Hydax Interview with RenrenBit — 2020 The Leading Power of Data Transparency

FCoin’s failure has made users worried about the security of the exchange. Behind the confusion and crisis is the extreme lack of trust system. The voice of supervision and transparency from all walks of life are getting higher and higher.

The topics are almost all about “where are the new opportunities this year and what are they?” However, there are no fundamental values ​​of non-evil industry value and enterprise value as the cornerstones. And the industry is in profound disarray nowadays. On February 27, RenrenBit CMO Zi Cen was invited to visit Hydax live room of Stellar digital asset trading platform, and talked with Hydax COO Jay Chen about the bright future of the blockchain and analyzed the assets raised in the all-encompassing currency circle. The power of transparency. Let’s review this wonderful live AMA now!

1. Could you please introduce yourselves?

Hydax Exchange COO Jay Chen: Hey, hello everyone, my name is Jay Chen, COO of Hydax Exchange. I have lived in the United States for nearly ten years and have a master’s degree in financial engineering from the United States. I started my own business after graduation, I also did senior data analysis in a global Fortune 500 company. I entered the blockchain industry and worked as a senior manager in Krypital Group after 2017.

At the end of 2018, Hydax Exchange received investment from several famous investment institutions such as CollinStar, Krypital Group, Genesis Group, and Pcoin. After an adjustment period, I gradually fell in love with this team and the infinite potential of the exchange field, so I decided to join the Hydax team as a partner and COO of Hydax.

RenrenBit CMO Zi Cen: Hello everyone, my name is Zi Cen. I am the CMO of Renrenbit and the founder of Hellopool. Before entering RenrenBit, everyone knew me more through EOS.

My team and I have always been good at community operations, so since joining RenrenBit in the second half of last year, I hope to make RenrenBit to further improve community operations, because RenrenBit products are very strong. RenrenBit can put the 100% reserve from the beginning to the end, and it is completely open-source. Their technical strength and product strength are very strong, and I have more experience in the community, so I Came to RenrenBit to start working as CMO and focus on the market.

2. Could you introduce Hydax Exchange for us? How do you describe the team?

Hydax Exchange COO Jay Chen: Hydax is now headquartered in Singapore and has branches in the United States, Taiwan, Vietnam, and South America, with a global team background and positioning. Hydax has active communities in Russia, South Africa, the Philippines, Vietnam, and Indonesia. In just a few months, the actual number of people in the official Hydax Telegram community has broken through 10,000, and it keeps growing.

Hydax’s core team is composed of a group of believers who are passionate about cryptocurrencies. More than 80% of its members have master’s degrees or above from prestigious universities and have related education backgrounds in technology, finance, and marketing. Based on their extensive industry experiences, Hydax has formed a globalization team and integrates a variety of resources from the traditional financial industry, the Internet, and blockchain. We’re very focused on the development and operation and maintenance of platform security.

3. In response to the severe coronavirus in China one month ago, Hydax, together with other blockchain leading players, initiated Blockchain Charity Group (BCG), which fully demonstrated the corporate social responsibility of Hydax. Could you briefly talk about that experience?

Hydax Exchange COO Jay Chen: During the Spring Festival this year, our team showed great efficiency. We were running 24×7 because of the coronavirus outbreaking, using the advantages of distributed office and overseas resources to purchase medical supplies and donate to the hospitals in Hubei. The blockchain non-profit organization has been well recognized by peers in the industry. Here I would like to special thanks to the founder of Renren Bit — — Dongshu for his active participation in our donation activities.

4. RenrenBit, as a crypto financial service platform, what’s its competitive niche?

RenrenBit CMO Zi Cen: RenrenBit has always insisted on a 100% open and transparent reserve and is a blockchain digital bank that can be checked at any time. The core segment of RenrenBit is mortgage lending, and the core segment of mortgage lending is lightning lending. At present, two things that other companies on the market cannot do are: first, 100% reserve is completely open and transparent, and the company updates the balance every day so that all users can check it every time. Secondly, it is completely open-source. RenrenBit has fully open-sourced the algorithm with 100% reserve, so all platforms can be used. We even open-source the solution.

So what is the strength of RRB? In fact, the identification standard only needs to know how much profit the platform currency made in the last quarter, and how much profit to repurchase. We encountered the big bear market in 2018. We are very fortunate that RenrenBit has survived at this stage. Looking back at last year’s financial report is also very optimistic. In comparison, our situation is better than the first year of Huobi, the first year of OKex, and the first year of Binance. The comparison I am talking about here is not to surpass them, but just look at the first year alone, our data results are far better than other platforms. I can say with great confidence that there will be a big bull market in the next halving of the bull market.

Because the coming of the bull market is not just a matter of price, but the cryptocurrency industry is becoming larger and larger and more specialized. The teams entering the blockchain industry are expanding faster and faster in application scenarios and blockchain technology, so the explosion of this industry is just around the corner. All I can say is that in the bear market, RenrenBit will definitely have better performance. And the most important trait is that RenrenBit and RRB are 100% open and transparent. Whether we do good or not, let us focus on the data. Our growth is updated on time every day at 8 am. In January 2020, RenrenBit’s deposit amount was only 1.7wBTC, and we broke the 2.1W BTC within two months.

5.RenrenBit has been insisted on 100% open and transparent reserve. In your opinion, what are the advantages for both users and financial platforms?

RenrenBit CMO Zi Cen: In fact, a 100% reserve should be a normal thing, and it does not need to be required. We are in an environment without effective supervision (China), and users do not have effective means to protect themselves, so how do you know if your currency is safe? Is it being operated? Regardless of the platform, users should be shown where their assets exist so that users can rest assured.

There are some platforms with high annualized financial management in the market, but is this really the case? RenrenBit’s current lightning loan is 12% annualized. Where money is used and how it is used can be checked clearly. In contrast, Fcoin claims that they have 18% annualized financial products, but there is no actual evidence. No one knows how they achieved such an annualization, and how they used the money to make money. I think these should be completely transparent.

On the other hand, a 100% reserve is not forced by users, actually, the platform has a great advantage to do this. Because RenrenBit has gained the trust of the market, its business has increased significantly, and 100% of the reserve is good for both parties, and there is no harm. For example, Scenario 1: Suppose you are a new type of exchange, one of the ways to get out That’s 100% reserve. Scenario 2: An exchange that hasn’t reached the head group. If the market is volatile, a 100% reserve will allow users to continue to store coins on the platform. Scenario 3: If you are a lending business platform, the trust will be more important. This is also why RenrenBit usher in an explosion after the release of a 100% reserve.

6. In contrast, as industry veterans, could you share your experience in the industry re. bad influence due to undisclosed information?

RenrenBit CMO Zi Cen: I entered the blockchain industry in 2012, and the thing that impressed me the most was the Mt.Gox incident. The Mt.Gox platform lost more than 800,000 bitcoins at the time, and the platform’s transaction volume reached 80% of global transaction volume at that time. Mt.Gox disappeared then. It is very exaggerated that after the hackers released Mt.Gox data, and some people took their data to run. The platform has been short selling all the time. At that time, because there were already some exchanges in China, all the short-selling coins were bought. Eventually, the failure to buy back caused the platform to collapse. After that, Bitcoin entered a three-year bear market, which is far more serious than the 2018 bear market. When BTC fell to $ 1000, it was thought that Bitcoin would return to zero, and very few people could survive in the industry, so this is why the industry has been calling for 100% reserve, but unfortunately, until now, very few companies in the industry that can achieve data transparency like RenrenBit.

7. Users attach great importance to security when choosing a trading platform. As a safe and innovative crypto trading platform, what are Hydax’s efforts and achievements in improving security and transparency?

Hydax Exchange COO Jay Chen: There has been a lot of chaos in the industry recently, which also makes us pay more attention to the transparency of a company’s assets. Recently, Hydax participated in the BitUniverse exchange transparent digital asset ranking, ranked in the top 20, and now ranks 18th. To be honest, it made us surprises. Because many exchanges that are very aggressive in their announcement, we originally thought that they would have more assets than we do, but in fact, this is not the case.

When Hydax was founded, two principles were established:

1. Never misappropriate user’s assets

2. Absolutely no data fraud and malicious crushing.

Hydax has always adhered to its own principles. Because of this, Hydax has won the trust of some Family Office’s overseas institutional customers and chose us as the main trading platform.

Most members of our team have bilingual skills and are familiar with overseas markets, so from the beginning, we have operated in multiple languages ​​at the same time, and have spent a lot of time and energy to build communities in English and even other countries around the world. Of course, this effort has also received very good returns. Our overseas community is very active and has contributed a lot of traffic and assets to us. We also want to take this opportunity to introduce high-quality projects like RenrenBit to overseas users.

We are still relatively low-key in China. With the grid trading competition held with Currency Advantage, we can also be more exposed to let users know us, trust us, and then choose us.

8. At the same time, what are RenrenBit’s plans in improving safety and transparency?

RenrenBit CMO Zi Cen: RenrenBit has always believed that no matter whether it is 100% reserve or the disclosure of user assets, we should do it. There is no mandatory regulatory now, our users need more protection. Our disclosure is divided into three steps: one, 100% reserve, two, financial transparency, and three, code transparency. Code transparency is our ultimate pursuit. We have always firmly believed that if there is no open-source spirit, enterprises will not be successful in the blockchain.

9. What is the corporate culture of Hydax? Is it inspired by any historical events or experiences?

Hydax Exchange COO Jay Chen: We can also summarize this process of actively welcoming asset transparency and think about the revelation from Wall Street and Silicon Valley.

As part of the company’s culture, we usually recommend excellent books to each other so that everyone can study and charge outside of work. The two books we talked about the most when we started the company were “The Great Game” and “How Google Works.”

There is a chapter in the book “The Great Game” by John Gordon Which made me very impressed is “Do whatever the exchange wants.” That was a description of the chaos on the New York Stock Exchange between 1920 and 1929. At that time, the exchanges were more for the benefit of their members than to protect the interests of public investors. This situation is really like today’s cryptocurrency industry. This is like an iron law of human society. Without external pressure, the development of any organization will evolve in a direction that is beneficial to the elite of the organization.

Some of our members are in Silicon Valley. Here is a great company called Google, and Google’s corporate culture is mentioned in the book “How Google Works”. Google has a famous slogan, which is also a sentence written in Google’s prospectus — “Don’t be evil”.

The greatness of Google is inseparable from the corporate values ​​created by this sentence. By sharing those, I just want to show you how Hydax stars think and take the initiative to welcome the transparency of assets. We understand that self-discipline, self-regulation, and transparency have a huge driving force and impact on the progress of the entire industry.

10. What are Hydax’s strategic goals?

Hydax Exchange COO Jay Chen: The goal of the Hydax exchange is to serve our users and our item side. The interests of users and the item side are the dual cores of our platform. Because of the consensus on values, we will resolutely support high-quality assets such as RRB to join the Hydax digital asset trading platform. Therefore, we do not charge any listing fees here and use our Chinese and overseas influence to promote RRB for free. We hope that such clear stream projects in the market can get more support, and we also hope that Hydax users can know and even own some high-quality assets like RRB. Except for the recent listing plan, Hydax is also discussing with RRB about the connection of lending products to provide our customers with more diversified products.

Thanks to Zi Cen from RenrenBit for visiting the Hydax Stellar Live Room. I hope that in the future, there will be more opportunities to cooperate with RenrenBit and introduce better assets and products to our users.

At the same time, RRB/USDT trading pair started on Hydax from Feb. 28, 10:00 AM (UTC+8). Welcome you to trade RRB on Hydax.