On November 8th, the “2019 World Blockchain Conference·Wuzhen” hosted by Babbitt was officially opened. The conference gathered more than 100 global blockchains, digital assets, AI, 5G experts and scholars, and technical geeks. Opinion leaders and founders of popular projects, with the theme of “application unbounded”, explored the application of blockchain, technology frontiers, industry trends and hot issues, and promoted blockchain technology and industrial innovation. Xu Kun, Chief Strategy Officer of OKEx, delivered a keynote speech, "The Core Competitiveness of Digital Asset Exchange."
She believes that whether it is domestic policy or overseas compliance, or footsteps, it is getting closer and closer. Judging from the development of the entire industry, the blockchain industry is currently developing towards an increasingly solid industrial development cycle. At the same time, the industry is driven by technology and financial dual genes , science and technology genes enable financial applications, and financial models assist the science and technology exhibition industry.
Xu Kun pointed out that system performance , security , asset quality and risk control are the four core competitiveness of the exchange. According to OKEx's current product system performance, it is almost conservative to estimate that many exchanges lead the exchange for half a year to a year, but OKEx should also be modest to learn how people can do market. For the future development path of OKEx, she said that OKEx does two things: one is to localize the product overseas, and the other is to play overseas market. Finally, she also revealed that OKCHain will go online in early November , in addition to OKEx will do DEX, a variety of commercial applications, including super nodes.
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The following is the original speech:
Good afternoon everyone, I am Xu Kun of OKEx. I am very happy to receive an invitation from the organizer today to make a simple sharing with everyone.
I will spend about 15 minutes to introduce the current status of the entire exchange, as well as the future core competitiveness, which is mainly divided into three parts: 1. The development status of the blockchain and digital asset market, I will share with you through some data; 2. Introduce the current four core competitiveness of the exchange. I believe that many of you are also paying special attention to the exchanges, especially in this year's exchanges, more and more people are doing exchanges; 3. The whole future The trend of the industry, as well as the exchange industry, is similar to the future development direction of the head exchange such as OKEx, including how to look at the future development of the industry.
Blockchain and the development of digital currency market
I have a traditional financial industry experience of about ten years ago, I have done industrial research, I have invested in the Internet, and I have done trading in the secondary market. We have made a picture that can be used to briefly compare the development cycle of the Internet with the current block. The state of chain development, and a roadmap to speculate on the future development of blockchains. In the early days of Internet commercialization, from the 1990s to 2000, when the Internet bubble suddenly broke out, even a website name of www.com could be used to integrate a lot of capital, which is very similar to the 2017 ICO bubble stage. In 2017, there was a wave of ICO. From March 2017, global digital assets began to grow in multiples, regardless of the transaction data, the number of currencies, and the number of exchanges. After that, the industry experienced a bear market, and the overall market value was also from 800 billion. The US dollar has shrunk to less than $300 billion. In the development of the Internet, in 2000, the entire Internet companies also faced a rapid de-bubble process, and began to gradually consolidate the Internet foundation. Since then, the Internet has experienced social and mobile Internet, including live broadcasts, short videos, and vibrato, and today's headlines. We can assume the future development cycle of the entire blockchain. I have done this sharing last year, especially this year, I found the entire blockchain, whether domestic or overseas. The road, or the footsteps, is getting closer and closer. Judging from the development of the entire industry, it is currently developing towards an increasingly solid industrial development cycle. When the defoaming has gone almost the same, we have to think about where the future industry is going.
The second shared view is the dual gene drive of technology and finance. Why do you say this, I share a little thought. I used to be a traditional finance company that has been in business for 10 years. I can compare it with assuming that bitcoin is born from birth to babies, to kindergarten, to elementary school, and in its entire development path, to some extent, it is toward “self-finance”. The trend of development is to develop. Then the blockchain industry, financial genes are also very important driving force. First of all, it has a very core point, Token, which is a kind of accounting method, value carrier, trading medium, incentive means, token development. In the process, based on the original needs of the transaction, the emergence of the core role of the blockchain industry has emerged. In terms of technology genes, from smart contracts to cross-chain technologies, including privacy technologies, they are gradually evolving, and larger-scale application development must rely on breakthroughs in technical performance.
From the role portrait of the digital asset market, the core position of the digital asset exchange in the entire ecosystem is undoubted, and various other roles have emerged in the ecology. For example, project incubation, secondary investment transactions, and information service media, including early-stage media organizations such as Babbitt, have a very strong influence in the industry.
I sorted out the three stages of the development of the entire digital asset exchange iteration. I personally started to get into Bitcoin in 2016, and I also investigated the domestic exchanges. At that time, the domestic exchanges were OK, fire coins, ingots, and coins. This is the 1.0 era. In the 2.0 era, the development of the ICO bubble wave in 2017 made the head exchange of the currency, such as the currency exchange, emerged. In the era of 3.0 exchanges, the current three major head exchanges, the pattern has basically been positioned. But in the process, some second-tier exchanges also came out. For the second-tier exchanges, the current market opportunities are still quite large, and OKEx is also doing its own second-tier exchange brand.
The four core competitiveness of the exchange
Next is the focus we share today, the four core competencies of the exchange. Undoubtedly, the exchange is still a hard-core product technology, and the market operates as a soft core platform.
First of all, there is no doubt that the system performance requirements are still very high. In the past few days, under the extreme market, major exchanges are also facing a sharp increase in transaction volume. I believe that some of you here will know that on the night of October 26th, only OKEx did not take the opportunity, and other exchanges in the head encountered problems with downtime. This is the real data of OKEx under the extreme market conditions at that time. The 24-hour volume was 13.334 billion US dollars. The peak value of the transaction was 1 million times per minute. The number of visitors was 350,000 users. The spread of the market was less than 0.1 USDT. The true carrying capacity of the system is not falsified under extreme market conditions. The friends who are really making transactions should feel very deep that day.
Second, the guarantee of security . The entire OKEx is currently showing user security and user information risks. Whether it is disclosed from the perspective of the media, there is almost no. This year, there were also 7 thousand bitcoins stolen from the head exchange, or other user information was stolen. The genes of OKEx and the genes of other head exchanges should be understood by some people. The founder of OKEX is a hard-core technical background, so from the perspective of OKEX, we pay great attention to technology and product safety. Of course, we have not done enough to spread the sound of the market. This is not enough.
Third, the quality of assets . Many people will say what kind of digital assets on OKEx, what kind of digital assets on second-tier exchanges, what is the evaluation of digital assets, from OKEx, there will be a set of compliant, professional standards to evaluate various The qualification of the project. We heard the voices of our peers last night, why OKEx only has some head projects, and some of the head exchanges have already been on the project. Our review of the project is still very strict, and protecting users is very important to OKEx.
Finally, wind control is also critical. Last year, OKEx had a negative voice, which also made us attach great importance to risk control and constantly optimize and upgrade our risk control mechanism. Starting in March of this year, every month's products will be iterated once. In terms of risk control, in general, our advantage is still very obvious. The price of OKEx mark can withstand the test of the market; and the algorithm of splitting the price used in our bursting position can effectively avoid the large amount of wearing positions. Professional algorithm requirements are very high.
OKEx's current overall business line, the core is the currency, contracts, leverage, as well as wallets, mining pools, OTC. OKEx's mining pool is a business line that I rebuilt after I joined this year. I started doing it in July. For more than three months, we have achieved great results in terms of influence, computing power, and staking business. OTC solved the problem of the deposit channel for the entire exchange. For various reasons, OKEx did not exert its strength in the OTC market. Next, OKEx will do better in terms of product user experience and business interests. If you are interested, you can pay attention to the OTC platform and there will be some resources and opportunities to support it.
In addition, the pace of OKEx's entire product upgrade, including architecture upgrades, model upgrades, perpetual contracts, gradient margins, risk margins, and contract big data, are all deeply technical dimension optimizations from a product technology perspective. The professional level has also been greatly optimized. Why do I always say that the contract is a test of the professionalism of the team, because for the traditional financial market, the market share of the contract market far exceeds the share of the spot market transactions, even 14-16 times the spot data. For OKEx, the team started the contract when it started, and now the first stage of survival has been solved in the iterative process. The trading platform of the contract, its early viability is still very strong, but the professional requirements are also very high.
For the contract market, I have to share more. Recently, the major head exchanges have also released their own contract products. I want to say it very officially here, and I am confident that, in terms of the entire contract market, there are only OKEx and BitMEX in the global market, and almost two of them are divided into half. Because of the requirements of the contract product professional, the technical requirements are very strong. Why OKEx and BitMEX account for most of the market share, based on a large number of operational accumulations and product iterations. In terms of OKEx's current product system performance, conservative estimates are almost the same as other exchanges for half a year to one year. Of course, we must also be modest to learn how people can do market, and this aspect needs to be improved.
Finally, do a sharing of future trends. The blockchain is a very new field, and regulation is also moving forward in exploration. For OKEx, OKEx is a global head exchange platform that emerged from the market competition. For a long time, OKEx puts compliance and risk control first, strictly controls asset quality, and strictly abides by the internationally accepted KYC and AML standards. We will continue to adhere to compliance and actively adapt to global regulation .
In addition, for the globalization, the development path of OKEx globalization, we do it through two points: First, the products must be localized overseas, and the products must be adapted to the usage habits of local users. Second, for overseas market-oriented play, some foreign colleagues will also be invited to provide suggestions. We are doing these two lines in overseas markets.
Share a data with you. At present, the overall market value of digital assets is less than 0.3 trillion US dollars. Analogous to the traditional market, of course, it is not necessarily comparable, we can boldly think about it. To give two examples, the current status of the securities market is 77.7 trillion US dollars, and the data in the derivatives market is even more spectacular. Therefore, we are also very convinced that whether it is OKEx or OKEx users, as well as friends here, The whole market dividend will give you the best feedback.
Today's time is limited. Let's talk about it. The value of making OKB has always been one of our key directions. Many users who hold OKB are also concerned about the release of OKChain . OKChain will go online in November and will do a lot of cooperation with ecological partners. If you want to do something based on OKChain, welcome to talk to me, you can leave a message on my Weibo. In addition to this we will do DEX, as well as a variety of commercial applications, including super nodes. We are designing whether it is a one-vote one-shot or a one-vote multi-node gameplay. This one is especially worthy of everyone’s expectations.
thank you all!