CEO open letter | imToken is very pure, even the egg lottery has to play purely

Babbitt Note:

This article is the author of the author imToken He Bin's response to the "Bitpa Wallet questioning Tokenlon data fraud" , the content does not represent Babbitt's point of view.

Linked node ChainNode original link: "imtoken Please stop the fake immediately! 》 (click to read)

Author's Note: For the various pseudonyms of the bite smashing crown with imToken[1], please see the official statement of imToken . This article is my personal desire to talk to the founders of Bitite and his team, media, friends, and partners of imToken about what we have done and what we want to do.

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Some things are in the bones, from small bones to old bones, genes give it a mold, and the years grind its texture,

For example: pure.

 

But it is very rare for a team to be pure and live pure.

I am very fortunate to be able to play purely with the help of a group of pure friends, "the new voyage of the blockchain".

Tokenlon is on the line, egg activity design

After a three-month Beta cycle, the product has finally been polished to the standard that can be launched.

But we all know that it is useless to come out with a DEX[2] product. There are a lot of DEX products, but the threshold is too high, it is too difficult for users to migrate, let alone develop habits. So the market operations team officially released Tokenlon early in the morning, hoping to design a series of interesting activities for users to play, one of which is "trade eggs."

The egg lottery is the most common way to operate a product: the user does something, and the system decides whether the user is "winning" based on a random algorithm. In general, this "random" is actually man-made and controlable. Everyone should understand.

And a group of us think, can we be more pure:

• First, the user does not know that there is this egg in advance, so there is no trading motive for "for the lottery";
• Second, the lottery algorithm is handed over to the "de-trusted" blockchain. When the user succeeds in a transaction, according to the blockhash of the block where the transaction tx is located, if there are 8 characters "8", the "egg" is thrown. ", provoke users happy~
• Third, we want to observe the user's behavior. Can we use such careful machine design to impress users, and contribute more to DEX retention? Even users can word of mouth?

As of last night, the user 345 who accumulates the Chinese egg has accumulated rewards of 935 DAI, 7000 MIX, 290 USDx, and the rules, algorithms, and records of these egg winnings are all not tamperable on the blockchain:

• View a winning transaction :
• Egg award record :

  

Tokenlon went online for the fourth week, the unexpected double champion

2019.7.31 Tokenlon [3] officially announced the launch of the main body of independent operations.

At that moment, I can deeply feel that the team is like a young mother who has been working for 36 hours in the delivery room. The process is so painful, but the desire and love for new life is a constant force.

Parents know that it is not a good thing for a child to be born, and there is a long process of cultivation. The same is true for Tokenlon. Although the team has been officially launched, the team has received a long-lost respite, but whether it can win the recognition of users and the market, whether the number of active users and the volume of transactions can grow steadily, is to decide the life and death of Tokenlon.

I am very pleased to see that the Tokenlon data is indeed growing steadily. The number of daily users has gradually increased from 200 to 500, and the daily transaction volume has increased from 200,000 to 300,000 US dollars to 5 to 1 million US dollars. This makes the whole team happy.

 

In the fourth week (8.17-8.24), there was a significant increase in the number of users, and the volume of transactions and active users both broke new highs. At first we thought it was the operation activity, is it because many users are going to brush the eggs:) After a series of data surveys and user interviews, we learned that during this period, a lot of users from the Bit-Z exchange to Tokenlon were poured into the period. . For details, please check our published data and summarize the conclusions:

• Tokenlon has never brushed too much since it was launched, and every pen is a real user deal;
• The user source for the fourth week of data growth is the exchange user to withdraw to the imToken wallet, and then use Tokenlon as the currency exchange, some to pay for the transfer of miners, and some to participate in the blockchain game;
• We have confirmed to the Bit-Z exchange their withdrawal wallet address and the authenticity of the user withdrawal address;
• DEX also follows the 8-2 principle, 80% of the transaction volume comes from 20% of large users, this user surge has brought Tokenlon's active users to jump, and the transaction volume contribution is less than 2%. But we care that the user's stickiness is greater than the volume itself, although the latter can give us a good 0.3% fee fee.

Details of our published data analysis

Tokenlon trading history on all chains

Tokenlon as a link statistics for 0x Relayer

DAppRadar blockchain DEX data ranking data

The above is the fact that yesterday was misunderstood, suspected, and stunned. You are telling the story. Some people think that you are bragging. Generally, we can continue to do things quietly. But like the bite of yesterday, tearing up your mindset, I still want to say:

We don't want to offend anyone, we just want to please the users,

You have the power to question, I have a legitimate weapon of rights,

I made a mistake and apologized, patted the dust and continued to move forward.

 

The following is a partial background on open source and Tokenlon DEX. Interested parties can learn more, thanks for reading.

About open source

I am very surprised that Bitt's own app has no open source at all. It has been chasing the open source of the wallet kernel token-core's imToken "counterfeiting". What logic is it?

Open source, not to prove anything, open source can not win the trust of users. The team's ability to do everything from the end to the pure and the responsibility of the user as always, in order to win the trust of users.

Github issue can see many community developers using our library for integration, technical issues and suggestions. We also realized that there is still a lot of room for improvement. The team is already refactoring token-core 2.5 in a cross-platform way with Rust. It will be open source in the fourth quarter, making it easier for more public-chain projects to access iToken efficiently, while allowing developers to Share and build together to improve the core of the blockchain wallet.

Github open source address:

– https://github.com/consenlabs/token-core-ios

– https://github.com/consenlabs/token-core-android

 

Tokenlon: Why? How? Next?

 

The Tokenlon that users see now is actually our fourth generation. This means that our first three generations of trials have failed. Resolving the user's Token exchange and trading needs within the Wallet App has always been the direction the team is exploring. This insistence is 3 years.

At the beginning of the creation of imToken I was thinking:

The user's digital assets have been managed in the wallet. Why do I need to recharge the exchanges and then withdraw them to my wallet after the redemption?

The cumbersome process here does not say that the bigger problem is to recharge to the exchange, meaning that you have lost ownership of the assets. Your only recourse is powerless when the exchange is stolen, running, frozen, etc. So it is natural and perfect for the user to be able to complete the transaction in the wallet where they control the assets.

After we met 0xProject and the Kyber team on Devcon3 in the second half of 2017, we decided to start building a trading system based on the DEX protocol.

The road was not smooth, everyone saw the status of DEX, and the third generation of Tokenlon based on the 0x/Kyber protocol was tested and the results were very poor. Few users, single-digit trading volume, DEX seems to be a "pseudo-demand". But the team did not give up, we analyzed the advantages and disadvantages of each DEX agreement, investigated the user's appeal and status quo, summed up the two core pain points of DEX, and the weakness that can't compete with traditional exchanges at all:

1. The user's threshold is too high

2. Trading liquidity is too bad

Multi-fast-good-province, 2018.9.5 team restarts Tokenlon V4

For these four words, the team polished for a year, now everyone sees Tokenlon

• More than 50 trading pairs, satisfying the needs of token exchange on Ethereum, continue to increase more currencies
• Based on the 0x protocol chain, the settlement on the match chain completes a transaction within 60 seconds in the wallet.
• More market maker counter quotes, using the bidding model to give users the best quotation and abundant liquidity
• No need for user recharge, withdrawal, user wallet signature, Tokenlon is responsible for broadcast chain

With nearly a month of data performance and user feedback, we received a good response, and we vaguely felt that this road might work. Although I saw some light, the future of DEX is still unclear, and I know in my heart how thorny the road ahead. If you stare at the thorn in your eyes, not your goal, it will be difficult to move.

With the increase in the number of users and the frequency of transactions, the current solution cannot be expanded: blockchain network throughput bottleneck, miner settlement cost on the chain, transaction delay problem…. But it doesn't matter, all problems will have corresponding solutions. .

Next, in addition to opening the cross-platform DApp to further lower the user threshold, Tokenlon will also explore the technical ideas of chain-based clearing based on zero-knowledge proof. The technology community has made great progress like StarkDex and Loopring. With the evolution of technology, industry attention, user recognition, I firmly believe: DEX flipped CEX ~

—- —- —-

Finally, write to imToken friends, I hope we can be calm,

If he is thirsty, we have the amount;

If he is dirty, we bathe;

If he is hot, we evaporate;

If he is cold, we condense the cream.

 

imToken founder

He Bin

 

2019.8.27

 

footnote:

[1] imToken: Blockchain mobile light wallet App, 2.0 supports Ethereum, Bitcoin, EOS, Cosmos multi-chain account management, built-in trading market and DApp browser

[2] DEX: Decentralized Exchange, a decentralized exchange based on blockchain smart contracts

[3] Tokenlon: The DEX product created by the imToken team is currently operated as an independent entity, built into the imToken international market channel, and will support cross-platform DApp and Open API in the fourth quarter of 2019.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!