DAEX: The Fast Establishment of Technological Barrier is the only way to dominant the market
On November 3, 2018, Zhang Hua, the Co-founder of DAEX, was invited to INDOCOMTECH Conference in Jakarta, Indonesia. In the conference, she delivered a speech on the theme of “BLockchain is the future”. At the roundtable meeting, She shared the path of the development of DAEX, and further discussed the development of blockchain technology and future application with a number of high-quality blockchain project managers and several participants.
Highlights of the speech and roundtable discussion
What is the essence for the future development of blockchain?
Hana Zhang: Mining machines and chip manufacturers are still the core industry For example, companies like Bitcoin and Bitfury have already reached the size of IPOs listed on the Hong Kong Stock Exchange or other major stock exchanges, and their valuation is reached to the scale of the Internet Unicorn in just 4 to 5 years, thus attracting the broad attention from finance and technological realm of both inside and outside of blockchain industry.
The production of mining machines is not only the underlying foundation of the blockchain industry, but also the top of the industry’s “food chain”. It is also the channel for the blockchain to connect with the real economy. The exchange is another core that is generally recognized in the blockchain field, because it is the hub of traffic convergence, and also another infrastructure of the industry. It is the first segment of the implementation of regulatory details as well.
There are some commonalities between miners & chip manufacturers and exchanges, and these include high-tech thresholds (not including small exchanges that do not know about the technology), high risk, high professionalism, and high returns. These are why many people want to do these two areas, and why so few real head companies.
However, in order to be successful, it most relies on persistence in spite of the rightful direction, the rightful team and some luck. From exploring the technology of centralized trading since 2015, to current revolutionary decentralized exchanges and asset custody, clearing, DAEX adheres to make best and the most secure product in the mission statement of revolution. DAEX believes that fast establishment of technological barrier is the only way to dominant the market. Now, one of the top ten trading platforms in the world, the largest exchange in Indonesia, the licensed exchange in Thailand, and some well-known cryptocurrency funds are all DAEX partners.
DAEX has proved in practice that there are many ways to protect the exchange from becoming a hacker’s ATM machine, including protecting the assets of users and investors, and at the same time not having to spend a lot of time and energy to solve the asset storage problem personally, to seek the balance between centralization (efficient and centralized) and decentralization (fair and inefficient) such as the “distributed trading system” that combines centralized trading with decentralized custody and clearing.
What kinds of challenges have your team encountered during the startup phase?
Hana Zhang: For our team, the hardest part is probably working with a group of the smartest people!
Most people who enter the blockchain field in the early days are very smart and intelligent. Of course, they also have enough courage. This is a recurring situation: a group of the brightest people “arguing” together, arguing about the main product or function of the next quarter, or what are the problems in the industry, or what do communities and users need?, or does the hardware wallet make sense?, or what kind of hot and cold wallet and risk control system do the exchange need? …
Because of this, today’s DAEX’s centralized trading system, risk control solution, distributed trading system, distributed clearing public chain, full asset wallet, being produced hardware wallet and, etc. are exist. Every product is the result of a “competition” won by different partners.
How do you see Indonesian market?
Hana Zhang : As one of the largest economies in Southeast Asia, even though Indonesia has just started in the blockchain sector, it has shown unlimited potential. This feeling is very similar to the Chinese blockchain industry more than a year ago. Although only a small group of people are concerned about the blockchain, they are the most energetic group of people. Every time they share the cutting-edge technology and dynamics of the blockchain industry, you can see the enthusiasm from the listener’s eyes.
The DAEX team is happy to work with the best teams in different markets, and we are to do so in Russia, Japan, Korea, Thailand, Malaysia, Australia, Vietnam and etc. In Indonesia, we have been working closely with Indodax.
What makes DAEX team stay competitive?
Hana Zhang : Always do the right thing.
This is probably the hardest thing, because every decision consumes a lot of capital, resources, time and human effort. But our team’s stock market background, security professional background, banking and consulting background, digital asset wallet and management operations experience have greatly reduced our chances of detour. Therefore, we can feel the pain points of the industry and the needs of users ahead of time. When a trend comes and the user realizes that he needs a product, we are ready to wait for him.
How do you see the regulations of different governments on the blockchain industry? It seems like have a great impact on the assets price of the industry.
Hana Zhang : I used to spend a year and a half to get to know the policies of various countries. I found only one thing: like the Internet and the Chinese A shares in the 90s, the early stage of an industry, there is no regulatory certainty in the early stage of an industry. What we can do is not to do things beyond the limits, but always insist on the persistence of innovation. Every government is actively embracing blockchain technology. It is economic risk to worry and prevent.
If you are doing the right thing, what are you worried about?
If you want to find more about the speech and the discussion, please login to https://tinyurl.com/yb4nnglp and watch the video again.
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