On the afternoon of November 8, the “2019 World Blockchain Conference·Wuzhen” hosted by Babbitt continued. In the sub-forum “Technology changes the world: the underlying infrastructure of the blockchain”, the founder of ViaBTC&CoinEX, Yang Haipo, published the blockchain. Keynote speech on the development of infrastructure and the transformation of exchanges.
Yang Haipo's core views are as follows:
1. Token is the core application of the blockchain. 2. Centralized exchanges are the biggest bug in the entire blockchain industry. 3. The decentralized exchange is the only solution that can solve the current situation of the entire centralized exchange. 4.DEX can bring a better future to the entire industry.
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- Wu Zhen·imToken founder He Bin: A Bitcoin DeFi Tour
The following is the full text of the speech, Babbitt finishing:
Hello everyone, I am very happy to have the opportunity to share with you today. My name is Yang Haipo. I heard Bitcoin for the first time in 2011. In 2012, I graduated from university and joined Tencent. I entered in 2014. The blockchain industry started the ViaBtc mine in 2016 and is now the top five mining pool in the world. In 2017, we started to enter the track of the exchange. But unfortunately, our ViaBtc exchange was forced to close in 2017, after which we re-launched CoinEx, and today the topic is “The Development of Blockchain Infrastructure and the Transformation of Exchanges”.
The blockchain technology has been developed for so many years, so where is the core application scenario of the blockchain? I think Token is the core application of the blockchain.
What is Token? Simply speaking, it is proof of equity. It can be a virtual asset or an entity asset. It can be a currency, a credit, or even a consensus. For example, bitcoin. In fact, the core meaning of Token is to let Any form of our assets can flow.
The release of Token With the rise of ICO and IEO in 2016 and 2017, Token became the standard for all public chains. The most typical one should be Ethereum, Ethereum as the most important platform for the current currency. But unfortunately Ethereum itself did not solve the problem of Token trading, which also led to the rise of Token to bring the prosperity of the current centralized exchange. In fact, we have a lot of exchanges at this meeting today, and there are many people who help others to do exchanges.
Centralized exchanges, in a sense, are the biggest bugs in the entire blockchain industry.
Almost every other time, we will always hear various problems such as the stolen assets of the exchange and the running of the road. Our assets are all hosted on the exchange and are very unsafe. At the same time, there may be thousands of Tokens in the entire market that are circulating in thousands of exchanges. This is also a very unreasonable thing, that is, liquidity is extremely scattered, and the cost of the currency is very high. The cost of the currency is not only the cost of the project itself, but also the operating cost of the exchange itself. When the exchange manages, they actually manage the assets themselves very high. In fact, the exchange itself can support the currency. It is also extremely limited.
I believe that decentralized exchanges should be the only solution that can solve the current state of the entire centralized exchange.
What are the characteristics of decentralization?
1. Asset security: because we each have to master our own assets;
2. Data transparency: all orders and all transactions are completely open;
3. No license: no license means everyone can send money, the exchange becomes a tool, not a platform, each of us has the right to issue coins, and at the same time the right to trade in the currency;
4. Unable to close: Through decentralization, we have realized an exchange that cannot be closed. I think this is very important. It is because of the blockchain itself that Bitcoin or Ethereum itself cannot be closed, so it has a market like ours today, otherwise it was killed by the government.
The same is true for exchanges. The development of exchanges should not embrace regulation. The development of exchanges should be decentralized and cannot be closed. At the same time, its non-licensing and data transparency can be supervised by everyone. From these four points of view, in fact, we do not have a decentralized exchange in the real sense of the market, and there is no feature that does not require permission and cannot be closed.
The development of DEX itself is also limited by the development of the entire public chain. Our current consensus on the public chain is very slow. We know that Bitcoin needs 6 blocks to complete the confirmation. It takes 1 hour for Bitcoin to reach consensus. Ethereum may be faster. It takes 3-5 minutes to reach consensus. Secondly, the transaction performance is low. In addition, the high user threshold is also a very important factor limiting the use of DEX. The design of our wallet or the public chain itself limits the popularity of DEX. In a sense, it has caused the current centralized exchange. status quo.
Just mentioned, CoinEx Chain, which is completely decentralized, all nodes are elected through the community. At the same time, it has extremely high trading performance. This is how we did it? Because it is a private chain first, it does not support smart contracts, it is similar to the mining chip of Bitcoin mining machine, it is optimized for mining, then we are optimized for DEX, so we can do very much High performance, while at the same time can achieve block speed of the second level, which is the premise of large-scale application and development of DEX. At the same time, the ultimate user experience is also our pursuit. The ultimate user experience has two aspects: on the one hand, the design of the public chain itself minimizes the concept that users need to understand and need, as simple as possible, at the application layer, wallet level. A lot of innovations, including ourselves, including many of our partners, are trying to do research.
We believe that through the direction of DEX, we can bring a better future to the entire industry. At the same time, CoinEx is not just a public chain of DEX, it is an ecology built by multiple chains. Why is that? Because we have been talking about the so-called impossible triangle, this is for a chain, but we use a combination of multiple chains to break the impossible triangle, each chain does its own job to do different things, they go in an organized way. The decentralization, security, high efficiency and high expansion of the public chain, especially the characteristics of the third state public chain. We believe that the third-state public chain should be based on DEX, because DEX solves the function of Token distribution, transaction, and storage. It is also the core problem of the entire blockchain or public chain.
For DEX, there are mainly three public chains: one is the DEX private chain, which meets the Token issue in trading requirements, and the other is the Smart public chain, which is to build a more complex financial application foundation, including contract lending, insurance and other services. It is a privacy chain and a feature that maximizes the privacy of users.
When it comes to the public chain, let's talk about the development team behind the entire public chain. The development team behind CoinEx is the Copernicus team, which is a public chain team built by Bitland in 2018, and even a team of scientists. Maybe everyone has heard a lot of rumors about Bittland. Their team was laid off as a whole after 2018. They are also a shareholder of CoinEx, so we have reached a cooperation, which means that it is the joint chain we have built together. The Copernicus team used the Go language to re-implement the client of the bitcoin chain.
We believe that DEX will form the infrastructure of the future blockchain.
DEX does not require a license and can greatly release the needs of long tail Tokens. In fact, there are many scenes in the whole world that can send coins and send Tokens. We just said that Token is an asset, an equity, regardless of size. For example, the equity of a creative company or the dividend rights of a mine, etc., or the points of the game, or some points of the application, etc., can be tokenized. But these Tokens are largely discriminated against by centralized exchanges in the current situation, but they have a circulation demand. By means of no license, that is, everyone can issue coins and do not need to license, greatly expanding the boundaries of the blockchain. In the future, there may be tens of thousands or even millions of Tokens issued and distributed on DEX. Trading, this may be something we have never had before.
In the future, there will be a large number of small and medium-sized enterprises that use Token to finance, trade, go public, etc. These are very likely. Based on the public chain of DEX, it is likely to be the direction of the next generation of public chains. Such a decentralized exchange, it may even be possible to compare with our current NASDAQ, including China's equity exchanges, etc. We believe that there is a very large space, even a trillion-dollar market. .