CoinEx VP Eddie Jiang Joined Crypto Asia Summit and Gave a Keynote Speech : The Future of Exchange
Eddie Jiang, VP of CoinEx, was honored to be invited to speak at the Crypto Asia Summit. The summit, organized by ChainTalk, brings the smartest minds and top projects in the industry together. It runs from 18–23 May and is completely free.
To watch Eddie’s speech, please visit https://www.chaintalk.tv/watch/eddie-jiang/.
Eddie gave a keynote speech of “The Future of Exchange: from CEX to DEX”. During his speech, Eddie shared about his opinions of shortages and difficulties faced by centralized exchanges (CEX), and why he believed that decentralized exchanges (DEX) are the future.
Eddie first introduced the products and services provided by the ViaBTC Group, as well as the development history. He believes that 2020 will witness the continuous explosion of Defi applications, and Defi will embrace a faster growth than 2019. That’s why CoinEx Chain was launched, a financial infrastructure, to empower Defi applications’ development and popularization. Besides, on November 11, 2019, CoinEx took the lead in launching the Mainnet of CoinEx DEX.
People may ask, why CoinEx, as a CEX, bother to develop a DEX?
According to Eddie, there are three reasons. “First, many people in the world still do not have access to financial services, and the high financial service fee is one of the obstructers. According to the World Bank, 1.7 billion people globally remain unbanked, yet two-thirds of this population own a mobile phone. Any institution or company providing low-cost fin-tech services will have a change to acquire the large number of users and occupy this huge market.”
The second reason is that exchanges always face many challenges and difficulties, including security and high management costs.
The last reason is global regulatory policies. “Every time a centralized exchange operator enters a country, it needs to adapt itself to local regulatory policies for compliance. This is a holdback for any exchange’s rapid market expansion globally,” Eddie explained.
Though these problems can be solved by DEX, DEX is still a minority in terms of volume, and most of the DEX are still CEX. “There are at least 3 core requirements that an exchange must meet before we should consider it ‘decentralized.’ It must be non-custodial, be on-chain protocol, and be permissionless.”
Moreover, poor user experience and low trading performance are also holdbacks for the development of DEX.
In order to solve the above deficiencies, CoinEx developed CoinEx DEX independently. Compared with its counterparts, it has the following strengths: decentralization, extreme performance, and easy use.
Eddie said: “CoinEx DEX is a true DEX that can meet different requirements. Statistic is the best proof. Nearly 700 tokens have been issued, the number of activated addresses has exceeded 100,000 on April 23, 2020, and it has passed 300,000 till today. ”
He also revealed CoinEx’s plan in 2020. According to him, CoinEx would launch the Mainnet of the Smart Chain to build a programmable trusted network and an efficient smart contract platform. At the same time, they would also begin to explore solutions to tackle the problems of privacy and security.
In conclusion, Eddie believes that no matter CEX or DEX, the service it provides ultimately meets the demand for transactions. “In the future, the financial industry of human society will be reconstructed because of the blockchain. The transaction is the most basic need and will be the core function of the blockchain. We can foresee that in the future, any kind of privilege can be tokenized and can be freely traded, and users can truly control their assets and trade through private keys. At the time, the DEX in the real sense can promote the realization of the above scenarios.”
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