Written by Shuyao Kongsubmitted by CoinExcom to btc [link] [comments]
Published by decrypt.co
An interview with Haipo Yang, a crypto OG who’s trying to reposition his Bitcoin Cash-based CoinEx exchange. And more, in this week’s da bing.
Haipo Yang, founder of ViaBTC, one of the largest mining pools in the world, and CoinEx, a crypto exchange known for its focus on Bitcoin Cash-based trading, is a well-known but relatively quiet character in China’s crypto circle. Typically, Yang doesn’t talk that much about his journey launching the mining pool, nor about CoinEx, which launched in December 2017.
And he almost never speaks about his fervent support for BCH, a hard fork of Bitcoin, and his now even more enthusiastic belief in BSV.
Yet that’s changing of late. Yang has been more active in recent months, participating in interviews about CoinEx and tweeting more frequently on Weibo, China’s Twitter. He’s been making controversial statements predicting the death of BTC, while supporting BCH and BSV on social media.
Recently, Yang told me that as a developer rather than a business person, he’s never been comfortable speaking in public. However he’s making an effort now to help publicize his renovation of CoinEx. So, for this week’s da bing, I decided to chat with him and get a peek into the mind of a veteran crypto entrepreneur who’s trying to make a personal, as well as a platform, comeback.
CoinEx’s golden opportunityThe first hard fork of Bitcoin occurred in August, 2017 and created a new cryptocurrency called Bitcoin Cash. The fork was prompted by partisans, including Yang, who wanted bigger block sizes on the blockchain — the basic idea was that bigger blocks would enable more transactions per second and make Bitcoin Cash something people would actually use to buy things, rather than Bitcoin’s more commonly perceived use as a store of value.
Yang added a tremendous amount of value to the mining scene in China. As a technical founder with has years of experience in big tech firms such as Tencent, Yang is proud of his #buidl skills. He developed most of the code in the early days of VicBTC, which became one of the biggest mining pools to this day.
Not satisfied with owning just a mining pool,Yang conceived of CoinEx, which was born in December of that year, specifically to carry on the mission of the newly forked Bitcoin Cash blockchain. As he got swept up in Bitcoin Cash enthusiasm, he even said that “BCH is bitcoin.”
CoinEx’s strategy was BCH-focused from day one; BCH was its base currency, meaning you could use it to buy and sell other currencies, such as Ethereum and Litecoin.
Interestingly, Jihan Wu, the co-founder of Bitcoin Exchange — himself a famous BCH supporter — was a big investor in the exchange. That made me wonder why he, Yang, and many other OG crypto miners, were so passionate about BCH. Was it just about bigger block sizes?
“Bigger block size means more users and use cases,” Yang explained. The move to bigger block sizes was attractive to miners because they would facilitate more transactions. Miners make money on transaction fees, as well as mining blocks. Likewise, the network would arguably be more useful to people, who were looking for digital cash for every day use.
That especially resonated with many early hardcore Bitcoiners. Said Yang: “We really believe that Bitcoin should be a P2P cash vehicle rather than a store of value.”
This view probably sounds outdated to people who believe that Bitcoin’s value as cash is long gone, with solutions such as Lightning Network fulfilling that role. Instead, the new narrative for Bitcoin resides in its value, rather than utility. Yet Yang believed that the forked network would create far more opportunity
“We could invite influential companies to establish nodes and contribute to the network. This cannot be done with the original Bitcoin architecture,” he said.
CoinEx pivotsBut from its inception, CoinEx struggled with adoption and was dwarfed by the bigger exchanges. Part of that had to do with the fact that BCH and “Bitcoin Satoshi’s Vision,” another Bitcoin hard fork, were both controversial. Critics pointed out that these networks are centralized in a few big mining pools, and 51% attacks are not out of the question.
So over time, though Yang’s exchange still maintains strong support for BCH and BSV, it began to add support for all the major currencies.
Finally, in January of this year, it announced a major upgrade, of… well, just about everything. It started to offer futures trading, leveraged trading, options trading, and over 100 token projects available to traders. It even rolled out its own blockchain, “CoinEx Chain” to support a new DEX, “CoinEx DEX.”
The seemingly sudden publicity of CoinEx should not come as a surprise, then. As BCH/BSV was being marginalized, Yang shifted his focus. He’s now trying to ride the wave of building a bigger, more dynamic exchange.
“Crypto exchanges are where value is discovered,” Yang told me.
CoinEx: TNGBuilding an exchange isn’t done overnight, nor is re-building one. CoinEx is still competing with the giants such as Binance.
However Yang thinks his exchange will thrive by zigging when his competitors zag. As usual, CoinEx is taking a slightly different route, he told me.
Like what? “We will be listing 小币种,” he said, using the expression for “small token projects.” I cannot help but wonder if these “small token projects” are simply shitcoins, the trading of which is certainly not new.
Indeed, Yang said that he’s banking on the success of his new, public blockchain. “We are building a CoinEx Chain, a layer one protocol for DEX alone. Using our public blockchain, anyone can issue any token, at any time,” he said. He described the blockchain as “a real decentralized, token-issuance and transaction platform.”
This is the core of Yang’s plan and vision. He believes that centralized exchanges will be a bottleneck for crypto adoption because it contradicts crypto’s nature as a completely free and open infrastructure. Essentially anyone should be able to launch a token and trade it with anyone. Only by building DEXes can we achieve full decentralization, he says.
The Religious nature of Bitcoin, and forked BitcoinIt’s his belief that Bitcoin should adhere to Satoshi’s original vision that led Yang to send yet another controversial tweet last week, which I will translate: “The early days of Bitcoin expansion are similar to religion. The religious fervor brings prosperity to the industry.”
By extension, Yang believes that the next generation of Bitcoin should provoke a similar “religious” fervor. That’s why he has slowly become more of a BSV advocate than a fan of Bitcoin Cash. Yang believes that “BSV has more religious connotations, despite its negative image.” (As most crypto people know, the controversial Craig Wright, who claims to be Satoshi Nakamoto, led the hard fork which created BSV. Consequently it is often met with skepticism and derision.)
“The early days of Bitcoin expansion are similar to religion,” said Yang. “The religious fervor brings prosperity to the industry.”
Crypto is famous for its tribalism. Many people choose one camp over another not for practical reasons but because of simple faith. Talking to Yang and reading his tweet brings a historic texture to the Bitcoin narrative. But crypto cannot survive on religion alone. One has to build. Hash might have been worshipped in the old days but now the crypto religion is all about the size of the congregation.
Click here to register on CoinEx!
Hey, all!submitted by Changehero_io to cardano [link] [comments]
We have compiled an article about Cardano. The main motto of this post is to give a quick summary of Cardano to the users. Please feel free to comment your opinions, views and spark a discussion. It would help us in delivering better content. Thanks in advance.
Cardano: Blockchain 3.0https://preview.redd.it/d456rnf9vmj41.jpg?width=1903&format=pjpg&auto=webp&s=bc002560fe2670cab1e103ad73093026f8515b5f
Cryptocurrencies came into existence to eliminate the need for middlemen while transacting value from one to another. Satoshi Nakamoto was able to achieve this with the help of Blockchain technology. Though it gave the world Bitcoin, it was confined just to payments and hasn’t evolved to a greater extent. Ethereum exploited the blockchain technology and introduced the revolutionary smart contracts. Though this marked the beginning of the second generation of the blockchain, some challenges were left unsettled. Cardano took a distinctive approach in fixing the persisting issues by building on the already existing things that made sense and adding sustainable features with the help of new technology and innovation. In this post, ChangeHero will introduce give you a quick summary of Cardano.
Cardano is a decentralized blockchain aiming to build a platform for the development of DApps and verifiable smart contracts. Dubbed as the third generation of the blockchain, Cardano aims to fix the pestering problems like scalability, interoperability and sustainability. Charles Hoskinson, Ethereum’s co-founder launched Cardano in the year 2015. Additionally, three organizations support and contribute to the development of the ecosystem. Cardano Foundation, a non-profit organization based in Switzerland, oversees and supervises the development of the ecosystem. Input Output HK (IOHK) is an independent firm contracted to carry out the designing and building of the network. Finally, Emurgo is employed to boost adoption through its commercial ventures.
It is the first blockchain which is based on scientific philosophy and developed by academics and engineers around the world. Unlike the traditional cryptocurrency projects, Cardano did not start with a whitepaper, instead, it began with a set of principles. Cardano is a multi-layered protocol — Cardano Settlement Layer (CSL) used to settle transactions of ADA and functions similar to other networks for recording the transactions. The second one is called Cardano Control Layer (CCL) and used for smart contracts. This strategy of using different layers enables storing of metadata separately and strengthens the security of the network. The platform uses Haskell coding language and the smart contracts to be coded in Plutus. In addition, Marlowe, a new language, designed specifically for the freshmen in development to build financial instruments like smart contracts. These are functional programming languages which strengthen the security and accommodates for quick changes in case of future updates.
Scaling with Ouroboros
Scalability is a baffling issue that all the cryptocurrencies face. Cardano network itself was built in a layered structure to cope with the scalability issues. As explained earlier, transactions and smart contracts take place on different layers and the information will not be shared from one to another. In addition, Cardano tackles this with a modified version of Proof-of-Stake consensus called Ouroboros, a Provably Secure Proof of Stake. Unlike Bitcoin, all the nodes in Cardano are not required to have a full copy of the blockchain. Instead, a slot leader brings all these nodes together in the process of reaching a consensus. Though full nodes like Daedalus wallets can reach consensus, only slot leaders are capable of creating and adding a block to the chain. In Ouroboros, time is divided into Epochs which further sectioned into slots. These slots are short periods of time which usually last for 20 seconds. Each slot will have its own slot leader who works similar to miners and responsible for confirming the transaction and adding blocks to the chain. They can create not more than one block per slot and the transaction fees along with the block rewards of the epoch will be pooled together and distributed to these leaders and further to the stakeholders.
Theoretically, even a user holding 1 ADA can become a slot leader but the probability is quite low. At the moment, there is no accurate figure of ADA to be staked to get a chance to add the block. We’ve also been hearing that it would be somewhere between a million and two million ADA to become a slot leader. But it's clear that the higher the stake, the higher the chances of becoming a slot leader. These qualified candidates are considered electors for the next epochs. Elections will be held by a random number generation method and the owner of the coin becomes a slot leader for the next epoch. Cardano has also adopted the RINA (Recursive Inter-Network Architecture) to improve the scaling. On top of this, the team is inclined towards Partitioning in which users can have only a chunk of blockchain and aiming to achieve this through side chains.
Interoperability with Side Chains
Even in 2020, it is difficult for different blockchains to understand each other and even tougher to communicate with traditional financial services. Though cryptocurrency exchanges bridge the gap, they are vulnerable to attacks and can be influenced by regulatory policies. Cardano envisions to build the Internet of blockchain and enable users to perform cross-chain transactions with the help of side chains. Cardano supports the Kiayias, Miller and Zindros (KMZ) proofs of proofs of work to allow for the movement of funds from the CSL to CCL and other blockchains as well. Moreover, Cardano is also working on a mechanism to incorporate the Metadata into the transaction in an encrypted manner.
There are a ton of projects in the blockchain space. To stay alive in this red ocean, continuous innovation and a robust governance system are a must. Sustainability lies right in the core of Cardano. The ecosystem has a grants fund called Treasury. Whenever a block is added to the chain, a part of the reward will be added to the Treasury. Someone who intends to develop the platform can submit a ballot for a grant which will be decided by the stakeholders through voting. As the network grows and the transactions increase, and the funds in the treasury keeps on filling up. This results in the availability of funds all the time for the development of the network.
In addition, the network will use Liquid Democracy for governance providing more room for the stakeholders. Furthermore, the team aims to build a constitution for the protocol to avoid any unintentional hard forks. Cardano follows a timeline in the form of eras to deploy vital upgrades to the platform. On February 20, the team has successfully completed the OBFT hard fork, a pre-planned one. It is a development over the already existing consensus mechanism, Ouroboros Classic. With this planned upgrade, Cardano has begun the transition to the Shelley era which focuses on the community and decentralization.
ADA is the native cryptocurrency of the Cardano network. The sole purpose of the Cardano is to enable a true peer-to-peer payment with the help of the ADA digital currency. Simply put, ADA can be used to transact value across individuals without any middlemen. It does allow the developers to create smart contracts and also provides voting rights to the holders for governance. Furthermore, the team specifically designed the Daedalus wallet for holding and transacting ADA. Nope, not going to discuss pricing here)
Despite the criticism for its consensus mechanism and delays in the network upgrades, Cardano is delivering on what it promised. With all being said, Cardano is a unique project which is delivering the best by fusing in the essentials from the existing chains and adding sustainable features through innovation in a scientific approach. For the Blockchain 3.0, the best bet would be to wait for the future upgrades and witness how things unfold.
Finally, a big shoutout to the Cardano community on Reddit for their comments and feedback on the article.
Upvote and comment if you have enjoyed the article. As always, follow ChangeHero here for more of such informative and interesting articles on crypto.
Edit: Made changes as per the feedback to make the content more accurate. Edited the original article published on Medium as well. A big thanks to all of you guys.