It is our privilege and great pleasure to host this AMA in honor of the distinguished guest, Haipo Yang, the founder and CEO of CoinEx. We would avail ourselves of this opportunity to extend a warm welcome to you all. It is such a delight to have our users in Telegram!
Here are questions we’ve chosen, can’t wait to share with all of you.(some questions may be edited slightly for grammar and readability.)
AMA Highlights
Q: What are your thoughts on Bitcoin Cash (BCH) after the 15 November 2018 fork and split?
A: Compared to the BCH hard fork from BTC in Aug 2017, I think BSV fork is a scamming conspiracy led by a con man. The difference between Bitcoin Cash and Bitcoin SV is more like Science vs Religion. I am all for Bitcoin Cash.
Q: The “Bitmain-led investment” phrase was deleted from the app. Is the relationship with Bitmain over?
A: No. Bitmain is our strongest ally. We removed the phrase because we want to show a more independent stand in the market.
Q: What exactly went wrong at the end of last year? Could you give us some details?
A: We’ve been through a tough time in the past few months. But lucky for us CoinEx didn’t collapse and our core team have confronted the challenge. In October last year, the EXTRA project was exclusively released for trading on CoinEx. Due to the major market fluctuation the EXTRA token saw sudden and obvious plummeting price soon after the listing and the project went through criminal investigation, implicating CoinEx. The Chinese gov and police know little about the industry and they mistakenly compare us to traditional scamming exchanges like postal ticket exchanges, oil exchanges, art pieces exchanges which turns out to be wrong. But the tricky thing is in China’s legal system you are “guilty until proven” while in the US you are “innocent until proven”. (interesting data: in China 90% criminal suspects in China will be “arrested” before any charges and in the US only 10% suspects charged with felony will be arrested). It’s been hard time but I believe what doesn’t kill you makes you stronger.
About CoinEx
Q: How big is the current dev team? Is the office only in Hong Kong?
A: There are 25 members on our team and we plan to expand the number to 50~60 before Q2 and 70–80 within 2019 to meet the demand of R&D, Operation, Market and Customer services. Mainly we base in Shenzhen and Hong Kong, and we will set offices in Silicon Valley and Singapore.
Q: Any part-time positions for a non-developer at CoinEx? What can I do to get involved with the CoinEx team?
A: CoinEx Ambassadors is available for application. In the future, we plan to have more cooperation and connection with our Ambassadors with rewarding plans. Meanwhile, since most of the projects are open-sourced on our platform, CoinEx Foundation, community and super nodes too will be open to everyone.
Q: Is CoinEx truly 100% coin reserved? Any asset pledge on the trading platform?
A: Definitely. All coins/tokens on CoinEx is 100% reserved. It was, is and will always be this way. We will never use these assets for any other purposes or investment.
About CoinEx Token
Q: What about the arrangement for CET repurchase and burning?
A: We will repurchase and burn a batch of CET at the first working day of each quarter. Please refer to our announcement for details.
Q: What is the circulating supply of CET now?
A: Issued in Feb, 2018, 1.5 billion CET were given away as airdrop incentives before July. From July to Oct, 2018, another 2 billion CET were mined in Mining series promotions. We have been repurchasing CET and will carry on with plan to burn more CET. For the time being, the circulating supply is about 2.5 billion after repurchase and burning.
Q: Since the CET reward of Ask/Bid mining is reduced, will you increase the reward in the future? Are there any planned marketing activities to attract more users?
A: The Ask/Bid mining brought good liquidity to CoinEx but still not good enough. We now have built up our own market making team to support liquidity. The market making system will be online at the end of this month and when it becomes more mature, we’ll cancel the current Ask/Bid mining.
Q: Why did you close CET Market? Will you open it again?
A: The CET price saw big ups and downs in the past few months and therefore the lack of stability is not able to support the CET market. But we will reopen the market when CET value becomes more stabilized.
Q: Do you plan to list CET on exchanges other than CoinEx?
A: I’m afraid that we will not contact any other exchange to list CET — It will be listed when the market is ready and CET receives more recognition.
About CoinEx Chain
Q: What is CoinEx Chain?
A: CoinEx Chain’s is a public chain built for the decentralized exchange, developed by a professional and experienced blockchain R&D team. The POS consensus mechanism adopted ensures transaction confirmation within seconds and supports a processing capacity of up to 10,000+ transactions per second. Looking forward, CoinEx Chain will be able to support smart contracts with more diversified features via side chains and connect to mainstream public chains via cross chains. CoinEx Chain aims to build a fully open and decentralized ecosystem and to be a better public chain. For more: www.coinex.org
Q: Will both the CENTRALISED and DEX (Decentralised) Exchanges be operational at the same time. If yes, what will be the staff strengths and Security assurance of the websites?
A: We will run both centralized and decentralized exchanges at the same time because they are complementary. Centralized exchanges will focus on matured crypto assets and will support lending products, derivatives trading in the future and I believe it is so far the best cross-chain solution. DEX is like an independent ecosystem and will be able to support more types of tokens, eg. STO without permission.
Q: What role will CET play in the new decentralized exchange as “gas”?
A: The mechanism is similar to ETH. All user operations on CoinEx Chain will require a little amount of CET as fees or gas. Also, users may invest CET into the project they like. Besides, by adopting POS mechanism, users need to hold and lock enough amount of CET to generate nodes.
Q: Is there a Roadmap for CoinEx Chain?
A: We plan to launch the test net in Q3 and mainnet in Q4 this year. We will release the white paper as well as the roadmap of CoinEx Chain later and build a CoinEx Chain forum to publish the updates. You can subscribe the via email too: www.coinex.org
Q: How about the vulnerability when the test net was online? Will there be a bug bounty program?
A: We plan to launch test net in Q3 this year and CoinEx Chain will be operated by CoinEx Foundation with open-sourced development. Also we’ve got a rewarding plan for CoinEx Chain developers.
Token Listing
Q: Any plan to list new coins/tokens?
A: Sure. To begin with, we will sift out mature blockchain projects according the following factors: Market value, liquidity, team, tech background etc, and list more coins/tokens in the future, especially the ones in Top 50 on CMC. As for token listing applications from new teams or exclusive listing, CoinEx labs will make a thorough assessment on their team, roadmap, degree of decentralization etc and select the quality coins/tokens for CoinEx users.
Q: Is there an estimated date for IOTA listing?
A: Yes. Well, there are quite a few coins/tokens in our library and it will take longer to develop and test for public chains. Please be patience and we will keep you updated.
Q: Any plan for VIAT?
A: We(ViaBTC) will strictly follow the white paper and continue to carry out quarterly buyback and burn. VIAT has seen tremendous market fluctuation since it launch and didn’t have good enough performance. We also didn’t see expected incentives for miners that’s why we stopped the duo-mining. We will make some adjustment on VIAT to ensure investors’ interest. Please follow our official announcement.
Suggestions & Questions
Q: If a user accidentally sends unsupported ERC20 tokens to a CoinEx deposit address, the assets will currently be inaccessible and remain on that address. Can you give us a service or tool (paid or free) to recover those tokens? Or will those tokens be available in the new DEX?
A: Please do make sure to triple check your address before deposit. Since it takes a lot of time and effort to help users get back the wrongly deposit assets, we are afraid that we could only assist you when the amount is over a certain amount (Usually 1000+ USD) and fees will be charged for the assistance (For instance 10%).
Q: What about the progress on Margin development? Can you share with us why it is delayed?
A: Our perpetual contracts is under the final testing and is expected to launch in two months and later we’ll have lending product. The incident last year had big impact on our business but we have regained our pace.
Q: Will it be possible for users to purchase/buy BTC in COINEX EXCHANGE with Debit cards, Money gram, PayPal etc?
A: We don’t have plans to support direct deposit of fiat. We have an OTC feature but now only available for trading between CNY and cryptos. We’ll upgrade the feature in Q2 and support more languages as well as fiat types. And we will work with third parties to support crypto purchase with credit cards.
Q: Will you relaunch Accelerator (IEO) in the future?
A:We introduced the Accelerator once to help blockchain projects move forward. And there are plans to resume it, stay tuned for further updates in our announcements.
Q: When will the dark mode be adding to the mobile apps?
A: Thank you for the suggestion. It will be released in App as scheduled.
Q: Can we expect you’d do AMA every time when you released a significant announcement?
A: As much as I’d love to do so, I can only promise to be close to the community, share more thoughts with y’all whenever I’m available and answer as many questions as I can. Please feel free to get in touch with my team — these excellent young members will be at your assistance.
There you go. All chosen questions from this week’s AMA with Haipo Yang. All participants will be appreciated!
