendermint consensus protocol and Cosmos SDK, and it uses POS mechanism. CoinEx Chain plans to support 42 nodes when the project starts, and any entity in the ecosystem can participate in the validator’s campaign by staking CET. CoinEx Chain will use the new block reward and the transaction fee contained in the block as the reward for running the node.
CoinEx Chain has developed three public chains with different positioning and different functions in order to meet the needs of blockchain transactions for transaction performance, smart contracts, and privacy protection at the same time. They operate in parallel and collaborate with each other through cross-chain technology. At present, the block time of the public chain is between 2–3 seconds. According to the observation of TokenInsight, the block time is stable, but the number of transactions through the CoinEx public chain is still low at present, the number of transactions in 24 hours is about 30,000; The TPS on public chain disclosed by CoinEx can reach up to 1500 per second.
CoinEx Chain uses a trichain parallel model to build a more vibrant ecosystem around DEX. The three chains are DEX public chain, Smart public chain, and Privacy public chain, respectively responsible for decentralized transactions, smart contracts, and on-chain privacy protection.
CETs that need to participate in complex financial contracts can be transferred to the Smart public chain through the DEX public chain, then moved back to the DEX public chain after that. CET tokens that need to participate in token confusion can also be carried out through the privacy transaction of the Privacy public chain, and can eventually be returned to the DEX public chain. The three public chains are responsible for their respective duties, and they are interconnected through the cross-chain technology through the relay mechanism. In addition to ensuring their respective transaction processing speed and functional attributes, they can also jointly provide richer and safer functions, and synergistically constitute the CoinEx decentralized public chain ecosystem.
In addition, CoinEx Chain also supports any participant to issue new tokens on the chain and create new trading pairs for the issued tokens. CoinEx Chain guarantees the circulation of new tokens by establishing a trading pair between the new token and CET.
2.2 Component architecture“ Tendermint Core and Cosmos SDK have improved the performance and operation capability of the blockchain. The SDK packaging reduces the consideration of non-related logic, hence reducing the development complexity.
CoinEx Chain is based on Tendermint Core and Cosmos SDK, both of which have brought a big boost to the development of CoinEx public chain performance. Cosmos-SDK will implement the application logic of the blockchain. Together with the Tendermint consensus engine, it implements the three-layer architecture of the CoinEx public chain: the application layer, the consensus layer, and the network layer.
Tendermint is based on the state machine replication technology and is suitable for blockchain ledger storage. It is a list of transactions making consensus with Byzantine fault tolerance, the transactions are executed in the same order, and eventually the same state is obtained. Tendermint can be used to build various distributed applications.
Cosmos-SDK is a blockchain framework that supports the construction of multiple assets with a consensus mechanism of POS (Proof of Stake) or POA (Proof of Authority). The goal of the Cosmos SDK is to allow developers to easily build custom blockchains from 0, while enabling the interaction with other blockchains.
Cosmos-SDK is a blockchain framework that supports the construction of multiple assets with a consensus mechanism of POS (Proof of Stake) or POA (Proof of Authority). The goal of the Cosmos SDK is to allow developers to easily build custom blockchains from 0, while enabling the interaction with other blockchains. The blockchain development framework Cosmos SDK implements general functions such as account management, community governance, and staking in a modular form. Therefore, using the Cosmos SDK to build a public chain can simplify development procedures and facilitate operation. Tendermint is a fixed protocol in a partially synchronized environment, which can achieve throughput within a delay range of the network and each process itself. The CoinEx public chain is developed based on both, improving the performance and operability of the blockchain. The SDK packaging further reduces considerations of non-related logic and reduces the complexity of developers creating. The two components of Tendermint and Cosmos SDK are connected and interacted through the Application Blockchain Interface.
Cosmos SDK and Tendermint interworking structure，Source:CoinEx; TokenInsight
2.3 Project public chain planningThe development plan of the CoinEx public chain is to create a series of public chains with specific application directions, including:
2.4 Operation analysis“ The CoinEx platform publishes monthly ecosystem reports with high transparency; but the monthly reports are limited to contents about transactions and development, and lack progress in ecosystem and community construction, making them relatively simple.
2.4.1 Disclosure of ecosystem information
Operational risks have a direct impact on platform users. Whether platform operations are smooth and whether there is transparency are issues that platform users care about.
The CoinEx platform was established in 2017 and has around 3 years of development. It is also one of the platforms that has been developing for a long time in the exchange industry. It has obtained a digital currency trading license issued by the Estonian Financial Intelligence Unit (FIU), and the platform’s compliance is guaranteed to some degree.
The actual operation of the CoinEx platform will be displayed in the form of ecosystem monthly reports. The monthly report contains various types of content such as online currencies, new activities, plans for the next month, and ecosystem dynamics. It involves multiple business dimensions including the CoinEx exchange, CoinEx Public Chain, and CET token.
Snippet of a CoinEx ecosystem monthly report，Source: CoinEx; TokenInsight
CoinEx Chain released its development roadmap for the four quarters of 2020 in January 2020. The roadmap shows that CoinEx Chain will undergo major updates on smart contracts and DEX hard fork upgrades. The project roadmap is basically planned on a monthly basis, with a clear plan and a clear direction of development.
CoinEx Public Chain 2020 Development Roadmap，Source: CoinEx; TokenInsight
In addition to the development route planned in the roadmap, CoinEx public chain also discloses its goals for next month in its monthly ecological report. The project’s main net was launched online in November 2019. According to TokenInsight’s review of the development of CoinEx public chain from January to April and the disclosure of the project’s ecosystem monthly report, the project’s plan about development of the smart contract Demo in February failed to be completed as planned; the project completed launching of the new version of the blockchain browser and the Asian Atlantis upgrade; the smart contract virtual machine development was planned to be completed in April, but the progress related to supporting cross-chain agreements was not disclosed yet.
Overall, the project’s development route planning is clear, and the project’s development schedule is consistent with the plan, but there are still some discrepancies. Operation and development information is disclosed every month, and information transparency is high.
3. Industry & CompetitorsThe earliest origin of the exchange layout in the public chain field began in early 2018 when Binance released an announcement to start the development of the Binance Public Chain officially. In June of the same year, Huobi announced at its brand upgrade conference that it will combine the technical capabilities of the Huobi technical team and the community developers to develop the Huobi public chain called “Huobi Chain”. In December of the same year, OK Group announced the launch of its self-developed public chain OKchain, dedicating to provide underlying technical support and services for startups stationed in B-Labs.
The successful launch of the public chain brings huge strategic significance to the exchange, which can not only improve the performance of the existing business of the exchange but also achieve further expansion of its influence. As one of the most important blockchain infrastructures, the public chain can benefit the exchanges behind it.
As a platform for developing public chain technology exchanges, CoinEx’s main competitors in the field of public chain development include Binance, Huobi, and OKEx. Although they are all exchange platforms for deploying public chains, the above four are different in terms of specific functions, economic models, and critical points of the public chain.
3.1 Development progress comparisonIn 2019, Binance became the first exchange to launch a public chain among all digital asset exchanges, and its main product is Binance exchange (DEX). In April 2020, Binance announced the launch of a second smart contract chain, using Ethereum’s virtual machine, so that developers can build decentralized applications without affecting the performance and functionality of their original chain.
OKEx launched OKChain’s testnet in February 2020 and completed open source two months later. OKChain is designed as the basis of large-scale blockchain-driven business applications, with the characteristics of source code decentralization, point-to-point, irreversibility, and efficient autonomy.
Huobi released Huobi Chain for the first time in July 2019, the code is open source, and the testnet was released in February 2020. As a “regulator-friendly financial blockchain”, Huobi Chain focuses on providing compliance services for companies and financial institutions.
The CoinEx public chain officially completed the main online launch in November 2019 and completed the new block browser’s launch in March 2020. On April 3, 2020, CoinEx DEX uploaded the underlying code to Github to achieve open source. The CoinEx public chain is more inclined to build a full DEX ecosystem to achieve a one-stop solution for issuing, listing, storing, and trading. The long-term goal is to create a blockchain financial infrastructure.
3.2 Comparison of economic modelsAt present, the exchange is more inclined to use its existing platform currency as the native token of the public chain in the construction of public chain ecology. CoinEx’s CET, Binance’s BNB, and Huobi’s HT all fall into this category. OKEx is the only exchange that issues new tokens for its OKChain, which means OKT is the only ‘inflation token’ in the exchange’s public chain, while CET, HT, and BNB are all deflationary.
3.3 Decentralization of public chainThe initial number of CoinEx public chain verification nodes is 42, which is currently the most decentralized among all exchange public chains, and able to take both efficiency and decentralization into account; OKChain also currently has a relatively high degree of decentralization in the exchange public chain (21 verification nodes), its nodes have a high degree of autonomy; by contrast, Binance still firmly controls the operation of nodes and transactions; In terms of encourages cooperation between regulators and the private financial aspects, Huobi provides a lesser degree of decentralization. Huobi Chain uses a variant of the DPoS consensus algorithm to provide functions such as “supervision nodes”, allowing regulators to become validators.
Comparison of some dimensions of CoinEx, Huobi, Binance and OKEx public chain，Source: TokenInsight
4. Token EconomyCoinEx Token (CET) is a native token of the CoinEx ecosystem. It was issued in January 2018. Token holders can enjoy some user value-added services within the ecosystem. Currently, it is mainly used as a native token on the CoinEx Chain. As of 11 am on April 23, 2020, the current circulation of CET tokens in the market is 3,215,354,906.31, with a total of 5,842,177,609.53. CET tokens will not be further issued or inflated. Currently, daily repurchase and quarterly destruction are carried out. The repurchase destruction dynamics can now be tracked real-time on the CET repurchase system on the platform.
4.1 Token DistributionThe CET token used to be based on the ERC-20 token developed by Ethereum. Since the CoinEx Chain mainnet was launched in November 2019, some ERC-20 CET tokens have been mapped to the mainnet CET, and the rest of the CET will be mapped before November 10, 2020. CET holders need to deposit ERC-20 CET to the COinEX exchange, and the exchange will conduct the main network mapping.
At present, CET is mainly circulated in the form of mainnet tokens, and only a small portion of ERC-20 CET has not been mapped. The distribution of token holdings currently circulating on the mainnet can be seen in the figure below. At present, the number of tokens held by the top ten holders accounts for about 60.44% of all mainnet CET tokens.
Distribution of CET token holding addresses，Source: Etherscan; TokenInsight
The following figure shows the initial distribution of tokens after the mainnet mapping preset by CoinEx. From the initial distribution map of CET, it shows that, after mapping, a large portion of CET remains concentrated in the hands of the team (31%), and the actual number of CET circulating in the market only accounts for 49% of the total.
The initial distribution of CET token，Source: CoinEx; TokenInsight
After the main net mapping, the 31% of the total CET (1.8 billion) held by the team will be gradually unlocked in the five years from 2020 to 2024, and 360 million CET will be unlocked each year. By 2024, the CET held by the team will be completely unlocked. From the current CET dynamics, the CET share held by some teams has been used for destruction purposes to achieve the purpose of CET austerity. If the frozen 1.8 billion CET held by the team are used for similar purposes, the development of CET and its platform can benefit from it.
Team’s CET unlocking plan，Source: CoinEx; TokenInsight
4.2 Token economic model4.2.1 Deflation mechanism
Since the CET token went online in January 2018, CoinEx has increased the circulation of CET through airdrops, transaction fee refunds, operation promotion, and team unlocking. As one of the existing platform coins with long development time, the deflation mechanism of CET token has undergone a series of changes with the development of the industry. In 2018, when the concept of coin-based mining prevailed, CET used transaction mining, stake mining, and pending order mining, which were cancelled in October, December and, April respectively of the following year.
The repurchase and destruction model currently used by CET was updated by CoinEx on April 11, 2020. The original CET quarterly repurchase and destruction policy of the platform will be adjusted to daily repurchase and quarterly destruction. After the implementation of the daily repurchase policy, CoinEx will take out 50% of the daily fee income for CET repurchase in the secondary market and implement quarterly destruction until the total remaining circulation is 3 billion (currently about 5.8 billion).
At the same time that CoinEx updated the repurchase and destruction plan on April 11, the platform also launched a page dedicated to displaying CET repurchase information, so that users can clearly understand the progress of CET repurchase and destruction.
As of April 23, 2020, the platform has destroyed 4,157,822,390.46 CET tokens, accounting for 41.6% of the initial total issuance. At the end of January 2019, it had destroyed 4 billion CETs (single destruction volume peak) at the end of this quarter. The number of CETs to be destroyed is 3,422,983.56.
CET historical destruction data，Source: CoinEx; TokenInsight
4.2.2 Application scenarios
The current usage scenarios of CET are discounted platform transaction fees, VIP services, special activities rights and interests, CoinEx Chain internal circulation fuel, and use of external scenarios.
Deduction and discount of platform transaction fees
CoinEx platform users can use CET to deduct transaction fees when conducting transactions within the platform. At the same time, using CET to pay transaction fees can enjoy the exclusive preferential rates provided by the platform.
CET fee discount amount，Source：CoinEx; TokenInsight
Holding a certain number of CETs can make a user become a platform VIP user. Users can also use CET to purchase platform VIPs to obtain corresponding privileges such as discounted rates, accelerated withdrawals, and exclusive customers.
Special activity rights
CET holders can enjoy special rights and interests in platform marketing activities, such as participating in the airdrop of tokens on the platform or accelerating opportunities for high-quality projects.
CoinEx Chain built-in token
CET will serve as a native token of CoinEx Chain, circulate and serve as fuel in CoinEx Chain, and users can also use CET to invest or trade other digital assets. In addition, CET can also serve as transaction fees and function fees (issuing Token, creating new trading pairs, account activation), etc. in the platform, and users can also participate in the campaign of validators by staking CET tokens.
CET is currently used as a circulation token as well for CoinEx DEX to issue tokens, create orders, Bancor, address activation, set address aliases, and other application scenarios.
In general, the types of application scenarios of CET are not plenty enough. In order to better develop the internal ecosystem of the platform, it is necessary to design and develop more CET usage scenarios and incentive mechanisms to increase the retention rate of users while adding new users.
4.2.3 Token incentive
As the native token of the CoinEx public chain, CET will be used as a block incentive to increase community participation after the mainnet of the public chain launched. The 315 million CET held by the foundation in the total CET issuance will be used to incentivize initial verification nodes and Staking participants.
CET annual incentive information，Source：CoinEx; TokenInsight
5. Team & Partners
5.1 Core team membersAmong the core team members of CoinEx, the technical members account for a relatively large proportion. The technical team’s overall ability is good and the team members have different technical experience backgrounds including cryptography, underlying protocols, marketing, and operations. The team has rich blockchain industry experience, especially the chief developer, who has about 13 years of development industry experience.
5.2 Investment institutions and partnersCoinEx’s investment is led by Bitmain and its main partners include Matrixport, Bitcoin.com, CoinBull, Consensus Lab, BTC.com, BTC.top, Hoo Exchange, Wa Yi, ChainFor.com, etc.
Investment institutions and major partners have rich experience in the industry, which can promote the development of projects to a certain extent. However, the current industry involved by the partners is not wide enough, and it will have a limited role in promoting the future of CoinEx’s enriching business lines and increasing ecosystem functions.
6. Community AnalysisAccording to TokenInsight’s research of the CoinEx platform community, as of April 23, 2020, its official Twitter has 19,800 followers and 932 tweets; the official Telegram has 45 official groups, 3 in Chinese and English, and the other is Korean, Arabic, Vietnamese, Indian and other small language groups, with a total number of 56088 people; the current number of followers on Facebook accounts is 3,107. The overall community followers still have a lot of room for improvement, and community activeness needs to be improved.
Number of followers on the CoinEx social platform，Source:TokenInsight
At present, the project’s search popularity and official website visits are both top-notch, and monthly visits have slowly returned to their previous visit levels after experiencing a significant decline in December 2019.
CoinEx visit popularity，Source: TokenInsight, Similarweb, Google
At present, the visitors of the CoinEx website are distributed in multiple countries, and there are no visits concentration from a single country or region. Therefore, CoinEx’s comprehensive global influence is widely distributed and has a reasonable degree of internationalization.
CoinEx official website’s top 5 countries by number of visitors，Source: CoinEx, TokenInsight
Click here to register on CoinEx!
Hey everyone! This is Part IV of VI from our May-June update catchup series (5 Jun - 11 Jun'20):submitted by abhijoysarkar to ParachuteToken [link] [comments]
Yosma's Cheerful Cassowary beat Eva's Bright Beetle in a quick finale to win this week's Parena which had a massive $PAR pot thanks to a generous donation from Tony. Gamer Boy’s “Random Gk” and “Renewal from January” quizzes in Tiproom were fun as always. Plus, there were 10k $PAR in prizes. Cool! Charlotte’s “Mega Trivia” got everyone scratching their heads. CoD Mobile gamers were in for an epic time this week with Tavo hosting a tournament with a 3k $PAR pot in the Parachute War Zone. Two-for-Tuesday slid into the "rap, reggae and reggaeton" mode this week. Click here to listen to the playlist. Thanks Sebastian for setting it up! If you have been around for a while, you’ll know that Clinton’s charity, For Living Independence, does some amazing work. So the next time you shop on Amazon, don’t forget to show some love though AmazonSmile.
Cap and crew made their voices heard in NYC this week in solidarity with George Floyd
Congratulations to 2gether for crossing the 40k user mark this week. A new way for account top ups was introduced as well. This week’s CEO email covers news on the latest UX and the 2GT token. Youtuber Funontheride featured the email in his video. Filippo Angeloni covered the latest updates in his newest video as well. Founder Savador Casquero wrote about crypto staking in an Investing.com article. MakerDAO covered the 2gether card in its blog post on crypto debit cards. Following the XIO dApp update from last week, Citizens brainstormed about the UI this week. Citizens also talked about some of their contrarian beliefs in crypto. Bomb community started a Uniswap rewards program. Voyager raised USD 2.1M through a private placement from investors such as Streamlined Ventures, Susquehanna, Market Rebellion etc. Their stock has seen some enormous growth this year too. CEO Stephen Ehrlich shared his thoughts on the crypto market in a recent Bloomberg article. The team also took inputs from the community on which crypto to list next. John McAfee announced a Ghost cell phone data service to be released in September. Check out how the eSIM will work from the sneak peek video. The list of supported phones is mentioned here. And hope you had good fun in ParJar Gaming while winning some cool $ESH. A new set of upgrades were pushed to the Fantom Wallet. For the latest technical update on the project, click here. This week, I also wrote a Hackernoon article (with my co-author Rohit) exploring projects which had unique variations to Proof-of-Stake for their chain consensus. Among the projects featured were Fantom, COTI and Harmony. Jeff from Uptrennd will be speaking at the LA Blockchain Summit in October this year. The winners of the Blockchain Awards were announced. The newest Opacity release allows expired accounts to be revived within 2 months of expiry.
Fantom, Harmony and COTI take up a tiny but growing slice in the global staking pie
Catch up on the latest District0x weekly update and dev update from here and here respectively. The Q1 2020 report was released as well. The project is still sitting on a healthy crypto asset base of USD 4M+. Hydro team shared a guide to choosing a prepaid debit card program manager. Their PaaS report was also covered by Finovate this week. A new research page for featuring all of Hydro’s fintech research material was released. The successful applicants of the Project Hydro Decentralization Ambassador Program (which started in May) were voted upon this week and 7 DAs were elected. Silent Notary, Ubikiri and IDL integrations were completed this week with Silent Notary now appearing in Applications section of Ubikiri. A roundup of the latest updates was published as well. Sentivate founder Thomas Marchi sat down for an interview with MineYourBiz Monday’s NrdGrl007. Mycro announced that Chaia.io will be hosting a campaign on the Mycro Hunter App soon. SelfKey’s Data Breach compendium was updated this week. And if you’re a Product Designer looking for remote work, don’t forget to check out this opening at SelfKey. What next for Constellation? Watch the Constellation Network State of The Union to find out. Their educational group Startdust Collective made a brand video and a high level explainer article on the HyperGraph Transport Protocol. Pynk is thinking about doing a global crowdfunding campaign as opposed to one that is restricted to certain countries only. In light of this, the Pynk Crowd Wisdom was put to work to find out the best way to go about this.
Results of the Project Hydro DA Elections
Wibson’s latest app update was covered by Cointelegraph and Europe World News. Click here to catch up on this week’s detailed work thread from the Harmony project. A recent Harmony ecosystem is the SmartStake dashboard to check staking stats. Sprout Wallet now supports core utilities of HRC20 tokens. The team sat down for an AMA with Binance India and KuCoin this week. Next week they will be doing another AMA with the larger Binance community. Some insights about the Harmony grants were shared in this week’s community call. Read up on Intellishare founder Raymond Xiong’s thoughts on DAOs which he shared as part of a speaker panel at the 2020 Digital Innovation Project Exchange Conference. The team also published a post on how they aim to solve the DeFi congestion. The TestNet is expected to arrive soon as well. After the latest livestream of DI-RECT’s concert which saw ~10k attendees, GET Protocol announced that they will be facilitating tickets to the follow-up show as well. A recap of the COTI journey was published to mark the one-year anniversary of the project and the occasion was celebrated with a fun trivia. DoYourTip community voted to have liquidity rewards for pooling $DYT on Uniswap.
And with that, it’s a wrap! See you again with another update. Ciao!
HUOBI – THE EXCHANGE BUILT FOR THE FUTUREsubmitted by VinayTM to HuobiGlobal [link] [comments]
A HONEST REVIEW BY AN USER
Leon Li founded Huobi in 2013, a former computer engineer at Oracle. Huobi Global is a digital asset and crypto currency exchange headquartered in Singapore. Huobi also has local exchanges in South Korea, Japan, and through its strategic partner, the United States.
The Huobi Group, the parent company of Huobi Global, has received venture capital finance from prominent Beijing based ZhenFund and American VC firm Sequoia Capital.
The Huobi Global exchange serves traders in 130 countries. Through Huobi Global, traders can access almost 200 crypto and stable coin assets. Huobi users can download trading clients on both mobile and desktop devices.
Huobi has traded over US$1.2 trillion in digital assets, and at one time it was the world’s leading exchange by volume, capturing 50% of all global trading volume.
In terms of security, Huobi has adopted a decentralized exchange structure, which helps to resist DDOS attacks. However, Huobi has implemented the ‘Huobi Security Reserve, in which Huobi has set aside 20,000 BTC reserved for users who have lost funds either due to hacks, or exchange failures.
Ease of use
The UI is clean, user-friendly and perfectly designed with all the basic requirements for a crypto-trader. The charting software is provided by Tradingview, which is exactly what you want.
Huobi’s OTC exchange is a good initiative. The Huobi OTC exchange allows users to trade funds peer-to-peer which doesn’t affect the market price of the underlying asset. The OTC trading-desk, with transfer options like bank-transfers, PayPal, WU, Paytm, UPI, IMPS, Alipay & many others, is an easy to use payment gateway. With a secure exchange to diversify your investment, right next door, too with effective list of Buy and Sell options for BTC, ETH, USDT and EOS coins.
Huobi Lite App provides a convenient channel for everyone to buy cryptocurrencies at the best prices. Tailor-made for beginners, traders, and users.
We can download the App directly from the respective iOS Store or Google Play Store. Alternatively, we may access via the link: https://lite.huobi.com/download
On Huobi Lite, you can buy Bitcoin with your local currencies, credit card, or exchange cryptocurrencies tokens, with zero fees at competitive prices. Huobi Lite currently supports MYR / HKD / VND / USD (Credit Card deposit only), with more to come in the future.
Huobi Derivative Market (Huobi DM)
Huobi Global launched Huobi Derivative Market (Huobi DM) exchange to selected countries. It provides margin trading, with very low daily loan interest rates of 0.1%. Margin Trading allows users to increase their investment exposure given a limited base principal to enjoy multiple returns.
3-Steps taken in Margin Trading:
Huobi Futures is a kind of digital currency derivatives. Users can make a profit from the rising/falling of digital currencies prices by going long or selling short based on their own judgment.
The Huobi Futures Contract adopts spread delivery. When the contract expires, all open positions will be closed at the index-based last-hour arithmetic average price, instead of physical delivery.
BTC/ETH/EOS/LTC/XRP/BCH/TRX/BSV/ETC Contracts are available on Huobi DM. Contracts are priced in USD, with corresponding digital currency (BTC/ETH/EOS/LTC/XRP/BCH/TRX respectively) as margin to open positions, and PnL is also settled in corresponding digital currency.
Weekly, bi-weekly and quarterly contracts are available in Huobi DM. Weekly contracts will be settled on imminent Friday; Bi-weekly contracts will be settled on next Friday; Quarterly contracts will be settled on the last Friday of March, June, September and December.
Choices of leverage: 1x, 5x, 10x, 20x
Huobi Perpetual Swap
Huobi introduced Perpetual Swaps on March 27, 2020 (GMT+8). Huobi Perpetual swap is a kind of digital currency derivatives. Users can make a profit from the rising/falling of digital currencies prices by going long or selling short based on their own judgment. Similar to a margin spot market, its price is close to the price of the underlying reference index. The main mechanism for anchoring spot prices is the cost of funds. Perpetual swap have no delivery date. Users can always hold it. Perpetual swap are settled every 8 hours. After each settlement, the realized profit/loss and unrealized profits/losses are transferred to the user account balance.
Huobi Futures adopted partial liquidation to help position holders reduce liquidation risk. Users with large positions and high leverage bear high risk. Huobi Futures releases partial liquidation with the aim to lower possible losses due to high price volatility thus giving users better trading experience.
Under partial liquidation mechanism, when liquidation is triggered, instead of liquidating all positions at once, the system reduces positions gradually till a grade whose margin ratio is great than 0. Full liquidation will only occur when the margin ratio of tier 1 upper limit net position still fails to be great than 0.
The Huobi exchange has a fair trading fee structure. Every asset traded via Huobi Global is subject to a 0.2% trade fee, for both market makers and takers. Further, Huobi Global has introduced a tiered fee system which offers competitively lower fees for high volume traders. VIP membership gives access to various fee reductions and other benefits.
Huobi Prime, the Launchpad platform which we can call Direct Premium Offering (DPO), does share some similarities with initial exchange offerings (IEO) like Binance Launchpad, but it is unique as it is not a fundraising platform, and any coins purchased on the platform are immediately deposited into the users’ wallets and tradable on Huobi Global. Huobi Prime offers its users early access to the coins of premium projects, which can be bought using its native crypto currency, the Huobi Token. To avoid dumping, Huobi has implemented an innovative idea of a period of tiered price limits.
Huobit FastTrack, rebranded from Huobi Prime Lite, is a new listing model. Wherein, all participants will have a direct say in what projects are listed on Huobi Global and when. In addition, winning voters will get access to quality tokens at below market rates. The program also provides much needed exposure and a straightforward listing process.
Huobi Wallet is the official mobile wallet of Huobi Group, a leading global digital asset financial service provider. It is a multi-chain asset management tool that provides native support for various types of blockchains and all of the ERC20 tokens. So far Huobi Wallet supports BTC, BCH, LTC, ETH, ETC, USDT and all ERC20 tokens.
Huobi wallet is the first wallet to expand support to cover seven stablecoins including, Paxos Standard Token (PAX), TrueUSD (TUSD), USD Coin (USDC), Gemini Dollar (GUSD), Dai (DAI), Stasis EURS (EURS), and Tether (USDT).
Huobi Wallet is built based on the core principle of security-first. The wallet gives back its users, complete control of their private keys. In simple terms, You own your assets. The wallet is backed up with mnemonics, so in future when you want to import your wallet, it’s just simple few clicks.
Currently, the wallet is compatible with both iOS and Android devices and you can download both from here (www.huobiwallet.com/en)
Huobi launched Huobi Chain’s Testnet (“the Testnet”) on February 29th 2020 (GMT+8). Huobi Chain is China’s autonomous cum compliant-ready blockchain platform, and is committed to providing a global, blockchain-based, digital asset infrastructure. Huobi Chain is committed to providing a high-performance, blockchain-based, global digital asset infrastructure. Once the Mainnet goes live, Huobi Chain will announce HT- related events: e.g. pledge HT to be a Super Node, etc.
HT Lock & Mine (Huobi Pool)
Huobi launched HT Lock and Mine operations on 25th July 2019 (GMT+8). Users who lock HT tokens receive daily HPT rewards. Specific reward quantity will depend on lock option period selected, quantity locked and Huobi Pool’ s mining hash power and daily float.
DPOS Rewards: All Huobi Global users with more than 1,000HPT holdings in their HBG account will receive DPOS mining rewards. Currently, token reward received under DPOS mining include EOS, TRX, CMT, ONG, IOST, ATOM, IRIS, LAMB。
Users of the Huobi exchange can access 24/7 live chat and Huobi help center. Those facing issues can also open a support ticket to have their issue resolved by an expert representative immediately.
The Huobi Group has a very active YouTube channel, featuring Huobi Talk, where it posts user tutorials, detailed guides, and crypto currency information for traders.
What I like the most about Huobi
(b) As projects launch exclusively through Huobi Prime from day one, all users get assets at the best price.
(c) Tiered price limits on the platform protect both investors and projects from immediate dump.
Huobi Global: https://www.huobi.com/en-us/
Join Indian Group: https://t.me/huobiglobalindia
Global telegram Channel: https://t.me/huobiglobalofficial
Join Huobi by click here: https://www.huobi.com/en-us/topic/invited/?invite_code=7zkb4
https://preview.redd.it/hml53mmh5er41.png?width=568&format=png&auto=webp&s=3f0cd662e1836bcb2ea37793cbbbfd6f8a5e9723submitted by Floris-Jan to aelfofficial [link] [comments]
It’s always great to hang out in this group. This group means a lot to the Aelf community. It is the first Aelf community and has been there through all the ups and downs in the world. I would like to start with wishing everyone is staying safe at home during the virus outbreak. It definitely has been a difficult time for all of us, but together we can pull through it.
We understand that the situation is quite striking to all of us. But I really believe that the solution to the virus outbreak is about more global coordination and collaboration.
All of you to be assured, our team in different places are all safe and working from home as normal.
The Aelf team in Beijing were among the early ones experiencing the virus outbreak. As everyone was on the way home for Lunar New Year holiday and then experienced a total city lock-down followed by a 40 days’ work from home policy. It was definitely not easy for them, but our team stayed strong, took necessary precautions and focused on work with the right morale. Mappo has recently published some tips on how to work from home effectively based on our experience. Do check it out. Despite not working in the office since February, we have achieved great progress, including launching Aelf 1.0 preview, which is an important milestone in technical delivery and also the roadmap to mainnet launch (which listed out the essential steps for the community to work together to launch a successful public network)
Let's first talk about Aelf v1.0 preview. It is the cornerstone of the mainnet launch. The product itself has all the features that the public network is needed. The codebase has been reviewed and tested rigorously by the team. And a few highlights of how the network would look like:
So how are we going to help the community launch the network:
First of all, we have launched the codes, documents about the economic system and governance model and technical features. With all the things available, you are able to understand what the system is about, as a token holder what's your benefit in the system, and being a node in the system plays a big role in the governance
Next, without yet electing the nodes, we will get all token holders to join the current Aelf network through a mapping event. That means as long as you have Aelf tokens, you will be able to get 1:1 test tokens on the public testnet. that gives you full access to all the features, and you will feel like you are already using the mainnet. You will get rewarded in making transactions, voting, etc.
Do try out the Aelf wallet and voting features, you will see how easy to transfer tokens cross-chain. and also how flexible the system allows people to make changes. For example, the community may want to adjust the block rewarding parameters or fees to use certain services on mainnet, they can initiate a discussion and then vote in the system and once voted through, it will be reflected on mainnet.
For people or organizations that want to play a bigger role in the system, we will do a dry run of node election. Take it as the real node election before mainnet launch. We will see who the active members of the community are and being trusted by the community. Among the nodes, we will form a network launch committee. The committee will be the crucial party to oversees and ensures the smooth launch of Aelf mainnet, instead of just relying on the Aelf team. This is our step towards decentralization.
The committee will agree on the actual launch process, final checking all the parameters in the system to be ready for launch and then decide when the criteria are met to launch the network. Once all that is decided. We will invite all interested nodes to apply for the election and let the community know what's their plan to grow the Aelf network. the network will initially be launched with a few nodes from the committee and gradually be replaced by the selected nodes (a bootstrap phase). Along the way, we will work with exchanges to conduct token swap (which we are also designing an innovative system to further enhance security and usability of Aelf tokens in exchanges)
Among this isolated and worrisome time, at least we all have something to look forward to: a successful launch of Aelf network! Once it is launched, we are excited to see a vibrant and technically superior network that is good for Dapps to run on top of it.
Doris Guo Q1: As a Blockchain start-up, what difficulties have you overcome when starting Aelf project? What motivates you to solve difficulties and achieve success today?
Zhuling Chen First, just like launching any start-up, its community and investors are usually regional. There is always some bias on if Asian projects are solid. It is really rare to have an Asian project to be supported by western funds and community from day 1. We were lucky to have overcome that obstacle. Having a global investor line-up from day 1. Having a global team from day 1 and also working with a global community from day 1. This benefited us to have an international perspective which is crucial in the blockchain industry.
Secondly, as a hardcore technology company, it is really hard to put in plain words what is our ambition. Our ambition is huge, achieving key innovations in multiple fronts of blockchain technology and organically combined them to serve real users for the future. Our marketing team has been working really hard to elaborate on what Aelf is. Now we have come to a point that the product is ready. Therefore, it is much easier for all of us to understand how solid Aelf is by trying out the network ourselves! That's exactly what the following events will be about - Try out all the exciting features of Aelf network before mainnet launch.
Doris Guo Q2: What critical problems do you see occurring in the blockchain industry nowadays? How does Aelf solve these problems?
Haobo Ma First, we need to distinguish the difference between BTC and ETH. One is Digital Cash and the other is the Smart Contract Platform. Aelf addresses most of the latter's problems. In short, it can be summarized as performance, end-user friendly, developer-friendly, network economy, and self-governance and upgrading. Each of these areas will probably take up a lot of space, and as a whole are the issues described in our two white papers. In short, Aelf is faster, end-users do not need to know the rules of the blockchain, developers can set up the development environment in 10 minutes, have a good economic model and can carry out proposal governance on the chain.
Doris Guo Q3: What is your long-term vision about the industry which Aelf is working at? Are you afraid someday there will be another project with more innovative technology can replace Aelf?
Haobo Ma Let's talk about where Aelf stands in the traditional Internet. It is essentially a cloud service provider, Aelf provides resources and infrastructure for developers to deploy their services, known as smart contracts. We eventually want Aelf to grow like AAA (Amazon, Azure, AliCloud). Because Aelf is a network that can be dynamically scaled, we can accept any new technology, some of the more advanced technologies we can put on a side chain.
Doris Guo Q4: Why did Aelf choose for cross-chain interaction?
Haobo Ma As I mentioned earlier, Aelf solves the Smart Contract Platform problem. However, there are other digital cash problems as well which we would need to use existing infrastructure such as Bitcoin's chain in order to interact with Bitcoin. There are a lot of infrastructures on Ethereum that we want to interact with. Multi-chain on Aelf network mainly is to isolate resources to improve network performance and network stability.
Doris Guo Q5: What difficulties do the Aelf team have now (I talk about COVID-19)? How does the Aelf team solve it? Have you changed the roadmap?
Haobo Ma There is no great impact. The teams in Singapore and Beijing are communicating with each other remotely on a regular basis. The only change is that most of us are now working from home which has no impact and in fact, it seems conducive to the acceptance of more community developers in the future to come. From the internal working schedule and development timeline, there is no great impact. We do not publish specific timeline as we do not want short term holders (traders) to create too much negative pressure on product development.
Doris Guo Q6: Aelf is an open-source blockchain, and there's the common problem of taking a substantial amount of time for the different participants to agree on strategic decisions. What types of governance models do you use in Aelf to address this issue???
Haobo Ma The issue is about public blockchain network, and who can decide the direction of the network. Our answer is long-term holders. For the short-term holders (traders), we refuse to allow them to participate in any discussion of the direction of Aelf because the short-term holders are likely to make a profit and sell quickly, which is essentially the same example of a person who cheats the President and then runs away for his personal gain. We defined a number of proposal processes, including the logic of the two-party system in the United States, and the participation in the referendum to ensure that the final proposal represents the majority. At the same time, we are looking for some legal solutions to avoid bifurcation, such as prohibiting exchanges from intervening in bifurcated new tokens. While we cannot limit a community, we should be able to find ways to limit a centralized organization. This restriction is akin to a ban on national secession.
Doris Guo Q7: How will Aelf empower Investors, Companies, Developers, Platform Users to deliver impactful solutions and bring value to people all over the world?
Haobo Ma We will learn from the operational experience of successful foundations such as the LINUX foundation and license some commercial companies to use Aelf solutions to solve business problems. At the same time, Aelf is an open-source product under the MIT License, and we accept any use that does not violate this open-source principle.
Zhuling Chen Let me add on to Haobo’s statement: to incentivize and empower the community, we are also exploring ways to let the community decide how to use the funds for Aelf (allocate to where it matters to our community) once mainnet is launched. This means you guys can decide what are the projects to be funded on Aelf, etc
Doris Guo Q8：When will the node campaign start? How will Aelf attract users to participate in nodes election?
Haobo Ma According to our published roadmap, the timeline can be dynamic, but I don't think it will be too long. The main idea is to let everyone understand what we envision Aelf to be like, and what are the rights and benefits of being a node in the future. We hope to find nodes that fully recognize the efforts of Aelf at the present stage and are willing to participate in the future development of Aelf. We will run a simulation of the node campaign on the testnet and set up a temporary mainnet launch committee. Please follow our official Twitter for more upcoming details!
Doris Guo Q9: Token swap form 2 is some kind of cross-chain transfer? It will be handled by a smart contract?
Haobo Ma It is handled by the smart contract, we define an asset cross-chain transfer protocol, but it may be opened after a snapshot.
Doris Guo Q10: Which Exchanges will support token swap? Do you have any plan to list Aelf in some big exchange like Binance, Houbi, Kucoin, .......?
Haobo Ma We are already in talks with some exchanges, there is still competition between exchanges, and many are still hoping to attract more users by getting access to mainnet token swap early.
Doris Guo Q11: Aside conversion of the current tokens to mainnet tokens, what other main features will be accomplished with the mainnet launch?
Haobo Ma We have a documentation file that has been published, which has listed some features: https://Aelf.io/gridcn/Aelf_public_testnet_and_supporting_features_introduction_en_v1.0.pdf
Doris Guo Q12: Do you have any plan to burn or buyback your coin?
Haobo Ma We have plans for the community to govern through DAO, we have no interest in short-term price incentive adjustment as we would prefer to drive the project to higher adoption. After mainnet starts operation, there will be a part of network revenue get destroyed automatically.
Doris Guo Q13: Often, as a newbie developer, I face difficulties on most blockchains. How easy and convenient is it for me on Aelf, and what programming language and tools are needed??
Haobo Ma We set up staging for DAPP developers on GitHub and configured CI. Develop a smart contract using C# with React Native on the front end. So, in fact, developers can fork the source code without setting up the environment locally, and you can conduct unit testing with the help of CI. You can also release the smart contract and generate the installation package of iOS and android online. https://github.com/AElfProject/Aelf-boilerplate
Doris Guo Q14: What is the progress of business development and what are some of your commercial partnerships? How will Aelf rapidly develop the number & performance of DAPP?
Haobo Ma First of all, the blockchain industry is still fairly small and users with ETH and EOS wallets are considered a very small group and its not effective to even promote within these groups. What we need to consider is how to enable users who have never been exposed to blockchain to use DAPP. The competitiveness of Aelf is to make it easier for Aelf developers to promote their DAPP to ordinary users, rather than to teach ordinary users a lot on blockchain knowledge. The average user doesn't like to hear about private keys, mnemonic, Gas Price, RAM, CPU, etc. Only until we solve such problems, companies that need to solve problems through blockchain will be more inclined to use Aelf in technology selection. Therefore, our main work is to explain the competitive advantages of Aelf, ETH and EOS to everyone. We have some business cooperation’s, but we also believe that simply through case-by-case business cooperation will not be able to gain adoption so quickly, therefore we still need to put our products to stay ahead of the next generation.
Doris Guo Q15: What other activities can encourage more people to be confident about Aelf?
Haobo Ma We are only going to state the truth by having those that have faith in us to stay and those that don't to leave. The development of Aelf is not driven by a single foundation, but by a steady stream of contributions from the community. In the future, we will also place the activities in the DAO for on-chain governance, and let the community make decisions by itself.
Kun Aguero As you know that in the present market situation many new coins or either dying or thriving for liquidity? How will you manage this liquidity problem?
Zhuling Chen Aelf started in 2017. we have gone through a few cycles in the market, still, remember the big down period in 2018-2019. Aelf is financially solid and the team has always been working hard. if you are referring to liquidity in exchanges, we are among the lucky ones that are listed in all major exchanges
Xinshu Dong Hello, great discussions! I would like to ask what are the criteria to join the committee for launching the mainnet? Would love to participate
Zhuling Chen Hi xinshu, great to see you here. The committee will be chosen among the nodes elected during the testnet dry run. Which means, it is really important to participate in the testnet dry run and also start to establish your reputation in the community so that people will elect you as a node. The detailed criteria will include what is your plan to help Aelf to grow, tech competency and reputation.
An Da What are Aelf’s achievements in 2019? Who had supported you to get those things?
Zhuling Chen To name a few, in 2019, Aelf is one of the most active projects on GitHub. This means Aelf is evolving and improving fast in this space and our team has the tech strength. In addition, we have also successfully listed on all major cloud service providers, such as AWS, Azure, Google. So large companies can easily launch Aelf side chains in their organization with minimum hassle.
John How does the voting for master nodes candidates occur? And why is the development of this system important for your project?
Zhuling Chen Voting is going to be pretty simple. All token holders can vote for the nodes they support on our block explorer.
Miha After mainnet lunch, how will you assure that transactional fees will stay low? We know what sometimes happens to fees on ETH blockchain.
Zhuling Chen First of all, due to the fact that is Aelf is scalability, this will reduce transaction fee. Secondly, all transaction fees will be voted by the nodes (which will be elected by you). So they will represent your interest
Bobbyfernandito Currently, as we see All projects are concerned with the speed and security. So, tell us here - what are the facilities Aelf provide to their user and investors?
Haobo Ma Security: we have an automated smart contract code audit. During contract deployment, production nodes and the community audit participation are required. On the other hand, we are also planning to provide a standardized model of centralized exchange access for 100% asset certification and emergency measures to deal with exchange attacks, which we will be released later. Speed: Aelf has been working on improving performance, which is transparent to users which they can also experience by themselves.
An Da What effect does Aelf token have on the Aelf ecosystem? Holding Aelf, what benefits will users receive?
Zhuling Chen Holding ELF enables you to use all the services on the Aelf network. ELF has a deflating system where the total amount will reduce as the network grows. token holders can also vote for the nodes to run the network and also vote for big decisions in the network. part of the fees in the system will also be distributed to token holders via a smart contract
ahihi132 Which companies do you view them as potential partners and that they are somewhat also beneficial for both the user base and Aelf itself?
Zhuling Chen Great question, if I could write a wish list, that will be: let medium-sized financial institutions to use Aelf to challenge the big boys. Let telecommunication companies use Aelf for micro-payment and other innovative business models. We also would like to try out a few public sector projects, which blockchain will is still more transparency and trust
Misun Q1: Which programming languages are you using in your project? And why? Q2-What are another big MILESTONES you have planned for 2020 roadmap and how are they supposed to benefit your costumers? Will it be an exciting year?
Haobo Ma For Q1: We mainly use C# for development, I personally like it. Performance is good, development environment IDEs are strong, and C# creators are influential in the industry. We believe in the right thing, though it may take a while to develop. The smart contract will then add support for multiple languages, such as WebAssembly, depending on the needs of the community. Now it seems that C# is enough.
Hambi crypto Which platforms are your competitors? How will you soar above them, and what better things do you offer than them? So, What’s your outlook on the future of cryptocurrencies in this year and next few years?
Haobo Ma As I have already mentioned this before, Eth and Eos. We provide better performance, cross-chain support (already implemented), end-users do not need to know the details of the blockchain, developer’s payment models and so on.
Floris-Jan What plans is Aelf making to prevent centralized exchange to take over the DPoS algorithm like what happened to Steem? Are we talking about blacklisting exchange wallets, or having the foundation say "No", or putting all trust in the community?
Zhuling Chen Great question, Floris. I’m not going to give away all the details of what Haobo has proposed to work on this, but in a nutshell, in Aelf system, exchange wallets will not be allowed to vote, but only the sub-wallets for each individual can vote. This will also help exchanges to prevent hacking and theft in the future
Alex What your plans in place for global expansion, are Aelf wallet focusing on the only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Can you explain this?
Haobo Ma Our core focus will be through the developers to promote, developers will help Aelf to attract more users. So our product has to be attractive to developers. Just like AWS, they only focus on getting their service right, their developers will think about how to promote it. We don't want to burden them in their promotion process.
Ellkay What do you think are the major threats and barriers that could face the development and adoption of Aelf?
Haobo Ma If I'm a DAPP developer and I need to promote my APP to people who don't recognize blockchain, then I'd like to choose a platform that doesn't have to explain a lot of blockchain details to the end-user, so they can use it easily. We've provided some options in the Boilerplate that allow you to log-in simply via QR code + Password, and our recommended Dapp is an independent wallet and a separate iOS/Android application.
ahihi132 Give me some important reasons why we need to hold Aelf token where in fact hundreds of projects failed and it went to bankruptcy or even developers run when they collect millions/billions of funds?
Haobo Ma First of all, we will not give any suggestions as we only describe the fact that the long-term token holder will be able to govern the Aelf network, get Aelf mining reward and Aelf network profit. At the same time, Aelf network is a deflation model, Aelf network received transaction fees, profit dividends will immediately destroy 10% etc. All investments are risky, and we don't judge the behaviour of other developers. There are so many things in this world that cannot be understood and unfair. It is important to do our job well. I cannot explain these things.
胖 见愁 I remember that boss Ma mentioned to only find those truly innovative applications and enterprises with blockchain, how to find and win partners in these aspects?
Haobo Ma When Linus was developing Linux, I did not think he would find a lot of collaboration when the code was not good. The response we can give is that we already have a lot of interest in cooperation, including what we have announced, what we have not announced, etc.
胖 见愁 How interested are cloud computing providers in participating nodes?
Haobo Ma The vast majority of our nodes should be using cloud services, and as long as a large number of our 17 nodes and other candidate nodes are based on cloud services, our network robustness is determined by these cloud computing providers. Of course, in the expansion, we can also use cloud computing services.
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