Today, we don't tell lies! On April 1st, Babit's first community interactive interview column, She Knows, opened in the second quarter. This issue is a special issue for April Fool's Day. The discussion topic is "IEO big analysis first half: exchange peak dialogue", we invited ZB Vice President Aurora, Gate Founder Lin, Coin CMO Xiong Yue, hosted by Babbitt's chief reporter Meng Dao and ChainNode live, and the ignorant blockchain promoter Xiaoyan was the host of the Hua Dan.
Talking about exchange competition, always in the midst of change
- Babbitt Column | Deng Jianpeng: Rethinking the Risk Prevention of IEO/ICO Investment
- IEO financing is another investment scam? Bitcoin is a playground for criminals?
- Viewpoint | IEO is moving towards death, and the blockchain financing model is imminent!
- The undead black swan: from ICO to IEO
- Suggested that the SEC "cut off" IPO underwriters, the NYSE also played IEO?
- Pushing the IEO platform and expanding the scale of the currency, why is the conservative Coinbase “flying itself”?
Question 1: Today's two guests come from the trading platform. In fact, Gate and ZB are very old exchanges, but there is an undeniable status. Everyone now mentions the exchange. Generally speaking, the domestic currency will mention the currency, the fire coin, and the OK. And Gate, ZB looks very low-key, what do you think of the future exchange structure? What is the key to competition next?
Coin CMO Xiong Yue: I am not an exchange, so my point of view is particularly simple, the exchange's pattern will be in constant change and competition. The throne of the world's largest exchange has changed a lot of people, and now it seems that the most powerful currency security has only emerged 17 years later. In fact, every second- and third-tier exchange is likely to become the first line. The key to competition is to provide users with the best quality assets and best services.
Lin, founder of Gate: From the perspective of the technical performance of the current exchange, the first few are already very close, with little difference. But the key to the survival of crypto-equity exchanges is security and philosophy. Mt.Gox can account for 80% of the global Bitcoin transaction volume to suddenly fall down, who can think of this? A large part of the closed exchanges were in security issues. Another important point was the idea of whether to pursue short-term or long-term interests. The short-term interest temptation of the trading platform is very large, and unfortunately, we have seen many exchanges that pursue short-term interest users.
Zur Vice President Aurora: Personally, the current exchange has a lot of changes in the track. It is certain that a large number of speculative platforms will eventually be eliminated. The ultimate winner will be financial strength, technical capabilities, safety strength, The head office is very prominent in all aspects of operations control. In the future, the core competitiveness of the exchange is quality service, product, user retention and experience. The competition is the platform's own digestive, operational and execution capabilities. Talking about disguised ICO, there is no essential difference, but there are also improvements.
Question 2: Two days ago, Vitalik said in the community about the "how to look at the IEO problem": "IEO Aren't IEOs just ICOs on an exchange? So IEOs feel like a step backwards." He thinks IEO is The ICO on the exchange is a retrogression in the industry. Since the explosion of ICO in 17 years, many financing models including IFO, IMO, IEO, and even platform coins may not be able to escape the risk of being disguised as disguised ICO. What do you think?
Zur Vice President Aurora: Personally, IEO, IFO, IMO and various IXOs are the project financing models introduced by some exchanges and project parties. These models face compliance risks in many regions and are likely to become disguised. ICO. The omissions in the ICO model are believed to have been seen by everyone and will not be repeated here. With the intensification of supervision, the ICO model has already fallen, and ICO, as the largest application of Ethereum, undoubtedly suffered a heavy blow.
Therefore, Vitalik's concerns about the impact that this model may have on Ethereum are understandable. But the reality is that more and more trading platforms are doing this kind of thing, calling different names and different patterns. But what is certain is that if the exchange is just a way of disguised financing, the lack of control over the compliance and governance aspects of the project may hurt investors. I believe the market will eventually give an answer.
Coin CMO Xiong Yue: Personally, IEO is a step backwards than ICO, but there will be some more progress. There are many, many completely nonsense projects in the ICO mode, and the IEO mode will be at least better. The IEO project is definitely limited in number and has been screened by the platform.
Lin founder Lin: I agree with V God's first half opinion that IEO is ICO, not a new thing, a new bottle of old wine. Just as Web 2.0 was not new in the past, cloud computing is not new. ICO is a good financing method, but it has been broken by some people. ICO is also returning to rationality. The ico financing amount in the first quarter of this year was only one-fifth of the first quarter of last year, and last year was close to 5 billion US dollars. It is 100 million US dollars, this is a good rational return. There is no essential difference between IEO and ICO. They are all good financing methods. Only the exchanges should control the quality of the project, valuation, and health financing to avoid continuing to blow a big bubble. Talk about screening project standards, technology and philosophy are very compatible
Question 3: What are the criteria for ZB Exchange to screen IEO projects? Deciding on the ins and outs of the online VSYS? After the project was contacted, how long did it take to select it as the first project of IEO? Is there any communication problem in the middle? How to solve it? Why did you choose this project as your starting?
Aurora , Vice President of ZB: First of all, I need to clarify that ZB LaunchPad is not an IEO. ZB LaunchPad is a comprehensive, on-line service for ZB's innovative, fast, compliant, global-oriented projects that meet the different needs of users in various countries. The party usually sells tokens at a lower price than the pre-issued price, which is directly different from the IEO and is fundamentally different from the IEO. Currently, only real-name authenticated users who have completed compliance in the ZB official website can participate in the ZB LaunchPad.
Regarding the ZB LaunchPad online project, ZB inspects and evaluates the project in terms of team strength, project landing, market demand, and development direction, and optimizes high-quality projects with potential. ZB is the first major exchange in China to launch Ethereum and EOS. We have always supported innovative projects.
The V SYSTEMS public chain is a blockchain database cloud created by Sunny King, the father of the Proof-of-State (PoS) consensus mechanism. It focuses on "everyone can release the blockchain", VSYS' strong team strength, project With groundability, the project development meets market demand. In fact, technical geeks should be familiar with Sunny King. Together with Vitalik and BM, he is known as the top three in the blockchain industry. When we approached the VSYS project, we felt that the two sides were very close to the cutting-edge technology and concept of the digital currency industry, and the communication process was smooth. VSYS has been successfully online for 4 days, and its performance is very eye-catching in terms of transaction volume, market value and market sentiment. On the day of the launch, VSYS's market value jumped to 14th in the world. Talk about the risk of "high control" and see if financing is the sole purpose
Question 4: The IEO project is publicly funded on the exchange, and then exclusive online trading. There may be a problem in the middle, that is, often the private equity and team parts are not unlocked during the transaction, resulting in a small amount of liquidity in the market. Therefore, it is easy to have a "high control panel" situation. Some people think that such a model will be a bit of a feather after a few rounds, which is not conducive to the benign development of the cryptocurrency ecosystem. What do you think?
Zur Vice President Aurora: This question is still very sharp. In fact, it is still necessary to return to the essence of the IEO question. Whether it is just for financing, or that the purpose is not financing, but to provide users with opportunities for value investment, which is essential for the later development of the project and the trend of currency prices. The digital currency industry is still at a very early stage, and a variety of problems will emerge before a unified judging standard has been established. As an investor, no matter how fascinating the new concept is, only by abandoning the false packaging coat can you discover the inner lining and finally get the fruit of the investment.
Talk about compliance risks, who is compliant? Where is the regulation?
Question 5: After the IEO fever, the Beijing Mujin Association issued a document to remind investors to pay attention to risks. From the perspective of compliance, what problems might exist in the IEO? And what preparations have you made?
Coin CMO Xiong Yue: From the perspective of the regulatory authorities, IEO and ICO are the same.
Zur Vice President Aurora: ZB LaunchPad is not an IEO mode and will not follow this model.
Lin founder Lin: Compliance depends on where the rules are, who is to comply, the project side or the platform. The platform is a global platform, and users in any country have it. The definition of “compliance” varies greatly from country to country. The compliance requirements for the ICO platform and the compliance requirements for the project side are also different.
IEO is the ICO. In many places, it is definitely not compliant. For example, in the United States and Canada, it is defined as issuing securities, which needs to be filed in advance by the regulatory authorities in the country, such as the US SEC. In the past year, the US SEC has penalized dozens of former ICO teams.
The compliance with the platform is still very vague, because it is new, and most countries have no clear laws and regulations. Therefore, ICO, which is the IEO on the trading platform, mostly survives by blocking high-risk countries and regions. In an industry where regulations are not perfect, there are two things you can do: one is to hold the bottom line, and it is best to be yourself; the second is to drill a hole, you can lie to one is to see the choice of each family. Talking about the trend of the market, the fundamentals have not changed, and many projects still have huge bubbles.
Question 6: The recent market recovery is obvious, and everyone is very concerned about whether the market is already in the end. Do you think it is the beginning of the bull market? why? In the near term, is there still a possibility of a large decline?
Zur Vice President Aurora: Personally believe that the market recovery is a phased adjustment. At present, the digital money market is still in the growth stage, and there is still a lot of room for development. Only when it changes, can it usher in a real bull market. We are concerned about the long-term development of the blockchain industry and do not judge the rise or fall of short-term digital currency prices.
Coin CMO Xiong Yue: In the warmth, it is the level of market confidence. But talking about the bull market is still early, the fundamentals have not changed.
Lin founder Lin: I don't know if the market is the end, but I know that for many projects it is not the bottom, it is still a huge bubble. Take the current IEO, a small team that was established soon, the online IEO has a market value of hundreds of millions of dollars, some people participated in the IEO, earned several times a few days of profit, who would think it is not a bubble. At present, it is still largely a zero-sum game, in which the actual value is still very low. Most of the people involved also know this truth, but they still have to go to Bo, if they win, but he did not think about it, and most of them will lose. The chances of winning or losing in the casino are half and half. In this market, there are project-side blood draws, platform blood draws, various insiders, and various black box operations. You are a small, not a god, how much you win. At 3 o'clock on the afternoon of April 2, the first half of the IEO analysis – the project side Huashan sword, so stay tuned.