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UYT Main-Net pre-launching AMA successfully completed with a blast

7 pm, 29th September 2020 Beijing time the UYT Main-Net pre-launching AMA successfully completed with a blast!
Here is a full record of the AMA:
Host: Hello everyone, it’s a great honor to host the first AMA of UYT network in China. Today, we have invited the person in charge of UYT Dao.
Let’s ask Mr. Woo to introduce himself Woo: Hello, I’m Ben. I’ve met you in the previous global live broadcast. I’m the director of UYT Dao and the founder of IGNISVC. At present, I’m the CEO of the TKNT foundation and have been engaged in the blockchain industry.
Q1. At present, different types of blockchains have emerged, but cross-chain interaction is still suffering a lot. In your opinion, what is the necessity and significance of cross-chain?
Answer: The full name of UYT is to unite all your tokens, which is to integrate all public chains and increase the liquidity of the whole industry. Our purpose is not to create another public chain, but to become a platform for the exchange of value, technology, and resources of all public chains. What we need to solve is that each individual chain can circulate with each other.
The full name of UYT is to unite all your tokens, which is to integrate all public chains and increase the liquidity of the whole industry. Our purpose is not to create another public chain, but to become a platform for the exchange of value, technology, and resources of all public chains. What we need to solve is that each individual chain can circulate with each other.
Q2. The founder of Ethereum, V Shen, once wrote a cross-chain operation report for bank alliance chain R3, which mentioned three cross-chain methods. Which one does UYT belong to? Can you briefly introduce the cross-chain solution of UYT?
Answer: In Vitalik’s cross-chain report, there are three main cross-chain methods. The first is that both parties do not know that they are crossing the chain, or that they cannot “read” each other, such as the centralized exchange. The second way is that one of the links can read other chains, such as side-chain / relay chain. That is, a can read B, and B cannot read a; The third is that both a and B can read each other’s, which can achieve the value and information exchange between a, B, and the platform. UYT belongs to the third kind.
Our new official website will be online soon. Here are a few simple points: first of all, the architecture of UYT includes relay chain, parachain, parathreads, and bridges. In terms of ductility, it has exceeded almost all the public chains currently online.
In the UYT network, there are four kinds of consensus participants, namely collector, fisherman, nominator, and validator. The characteristics of this model are: first, all people can participate without loss. Secondly, as long as anyone makes more contribution to the ecology, he will get more rewards, otherwise, he will receive corresponding punishment.
The underlying layer of UYT is the substrate, which uses the rust programming language. Rust is committed to becoming a programming language that can solve the problems of high concurrency and high-security systems elegantly. This is also a great advantage that we are different from other blockchain projects in technology.
Q3. What are the roles in the UYT network? What are their respective functions?
Answer: After the main network of UYT is online, there will be four roles: collector, fisherman, nominator, and validator, which is totally different from the current system of the test network.
The collector, in short, is responsible for collecting all kinds of information in the parallel chain and packaging the information to the verifier.
Fishermen, to put it bluntly, is fishing law enforcement, which specifically checks out malicious acts and gets rewards after being checked out.
The nominator, in fact, is a group of rights and interests. The verifier is its representative, and they entrust the deposit to the verifier.
Verifier, package new blocks in the network. It must mortgage enough deposits and run a relay chain client on a highly available and high bandwidth machine. It can be understood as a mining pool. It can also be understood as the node in the current UYT DAPP.
Q4. What is the mining mechanism of the UYT network?
The only way to obtain UYT after its issuance is to participate in mining activities. In the initial stage, the daily constant output times of UYT are set to 1440000, and the cycle of bitcoin is halved. Mining rewards can be obtained in the following five ways:
1) Asset pledge mapping mining 2) Become the intermediate chain node of uyt network 3) Recommendation and reward mechanism 4) Voting reward 5) UYT network Dao will take out 10% of gas revenue from block packaging for community construction and reward of excellent community personnel
Q5. The rise and fall of the blockchain are very fast. In order to give investors confidence, is there a detailed development plan, implementation steps, and application direction of UYT network in the next few months?
Answer: UYT Network test network has been running stably for a year. After the main network is launched, all mechanisms will undergo major changes.
The relationship between the UYT test network and the main network can be understood as the relationship between KSM (dot test network) and dot the main network, and the feasibility of the technology can be reflected more quickly by the UYT test network because of its faster timeliness and all future technology updates Some will move to the main network after the stable operation of the test network.
In order to give users a better experience and give more rewards to excellent nodes, all Dao organizers are working hard for it.
The development team has completed the cross-chain of bitcoin and some high-quality Ethereum based tokens in the early stage, and now the code has all been open source. For other mainstream currencies, community members can apply for funds to develop. In order to develop the ecology and make a better technical reserve, we will set up a special ecological development fund when the main network goes online. The transfer bridge is our key funding direction. The maximum application amount of a team is as high as 100000 US dollars. In addition, if other public chains want to connect to UYT, they will get technical support. In order to encourage developers to participate in ecological construction, Dao also launched a series of grants to support development. Developers can directly pull the better applications on Eth and EOS directly, or develop new products according to their own advantages. These directions are now the focus of funding.
Due to the early online testing time of uyt network, it is based on the earlier version of substrate1.0. The on-chain governance mode can only be realized after the upgrade of 2.0 is completed.
At present, the upgrading work is going on steadily, and the on-chain governance will be implemented in the main network with the launch of the uyt main network.
As a heterogeneous cross-chain solution with high scalability and scalability, UYT network can perfectly bridge the parallel encryption system and its encryption assets in theory, and its wide applicability in the future can be expected. Therefore, we do not limit the areas where UYT network will play its advantages and roles. But in the general direction, there will be mainly DEFI and DEX ecological plates. From the industry, it can cover a wide range of fields, not only finance but also games, entertainment, shopping malls, real estate, and so on.
Q6、How can UYT help DEFI?
Answer: UYT network can not only link different public chains but also make parallel chains independent and interlinked. Just like the ACALA project some time ago, it has successfully obtained Pantera capital’s $7 million saft agreement. Although the concept of DEFI is very popular now, all DEFI products are still in the ecology of each public chain, and the cross-chain DEFI ecology has not been developed. UYT is to achieve cross-chain communication, value exchange, and develop truly decentralized financial services and products. For example, cross-chain decentralized flash cash, cross-chain asset support, cross-chain decentralized lending, Oracle machine, and other products. At present, our technical team is also speeding up the construction of infrastructure suitable for the landing of more DEFI products and services and is committed to creating a real cross-chain DEFI ecology, which is only a small step of UYT’s future plan.
Q7、TKNT should be one of the hottest projects in the UYT ecosystem recently. Please give us a brief introduction to the TKNT project and the value of TKNT in the UYT ecosystem. Why can TKNT increase 400 times in 7 days? And what is the cooperative relationship between UTC and TKNT?
Answer: I will answer each project from the technical and resource aspects. Let’s first introduce UTC. UTC is the token of Copernican network and the first project of UYT game entertainment ecology. In the future, it will be responsible for linking. Due to the high-quality public chain in the entertainment industry, because of the limited slots of UYT, each field will seek a high-quality partner and help the partner become the secondary relay chain of UYT. After the main network of UYT goes online, many chains will want to access UYT Greater value circulation, due to the limited external slots of UYT, the cost is also very high. At this time, you can choose to connect to UTC first, and then connect UTC to UYT. With more and more links with UYT, it will gradually evolve into a secondary relay chain of UYT network. UTC’s resources, online and offline, offline payment and offline entity applications, also have a very large community base.
The ecological partners have very good operation experience in the game industry. They will use blockchain technology to change the whole game entertainment industry to make it more transparent and fair. At the same time, there are enough entity consumption scenarios. This is also UYT Because of the reason why the network chose to cooperate with it, the UTC project has been supported by the UYT ecological fund. The support fund includes that after the main network is launched, it will also be the first ecological cooperation project supported by UYT. Because of the online time of the main network of UYT, UTC can’t directly form a chain at present and will give priority to issuing on Ethereum. TKNT is a new concept project TKN.com TKN is the largest online centralized guessing game platform in the world at present. TKNT mixes bet mining and DEFI, so it can carry out fixed mining through platform games, build a system that can realize game participation and in application payment in all Dapps based on ERC20, and combine with various financial services.
The reason why TKNT has created a myth of 400 times in 7 days is that the TkN platform has a buyback plan. As we all know, the online quiz game entertainment platform has an amazing profit. Every quarter, the profit will be used to buyback. The strong profit support has led to the huge increase of token. In the future, all users can use UTC to participate in TkN games. Therefore, the main network of UYT is that Line is also of great significance to TKNT. With the maturity of UYT ecology and technology, TKNT can have a more powerful performance. If TKNT wants to link more public chains, it needs to access UYT network, and realize a bigger vision with cross-chain interaction of UYT. After TKNT was launched on the exchange, the highest price has risen to $14, and now it has dropped to about $2.50. You will see that it will once again set a record high and create greater miracles. You will also see that $3 will be the best buying point for TKNT, because there will be several major moves in TKNT, and the global MLM plan will be launched on October 7 in Korea, China, and other countries There will be many marketing teams in Europe to promote TKNT, including DAPP.com As a shareholder of TkN, TKNT will also make every effort to promote TKNT. Secondly, TKNT will be launched next month on the largest digital currency exchange in South Korea, and Chinese users will see the shadow of TKNT on Binance in November. Of course, the decentralized trading platform of UYT will also be launched in the future.
Q8. What is the significance of the launch of UYT’s main network for the industry and ecology?
Answer: UYT is one of the few cross-chain platform projects in the industry at present.
There are many public chains and coin issuing projects. Why? Because of less work, more money. However, there are very high technical and capital requirements for cross-chain and platform. This barrier is very high, so almost no project side is willing to do this. But once this is done, it will be of great significance to the whole industry of digital currency and blockchain.
Because it will subvert the current situation of the whole currency circle and chain circle acting on their own, and the painting land is king. Let each independent ecosystem achieve a truly decentralized and trust-free cooperative relationship. This huge change will promote the whole industry to develop into a healthy and virtuous circle macro ecosystem.
Q9. The slogan of many project supporters is that UYT should surpass Ethereum. What is the difference in technology between UYT network and Ethereum?
Answer: Thank you so much for supporting UYT. In fact, the correct understanding is that UYT is the next era of Ethereum. First of all, UYT has a different vision from Ethereum.
Before the emergence of UYT, Ethereum, and EOS, no matter how well they developed, belonged to the era of a single chain. The popular metaphor is a LAN. However, UYT can realize the interoperability of each chain and bring the blockchain into the Internet era. Secondly, UYT is far superior to Ethereum in technology. It mainly includes three aspects: shared security, heterogeneous cross-chain, and no fork upgrade.
In the case that Ethereum 2.0 has not been implemented, UYT is the most friendly bottom layer for the DFI projects and other Dapps on Ethereum. Now, the hair chain architecture substrate of UYT is compatible with Ethereum smart contract language solidity, so eth developers can easily migrate their smart contracts to UYT.
Up to now, there is no good solution to the congestion problem of Ethereum, while UYT network not only solves the network congestion problem. What’s more, UYT can easily realize one-click online upgrade, instead of having to redeploy a set of contracts on Ethereum for each version upgraded and then require users to follow them to migrate the original assets from the old contract to the new contract. Developers can quickly and flexibly iterate their own protocols to change their application solutions according to the situation, so as to serve more users and solve more problems. At the same time, they can also repair the loopholes in the contract very quickly. In the case of hacker attacks, they can also solve the hacker stealing money and a series of other problems through parallel chain management. We can find that for Ethereum, UYT not only solves the congestion problem we see in front of us but also provides the most important infrastructure for the future applications such as DFI on Ethereum to truly mature into an open financial application that can serve all people. It also opens the Web 3.0 era of the blockchain industry. In terms of market value, Ethereum currently has a strong ecological construction, with a market value of US $40 billion. UYT will also focus on the development of this aspect after the main network goes online. No matter in terms of market value or ecological construction, I have enough confidence in UYT, after all, we are fully prepared.
Q10. What is the progress of the ecological construction of UYT? What opportunities do current ecological partners see in UYT or what changes may be brought about by UYT ecology?
Answer: After the main network of UYT goes online, there will be a series of ecological construction actions, and more attention will be paid to establishing contact with traditional partners. Cross-chain decentralized flash cash, cross-chain asset support, cross-chain decentralized lending, Oracle machine, and other products will also be the key cooperation direction of UYT.
UYT will give priority to the game and entertainment industry because this industry is most easily subverted by blockchain. As the ecological construction of UYT gets bigger and bigger, the future slots will become more and more expensive. The earlier you join UYT ecology, you will get more support from the ecological fund because the ecological fund is also limited. From the perspective of token value-added, all the project parties will cooperate with the project side in the future, and the project side needs to pledge a certain number of UYT to bid for slots, except for ecological rewards, others need to be purchased from market transactions.
The difference between the pledge here and the pledge we understand is that the UYT of the ecological partner participating in the auction pledge cannot enjoy the computing power for mining.
UYT main network has several opportunities for Eco partners to look forward to, the first point is bitcoin, bitcoin will be later than other assets late, but eventually, all the bubble and value will return to BTC, after the wave of DeFi bubble elimination, the focus will be very much in the bitcoin. UYT ecology can provide a more mature bottom layer for defi. In addition, now Ethereum’s DEFI is that of Ethereum and ERC 20 tokens, and the outbreak point of bitcoin has not yet arrived. Therefore, the DEFI of UYT ecology may be the next opportunity, which is a good opportunity for everyone.
The second opportunity is that after the main network goes online, the future UYT ecological projects will compete to bid for slots. In fact, the original intention of UYT is to realize the interconnection of all chains. The chain outside the UYT ecology also needs to communicate. The third is cross-fi. The BIFI is hatched on Ethereum, and the def on UYT can realize multi-chain operation. For example, TkN games or future UTC game platform users can call bitcoin on the UYT chain. This form only belongs to the decentralized finance in the cross-chain era of UYT, which can be called cross-fi.
Q11. Which exchanges will UYT go online next? What is the online strategy like?
Answer: As the founder of ignisvc and as UYT As the head of the Dao organization, we have always had good cooperative relations with major exchanges all over the world. TKNT will appear in several exchanges one after another. Hitbtc exchange in the United Kingdom, Upbit and Bithumb Exchange in South Korea, Bitfinex exchange in the United States, Binance exchange in China, BKEX exchange, and Kucoin exchange in China are all our partners, and they have been paying close attention to UYT Development, UYT is the public chain with the largest user base and the highest community participation in the cross-chain field, so the future value is immeasurable. If we have to go to the exchange, then we will choose one of the above exchanges to launch. But the vision of UYT is to create a fairer, safer, and transparent circulation in the field of digital currency, and users can master all the assets by themselves, Therefore, in the beginning, there is a simple DEX on the UYT wallet, which is a simple matchmaking transaction and is also an on-chain transaction. After the completion of the UYT DEX, more transactions may occur in the UYT DEX.
However, after the main network of UYT is online, centralized exchanges can directly access the block data synchronization of UYT, and it is not ruled out that some exchanges will directly go online for UYT trading. Such exchanges will not enjoy the support of the ecological support fund of UYT. The network project is a community-led project. Each cooperation plan of the exchange will be carried out in the way shared by the community in the future. Dao organization can only implement it according to the voting results.
Q12. What are the plans for the promotion of ecological development and market by the launch of UYT main network?
Answer: The launch of the main network will be completed around October 15.
On the offline side, due to the epidemic situation, we will jointly organize corresponding market activities with nodes in different countries. At present, there are three large-scale offline meetups that have been identified. We will also start a global roadshow when the epidemic is over.
On the online side, we have opened online Wechat, Kakao, Twitter, Reddit, and telegram communities. We will carry out AMA activities in various countries and promote them all over the world in various ways. Of course, we will launch MLM plans and cooperate with more marketing teams.
submitted by tkntfoundation to u/tkntfoundation [link] [comments]

"Swap" is Poised for Take-off


https://preview.redd.it/mnxeb74hk4j51.jpg?width=990&format=pjpg&auto=webp&s=32d152a7495971c10e1af12185abe5e77b61fd14

How popular is DeFi?
Link, known as the leader of the oracle machine, has increased by 305.19% for the past three months, with an investment return of 17,052%, climbing to the fifth spot in the cryptocurrency ranking list by market value in the short term;
Since its issuance, YFI, which has soared 350 times all the way, has attracted 630 million US dollars of investment in 5 days, and was even dubbed the next Bitcoin in this circle;
From Comp for lending, KNC and BAL, governance tokens for decentralized exchanges, to SNX which is a stable currency payment network, various governance tokens of the DeFi ecosystem have emerged in an endless stream, stirring the blood in the market.
Such a boom is not only reflected in the currency price, but also pushes the brand new DEX based on the AMM (automated market making) model an overnight hit. UniSwap, known as the next-generation casino, has surpassed the world's first-tier centralized exchanges such as Binance, OKex, and Huobi in user activity, daily trading volume, and daily turnover.
With the rapid rise of UniSwap, the DEX threat theory has once again triggered heated discussions among the media and communities in the blockchain industry.
DEX on the Rise
The success of UniSwap is by no means something accidental. As early as 2018 when centralized exchanges suffered the hacker theft one after another, Vitalik Buterin, founder of Ethereum, predicted that the future lay in decentralized exchanges and that Ethereum, by developing a "better" decentralized platform, could empower the cryptocurrency community to regain the dominance from the centralized cryptocurrency exchange.
To realize the decentralized concept of returning to users their asset ownership, geeks in the blockchain industry have made many attempts.
Kyber Network, Bancor, Balancer, 0X, Curvefi, etc. are all DEXs based on Ethereum blocks. For a long time, affected by the performance of Ethereum and cross-chain issues, these DEXs were once stagnant.
With the lessons learned from Ethereum DEX, newcomers to the DEX have focused on high performance, high TPS, and rich assets as the ultimate goal for product development.
Amid the DEX threat theory, major exchanges have deployed their own public chain DEX products in a response to their respective development strategies: Binance launched Binance DEX on its Binance Chain, and Bittrex Exchange unveiled Ethfinex on the Ethereum and EOSfinex on the EOS blockchain, two platforms where users can exchange for fiat currencies; last year, CoinEx officially launched CoinEx Chain, a public chain dedicated to decentralized transactions, followed by CoinEx DEX.
Since the birth of the DEX in the blockchain world, this field has never run out of competition.
By independent development or other’s advantage?
From 2017 when it was established to 2019 as it stabilized, DEX has witnessed its annual trading volume skyrocketing from less than US$5 million to over US$2.5 billion. As DeFi gains fame and grows rapidly, DEX has grown into the most popular source of money, attracting a flood of speculators. In the past month, the trading volume of the global cryptocurrency market DEX has exceeded US$ 4 billion, more than twice the figure across 2019.
In the past two years, despite the increasingly in-depth exploration in the DEX, the cross-chain issue remains a stumbling block in its development path. DEX will not outperform CEX in the trading experience until a cross-chain solution is worked out.
The concept of DeFi went viral in 2019. With the continuous improvement of the DeFi ecosystem, the current Ethereum blockchain has developed into a complete decentralized financial system, covering mortgage lending, interest from deposit, leveraged trading, token exchange, identity authentication, and other infrastructure essential to traditional financial systems.
In addition to the mouth-watering profit, the DeFi ecosystem has also brought along explosive growth in both the type and quantity of digital assets, making DEX a market favorite. Compared with the DEX dedicated to public chains, the Ethereum-based DEX has been equipped with more possible functions and thus become more attractive thanks to the comprehensive supplementary infrastructure on Ethereum.
This also presents DEX pioneers with new opportunities. Dubbed “Swap’s summer”, the summer of 2020 has seen a market rush in Swap development after UniSwap became a hit.
Miniswap, Justswap, and btswap are no more innovative than UniSwap according to their product structures and white papers.
By comparison, OneSwap has injected unique essence into its product design and governance model based on UniSwap's automated market making.
Upgraded UniSwap
OneSwap, which has a double mining model + order book, has received an investment of tens of millions from CoinEx even before the product is launched. It is known that OneSwap is jointly developed by a group of technology geeks who have engaged in the cryptocurrency community for many years. The project was initiated by a member of the team in an attempt to upgrade UniSwap after he experienced the convenient AMM enabled by UniSwap.
Without limit orders, users have to trade in the price set by the platform, which, however, compromised their experience. In addition, the lack of liquidity mining and transaction mining rewards cannot reduce the losses of liquidity providers caused by unilateral market conditions.
"DEX still has much room for perfection, and could even surpass CEX in trading experience"
The OneSwap development team always believes that UniSwap still has a long way to go before it becomes the strongest DEX in the DeFi ecosystem. They have endeavored to, relying on their abundant experience in exchange product development and digital currency trading, create the most powerful DEX product in the DeFi ecosystem based on smart contracts.
OneSwap is called the “upgraded UniSwap” in the community. By the combination of the Constant Product Market Maker (CPMM) model in the Uniswap project and the on-chain order book, it reduces restrictions on users’ trading, and, through its OneSwap Wallet, improves user interaction methods and further enhances their experience in trading and product usage.
OneSwap boasts one-click token issuance and listing essential to DEX. Unlike the listing review mechanism on Binance DEX, the setting of OneSwap is more consistent with the concept of decentralization. Anyone can put his or her good projects and ideas, if any, into practice through OneSwap without permission.
In terms of product design, OneSwap will add to its function menu the Candlestick chart, order form, and depth chart according to user habits, apart from limit orders. These functions will offer OneSwap users an experience as smooth, easy-to-use, and convenient as in the CEX.
A new source of money? A two-pronged platform with transaction mining + liquidity mining
To support on-chain governance, OneSwap will issue a ERC20 governance token called ONES. The total number of ONES remains constant at 100 million, 50% of which will be used as community funds to support the construction of the OneSwap ecosystem and 50% will be owned by the OneSwap team. Community funds can be applied for through on-chain governance. 5% of the part held by the team will be unlocked initially, and the rest will be unlocked at a rate of 5% every six months until all is unlocked after four and a half years.
After the OneSwap product was launched, the OneSwap team will take part of the initially unlocked tokens as airdrop rewards for the open beta. Then OneSwap will officially start liquidity mining and transaction mining, and the governance token ONES will also be simultaneously launched on centralized trading platforms across the world. The first round of mining activities will last for one month, and mining rewards are yet to be made public.
Liquidity mining is a popular way of obtaining governance tokens in the DeFi ecosystem. Well-known DeFi projects including COMP, Cure, and Banner have all enabled liquid mining.
Transaction mining could date back to 2018 when Fcoin grew popular.
The transaction mining model initiated by Fcoin in 2018 once set off a bull market that year, pushing many investors into financial freedom in the rush of transaction mining. In addition, transaction mining based on the DeFi ecosystem is still a blue ocean, which is not common in the current market. The success of OneSwap's double mining model, if possible, would surely start a craze in the cryptocurrency market.
The OneSwap team has not yet announced specific mining rules, but disclosed that it has developed the smart contract code. To ensure the product security, OneSwap will invite three well-known security agencies in the blockchain industry to audit the code and announce the auditing results in early September at the soonest.
Conclusion
DeFi did not rise to fame without reason in 2020. Such overnight popularity is an inevitable result of Ethereum's efforts to build a decentralized consensus mechanism and improve infrastructure in the past few years. Ethereum has almost become the only public chain in the DeFi circle and the only construction base for well-known DEX. If OneSwap succeeds, it means a huge breakthrough for both DeFi and Ethereum, and decentralization in its true sense is around the corner.
submitted by JuanJuanChan to defi [link] [comments]

Wall Street 2.0: How Blockchain will revolutionise Wall Street and a closer look at Quant Network’s Partnership with AX Trading

Wall Street 2.0: How Blockchain will revolutionise Wall Street and a closer look at Quant Network’s Partnership with AX Trading
AX Trading LLC (AX), a technology-enabled registered broker-dealer and Alternative Trading System (ATS) operator, today announced a strategic partnership with Quant Network a pioneering technology company providing financial and regulatory technology as well as interoperability in financial services, payments and capital markets infrastructure. Through this partnership, Quant Network’s technology, Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of interoperable regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assets. George O’Krepkie, AX CEO said: “we look forward to partnering with Quant. Their technology will allow our blockchain agnostic security token exchange to communicate seamlessly with issuers, traders, investors, and regulators across different blockchain protocols. This is a key technological breakthrough that will help us bring the benefits of security tokens to Main Street and Wall Street.” It is expected that the first interoperable digital asset offering may commence as soon as January 2020, and that the AX Trading ATS may be ready to enable and list interoperable digital assets and securities in 2020.
Let’s have a closer look at what that means to truly appreciate the significance of the partnership by covering the basics for those not familiar with wall street.
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What is an Institutional Investor / Trader?

An institutional investor is an organization that invests on behalf of the organization's members. They consist of hedge funds, banks, investment banks, pension funds, insurance companies, endowment funds, or any other type of money management firm.
Institutional investors account for about three-quarters of the volume on the New York Stock Exchange (which alone handles more than $20 Trillion a year in volume). In the US, Institutional investors own about 80 % of the total market value of the equity (stock) market, which globally is worth more than $73 trillion.
Wall Street refers to the institutional investors I mentioned above whereas Main Street refers collectively to members of the general public who are not accredited investors and the overall economy as a whole.
Whilst the Equity Market is huge, Institutional investors also invest in other securities which are prime to be tokenised such as Real Estate Market (Globally worth $217 trillion), the Debt Market (Globally worth $215 trillion) and the Derivatives Market (Low end estimates at $544 trillion and high-end estimates at $1.2 quadrillion). All of which makes the current market cap for cryptocurrencies look like a drop in the ocean.

Who are AX Trading?

AX Trading is a SEC-registered broker-dealer and Alternative Trading System (ATS) Operator. They are a member of FINRA (Financial Industry Regulatory Authority)and SIPC ( Securities Investor Protection Corporation) regulated authorities. The SEC has some of the most stringent regulations in the world for listing securities and there are fewer than 50 SEC-registered Alternative Trading System Operators in the United States, of which only a handful are currently implementing Digital Assets. Others are awaiting regulatory approval with Coinbase, Circle etc are all looking at getting into this huge market.
https://www.coindesk.com/stonewalled-by-finra-up-to-40-crypto-securities-wait-in-limbo-for-launch
AX Trading have investors and sponsored brokers including the likes of Credit Suisse, (a multinational investment Bank and Financial services company worth $27.5 billion). AX currently have over 800 Institutional traders (these are not individuals, but corporations such as hedge funds, banks, investment banks, pension funds, insurance companies, endowment funds etc).
AX Trading have also partnered with Euronext, the largest Stock Exchange in Europe with a market cap of $4.65 trillion as of 2018, in the creation of Euronext Block which utilises AX Trading.

What is an Alternative Trading System?

An Alternative Trading System (ATS) is an SEC-regulated trading venue which serves as an alternative to trading at a public exchange. ATS account for much of the liquidity found in publicly traded issues worldwide. They are known as multilateral trading facilities in Europe, electronic communication networks (ECNs), cross networks, and call networks
AX is the world’s first “Electronic Trading Network” (ETN) where institutional traders can proactively connect and trade with other counterparties in a secure environment. Unlike traditional stock exchanges/ECNs that show orders to everyone and traditional dark pools/crossing systems that show orders — presumably — to no one, AX allows institutional traders to pick and choose WHOM they want to notify and also WHAT information they want to share with them.
Institutional investors may use an ATS to find counterparties for transactions instead of trading large blocks of shares on national stock exchanges. These actions may be designed to conceal trading from public view since ATS transactions do not appear on national exchange order books. The benefit of using an ATS to execute such orders is that it reduces the domino effect that large trades might have on the price of an equity.

How does AX Trading Work?

The AX Trading process begins when one trader sends an “initiated” order to AX. The order can be routed to the AX ATS via one of our broker sponsors such as Credit Suisse. The initiated order triggers a “Call Auction” on AX, a period of time when the order will rest in AX to be matched against other orders from auction responders.
The Initiator of an AX auction decides who they want to invite to participate in the auction, whether they be all 800+ institutional members or targeted to specific ones, as well as how much info they want to disclose about the order. Based on these instructions, the AX ATS then notifies the members inviting them to participate in the trade.
The invited members can then participate in the trade by either placing buy orders of their own or placing sell orders. At the end of the AX auction period, all orders are brought together, and a match is performed.
In the traditional, continuous market with displayed bids and offers, traders are often chasing liquidity. In other words, the price may move away from them the more they buy or sell to what is commonly called “market impact.” On AX, the advantage of their call auction model is it brings liquidity — in the form of participant orders to the buyer rather than them chasing liquidity.

What is a Security Token?

Security Tokens are different than Utility Tokens or Cryptocurrencies. A security token is a digital representation of a traditional security. It may represent shares in a company, interest in a fund, real estate, art collectables, or essentially any asset a party can own. Anthony Pompliano wrote an article explaining tokenised securities in more detail which you can see here
Security Tokens are digital assets subject to federal security regulations. In layman terms, they are the intersection of digital assets (tokens) with traditional financial products — a new technology improving old things. If cryptocurrencies like Bitcoin are considered “programmable money” then you can consider Security Tokens a version of “programmable ownership.” This means that any asset with ownership can and will be tokenized (public & private equities, debt, real estate, etc).
https://preview.redd.it/21cz6zvus0m31.png?width=569&format=png&auto=webp&s=883eb844e1061cddd585903549dde829098765c2
Quant Network community member David W also wrote an excellent piece on the benefits of tokenisation of assets in a lot more detail than what I will briefly cover here and strongly recommend you check it out.
The Tokenisation of assets is therefore inevitable, because it is a better way to record, exchange and monitor asset ownership for all parties involved. The amounts at stake represent many hundreds of trillions of US dollars

What are the benefits of a security token?

  • Lower Fees — having Smart Contracts and compliance programmed into the token itself removes the need for middlemen, reducing costs. Post Trade businesses such as clearing houses would also no longer be required further reducing costs.
  • 24/7 markets — Currently the major US stock markets trade between 9:30am and 3pm during weekdays only. Trading can be done 24/7 and globally whilst remaining compliant.
  • Fractional Ownership — This greatly increases liquidity for previously illiquid assets. Real estate, Artwork, even assets such as Oil Refineries are already in talks about being tokenised through Overledger. If you have an asset such as an oil refinery worth billions of dollars, then naturally this limits the market should you ever want to sell it. However with fractional ownership you could own a tiny percentage of it and receive profits from the oil refinery based upon the percentage you own, which exponentially increases the number ofpotential buyers, increasing liquidity.
  • Rapid Settlement — Currently it takes 3 working days to settle a securities trade, this can be reduced to minutes by having the asset and fiat represented on a blockchain and handled through smart contracts.
  • Automated compliance — Security tokens are programmable, and rules and regulations are hard-coded into the architecture of the token to ensure they always remain compliant. This means that they can be traded globally and still ensure they respect the relevant countries regulations that the participants are located in.
  • The benefits that a blockchain provide such as transparency, security, immutability, high availability. Regulators can also run a node and verify compliance in real time.

Security Token Issuance Platforms

Security token issuance platforms allow issuers to issue Security tokens that represent the security such as Shares in their company etc in return for capital. This is known as a Primary Market. Importantly it’s not just the issuance that they look after, it’s the whole life cycle of a digital security to ensure they remain continuously in compliance as they are traded etc. They also provide reporting to the issuer so they can see who owns the tokens and what dividends to pay out.
Securitize are one of the leading security tokens issuing platforms. They have created the DS Protocol, a blockchain agnostic protocol for security tokens which manages the whole lifecycle of a digital security, ensuring it remains continuously in compliance. They have issued a number of security tokens on the Ethereum network as well as recently working with IBM to tokenise the Corporate Debt Market (worth $82 Trillion). On the back of this they joined Hyperledger, an open source project which includes Enterprise blockchains such as Hyperledger Fabric which IBM is heavily involved with.
https://tokenpost.com/Quant-Network-Securitize-and-others-join-Hyperledger-blockchain-project-1544
They recently also became the first SEC-registered transfer agent, which means Securitize can now act as the official keeper of records about changes of ownership in securities.
There are many companies in this sector which are utilising various blockchains, Other examples include:
  • Harber — R Token protocol for Ethereum
  • Polymath — ST20 protocol for Ethereum
  • Blockstate — a security token issuance platform recently announced plans to migrate a number of ERC-20 tokens from the public Ethereum blockchain to the permissioned blockchain R3 Corda
  • Dusk — Uses the Dusk blockchain
  • Own — Uses the Own blockchain
And many more such as Nefund, Bankex, Capexmove, Swarm, Symbiont, Tokeny etc

https://preview.redd.it/vr6c7jdzs0m31.png?width=520&format=png&auto=webp&s=88431b27906099bb09f31ef1fdee0222dd96674f

Trading Venues

Whilst the issuance platforms above generally also include their own exchange where the token can be traded on, secondary markets such as those offered through traditional stock exchanges and Alternative Trading Systems provide significantly more liquidity.
Traditional Stock Exchanges have been very active in blockchain with some going through proof of concepts, to those like SIX SDX Digital Exchange which is due to launch later this year. They are using various blockchains and cover the full process from Issuance, Trading and Post Trade / Settlement services. I have briefly outlined which blockchain they are using / testing with along with source to read more about it below:
  • Switzerland’s Stock Exchange — SIX Digital Exchange issue, trading, settlement, custody — Corda — Source
  • Largest Stock Exchange in Germany — Deutsche Borse Franfurt Stock Exchange — Corda — Source and Source
  • South Korea’s Stock Exchange — Korea Exchange — Hyperledger Fabric — Source and Source
  • Japan’s Stock Exchange — Tokyo Stock Exchange — Hyperledger Fabric — Source which the consortium has now grown to 44 companies. Tokyo Stock Exchange are also testing JP Morgan’s Quorum for voting on the blockchain — Source
  • London Stock Exchange Group — Hyperledger Fabric — Source . They are also invested in Nivaura which utilises Ethereum — Source
  • Largest Stock Exchange in Europe — Euronext — Permissioned Ethereum via Liquidshare — Source as well as recently investing in Tokeny a blockchain based project based on public version of Ethereum — Source
  • Singapore Stock Exchange — Ethereum — Source

Post Trade — Central Security Depositories

Situated at the end of the post-trading process, CSDs are systemically important intermediaries. They thereby form a critical part of the securities market’s post-trade infrastructure, as they are where changes of securities ownership are ultimately registered.
CSDs play a special role both as a depository, involving the legal safekeeping and maintenance of securities in a ‘central depository’ on behalf of custodians (both in materialised or dematerialised form); as well as for the issuer, involving the issuance of further securities by issuers, and their onboarding onto CSDs’ platforms.
CSDs are also keeping a number of other important functions, including: dividend, interest, and principal processing; corporate actions including proxy voting; payment to transfer agents, and issuers involved in these processes; securities lending and borrowing; and, provide pledging of share and securities.
Blockchain technology will enable real-time settlement finality in the securities world. This could mean the end of a number of players in the post-trade area, such as central counterparty clearing houses (CCPs), custodians and others. Central Security Despositories (CSD) will still play an important role according to reports:
“CSDs could have an important role to play in a blockchain-based settlement system. As ‘custodians of the code, CSDs could exercise oversight of, and take responsibility for, the operation of the relevant blockchain protocol and any associated smart contracts.” Euroclear Report
Another group of 30 central securities depositories (CSDs) in Europe and Asia are researching possible ways to “join hands” in developing a new infrastructure to custody digital assets. The CSDs will attempt to figure out how to apply their experience in guarding stock certificates to security solutions for crypto assets.
“A new world of tokenized assets and blockchain is coming. It will probably disrupt our role as CSDs. The whole group decided we will be focusing on tokenized assets, not just blockchain but on real digital assets.”
You can read more about how blockchain will affect CSD’s here
Examples of CSD’s in blockchain
  • SIX Digital Exchange and Deutsche Borse are utilising Corda as explained in the trading venues section
  • DTCC the largest in the US process 1.7 Quadrillion US Dollars of securities every year and are planning on moving their Trade Information Warehouse to Axoni’s AXCore Blockchain (Based on permissioned version of Ethereum) later this year — Source
  • Canada CDS are using the Quartz blockchain from Indian IT Services Company Tata Consultancy Services — Source
  • Euroclear in collaboration with the European Investment Bank (EIB), Banco Santander, and EY are developing a blockchain solution — Source
  • French CSD’s too soon go live on Setl Blockchain — Source and Source
  • Russia’s National Settlement Depository is launching a blockchain project using D3ledger (based off Hyperledger) — Source

The Importance Of Interoperability

The evolution of DLT and the wide adoption across industries and across different market segments is resulting in many different ledgers networks, but the ultimate promise of DLT can only be realized when all ledger networks can seamlessly interoperate. — from the recent DTCC whitepaper with Accenture
Some challenges and constraints related to the market infrastructure ecosystem remain open and will need to be addressed in the future to sustain the development of DLT platforms for trading and the post-trade process. At this stage, the questions of interoperability and standardization across these DLT (probably permissioned) platforms remain open and we may see a list of platforms offering no scope for interconnection. This will prevent them from fulfilling the key “distribution” criterion of DLT. Another related challenge that may determine whether or not the technology is adopted is the ability to provide Delivery versus Payment (DvP) settlement, in particular in central bank money. Nevertheless, it is worth mentioning that settlement can also be facilitated in commercial bank money. — https://www2.deloitte.com/content/dam/Deloitte/lu/Documents/technology/lu-token-assets-securities-tomorrow.pdf
It’s clear from the above that interoperability will be crucial in order to unlock the true potential of Distributed Ledger Technology. Issuance platforms will seek to interoperate with as many secondary exchanges as possible to provide maximum liquidity for issuers. Issuance platforms and secondary exchanges are each using a wide range of different blockchains that all need to interoperate as part of the trade process. CSD’s will also need to have interoperability between other CSD’s as well as to the secondary exchanges (again each using different blockchains).

Enter Quant Network’s Overledger

Quant Network’s blockchain operating system, Overledger, provides interoperability between any current and future distributed ledger technology as well as easily connecting Off Chain / Legacy networks as well as plans to connect directly to the Internet. Within 10 months it has proven it can provide interoperability with the full range of DLT technologies from all the leading Enterprise Permissioned blockchains such as Hyperledger, R3’s Corda, JP Morgan’s Quorum, permissioned variants of Ethereum and Ripple (XRPL) as well as the leading Public Permissionless blockchains / DAGs such as Bitcoin, Stellar, Ethereum, IOTA and EOS as well as the most recent blockchain to get added Binance Chain. All without imposing restrictions on connected chains, being Internet scalable and able to easily integrate into existing networks / infrastructure.
https://preview.redd.it/8p6hi942t0m31.png?width=1920&format=png&auto=webp&s=b0536ea9981306feb8bd95788c66e9a5727a4d58
Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assets
https://www.quant.network/blog/redefining-wall-st-with-decentralised-capital-market-infrastructure-the-possibilities-of-quant-networks-overledger-technology-in-regulated-capital-markets
Overledger enables Universal Interoperability where digital assets can move across blockchains so that they can interact with smart contracts on different blockchains. It does this by locking the asset on one blockchain and then representing it on another blockchain either by creating a representing token or representing it via metadata. This will enable all of these different parties such as Issuance platforms, Exchanges, CSD’s, traders etc to move the digital asset from their respective blockchain onto AX Trading’s platform for secure, immediate and immutable trading to take place. Potentially it would even allow Digital Assets / Securities to settled on a public permissionless blockchain such as the recently connected Binance Chain in a completely safe, secure and compliant way.
https://preview.redd.it/a3o9qxq5t0m31.png?width=443&format=png&auto=webp&s=78d7a7e7d47213bbb354336ba9d5ad92c1c2254a
Regulators would be able to run a node and view transactions in real time ensuring that compliance is being kept. Potentially they could also benefit from using Quant Networks Multichain Search capability http://search.quant.network/ to be able to fully track assets as they move across blockchains.
George O’Krepkie, AX CEO said: “we look forward to partnering with Quant. Their technology will allow our blockchain agnostic security token exchange to communicate seamlessly with issuers, traders, investors, and regulators across different blockchain protocols. This is a key technological breakthrough that will help us bring the benefits of security tokens to Main Street and Wall Street.”

Securrency

AX Trading have also partnered with Securrency (who have previously tokenised over $260 million in real estate assets). Securrency provide a protocol that enables security tokens to remain in compliance regardless of what blockchain the token is on. Due to the layered approach that Overledger has adopted from the learnings of TCP/IP, this protocol can be easily integrated on top of Overledger to enable security tokens to move across blockchains as well as ensuring they remain in compliance with regulations programmed into the token.
https://youtu.be/vSQ2fu9iZGs

Delivery vs Payment (DvP)

A DvP transaction involves the settlement of two linked obligations, namely the delivery of securities and the payment of cash. DvP avoids counterparties being exposed to principal risk, i.e. the risk that the seller of securities could deliver but would not receive payment or that the buyer of securities could make payment but would not receive delivery. Following this requirement, a DvP securities settlement mechanism has to ensure that the delivery of securities and the payment of cash are linked in a way where one leg (obligation) of the securities trade is conditioned to the final settlement of the other leg (obligation) of the trade. Thereby final settlement is defined as “the irrevocable and unconditional transfer of an asset or financial instrument, or the discharge of an obligation by the FMI or its participants in accordance with the terms of the underlying contract”. — STELLA — a joint research project of the European Central Bank and the Bank of Japan
We have seen how Overledger can provide interoperability for the securities to move across Issuers platforms, integrate with Stock exchanges, Central Security Depositories and AX Trading. Now we need to be able to ensure that payment is guaranteed and in a way that offers immediate settlement which is irrevocable. To do this we need to represent FIAT on the blockchain so that it can interact with smart contracts and settle transactions on the blockchain.

J.P.Morgan’s Coin

J.P.Morgan is the largest bank in the United States and ranked by S&P Global as the sixth largest bank in the world by total assets as of 2018, to the amount of $2.535 trillion.
J.P. Morgan was the first U.S. bank to create and successfully test a digital coin representing a fiat currency. The JPM Coin is based on blockchain-based technology enabling the instantaneous transfer of payments between institutional clients.
With J.P.Morgan’s $2.6 trillion balance sheet, expertise in blockchain and global payments network, J.P. Morgan can seamlessly and securely transfer and settle money for clients around the world. J.P. Morgan are supervised by banking regulators in the United States and in the international jurisdictions in which it operates.

How does JPM Coin work?

A Buyer purchases JPM coins in advance which get represented on the Permissioned Quorum blockchain ($1 =1 JPM Coin). Quant Network’s Overledger could then provide interoperability to lock those tokens on Quorum and represent those onto another blockchain / AX Trading’s Network. By being able to represent securities and FIAT on the same blockchain (even though the underlying assets are on different blockchains) this provides instant finality / settlements to occur.
Once the seller receives the JPM coin in exchange for the securities they have sold they will be able to redeem them for USD. It also doesn’t necessarily mean that they have to have a JP Morgan account to redeem them, you could imagine in the future that the Bank instead redeems the JPM Coin and credits the users account. Similarly the buyer of the security token redeems the represented token and unlocks the security token on the original blockchain.
You can read more about JP Morgan’s Coin here as well as its use cases
J.P Morgan is betting that its first-mover status and large market share in corporate payments — it banks 80 percent of the companies in the Fortune 500 — will give its technology a good chance of getting adopted, even if other banks create their own coins. “Pretty much every big corporation is our client, and most of the major banks in the world are, too,” Farooq said. “Even if this was limited to JPM clients at the institutional level, it shouldn’t hold us back.”
Overledger enables different securities tokens / digital coins representing FIAT currencies to be brought together from the various permissioned / permissionless blockchains onto one platform where trading / settlement can take place. Overledger is the only technology that can do this today across the leading permissioned and permissionless blockchains as well as existing networks, all in a secure, scalable and easy to integrate way.
https://preview.redd.it/ngt7q7hdt0m31.png?width=738&format=png&auto=webp&s=60166bdc0fcdf72a502e3472a09de5ddb5e1eb69
Quant Network are working with AX Trading to bring more digital assets, securities and tokenised assets to their existing 800 institutional traders in an already live and connected FINRA and SEC regulated exchange. AX Trading is not just about trading securities but other digital assets such as Bitcoin, Ethereum and potentially even Quant in the Future.
https://preview.redd.it/ibecorcft0m31.png?width=1286&format=png&auto=webp&s=94540cf49654e36a8155f424c2a4bdb5fd549558
This is a multi-trillion dollar market with huge global enterprises, traditional exchanges and global banks are all adopting DLT at a rapid pace and going into production at scale in a matter of months, examples include the NYSE Bakkt launching Bitcoin futures later this month, Swiss Stock Exchange ($1.6 Trillion market Cap) is due to launch their digital exchange running on Corda (SDX) by the end of the year. The DTCC are due to launch their Trade Information Warehouse which processes $10 Trillion of cleared and bilateral derivatives by the end of the year. JP Morgan who transfer $6 Trillion every day are due to launch their JPM coin at the end of year and AX Trading is due to offer their first digital asset by January 2020.
Quant Network’ Overledger enables the bridging of traditional finance infrastructure with the new decentralised finance infrastructure DeFi of the future, helping to redefine Wall Street and Capital Markets.
https://medium.com/@CryptoSeq/wall-street-2-0-17252ffd8919
submitted by xSeq22x to QuantNetwork [link] [comments]

Trustless DeFi SaaS for crypto-to-crypto OTC

Trustless DeFi SaaS for crypto-to-crypto OTC

Market size

Last three years Over-The-Counter cryptocurrency market keeps on growing in volume and clients amount across the globe according to many reports of brokers and companies involved in the process.
OTC turnover in 2018 amounted to more than 5.47 trillion USD equivalent1.

Daily volume 2019


https://preview.redd.it/8uvirrkbby841.png?width=450&format=png&auto=webp&s=ff6182da6a00be6339c262866238276864233f2e

The research part from Capco
1 Based on reports by Bloomberg, Bravenewcoin, Circle, Statista, CCN and 10+ another sources.
2 Crypto exchanges volume
3 DEX daily volume


Why OTC broker (instead of a crypto exchange)?


  • Lack of liquidity — crypto exchanges have low liquidity. OTC desks are good for pushing through large trade orders searching for market liquidity.
  • Price protection, Anonymity — OTC is good for moving large orders which avoids impacting the price, e.g. 1,000 BTC. Order depth will not show up like it does on an exchange.
  • No fiat onramp — few crypto exchanges have a fiat onramp (though Binance is working on it and already have some solutions in place in Asia).
  • Avoid price ‘slippage’ — price slippage occurs on exchanges when the executed price is different to the expected price.
  • Avoid prohibitive crypto exchange limits — the majority of crypto exchanges have prohibitive trading limits. For example, Coinbase limits purchases to $25,000 per day. Kraken only lets you withdraw $2,500 per day and $20,000 per month. Circle imposes withdrawal limit of $3,000 per week.

Who are the main buyers and sellers?

At the moment, the main buyers are hedge funds and the main sellers are miners. In Oct 2018, it was reported in Reddit Rumours that hedge funds were buying large volumes from miners. The main participants trading crypto OTC are:
  • Hedge funds, smaller asset managers, family offices (buyers).
  • Miners (sellers).
  • Regulated broker-dealers (on account).
  • Crypto exchange OTC desks (on account).

What are the main problems?

  • Settlement risk — there is no guarantee the asset will be delivered, or cash will be paid. Coin transfer often happens much faster than the wire payment transfer (often by several hours).
  • No custody solution — most OTC brokers don’t provide a custody solution (or provide a very limited service), which can increase settlement and operational risk.
  • Multi-jurisdictional KYC issues — dealing with countries with poor KYC regulations can be a deal breaker.
  • If you execute through an OTC broker you need, for example, to deliverthe ETH to the broker. There is no guarantee the broker's client will pay.
  • The larger the order the greater the risk of default with multiple counterparties.
  • OTC crypto is missing the monitoring and surveillance tools of traditional trading systems.

What we do?

ROX Capital AG team is working on Decentralised Finance technology which brings fully trustless direct asset exchange tools to customers of OTC companies and crypto exchanges.
ROX is designed the platform that helps to build trust between exchange members based on a trustless technology which retains assets control by beneficiaries on any stage of a process.
The system of Smart Contracts provides a simple tool that help participants exchange Proof-of-Funds in seconds without moving funds to a broker or third party escrow until needed amount and price requirements achieved from both sides.

https://preview.redd.it/whg9i0tfby841.png?width=2030&format=png&auto=webp&s=cef1a68fe3b1bdf0e958cbdc6b8f72736b2ec613

Features

  • SaaS Provider for OTC and other Institutionals
  • Trustless Smart Contract Network4
  • Impersonal Orders with Proof-of-Funds from KYC Verified Members
  • Integration with third party OTC desk
  • Referral program for Agents and Deal Merge Fee Trustee
  • Onchain trustless deals initiate by manager or beneficiary
  • Cross-chain5 Trustless DLT System
4 Trustless Network is based on blockchain opportunities, the system provides manager or beneficiary to setup terms for each deal, including price, referral fee amount, choose exact whitelisted tokens for both sides of exchange, also minimum transaction volume or fix lot for change. The all details are transparent and available in blockchain comments and through the provided interface for both sides.
5 On the first stage we provide Ethereum ERC-20 based MVP which is demonstrate the concept and during the public Beta-test continue working with Bitcoin blockchain integration stability.

Two or more OTC brokers can merge any deal, set-up needed fee size and share it through built in partner program.
Time is saved for all market participants — from agreement to transfer receipt both sides could spend less than 1 hour, instead of days or weeks.
Anonymity is protected — large impersonal reliable orders and no needed meetings anymore.
As the majority of brokers execute based on Request for Quote (RFQ) and ‘Fill or Kill’ (FOK). That’s why we created four types of contracts:
  1. FOK with two participants and fix lot order.
  2. FOK with two participants and minimum order amount.
  3. One side offer can be filled with unlimited transactions from second side and minimum order amount.
  4. One side offer can be filled with unlimited transactions from second side with fix lot order.
Contracts can be declined by initiator any time before lot or minimum order amount fulfilment. If declined, all funds returns to senders without any fees. Same as escrow but trustless.

Options

ROXY provides:
  1. Web app cabinet, where broker prepare a deal in three simple steps: choosing contract type, fill up details (tokens for buyer and seller, price, lot/minimum amount, fee, other additional details) and creates contract with transparent accepted by participants terms.
  2. White label integration.
The service is provided under an agreement B2B to a companies authorised to proceed exchanges of crypto assets for their customers according to regulatory agreements in the countries where entities operating.


ROXY launch Q1, 2020Early access is going in January
[Request for beta](mailto:[email protected])
Follow updates in telegram channel.
submitted by mrAlexRoyce to Bitcoin [link] [comments]

Review: The most thrilling 24 hours in Bitcoin history

From 12:00 on March 12th to 12:00 on the 13th, Bitcoin, the most influential currency in the cryptocurrency industry, suffered two major declines, and its price fell from a maximum of 7,672 USD to a minimum of 3,800 USD (data from Huobi, the next Same), the decline was 50.4%, which means that the price of Bitcoin has achieved a fairly accurate "half price" in these 24 hours.
Previously, Bitcoin's "halving market" was mostly considered to be an increase in market prices caused by Bitcoin's halving production, although many people have questioned the "halving market" as " The price is halved ", but when bitcoin walks out of the current bad market, it still surprises most investors.
First plunge
The bad 24 hours started at 12 o'clock on March 12. Due to the rapid spread of the new crown epidemic in Europe and the United States, the global financial markets have been raining for several days. After several adjustments, the price of Bitcoin has hovered up and down within the range of $ 7600-8200 in the previous three days. However, after 12 o'clock on the 12th, Bitcoin The price fell below $ 7,600 for the first time, breaking the psychological expectations of many investors, entering a rapid decline channel, and dropping to about $ 7,200 at around 18 o'clock.
At this time, the decline of Bitcoin is still around 7%, which is a common occurrence in the history of Bitcoin. However, after 18 o'clock that day, the market turned sharply, and the price of bitcoin plunged again in a short period of time. It fell to US $ 5,555 within tens of minutes, a drop of 28%, and the amount of contractual positions on each platform exceeded US $ 2 billion.
During the decline, most major exchanges such as Huobi, Binance, and OKEx experienced systemic freezes of varying degrees. Many users complained for a long time that the exchange app could not properly display the homepage, market page, and transaction page, and added positions, stops, and withdrawals. Obstacles such as cash withdrawal and cash withdrawal operations have also shown that this situation also highlights that mainstream exchanges still fail to address the ability of their trading systems to respond to extreme conditions.
For this decline, the collective sell-off of large Bitcoin holders is considered to be the main reason. For example, Grayscale Investment, the world's largest crypto asset fund management company, was sold and sold 40,000-50,000 Bitcoins. News from the exchange said that Bitcoin sold 400,000.
For a long time, bitcoin has been called "digital gold" by the blockchain industry, and has good risk aversion properties. During the tense situation between the United States and Iran in January this year and the global stock market fell, Bitcoin rose from $ 7,200 all the way to more than $ 10,000. Bitcoin's safe-haven attributes have been widely recognized in history, but this time caused by the new crown epidemic Under the risk of the global economic downturn, the decline in the price of bitcoin has become the asset with the largest depreciation among various mainstream financial assets, and its high-risk nature will most likely collapse.
Some analysts believe that bitcoin should be further classified as an alternative asset. At a time when liquidity shortage is extremely serious, as a high-risk alternative investment asset with the highest volatility in the world, funds will naturally be drawn from the market by investors. Looking for safer, more liquid assets, prices plummet.
"Everyone in the future will realize that Bitcoin is not digital gold, but" an amplifier of risk. " Its value cannot be anchored. Unlike other asset prices, which are affected by costs and prices, Bitcoin has no normal market value range. As of now, it does not have any convincing valuation basis, more like a swaying boat. Without the anchor, its value fluctuates greatly, and the impact of halving the market and supply and demand on it is far less important than psychological factors. "Said Cai Kailong, senior researcher at the Institute of Financial Technology of Renmin University of China.
However, some people in the industry hold different opinions. "BTC is still the most powerful currency in the history of mankind. It provides liquidity 24 hours a day. This is something that other markets simply can't imagine, but because liquidity is too good, this time it just happened to happen in other markets. When funds are scarce, the first choice for selling supplementary funds has also led to the decline of gold. Of course, the amount of BTC that is currently much lower than gold is certainly unstoppable in a short period of time. "A Weibo blogger" "fhrp".
In addition to the sell-off of large institutions, some mortgage lending platforms have also passively become an important boost for this downturn. In the past six months, the Defi concept has been particularly hot in the blockchain industry, and many cryptocurrency-based cryptocurrency lending platforms were born.
As a result, a large number of large Bitcoin users will pledge the Bitcoin in their accounts to third-party lending platforms and use the USDT to borrow cash to purchase cash, which is equivalent to increasing leverage. However, these platforms are not mature in terms of mortgage rate setting and liquidation mechanisms. Users who increase the mortgage rate of assets have a slower transfer speed on the chain. As a result, during this period of rapid decline in the market, a large number of mortgage orders have lower mortgage assets than loans. As a result, the amount of bitcoin out-of-market positions this time was far more than in the previous period of large market volatility, which further exacerbated the selling pressure of the bitcoin spot market.
From 19:00 on the 12th to the early morning of the 13th, the price of Bitcoin hovered in the range of 5800-6200 US dollars, and the market began to prepare for the next stage of the trend.
Second plunge
On the evening of the 12th, the stock markets of mainstream countries in Europe and the United States successively opened and collectively fell, and the stock markets of at least 11 countries, such as the United States, Canada, and the Philippines, melted down. At the close of the morning on the 13th, both the Dow Jones Industrial Average and the S & P 500 Index had the largest single-day percentage decline since the 1987 stock disaster. The Dow closed down about 2352 points, the largest drop in history.
The bad performance of the stock market quickly passed to the currency market. Beginning at 7 o'clock on the 13th, the price of bitcoin plunged from the position of $ 5,800 once again, dropping all the way, and successively fell below $ 5,000 and $ 4,000.
For the rapid decline of the market, many people in the industry believe that the main factor is not only the panic selling of the market, but also the mutual stepping on of contract investors. Weibo blogger "AlbertTheKing" pointed out that most of the long positions in Bitcoin leverage are in the BitMEX perpetual contract market. The long positions caused by the decline in bitcoin prices caused a series of short positions, which in turn caused arbitrage spreads and spot arbitrage. The party rushed in to open multiple orders and sell spot arbitrage at the same time, thinking it was okay. As a result, I did not expect Bitcoin to fall more and more fiercely, and his own arbitrage and long positions also burst. So at first, the leveraged bulls stepped down on each other, and later became the arbitrage party. .
"Fhrp" also pointed out that because BitMEX only has BTC margin, ETH's permanent liquidation also needs to be undertaken by btc. The profit portion of the hedge order cannot be included in the margin, and BTC is not sufficient because of the card being in serious shortage. The exploding warehouse order was opaque, so that no one dared to pick up the corpse later, fearing that it would become a corpse. Of course, the key is the lack of a fusing system, so that the market can slowly wait for liquidity to keep up.
Under the interweaving of many risks, the price of bitcoin is about 10:15. It has fallen below 3,800 US dollars in many exchanges such as Huobi and OKEx, which is 38% lower than the price of 0 on the day and 50.4% lower than 24 hours ago. This is the highest record in the 24-hour drop since the birth of Bitcoin.
Such a precise decline cannot be doubted as the bad taste of the bookmaker behind the exchange, if the bookmaker does exist. Of course, it is not excluded that this situation is due to the tacit understanding among the main market participants, or a purely natural phenomenon.
But judging from objective facts, there is indeed some evidence that the situation is unnatural. After bitcoin hit a low of $ 3,800, its price quickly rose in the next 20 minutes, rising by 59% to $ 5,250, but then fell rapidly. At the turning point of $ 3,800, which is 10:16, the BitMEX trading system, the largest bitcoin exchange in the cryptocurrency industry, suddenly stopped until 10:40.
It can be seen that the time point when the Bitcoin price stopped falling rapidly and stopped rising rapidly was close to the time point when BitMEX went down and returned to normal. This shows that BitMEX has a huge influence on the secondary market, and it also makes a lot of One suspects BitMEX is manipulating the market.
Sam Bankman-Fried, chief executive of Derivatives Exchange FTX, tweeted that he suspects BitMEX may have intentionally closed transactions to prevent further crashes and to avoid using exchange insurance funds. Mining company BitPico also tweeted yesterday, "According to our analysis, BitMEX Research has closed its long position of $ 993 million with its own robots and capital. Today the manipulation of the bitcoin market is caused by an entity and the investigation is ongoing. "
In response to this incident, BitMEX responded that there was a hardware problem with the cloud service provider, and in a subsequent announcement, it was pointed out that the DDoS attack was the real cause of the short-term downtime.
Why the downtime of the BitMEX trading system is difficult to verify, but from its objective impact, its short-term downtime plays a vital role in curbing the further decline in the price of cryptocurrencies such as Bitcoin, which has eased investment to a certain extent. The panic sentiment created by this has created space for the rebound and correction of cryptocurrency prices such as Bitcoin.
Sam Bankman-Fried even speculated that if BitMEX did not go offline because of a "hardware problem" this morning (February 13), the price of Bitcoin could fall to zero.
If compared with the traditional financial market, the effect of this BitMEX outage event is quite similar to the "fuse" mechanism of the stock market. Trading is suspended for dozens of minutes at the moment when investor sentiment is most panic, so this outage event Also aroused the emotions of many people in the industry.
"BitMEX has helped the currency circle" melt out, "otherwise the chainless stepping will not know where to fall. After the fuse, everyone calmed down and the market returned to normal. Weibo blogger "Blockchain William" posted a blog saying, "The market is not afraid of falling, and it is not afraid of stepping on it. That is why. This is why the global stock market has melted down because investors panic. It is a bottomless pit. Once out of control, there is no bottom Now. "
Of course, the factors that cause the market situation to reverse are not limited to this. According to the feedback from multiple users on social platforms, BitMEX and Binance's major exchanges forced the short positions of multiple accounts to close positions at 10 o'clock on March 13th, that is, the automatic lightening mechanism was in effect.
According to the BitMEX platform mechanism, when investor contracts are forced to close out, their remaining positions will be taken over by BitMEX's strong closing system. However, if a strong liquidation position cannot be closed in the market, and when the marked price reaches the bankruptcy price, the automatic lightening system will lighten the investor holding the position in the opposite direction, and the order of lightening is determined according to the leverage and profit ratio .
Specifically, due to the sharp fluctuations in the price of bitcoin, a large number of long single-series bursts and the scarcity of market liquidity. In order to control the risk, the platform will automatically place some short orders with high profit ratios and high leverage on the market, increasing market flow. It also avoids the risk to the platform caused by the inability of the short-selling order to be executed in a timely manner.
According to BitMEX's announcement, about 200 positions were automatically closed by the system. And Twitter blogger Edward Morra said, "On BitMEX alone, short positions worth about $ 500 million have been liquidated." If this data is true, it means that BitMEX's strong liquidation operation has brought more than 5 to the contract market. The market price of 100 million US dollars has a significant positive effect on the market that is being sold out.
However, as a compensation, BitMEX also stated that it would contact each damaged user and compensate them according to the maximum potential profit that the investor obtained during the automatic liquidation.
In any case, through the operation of exchanges such as BitMEX, the price of bitcoin has entered a recovery channel, and it is still hovering at the $ 5,000 mark, while driving the entire cryptocurrency market to pick up.
After this thrilling 24 hours of bitcoin, the ideal "halving market" has disappeared. The real and brutal "halving market" is coming. Perhaps many investors and investment institutions have expressed their confidence in the crypto assets represented by bitcoin. The understanding will change in this regard, and the confidence of the entire industry needs to be rebuilt. This depends on the application value of bitcoin to be deepened.
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Trustless DeFi SaaS for crypto-to-crypto OTC

Trustless DeFi SaaS for crypto-to-crypto OTC

Market size

Last three years Over-The-Counter cryptocurrency market keeps on growing in volume and clients amount across the globe according to many reports of brokers and companies involved in the process.
OTC turnover in 2018 amounted to more than 5.47 trillion USD equivalent1.

Daily volume 2019

https://preview.redd.it/gukxa53fmd841.png?width=450&format=png&auto=webp&s=056156f7d62624e35395a5a41cacbb7a93432115
The research part from Capco
1 Based on reports by Bloomberg, Bravenewcoin, Circle, Statista, CCN and 10+ another sources.
2 Crypto exchanges volume
3 DEX daily volume


Why OTC broker (instead of a crypto exchange)?


  • Lack of liquidity — crypto exchanges have low liquidity. OTC desks are good for pushing through large trade orders searching for market liquidity.
  • Price protection, Anonymity — OTC is good for moving large orders which avoids impacting the price, e.g. 1,000 BTC. Order depth will not show up like it does on an exchange.
  • No fiat onramp — few crypto exchanges have a fiat onramp (though Binance is working on it and already have some solutions in place in Asia).
  • Avoid price ‘slippage’ — price slippage occurs on exchanges when the executed price is different to the expected price.
  • Avoid prohibitive crypto exchange limits — the majority of crypto exchanges have prohibitive trading limits. For example, Coinbase limits purchases to $25,000 per day. Kraken only lets you withdraw $2,500 per day and $20,000 per month. Circle imposes withdrawal limit of $3,000 per week.

Who are the main buyers and sellers?

At the moment, the main buyers are hedge funds and the main sellers are miners. In Oct 2018, it was reported in Reddit Rumours that hedge funds were buying large volumes from miners. The main participants trading crypto OTC are:
  • Hedge funds, smaller asset managers, family offices (buyers).
  • Miners (sellers).
  • Regulated broker-dealers (on account).
  • Crypto exchange OTC desks (on account).

What are the main problems?

  • Settlement risk — there is no guarantee the asset will be delivered, or cash will be paid. Coin transfer often happens much faster than the wire payment transfer (often by several hours).
  • No custody solution — most OTC brokers don’t provide a custody solution (or provide a very limited service), which can increase settlement and operational risk.
  • Multi-jurisdictional KYC issues — dealing with countries with poor KYC regulations can be a deal breaker.
  • If you execute through an OTC broker you need, for example, to deliverthe ETH to the broker. There is no guarantee the broker's client will pay.
  • The larger the order the greater the risk of default with multiple counterparties.
  • OTC crypto is missing the monitoring and surveillance tools of traditional trading systems.

What we do?

ROX Capital AG team is working on Decentralised Finance technology which brings fully trustless direct asset exchange tools to customers of OTC companies and crypto exchanges.
ROX is designed the platform that helps to build trust between exchange members based on a trustless technology which retains assets control by beneficiaries on any stage of a process.
The system of Smart Contracts provides a simple tool that help participants exchange Proof-of-Funds in seconds without moving funds to a broker or third party escrow until needed amount and price requirements achieved from both sides.
https://preview.redd.it/oesc6lynmd841.png?width=2030&format=png&auto=webp&s=f5ac2130fa83ebf6ee61ab97d9ea54963efa5b04

Features

  • SaaS Provider for OTC and other Institutionals
  • Trustless Smart Contract Network4
  • Impersonal Orders with Proof-of-Funds from KYC Verified Members
  • Integration with third party OTC desk
  • Referral program for Agents and Deal Merge Fee Trustee
  • Onchain trustless deals initiate by manager or beneficiary
  • Cross-chain5 Trustless DLT System
4 Trustless Network is based on blockchain opportunities, the system provides manager or beneficiary to setup terms for each deal, including price, referral fee amount, choose exact whitelisted tokens for both sides of exchange, also minimum transaction volume or fix lot for change. The all details are transparent and available in blockchain comments and through the provided interface for both sides.
5 On the first stage we provide Ethereum ERC-20 based MVP which is demonstrate the concept and during the public Beta-test continue working with Bitcoin blockchain integration stability.

Two or more OTC brokers can merge any deal, set-up needed fee size and share it through built in partner program.
Time is saved for all market participants — from agreement to transfer receipt both sides could spend less than 1 hour, instead of days or weeks.
Anonymity is protected — large impersonal reliable orders and no needed meetings anymore.
As the majority of brokers execute based on Request for Quote (RFQ) and ‘Fill or Kill’ (FOK). That’s why we created four types of contracts:
  1. FOK with two participants and fix lot order.
  2. FOK with two participants and minimum order amount.
  3. One side offer can be filled with unlimited transactions from second side and minimum order amount.
  4. One side offer can be filled with unlimited transactions from second side with fix lot order.
Contracts can be declined by initiator any time before lot or minimum order amount fulfilment. If declined, all funds returns to senders without any fees. Same as escrow but trustless.

Options

ROXY provides:
  1. Web app cabinet, where broker prepare a deal in three simple steps: choosing contract type, fill up details (tokens for buyer and seller, price, lot/minimum amount, fee, other additional details) and creates contract with transparent accepted by participants terms.
  2. White label integration.
The service is provided under an agreement B2B to a companies authorised to proceed exchanges of crypto assets for their customers according to regulatory agreements in the countries where entities operating.


ROXY launch Q1, 2020 Early access is going in January
[Request for beta](mailto:[email protected])
Follow updates in telegram channel.
submitted by mrAlexRoyce to u/mrAlexRoyce [link] [comments]

Crypto and the Latency Arms Race: Crypto Exchanges and the HFT Crowd

Crypto and the Latency Arms Race: Crypto Exchanges and the HFT Crowd


News by Coindesk: Max Boonen
Carrying on from an earlier post about the evolution of high frequency trading (HFT), how it can harm markets and how crypto exchanges are responding, here we focus on the potential longer-term impact on the crypto ecosystem.
First, though, we need to focus on the state of HFT in a broader context.

Conventional markets are adopting anti-latency arbitrage mechanisms

In conventional markets, latency arbitrage has increased toxicity on lit venues and pushed trading volumes over-the-counter or into dark pools. In Europe, dark liquidity has increased in spite of efforts by regulators to clamp down on it. In some markets, regulation has actually contributed to this. Per the SEC:
“Using the Nasdaq market as a proxy, [Regulation] NMS did not seem to succeed in its mission to increase the display of limit orders in the marketplace. We have seen an increase in dark liquidity, smaller trade sizes, similar trading volumes, and a larger number of “small” venues.”
Why is non-lit execution remaining or becoming more successful in spite of its lower transparency? In its 2014 paper, BlackRock came out in favour of dark pools in the context of best execution requirements. It also lamented message congestion and cautioned against increasing tick sizes, features that advantage latency arbitrageurs. (This echoes the comment to CoinDesk of David Weisberger, CEO of Coinroutes, who explained that the tick sizes typical of the crypto market are small and therefore do not put slower traders at much of a disadvantage.)
Major venues now recognize that the speed race threatens their business model in some markets, as it pushes those “slow” market makers with risk-absorbing capacity to provide liquidity to the likes of BlackRock off-exchange. Eurex has responded by implementing anti-latency arbitrage (ALA) mechanisms in options:
“Right now, a lot of liquidity providers need to invest more into technology in order to protect themselves against other, very fast liquidity providers, than they can invest in their pricing for the end client. The end result of this is a certain imbalance, where we have a few very sophisticated liquidity providers that are very active in the order book and then a lot of liquidity providers that have the ability to provide prices to end clients, but are tending to do so more away from the order book”, commented Jonas Ullmann, Eurex’s head of market functionality. Such views are increasingly supported by academic research.
XTX identifies two categories of ALA mechanisms: policy-based and technology-based. Policy-based ALA refers to a venue simply deciding that latency arbitrageurs are not allowed to trade on it. Alternative venues to exchanges (going under various acronyms such as ECN, ATS or MTF) can allow traders to either take or make, but not engage in both activities. Others can purposefully select — and advertise — their mix of market participants, or allow users to trade in separate “rooms” where undesired firms are excluded. The rise of “alternative microstructures” is mostly evidenced in crypto by the surge in electronic OTC trading, where traders can receive better prices than on exchange.
Technology-based ALA encompasses delays, random or deterministic, added to an exchange’s matching engine to reduce the viability of latency arbitrage strategies. The classic example is a speed bump where new orders are delayed by a few milliseconds, but the cancellation of existing orders is not. This lets market makers place fresh quotes at the new prevailing market price without being run over by latency arbitrageurs.
As a practical example, the London Metal Exchange recently announced an eight-millisecond speed bump on some contracts that are prime candidates for latency arbitrageurs due to their similarity to products trading on the much bigger CME in Chicago.
Why 8 milliseconds? First, microwave transmission between Chicago and the US East Coast is 3 milliseconds faster than fibre optic lines. From there, the $250,000 a month Hibernia Express transatlantic cable helps you get to London another 4 milliseconds faster than cheaper alternatives. Add a millisecond for internal latencies such as not using FPGAs and 8 milliseconds is the difference for a liquidity provider between investing tens of millions in speed technology or being priced out of the market by latency arbitrage.
With this in mind, let’s consider what the future holds for crypto.

Crypto exchanges must not forget their retail roots

We learn from conventional markets that liquidity benefits from a diverse base of market makers with risk-absorption capacity.
Some have claimed that the spread compression witnessed in the bitcoin market since 2017 is due to electronification. Instead, I posit that it is greater risk-absorbing capacity and capital allocation that has improved the liquidity of the bitcoin market, not an increase in speed, as in fact being a fast exchange with colocation such as Gemini has not supported higher volumes. Old-timers will remember Coinsetter, a company that, per the Bitcoin Wiki , “was created in 2012, and operates a bitcoin exchange and ECN. Coinsetter’s CSX trading technology enables millisecond trade execution times and offers one of the fastest API data streams in the industry.” The Wiki page should use the past tense as Coinsetter failed to gain traction, was acquired in 2016 and subsequently closed.
Exchanges that invest in scalability and user experience will thrive (BitMEX comes to mind). Crypto exchanges that favour the fastest traders (by reducing jitter, etc.) will find that winner-takes-all latency strategies do not improve liquidity. Furthermore, they risk antagonising the majority of their users, who are naturally suspicious of platforms that sell preferential treatment.
It is baffling that the head of Russia for Huobi vaunted to CoinDesk that: “The option [of co-location] allows [selected clients] to make trades 70 to 100 times faster than other users”. The article notes that Huobi doesn’t charge — but of course, not everyone can sign up.
Contrast this with one of the most successful exchanges today: Binance. It actively discourages some HFT strategies by tracking metrics such as order-to-trade ratios and temporarily blocking users that breach certain limits. Market experts know that Binance remains extremely relevant to price discovery, irrespective of its focus on a less professional user base.
Other exchanges, take heed.
Coinbase closed its entire Chicago office where 30 engineers had worked on a faster matching engine, an exercise that is rumoured to have cost $50mm. After much internal debate, I bet that the company finally realised that it wouldn’t recoup its investment and that its value derived from having onboarded 20 million users, not from upgrading systems that are already fast and reliable by the standards of crypto.
It is also unsurprising that Kraken’s Steve Hunt, a veteran of low-latency torchbearer Jump Trading, commented to CoinDesk that: “We want all customers regardless of size or scale to have equal access to our marketplace”. Experience speaks.
In a recent article on CoinDesk , Matt Trudeau of ErisX points to the lower reliability of cloud-based services compared to dedicated, co-located and cross-connected gateways. That much is true. Web-based technology puts the emphasis on serving the greatest number of users concurrently, not on serving a subset of users deterministically and at the lowest latency possible. That is the point. Crypto might be the only asset class that is accessible directly to end users with a low number of intermediaries, precisely because of the crypto ethos and how the industry evolved. It is cheaper to buy $500 of bitcoin than it is to buy $500 of Microsoft shares.
Trudeau further remarks that official, paid-for co-location is better than what he pejoratively calls “unsanctioned colocation,” the fact that crypto traders can place their servers in the same cloud providers as the exchanges. The fairness argument is dubious: anyone with $50 can set up an Amazon AWS account and run next to the major crypto exchanges, whereas cheap co-location starts at $1,000 a month in the real world. No wonder “speed technology revenues” are estimated at $1 billion for the major U.S. equity exchanges.
For a crypto exchange, to reside in a financial, non-cloud data centre with state-of-the-art network latencies might ironically impair the likelihood of success. The risk is that such an exchange becomes dominated on the taker side by the handful of players that already own or pay for the fastest communication routes between major financial data centres such as Equinix and the CME in Chicago, where bitcoin futures are traded. This might reduce liquidity on the exchange because a significant proportion of the crypto market’s risk-absorption capacity is coming from crypto-centric funds that do not have the scale to operate low-latency strategies, but might make up the bulk of the liquidity on, say, Binance. Such mom-and-pop liquidity providers might therefore shun an exchange that caters to larger players as a priority.

Exchanges risk losing market share to OTC liquidity providers

While voice trading in crypto has run its course, a major contribution to the market’s increase in liquidity circa 2017–2018 was the risk appetite of the original OTC voice desks such as Cumberland Mining and Circle.
Automation really shines in bringing together risk-absorbing capacity tailored to each client (which is impossible on anonymous exchanges) with seamless electronic execution. In contrast, latency-sensitive venues can see liquidity evaporate in periods of stress, as happened to a well-known and otherwise successful exchange on 26 June which saw its bitcoin order book become $1,000 wide for an extended period of time as liquidity providers turned their systems off. The problem is compounded by the general unavailability of credit on cash exchanges, an issue that the OTC market’s settlement model avoids.
As the crypto market matures, the business model of today’s major cash exchanges will come under pressure. In the past decade, the FX market has shown that retail traders benefit from better liquidity when they trade through different channels than institutional speculators. Systematic internalizers demonstrate the same in equities. This fact of life will apply to crypto. Exchanges have to pick a side: either cater to retail (or retail-driven intermediaries) or court HFTs.
Now that an aggregator like Tagomi runs transaction cost analysis for their clients, it will become plainly obvious to investors with medium-term and long-term horizons (i.e. anyone not looking at the next 2 seconds) that their price impact on exchange is worse than against electronic OTC liquidity providers.
Today, exchange fee structures are awkward because they must charge small users a lot to make up for crypto’s exceptionally high compliance and onboarding costs. Onboarding a single, small value user simply does not make sense unless fees are quite elevated. Exchanges end up over-charging large volume traders such as B2C2’s clients, another incentive to switch to OTC execution.
In the alternative, what if crypto exchanges focus on HFT traders? In my opinion, the CME is a much better venue for institutional takers as fees are much lower and conventional trading firms will already be connected to it. My hypothesis is that most exchanges will not be able to compete with the CME for fast traders (after all, the CBOE itself gave up), and must cater to their retail user base instead.
In a future post, we will explore other microstructures beyond all-to-all exchanges and bilateral OTC trading.
Fiber threads image via Shutterstock
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FCoin Sharing Session Q&A — 07/23/2018

FCoin Founder Mr. Zhang Jian Addressed the Most Controversial Questions about FCoin since its Launch.
(July 23, 2018) FCoin held an online media Q&A session on Monday with its founder, Mr. Zhang Jian replying the most controversial questions on FCoin, a digital asset trading platform that was launched barely two months ago but has already become the most talked about phenomenon in the industry.
These controversial topics include FCoin’s efforts in token-reforming, the general concept of token economy, the fluctuation of FCoin price and response to the recent negative comments and accusations made by Binance on FCoin. A complete Q&A could be found as below:
Q1: We have seen many new announcements issued by FCoin with lots of new concepts. Could you first elaborate on FCandy? Why do you start to return in FCandy instead of FT, what’s the strategy behind it? What do you think is the true value of FCandy and what is your expected price for it?
Answer1: Regarding FCandy, we mentioned before in our announcement that it is an assert pool in which all kinds of assets could be placed in. We actually have placed lots of FTs during the first round. What do we mean by “placing”, basically it’s equivalent to donation and what is its true value? I think it could benefit our entire community through our donation. It is clearly stated in our announcement that any digital assets could be placed in FCandy and FCandy will be issued according to a certain proportion, but to guarantee the real asset value of FCandy. However, the assets placed in FCandy pool no longer belong to those who place the assets but to the entire community which makes FCandy vitally different from the other asset pools or various products. We designed a lot of ways to give out FCandy to our community members. It doesn’t mean that we no longer return in FT, 100% transaction fee is still returned in FT, this is our set rule which will never be changed. Which are some of the situations where we will not return in FT? Anything but “Trans-fee mining” mechanism. Because all the other mechanism is simply activities. Like our referral programs, incentive programs and etc. These are community activities with the aim to motivate the communities and bring more benefits, so these are the responsibility that FCandy should assume. I do not need to elaborate on the value of FCandy. I encourage everyone to see the front page of FCandy in which the amount of assets are clearly indicated. In the future, a large number of project participators will place their assets into this pool. We will also initiate voting system and community members could vote on whether we should sell part of the assets and these sold asserts will belong to FCandy holders, similar to the concept as dividends. But this will be a plan in the far future, not to be realized recently. Regarding the price of FCandy, I cannot comment on this. Based on the asset pool, everyone can gauge its reasonable price range.
Q2: What’s the latest listing rules? Is the new FOne trading zone transferring the token-listing right to the certified organizations? What’s the FCoin’s standard in selecting a certified organization? What’s the difference in the responsibilities and rights of these certified organizations compared to the ones in the Stock market?
Answer 2: Some adjustments were made on the listing rules with the launch of FOne. What made us launch FOne? Actually, we have encountered some problems when doing GPM, i.e there is a long list of projects waiting to be listed which is far beyond the capacity of the platform itself. Most importantly, we encounter the problems of verifying its authenticity. Hence, in order to make the entire mechanism work better, the essence of FOne is to let FCoin certified organizations to screen quality projects. Every certified organization has its own zone that has the right to list tokens and set its own listing rules. We provide service and technical support to various certified organizations. This relationship will guarantee a healthy growth of FOne. As for the rights and responsibilities, these are vitally important as well. Since these trading zones are opened by certified organizations, they have the responsibility to guarantee the quality of its listing projects. FCoin retains the rights to review and verify the performance of these certified organizations and details will be released soon. We really hope that good projects could stand out from this innovative mechanism and this will help motivate the entire industry. Regarding the selection standards for the certified organizations, these are mainly the mainstream token fund in the industry. Easy to get in but difficult to get out. First of all, these organizations need to have certain reputation in the industry. We welcome them to join us as our certified organizations in the beginning but more strict standards will be launched later. In addition, we will also have control over the organization list and eliminate those who are not up to our standards. We will soon announce the list of our second batch of certified organizations. The entire crypto industry is not yet mature and it’s currently a mix of everything. We are trying to introduce step by step some mature models to break through the mess. We are on our way to a revolutionary future
Q3: Is FOne the trial zone of token-reforming for FCoin? What is the difference about listing rules and circulation mechanism between Main Board A & B? As a mature product or company, what are the necessary steps for token-reforming and what are the biggest difficulties and challenges during the process? Are there any successful cases on token-reforming before? To a mature community, the compliance and legitimacy of listing can be a sensitive topic, is this going to be a key obstacle for the improvement of token-reforming trial zone? How will you solve this problem? In your opinion, which industries will make progress first during Coin-reforming trial zone?
Answer 3: The answer to the first question is NO. It has clearly been stated in the announcement that token-reforming is not made by FOne. Token-reforming is in main Board C, right now we have main Board A & B; the mature blockchain projects are in main board A, and emerging projects in board B, while the token-reforming projects are in board C. FOne is the successor of the previous Innovation Zone on GPM with the aim to support startup projects. After the upgrading of the overall positioning, GPM will focus on supporting the long-term projects while the startup projects will move to FOne. FOne will transfer the listing power to certified organizations in order to attract more quality projects to get in in the early stage. As a matter of fact, token-reforming is not all that easy. We have just released an announcement on which a new project was applying to get listed on our main board C, of course there are many other projects doing so as well. We have to consider the project in a comprehensive manner, from the preparation, the qualification of the projects to the business model or the maturity of the business Situations(applications). There might be two ways for reforming, such as QOS, the one project that we have been observing and providing the technical support. It has applied to get listed on our main board C. QOS is a typical blockchain project with mature business applications and massive users, along with a solid preparation process. This kind of project is well prepared, that’s why it can enter the final verification and listing schedule stage very soon; as for some other projects, although they come from a mature company, they do not really understand the token economy, the listing process might take longer. In my opinion, we have to go through an important process to acknowledge the token economy, token and coin; Second, about how reforming can make a great influence, and connect its previous- designed products with business module, aligned them well and solve its previous conflicts of interest. That’s why reforming is quite difficult and challenging. To sum up I think there are two biggest difficulties for reform. First is the whole design of token economy model — it means completely different for different products or companies, even with different approaches , thus, quite challenging. Second is the overall interest arrangement. A mature product must face mature interest arrangement, including shareholder structure, existing resources and how to solve these problems. It requires of massive communication as well as knowledge and determinations to get all these problems solved. These two are the most difficulties we currently face. For the sensitive question about compliance, I think all innovations will face a certain kind of risk, the more subversive the innovation, the higher risk it may face, especially like token economy, as its target and core is to change the market relationships. It’s quite subversive and will meet lots of challenges never that have never been met before. Why people like to talk about the first person who eat the crab? If there is no challenges, people would just repeat doing things they have done like a hundred times before, but it’s not the case here. If you are willing to seize the opportunity of the new economy, you need to take risks and accept the challenges. I think it’s a trend for the future and it’s unstoppable. In addition, I don’t think it’s a key obstacle for a product or a company that are determined to explore in this direction. What I mentioned before are quite essential, firstly it has to be in the internet industry and financial industry, or the combination of these two, such as the finance technology. There are lots of opportunities within, so are in some other industries.
Q4: There are several institutions dabbling in Blockchain+Insurance model, however, this model has still not been widely applied. Therefore, will this new Insurance community FInsur just a publicity stunt? Is “Insurance is mining “ just some benefits to attract users, or is it a mutual insurance based on blockchain technology? How does this model work?
Answer 4: FInsur for sure is not publicity stunt. A lot of people doubted about FCoin when it first came out, is FCoin a publicity stunt? With the concept of “Trans-fee mining” being widely spread and recently became a trend, it is obvious that we are not a publicity stunt, otherwise it won’t show such a strong vitality. Therefore, the concept of “insurance is mining “is quite simple. I would like to repeat it again, it’s similar to FCoin essentially. What is the concept of “Trans-fee mining”? Clients and users of an exchange are the traders. As the core concept of token economy, I think the main targets of business service, is like the relationship between an exchange and its users, which is in opposite relationship. We hope that after the reforms by token economy, it can be an untied relationship, even for the sake of common interest. So let the traders be the shareholders of FCoin, that is the essence of “Trans-fee mining”. Likewise, let the insurance applicant become the shareholder of an insurance company, or at least make their interest consistent rather than conflicting (money-making vs money-losing), which is a long-term target for us, and also my initial intention. It’s hard to image vehicles on road without insurances. That’s why there is compulsory insurance like Compulsory Traffic Insurance and commercial insurance that we must pay. It also applies to ourown digital currencies & assets. Therefore, I don’t think FInsur is a publicity stunt, but will be a benchmark for innovation in this industry and bring in massive benefits.
Q5: How about the operation of stabilization funds launched by FCoin? Is this stabilization funds really effective on regulating the dramatic market fluctuation and keeping the price of FT stable?
Answer 5: We have just wrapped up a one-month life cycle of the Stabilization fund Phase I and it is already in the process of balancing, not running any more. I am not the one who has proposed the concept of stabilization fund. I have repeatedly said that for an emerging trading product or an emerging market, especially when it has great innovations, nobody knows how to price it correctly in the early stage. It will also suffer from all kinds of malicious attacks and various rumors under such a complicated market situation. Hence, the market fluctuations will be very dramatic in the short term. The stabilization fund was launched in this context. Can this fund really keep the market volatility stable? This mainly depends on the factors of market volatility and various other situations. The stabilization fund will certainly ease the dramatic fluctuations of the market. But will the price stop to fluctuate with the funds? Or will the price not rise and fall sharply? This is uncertain. Since the market price, especially short-term market behavior, is very complicated and thus very difficult to predict. So the fund can only ease the dramatic fluctuations. As some unstable factors are gradually eliminated, or as the platform matures, these unstable factors will be disappearing slowly. Say, there are huge trust issues in the earlier stages, however, as the platform continues to grow, these problems will be reduced accordingly. Now everyone feels that FCoin is a very reliable platform which has been working so hard to make the platform, the community and the whole ecosystem bigger. In this case, those difficulties that we encounter before won’t exist anymore. Our risk control in the early stage might not be that sharp, leading to the existence of some malicious short-selling and other hostile situations. With the gradual improvement and maturity of our backend monitoring system, I believe there will be less risks in this aspect. Therefore, the whole market will gradually become more healthy in the long run.
Q6: You mentioned that the explosive effect of FCoin is a victory for the “tokenomics.” Can you share with us your understanding of the “tokenomics”? What is its strong driving force? What distinguishes it from the traditional business model and incentive mechanism?
Answer 6: It is very hard for me to talk about my understanding of the tokenomics, since this topic is too big. But I can talk about some key points, such as what I just mentioned, “What is the strong driving force?” I just mentioned that the distinguished difference between the structure of the tokenomics design and the traditional business model and incentive mechanism is the reversal of the production relationship. How to reverse? As mentioned earlier, producers and consumers are a pair of relationships. The common form of the Internet is the relationship between the platform and its user. In fact, they are all similar. That is, the relationship between a service provider and a client, or the relationship between a product provider and a consumer. Under the traditional business model, this group of relationships must be antagonistic at the level of interests. Because the mission of a commercial organization is to make money. They earn money from consumers or users. Under the traditional business model, you buy any goods, or you consume any service, the only relationship between you and the service provider and the producer of the goods is that you pay him. Let us think about the reason why this commercial system can exist. It is because these users are paying so that the commercial system can exist. In other words, these consumers and users are the basis for the existence of this commercial system. But if this commercial system develops bigger, then it has nothing to do with the users which are the basis and premise of the existence of this commercial system. I think this is the problem of the traditional business model, and it will definitely face a big upgrade in the future. The big upgrade has started slowly now, and I think its solution is tokenomics. FCoin is such a practice of tokenomics. We found that as FCoin grows and matures, traders gradually become shareholders of FCoin. The trader not only becomes a user of the platform, but also contributes fees and transactions. At the same time, he can also get 100% return of the exchange’s “shares” FT. The returned FT can enjoy FCoin’s income distribution forever, and it is 80% of the income distribution. This is unimaginable in the traditional capital market. Let me give you an example. In the traditional capital market, basically everyone does not pay attention to dividends because they are so little. There are too many companies that don’t pay dividends all along the year. Everyone can check the dividends of the traditional market which are so little and nobody concerns about the dividends. The timeliness of dividends distribution is also executed poorly. As the price of crypto currency fluctuates dramatically, users do not feel the power of our model in the early stages. With the maturity of FCoin, they feel that our model of income distribution is extremely revolutionary. Firstly, its proportion of dividends distribution is so large. How about the traditional listed companies? They distribute neither revenues nor profits. It is possible that the companies might need to keep enough cash for development, so they do not distribute dividends. FCoin directly distribute income to users, the vast majority 80% of our revenues on a daily basis. This is an absolutely revolutionary concept in the traditional capital market. Because the entire concept of the so-called financial system and finance of the crypto industry has not yet been established, and it is still relatively chaotic, the crypto industry is still at a very early stage for the pricing and cognitions. The creation and power of FCoin and FT takes time to show, as I always say “let the bullets fly for a while.” The same is true for FInsur. I hope that in the future, various new models based on the creation of the tokenomics or the transformation of the original model will have the power to make our customers consistent with our interests . I have to say one more thing. I think that this power is actually much underestimated. Because once the production relationship changes, once the service provider and the client are in the same interests, the whole decision-making process, the starting point and mentality of decision-making, all community-based architecture and all future mechanism design and gameplay will change. I am appreciating this in a more in-depth sense now. Therefore, the future of the tokenomics will definitely show great vitality. It will have a huge impact on the original business model, commercial design and corporate system. This is my judgment on the future.
Q7: Many exchanges are allegedly using bots wash trading and their users are mostly zombie users who have no practical effect. Could you please tell us about how would FCoin gradually increase the number of real users so as to make the platform grow in a more healthy manner?
Answer 7: Time will prove everything. We are constantly upgrading and innovating. Everything we do is to make our various mechanism work in a more robust way. The number of FCoin users and daily transactions continue to grow and FCoin is definitely on the right track. Many people are still accusing us of hiring bots to do wash trading. As our platform matures, there is more Quantitative transaction going on which provides real benefits for our community members. If you pay attention to our recent changes on the platform, you could definitely feel it.
Q8: What has FCoin revolutionized the industry in terms of the rules, both the unspoken rules and the apparent rules?
Answer 8: First, I will talk about the unspoken rules. The biggest difference between FCoin and all the other exchanges is that when you open our front page, you could clearly see that almost all our data are transparent and as we continue to develop our products and enhance users experiences, the level of our transparency will only be elevated accordingly. This is something you cannot imagine in traditional industries. No company, in our times, would announce its revenue because they do not need to distribute their profits to their users. But we are different, we cannot fake our data. If you are a black box i.e a company that does not need to disclose data to the public, you actually have the opportunity to fake data. I’ve said many time before that it was ridiculous to accuse FCoin of bots wash trading. We simply cannot fake any data as otherwise we will not have enough funds to be distributed to our users. All our data is real and transparent which brings the first revolutionary change of rules in the industry. About the apparent rules. Many users said that FCoin still made a lot of money after they saw the platform had used all kinds of algorithms. But what I want to point out is that why not take a look at other exchanges that make huge amount of money but still give back nothing to its users? On our side, FCoin distribute 80% of daily revenues to its users and for quite a long period of time, even 100%. After the launch of FCandy, we spend a majority of platform’s daily revenue to buy back FTs which later on are distributed to its community members. I hope you can look further with FCoin. FT certainly has its market cap, but so long as you hold FTs even for just a day, you will be able to get your daily dividend from that day. That’s just the beginning of how FCoin is going to revolutionize this industry. Stay tuned!
Q9: Mr Zhang, you always say that the market will eventually see the value of FT, but the price of FT has been dropping drastically non-stop. Why is there a vast difference between what you see in the value of FT and what the market see it?
Answer 9: FCoin has just been launched for less than 2 months. It’s way too early to talk about the value of a new born thing. For instance, a lot of people asked me about Bitcoin many years ago, at a time when the price of Bitcoin kept dropping from 8,000 RMB to 900RMB. I told them that the value of Bitcoin needed to be evaluated in a 4-year full circle, not just for a few months. If you use a 4-year full circle to draw the candlestick of Bitcoin, what will you see? The short-term price is unpredictable and is being influenced by many factors in the short term, like the market supply, all kinds of different judgments, disapprovals of new things in the early days and even rumors, but in the long run, the price is surely determined by its value. I have some data in FCoin’s front page, our dynamic P/E ratio is 0.56 as of today. You can go to any A-share market to check their P/E ratio, especially those innovative internet companies or high tech companies and judge by yourself. As I mentioned earlier, we have upgraded our Incentive programs, it is now returned with FCandy instead of FT. Because FCandy is highly linked with any activities that benefit the entire community members. This will be our future principles. In the meantime, transaction fee is still returned 100% as in FT and this is some ething, I have reinforced many times, that we won’t change. Why? Because this is our basic model, everything that FCoin is based on which is to make traders as the shareholders of FCoin.
Q10: Mr. Zhang, my questions might come across as a bit of sharp. Two days ago, FCoin announced on its website that the price of FT has been fluctuating drastically and later on, some media reported that the price was being manipulated by a professional team called “Ghost in the Dark” and implied that it had something to do with Binance. Miss He Yi from Binance accused FCoin of paying for media to write negative articles about Binance. Do you have any comments on this? In addition, Mr. Zhao Chang Peng (CZ) from Binance remarked during a media Q&A session in Seoul that “FCoin won’t last long as it is constantly selling new tokens but the price of them keep on dropping.” Do you have anything to say to his remarks?
Answer 10: Your so called sharp questions are actually not sharp at all. First of all, we announced officially on our website that the price of FT encountered abnormal fluctuations because we had found malicious attack from a team that was deliberately short-selling FT and we have proof of it. That’s why some immediate action has been taken to limit the sales order in 3 trading pairs which effectively destroy the botting programming designed by that professional team. As for the media report, I do not want to comment on it, but they did report the same to us through their investigations. About CZ’s comments? Actions speak louder than words. Why does he keep on talking about me if I am not threatening him? This is weird, let the fact speak for itself.
Q11: FCoin has been launched for only 2 months but developed really rapidly with trading volumes topping the chart while it took Binance 3 months to become №1 with real trading volumes. FCoin is very strong with ecosystem, but users’ experience is really bad. No trading depth and the webpage get stuck all the time. The launched app version (still in beta) is even worse than a third-party app while it takes forever to launch an official version. My question is, as a digital trading platform, shouldn’t Trading experiences be respected and focused?
Answer 11: Your question is quite sharp. Trading, in many industries are indeed not well respected, but for FCoin, we have been trying our best to perfect it. There is a process for everything to grow in maturity. If it is something great, it is bound to be less mature in the early stage. More patience please and we welcome everyone to supervise and support us.
[More to the question] — My question of trading not being respected has another sense to it in terms of users’ experience. This should always be put in the priority but with FCoin, it is not the case. It seems that there are always be put in the priority but with FCoin, it is not the case. It seems that there are always things far more important than users’ experience but shouldn’t it be the core for any exchanges?
Answer 11: Apologies for my misunderstanding of part of your question. As for the priority, if you have to choose between platform’s security/stability and users’ experience, which one would you choose? We are still in the initial stage and have been developing really fast. Therefore, we have to contribute tremendously to the security and stability of the platform. The core of a mature exchange is not only about users’ experience. As we all know, we cannot really see an exchange model with the traditional capital market. When you are trading in stock exchanges, it’s the brokers that you see, not the exchanges. That’s why I think currently for us the main focus is still to improve our core strength and in the meantime, to perfect the trading experiences along the way.
submitted by FCoinOfficial to FCoin_Official [link] [comments]

Cryptocurrency NEO-review and analysis of prospects

Cryptocurrency NEO-review and analysis of prospects

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The NEO digital asset platform was previously called Antshares. But in recent times, a complete rebranding has been made. In addition to the name change, the startup updated blockchain nodes and technical documentation, as well as the stock Ticker. In addition, the official website and social media were redesigned. The transition to a new version of the smart contract system, called NEO-2.0, was carried out.
The NEO cryptocurrency has been showing stable and non-stopping growth for a long time. Very quickly, the Chinese creation took seventh place in the top of Coinmarketcap. This, without a doubt, is a serious bid for prospects, given the high competition in the cryptocurrency market. And Ether confidently holds the second line after the famous Bitcoin. So the crypto currency NEO clearly has all the chances to rise much higher than the seventh line.
At the moment, the price fluctuates around $45. The cost for three months has increased 20 times.
The volumes of neo cryptocurrency reserves are clearly defined and limited to 100 million tokens. So far, only half of the available potential — 50 million tokens-is available on the market. So the crypto currency NEO clearly has all the chances to rise much higher than the seventh line.
The project is actively developing. OnChain cooperates with other players in the field of cryptocurrency and blockchain technologies. At the moment, there are connections with blockchain startups Coindash, Bancor, Agrello and others. The Chinese project Red Pulse has announced the creation of a financial research platform based on the NEO-2.0 smart contract system. Also, in cooperation with NEO, there is an intensive development of The Elastos operating system based on blockchain technologies.

THE history of the emergence and development of neo cryptocurrency

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The date of origin of the project can be considered 2014. NEO Creator Da Hongfei is a Director of Shanghai-based OnChain. In 2014, onchain, according to Da Hongfei's idea, launches the AntShares blockchain project. On the basis of this platform, a cryptocurrency of the same name was also created.
Yes Junpei put to the company is simple, but a global problem. His goal was to build a fundamentally new system of financial interaction. This system should unite the sectors of the real and virtual economy into a single whole with the help of high-tech contracts. And cryptocurrency from OnChain should become a unit of payment for these contracts.
Soon OnChain enters into a contract for cooperation with the Wings blockchain project, as well as contracts with economic giants Microsoft and Alibaba.
In August 2017 begins the story of NEO already in its current form with the current name. Da Hongfei carried out a complete rebranding and technical modernization of the project. The rebranding was a huge success, and the price of cryptocurrency from OnChain soared 40 times.
But not without problems. On the fourth of September, the Chinese authorities adopt a package of sanctions laws against cryptocurrencies and ICO. It was a heavy blow, which at the time almost 2 times brought down the course of the brainchild of Hongfei. However, soon the NEO cryptocurrency moved away from the blow and began to confidently win back the lost positions. At the moment, OnChain is actively upgrading the product and simultaneously trying to find a compromise with the Chinese authorities for the legalization and quiet operation of its offspring.

Features and principle of operation NEO

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From a technical point of view, the Chinese cryptocurrency is very similar to Ethereum. The basis of the platform is the construction of smart contracts and their subsequent payment with tokens. Also an important part of the project is the ability to create new technologies based on the platform, as well as easy integration with other services.
Despite the fact that NEO is often called "Chinese Ether" and the fact that the Ether still occupies a higher position in the ratings, the product from OnChain has advantages that the Ether lacks. NEO is much more practical and functional. This, no doubt, opens up the potential to move the Airwaves in the ratings in the near future.
Let's see in detail how everything works. Transactions within the system are possible when paying a Commission. The Commission is paid in-system currency. That is, for the transaction you have to throw in the system additional "fuel". The developers of OnChain decided to create an additional in-system currency, called GAS, as a fuel (a means of paying commissions).
NEO mining is impossible. There is a final coin value of 100 million. 50 million thrown on the market during the ICO. The second half of the developers keep at home. However, GAS mining is possible. However, it occurs when holding coins in a purse. That is, the more tokens you have, the more GAS coins you can get to pay commissions. Today, 2000 coins in the wallet accumulate 1 coin GAS every twenty-four hours. Such mining is associated with the work of the network on the Proof-Of-Stake algorithm. Coins generate themselves. Without the use of farms of video cards and megawatts of electricity.

Like any cryptocurrency, NEO has advantages and disadvantages.
The benefits of NEO:
  • the publicity of the company and experienced team;
  • contracts and cooperation with corporate giants;
  • a wide functionality, much superior to the functionality of Ether (it is difficult for a simple person to understand what the salt is, but for a specialist NEO opens the widest horizons for development and operations);
  • activity in meetings and seminars;
  • active struggle of OnChain for legalization (although there are some problems with this now in China, however, there is a high probability that soon all issues with the government will be settled, which will attract large investors and significantly increase the already considerable capitalization of NEO).
The shortcomings of NEO:
  • all gas storage nodes belong to OnChain, that is, NEO is a centralized structure, although it is served as decentralized, this means that blockchains are in the hands of a narrow circle;
  • OnChain has the technical ability to monitor the transactions of coin owners, transmit information to the authorities, as well as personally block funds in users ' accounts and regulate the rate.
However, there are great economic and technical prospects for the development and increase in the price of the coin.

Difference between NEO and Bitcoin

https://preview.redd.it/qm9q0kmft1v31.png?width=1024&format=png&auto=webp&s=81bc03a4521b12f6e517b9ef8f905d8271041355
The main points that distinguish NEO from Bitcoin:

  • Direct mining of NEO is not feasible, you can only mine GAS to pay commissions.
  • Bitcoin mining depends on the power of the technical base of the miner. The larger the pool of farms from video cards, the more active is the production. In the NEO system, gas mining occurs exclusively due to the presence of coins in the wallet.
  • To organize a large Bitcoin mining requires large purchases of iron and organization of production (supply of high-power power supply line, cooling system, etc.). A direct injection of investment is sufficient for the development of GAS. Each purchased 2000 coins of "Chinese ether" will steadily accumulate exactly 1 coin of GAS per day.
  • Bitcoin has the most decentralized system of blockchains, as opposed to pseudo-centralization of NEO.
  • The processing speed of one NEO block is only 15 seconds. For bitcoin-as much as ten minutes. In the future, it is predicted to accelerate the processing of blocks for NEO to 1 second.
Despite the risks associated with the organization of blockchains, NEO remains a very promising platform in the cryptocurrency market.

NEO storage wallets

On the official NEO website you can find links to the following wallets.
  1. Wallet NEON-Wallet from the group of independent developers City of Zion. Quite good, but the factor of third-party development and the presence of bugs impose their risks.
  2. NEO-CLI. This wallet is recommended only for programmers and people who are good at command line.
  3. NEO-GUI. The best option for the average user. To use it, you need to download the application, synchronize the blockchains and make a backup of the wallet. All. Now you can safely carry out financial transactions using Chinese kryptonite.
There is also the option of storing directly on the exchanges, however it is risky. Also, holding coins on an exchange rather than in a personal NEO wallet will not generate GAS.

NEO: buying and sharing

https://preview.redd.it/5ovlowr3v1v31.png?width=750&format=png&auto=webp&s=ea4c20d0be463cbaaf14846db2355b77975cd296
NEO can be bought and sold on exchanges or exchanged in multi-currency wallets. The most famous exchanges:

  • Bittrex;
  • Binance;
  • CoinSpot;
  • YONBI;
  • JUBI;
  • Yuanbao;
  • 51szzc;
  • Yobtc.
As the value and popularity of NEO increases, a massive increase in trading platforms where you can buy or sell "Chinese Ether" is predicted.

Ways to get NEO

Unfortunately, at the moment there is no way FOR direct NEO mining in the manner of Bitcoins and Ether.
However, there is a way out. NEO cranes can be used. Cranes are resources where the user receives a cryptocurrency reward for performing certain tasks or participating in lotteries.
There is a high probability that if successful in the legalization negotiations, OneChain will provide additional ways to get their tokens.
As you can see, NEO is a very promising and rapidly developing cryptocurrency. And although the Chinese government has created some difficulties, on the example of Bitcoin, we see how high the rate of the crypto currency can rise if the factors interfering with the development disappear. So, the prospects of NEO are optimistic and you can risk investing in them.
submitted by AVAY11 to u/AVAY11 [link] [comments]

Transcript of Open Developer Meeting In Discord - 5/10/2019

[Dev-Happy] Blondfrogs05/10/2019
Channel should be open now
Chill05/10/2019
you all rock!
just getting that out of the way :wink:
Tron05/10/2019
Cheers everyone.
theking05/10/2019
Hi fabulous dev team!
Hans_Schmidt05/10/2019
Howdy!
Tron05/10/2019
No specific agenda today.
Questions?
Has everyone seen Zelcore wallet, and Spend app?
theDopeMedic05/10/2019
Any major development status updates that haven't been listed in #news?
Synicide05/10/2019
How was the meetup yesterday? I heard it would be recorded, it is uploaded anywhere yet?
Tron05/10/2019
And Trezor support on Mango Farm assets?
@Synicide Yes it was recorded. The Bitcoin meetup organizer has the video.
I talked about Ravencoin, but mostly about the stuff that was being built on/with/for Ravencoin.
There was about 70% overlap with folks who were at the Ravencoin meetup in March.
Synicide05/10/2019
awesome, looking forward to watching it when it's available
Tron05/10/2019
I'll hit up James and see if he's posting the video.
S1LVA | GetRavencoin.org05/10/2019
@theDopeMedic I'd follow github if youre interested in development status
Synicide05/10/2019
zelcore looks super slick. Been meaning to research its security more with the username/pw being stored on device
Chill05/10/2019
How is the progress on the restricted assets and testnet coming along? A secondary question would be about the approximate fork timeframe.
S1LVA | GetRavencoin.org05/10/2019
Has anyone heard from the community dev (BW) working on Dividends?
Rikki RATTOE Sr. SEC Impresantor05/10/2019
Any word on BW and his progress w dividends?
@S1LVA | GetRavencoin.org LOL
Tron05/10/2019
@S1LVA | GetRavencoin.org Great question. I haven't heard.
Synicide05/10/2019
last meeting BlondFrogs said he would try to connect with BW as he was sick with the flu at the time. Maybe he has an update
S1LVA | GetRavencoin.org05/10/2019
I've tried to get in contact, but with no success.
Rikki RATTOE Sr. SEC Impresantor05/10/2019
Got a funny feeling...
Jeroz05/10/2019
Last time we left off with someone mentioning a foundation and Tron saying let’s discuss that next time iirc
kryptoshi05/10/2019
Has anyone taken a look at the merits for this proposal? Thoughts? https://medium.com/systems-nexus/modified-x16r-algorithm-proposal-for-constant-hash-rate-in-short-time-164711dd9044
Medium
Modified X16R algorithm proposal for constant hash rate in short time
Interpretation Lens V. a0.01
Tron05/10/2019
I did see it. Does anyone think this is a problem?
Synicide05/10/2019
It looks interesting... but I'm not sure what it is trying to solve. Looking at netstats, our 1 hour average block time is perfectly 1 minute
S1LVA | GetRavencoin.org05/10/2019
Last I heard from him he expressed how important finishing the code was. I wouldnt jump to conclusions on his absence within the community.
Synicide05/10/2019
x16r by nature will fluctuate, but DGW seems to be doing a good job keeping consistent block times
Tron05/10/2019
Because of relatively broad distribution across the algorithms, the block times are fairly consistent. It is possible, but very, very unlikely to get a sequence that takes up to 4x longer, but that's super rare, and only 4 minutes.
We did some timing analysis of the algorithms early on. A few are 1/2 as long as SHA-256 and some are up to 4x longer. But when you randomly select 16 it usually comes out about even.
Synicide05/10/2019
1hr avg: 1.02min - 24hr avg: 1min
I think we should focus on building, and not trying to fix what isnt necessarily broken
Tron05/10/2019
Agreed.
Rikki RATTOE Sr. SEC Impresantor05/10/2019
Agreed
Tron05/10/2019
Is everyone ok with the frequency (every other week) of this discussion?
Jeroz05/10/2019
(Added thumbs down to measure)
Tron05/10/2019
@Jeroz Did you do thumbs-up and thumbs down?
S1LVA | GetRavencoin.org05/10/2019
Seems appropriate. Its not like the devs dont poke around here and chat anyways.
Tron05/10/2019
Anything critical that we should be aware of?
Jeroz05/10/2019
When I need a dev, I poke a dev. When that dev is unavailable. I poke another one :smiley:
Hans_Schmidt05/10/2019
BlondFrogs was testing some github code last month to create a dividends snapshot database of asset holders at a given blockheight. Is that planned for inclusion? That's the only thing needed for dividends.
Jeroz05/10/2019
I hope I didn’t offend any devs
With poking around
Rikki RATTOE Sr. SEC Impresantor05/10/2019
Was thinking voting would be an excellent use case for restricted assets. Local communities, nations, etc... could kyc their residents
radiodub05/10/2019
Is x16r will remain fpga mineable
Tron05/10/2019
@Jeroz We're hard to offend.
Chill05/10/2019
Is the general dev feeling that the next fork should and will include everything needed for the next 6-9 months (barring something completely unforeseen)?
Jeroz05/10/2019
I know :smile:
Tron05/10/2019
@radiodub Nearly impossible to stop FPGAs and still keep GPUs
Jeroz05/10/2019
About that: voting is another hard fork right? Not too soon?
Tron05/10/2019
FPGAs can be reprogrammed as fast. It is silicon (true ASIC) that we can obsolete with a tiny change.
@Jeroz Messaging, voting, Tags, Restricted Assets would require a hard fork (upgrade).
We could do them each individually, but folks get weary of upgrades, so current plan is to roll them together into one.
MrFanelli™05/10/2019
Good idea
Jeroz05/10/2019
Oh voting too?
MrFanelli™05/10/2019
People will like that
Jeroz05/10/2019
I thought that was coming later
Tron05/10/2019
Voting is the one that isn't being worked on now. Tags and Restricted assets have taken precedence.
Jeroz05/10/2019
I know. But you plan on waiting to fork until voting is also done?
That would have my preference tbh
But I can see an issue with too many things at the same time
Tron05/10/2019
If someone wants to step in, we've had one of our devs sidelined and he was working on BlockBook support so more light wallets can connect to Ravencoin. Mostly test cases needed at this point.
S1LVA | GetRavencoin.org05/10/2019
Thats a pretty large upgrade.. Bigger surface for unknowns
Rikki RATTOE Sr. SEC Impresantor05/10/2019
At what point would RVN community consider moving to ASICs because having a Bitcoin level of security would eventually be needed?
MrFanelli™05/10/2019
Never rikki
Tron05/10/2019
@S1LVA | GetRavencoin.org 100% Lots of testing on testnet and bounties.
[Dev-Happy] Blondfrogs05/10/2019
I am here :smiley:
Tron05/10/2019
@Rikki RATTOE Sr. SEC Impresantor There's nothing inherently wrong with ASICs but it tends to centralize to data centers and less opportunity for anyone to just run their gaming rig overnight and collect RVN.
Welcome Blondfrogs
MrFanelli™05/10/2019
Asics are too expensive. If we want normal people to mine, then we cant be an asic network
Rikki RATTOE Sr. SEC Impresantor05/10/2019
@Tron True but what happens when the chain needs a Bitcoin level of protection?
Tron05/10/2019
More GPUs, more FPGAs
MrFanelli™05/10/2019
Nvidia loves ravencoin :stuck_out_tongue:
Chill05/10/2019
ok, so we are pro FPGAs
𝕿𝖍𝖊 𝕯𝖔𝖓 𝕳𝖆𝖗𝖎𝖘𝖙𝖔 CEO ∞05/10/2019
Build it and they will come
Tron05/10/2019
It's all relative. It is cost to attack. If an ASIC isn't available for rent, then only option is rental of non-allocated GPUs
Rikki RATTOE Sr. SEC Impresantor05/10/2019
@Chill Eventually everyone will need FPGAs to be profitable on RVN, at that point I don't see why we just don't make the switch to ASICs
Tron05/10/2019
Also, as much as we don't focus on price, the price does matter because it determines the amount of electricity and hardware will be deployed to get the block reward. Price increase means more security, more mining means more security means higher price.
It's a circle.
Chill05/10/2019
someone tell that to the twitter handler
HailKira05/10/2019
you guys adding seedphrase to desktop wallet?
[Dev-Happy] Blondfrogs05/10/2019
@HailKira We will, just is not a high priority right now.
MrFanelli™05/10/2019
Twitter handle wants rvn ded
Rikki RATTOE Sr. SEC Impresantor05/10/2019
I just don't see much difference between ASIC and FPGA and I'd rather have the added nethash an ASIC will provide once GPUs are virtually kicked off the network
kryptoshi05/10/2019
I'm at 11 GB future proof
Tron05/10/2019
That also limits miners to big money, not gaming rigs.
Synicide05/10/2019
@Rikki RATTOE Sr. SEC Impresantor you have to keep in mind the 'added nethash' is all relative
Rikki RATTOE Sr. SEC Impresantor05/10/2019
FPGAs will limit miners to big $$$ too IMO
Tron05/10/2019
@kryptoshi New algo x16r-12G requires 12GB :frowning:
Seal <:cricat:> Clubber05/10/2019
But sperating smaller gb cards would lead to less adoption if we ever become a mainstream coin.
Adpotion of mining that is
Chill05/10/2019
but we are a mainstream coin
Seal <:cricat:> Clubber05/10/2019
Mains stream as in what eth did
Tron05/10/2019
@Rikki RATTOE Sr. SEC Impresantor I agree. Not a perfect solution.
Steelers05/10/2019
Is this a Dev meeting or Algo meeting :smiley:
Seal <:cricat:> Clubber05/10/2019
But if we ever go mem lane. We should aim for 6 or 8gb.
Tron05/10/2019
Open to other questions.
Rikki RATTOE Sr. SEC Impresantor05/10/2019
@Tron Probably not the time and the place to have this discussion as we stand currently but IMO we're gonna have this conversation for real eventually
Seal <:cricat:> Clubber05/10/2019
Most cards have 6gb now.
kryptoshi05/10/2019
Why 12 gb ? Such a massive jump
Seal <:cricat:> Clubber05/10/2019
^
Would also like to know
Tron05/10/2019
@kryptoshi I was joking. You said you had 11GB card.
Seal <:cricat:> Clubber05/10/2019
Haha
You got em good
I cant imaghine the face he had when he was 1gb short
Lel
Rikki RATTOE Sr. SEC Impresantor05/10/2019
That's what she said
kryptoshi05/10/2019
Hahaha
MrFanelli™05/10/2019
need a 2080ti
Seal <:cricat:> Clubber05/10/2019
How much does the VII have?
16?
[Dev-Happy] Blondfrogs05/10/2019
Any other questions you have for us?
Hans_Schmidt05/10/2019
@[Dev-Happy] Blondfrogs You were testing some github code last month to create a dividends snapshot database of asset holders at a given blockheight. Is that planned for inclusion? That's the only thing needed for dividends.
Chill05/10/2019
a dev might want to contact Crypto Chico for some 'splaining
[Dev-Happy] Blondfrogs05/10/2019
I still haven't contacted the developer that was working on dividends. Was pretty busy with some other stuff. I will contact him this next week, and see where we are at for that.
Rikki RATTOE Sr. SEC Impresantor05/10/2019
Chico doesn't do interviews, shame. Tron would be a much needed interview for his community
[Dev-Happy] Blondfrogs05/10/2019
As far as releasing dividends, I can be released at anytime the code is finished and doesn't require any voting or hardfork to occur
kryptoshi05/10/2019
Android asset aware wallet?
Seal <:cricat:> Clubber05/10/2019
Is in beta right
Tron05/10/2019
Testing went well today on Android. Nearing release.
[Dev-Happy] Blondfrogs05/10/2019
as it is a mechanism that is wallet specific
liqdmetal05/10/2019
no protocol level dividends you guys are saying?
[Dev-Happy] Blondfrogs05/10/2019
correct
Tron05/10/2019
DM me if you want to test Android with Asset support. I'll send you the .APK.
Rikki RATTOE Sr. SEC Impresantor05/10/2019
RVN gonna be on tZero wallet? :yum:
liqdmetal05/10/2019
why not? what is the logic on non-protocol dividends
assets + protocol dividends is nirvana
[Dev-Happy] Blondfrogs05/10/2019
dividends is pretty much sending payments to addresses. Right now, you would have to do this manually. The dividends code, will allow this to be done quicker and easier.
No consensus changes are required.
Tron05/10/2019
New Android wallet is BIP44 and original Android wallet is BIP32/BIP39 so the words will not find the funds. You'll need to send them to another wallet, and then send them to new BIP44 derived address.
liqdmetal05/10/2019
we already have payments to addresses
so dividends is not a feature so much as simple wallet script
Hans_Schmidt05/10/2019
@[Dev-Happy] Blondfrogs The dividend code changes look risky'er to me than messaging. Would you consider "tags" branch test-ready?
[Dev-Happy] Blondfrogs05/10/2019
Not yet @Hans_Schmidt
Dividends is easier then you would think if coded correctly. I still haven't seen the code from the community developer. Excited to view it though.
Hans_Schmidt05/10/2019
@[Dev-Happy] Blondfrogs Sorry- I meant restricted, not dividend
kryptoshi05/10/2019
@Tron on the Android wallet, anyone successfully added their own node and got it to sync faster? Always have issues. I have a supped up node and cannot get it to work with the Android wallet...
[Dev-Happy] Blondfrogs05/10/2019
@Hans_Schmidt Oh, that makes more sense. Yes, they are very risky! That is why we are going to create a new bug bounty program for restricted assets testing.
Rikki RATTOE Sr. SEC Impresantor05/10/2019
Once the network does get flooded w FPGAs, should we even consider changing the algo a couple times a year? That would only give bitstream developers added time to hoard their creations for themselves
Kind of like they're already doing with their x16r bitstreams :yum:
kryptoshi05/10/2019
Flooded... lol... like that hardware has mass production scale like gpus...come on dude
MrFanelli™05/10/2019
Bip44 wallet? :smiley:
Rikki RATTOE Sr. SEC Impresantor05/10/2019
@kryptoshi Eventually yes, where there's $$$ to be made, people make things happen
MrFanelli™05/10/2019
So can we trade from that in the new Binance Dex when RVN get listed?
kryptoshi05/10/2019
@Rikki RATTOE Sr. SEC Impresantor Yes Soon TM lol. :soontm:
Tron05/10/2019
@kryptoshi There are some things we can do to speed it up. For a new wallet, it shouldn't need to sync. For recovered wallet, it needs to sync from beginning of BIP44 wallet support on iOS so words can be moved between the two.
Other options include grabbing the first derived address and looking it up on an explorer to see when it was first used and sync from there.
Another option is to add an optional number with the 12 words so it knows when to start syncing.
There isn't a good reason on an SPV wallet to sync before the seed was created.
kryptoshi05/10/2019
Cool. Glad you are looking at speedup options.. :right_facing_fist: :left_facing_fist:
[Dev-Happy] Blondfrogs05/10/2019
@MrFanelli™ If the binance dex support RVN deposits. I am sure you would be able to send from it
MrFanelli™05/10/2019
Has binance reached out for any info or anything?
I seen that we ranked in some voting competition they had on twitter
for an ama
Rikki RATTOE Sr. SEC Impresantor05/10/2019
I believe we'll need to create a fund of approximately $300,000 in order to get a BNB-RVN asset created and listed on the Binance FDEX
[Dev-Happy] Blondfrogs05/10/2019
In order to work with binance we need Ravencoin integrated into Blockbook.
Tron05/10/2019
@MrFanelli™ I've reached back out to Binance on the AMA.
MrFanelli™05/10/2019
Awesome :smile:
kryptoshi05/10/2019
@Tron you are a natural on the interviews... cool as a cucumber. :sunglasses:
Tron05/10/2019
Thanks @kryptoshi
[Dev-Happy] Blondfrogs05/10/2019
Cool. We are done for today.
Please don't ask us any more questions :smiley:
Tron05/10/2019
Thanks everyone!!!!
[Dev-Happy] Blondfrogs05/10/2019
Cya everyone!!
S1LVA | GetRavencoin.org05/10/2019
Cya happy feet, Thanks
Thanks Tron
Seal <:cricat:> Clubber05/10/2019
:bepbep:
submitted by mrderrik to Ravencoin [link] [comments]

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