Cocos-BCX & Binance Joint AMA Recap
On Oct. 23, Cocos-BCX had a successful AMA hosted by Binance, where our Co-Founder Richard Yang answered many great questions from the community. Over 1000 people participated and 400+ questions were raised during the 2 hours’ AMA. In case you missed this great event, we have wrapped up some excellent Q&As for the community to check out.
***Below is a recap of what happened during the AMA***
The AMA was conducted in three Segments:
Segment 1: Admin asked Richard a few questions.
Segment 2: Richard asked the chat 5 questions with a link to a Google Form sent into the chat for each question. A total of 5 Google forms was sent for the participants to be signed into their Google account and fill in: (a) the answer- (b) the $COCOS wallet address —(c) Binance referral id — (d) personal Twitter handle — (e) personal Telegram handle. There was a pool of 5,227,500 COCOS to be airdropped for all the correct answers and for all those input the required tasks. If the participants missed any of these requirements, they wouldn’t get any prize.
Segment 3:Interactive Q&A. Community raised over 400 questions. Richard answered as many questions as he could and selected10 of the best questions to win 27,250 COCOS each, making that a total of 272,500 COCOS!
Segment 1 / Q1:
Admin: What’s unique about Cocos compared to other game chains?
Richard: Well, we now focus on the specifications required for game dev only. (1) we are building a full-blown, DPoS based system using features such as light nodes and segmented task handling to provide a fast operation environment;(2) we try to lower the entry bar of NFT economy in games by introducing ideas such as world-view asset property, Smithy (asset production & modification) and asset collateral/pledge mechanisms;(3) our blockchain system supports multiple proofs of utility including staking & gas, which we believe will support more flexible revenue models for the developers.
To be a bit formal, we try to flatten the learning curve of building blockchain games flatter.
Segment 1 / Q2:
Admin: Why do you think you can outperform other chains?
Richard: Yeah, we think gaming is a big market and for many. And it’s better to mobilize and work with everyone instead of competing. We are trying to:
1. Hold on to the long-term developers’ needs and provide the tools step-by-step. Things take time;
2. Build an open Eco to support as many systems/protocols/features as we can to make the market big together;
3. In our day-to-day operation, we try to stick to the essential ideas of an open-source tech community, which is to create opportunities for everyone to get involved. For example, we would rather fly a Cocos-BCX developer to a conference to talk about her/his first-hand experience than we go to “promote” ourselves. Or we prefer funding a local chapter of developers than sponsoring cocktail parties.
Cocos-BCX can only be great if everyone has her/his own exposure and opinion on it. And that’s what we will do.
Segment 1 / Q3:
Admin: What’s the current status of project development?
Richard: We started in late 2017. Our past milestones were either on time or ahead of time. In Q4 2019, we are launching our Mainnet. More details can be found at Binance Research.
Segment 1 / Q4:
Admin: What’s your plan to drive mainstream adoption?
Richard: Oh, we ask ourselves all the time. The best answer may be identifying the mainstream use cases and obstacles in different stages.
In the short term, most developers don’t know why and how to make blockchain games. Our immediate mission is to provide tech tools as ready-to-use as possible to get them trying.
In the long run, we will have to incorporate advanced features to support complicated in-game economy paradigms, i.e., the point of applying decentralization. We are quite active in tech & product partnership from an operational point of view, but still believe the real adoption will only come when the value proposition is more clear.
Admin: Do you have any ETA or visions on this? (question not related to this Segment, but really had to ask)
Richard: Inside our team, we think more institutional producers will realize the value of blockchain gaming. For example, many leading Japanese producers are gathering regularly to study blockchain tech organized by our representative in JP, so we know the idea of blockchain game has advanced substantially compared to 12 months ago.
Segment 1 / Q5:
Admin: Many noticed the announcement in August about Huawei & Cocos partnership established. Any other major partners you have established?
Richard: Ok, Cocos is our affiliated team. They have long-term partnerships with established Internet and gaming companies, such as Huawei, Google, Facebook, and Tencent.
Cocos-BCX is working on teaming up with the blockchain community. For example, we announced the cooperation with Celer today. There are many synergies between Cocos and Cocos-BCX. We will definitely share access to these partners.
This part is for Richard to ask the community questions, so they can get rewards.
Q1:When was COCOS token listed on Binance? （2019.8.21）
Q2:How many registered developers do Cocos have?（1.3 million）
Q3:What’s the name of Cocos-BCX NFT standard?（NHAS 1808）
Q4:Which game engine(s) does Cocos-BCX support?（Both）
Q5:What is your favorite game?
Segment 3: Interactive Q&As
Q1. Can you tell us something about the adoption of cocos? Like where you would love to see the usage of cocos?
Richard: We have over 10k+ holders now. We wish cocos to be the pricing medium of blockchain gaming.
Q2. Explain the utility of cocos within the ecosystem, what’s the real-life use case and application of cocos?
Richard: In short, we think gaming economy remains, but the demand for digital assets is always there, unsatisfied. Magic the Gathering type of games, for example, are perfect use cases for blockchain games.
Q3. I think you guys are doing very well! I just have a question related to the financial situation: considering the bear market that has now lasted for some time, and might continue to do so for even longer; how is the company doing in terms of funding to be able to keep up the development of the product and introduce new partnerships for years to come?
Richard: Thank you, we raised a meaningful amount of funding from private investors that is enough for us to operate for many years.
Q4.What do you think blockchain will bring to the game industry? What has Cocos done and will do to bring traditional game developers into the blockchain space?
Richard: Love to talk more, but please check the Eco section of our WP. We have a detailed discussion there.
Q5. What do you see cocos in2024?
Richard: Good question. We hope blockchain gaming will become a well-accepted business model and take a due percentage in the US 130 billion annual gaming market.
Q6. A bulk majority of any crypto community’s key focus is on the price of the token. When prices rise, community rejoice and grows, when fall, many people start throwing negativity. How is Cocos-BCX going to address the issue of negativity when prices fall? What are your plans to strengthen and grow the community to persuade more individuals to look at the product rather than just the price?
Richard: Good question. Our answer is we do not intervene. We believe the point of blockchain is to give the power back to people. It means they will question, hesitate, quit or join. All we need to hold up to is to create value and give the audience enough time to judge us and form their own opinion.
Q7.There are already many Projects which work on scalability with Both Layer-1 and Layer-2 solution!So, why cocos would be the best choice?
Richard: We never claim ourselves to be the BEST chain, but we may be the most adaptive one for gaming. Our architecture is designed to facilitate game needs. For example, DPoS is usually considered less secure, but in most of the games, players only spend little money but want fast program execution. So we use DPoS for now.
Q8. Why does Cocos not use BEP-2 instead of ERC20?
Richard: Our chain enables active mirroring. We will have BEP-2 cocos in the near future.
Q9. If it is to apply blockchain technology to games, are there any suitable game form for it in the early stage?
Richard: Good question. Certain genres are perfect for blockchain. typical ones including: (1) items with long-term value: cards, collectibles, items transferrable among the same “world-view” ;(2) fair random numbers: gambling, pop-ups. We estimate 30% of the whole market (US 130 billion) are good for blockchain games.
Q10. For developer what SDK does Cocos-BCX support? And do Cocos-BCX has open-source plugin? Sorry for my bad English.
Richard: We have BCX sdk. Please take a look at our Github and let us know if you have any questions. We are here.
Q11. What the challenges faced by cocos team? And what are your ways of tackling them?
Richard: Thank you for bringing this out. Although with previous experience in supporting mobile game 10 years ago, we cannot change the whole industry at a flip. So we need to take a progressive approach and solve the issues one-by-one. It takes time.
Q12. What will be the future community growth strategies of Cocos-BCX after Mainnet launch?
Richard: Our community strategy is to create chances for everyone to participate. We will “promote” less, disclose and enable more.
Q13. Why the name of project Coco’s?
Richard: The very first cocos engine was programed by Mr. Richado Quesada in a town called Los Coco.
Q14. Games have always been fine without blockchain. I can play my playstation or xbox happily without blockchain.
Richard: Playing a game with the value of your possession validated, while you have no idea blockchain is behind. This is the ultimate form of blockchain gaming, and it’s what we work for.
Q15. Why do you think it is necessary for games to be built on a blockchain?
Richard: The efficiency of distributed computing vs use cases.
Q16. Cocos-BCX has been integrated into cocos2d-x, right?
Richard: Yes, and there is add-on for Cocos Creator and soon on other popular engine IDEs.
Q17. To what extent have been the effects of the recent bearish market on cocos platform? Have the recent poor market conditions hindered or stunted the platform’s progression and goals to be achieved in the nearest future? @Richard_Yang
Richard: No. it is the path we must follow. We are open and eager to hear questions and different opinions.
Q18. Hello, short question — what are your top 3 priorities for the next 5 years?
Richard: Let’s say top priority: help 1 million+ institutional & individual developers try to make blockchain game.
Q19. Why did you create COCOS?
Richard: It is the staking medium and gas when our chain gets running.
Q20. What types of games are welcomed on the cocos ecosystem? Adventure, sports, puzzle?
Richard: All types are welcome, but again, certain types are best fits.
Q21. Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?
Richard: So far so good, we are 100% focusing on the upcoming Mainnet. We have run multiple rounds of testing. Let’s wait and see，but no matter what difficulties we are going to have, we will overcome.
Q22.How do you think about the future game market? What’s the positioning of blockchain technology or DLT?
Richard: Game market will continue to grow at 5–8% per year. We believe the concept of digital asset apply in 30% of the games, as a rule-of-thumb estimation.
Q23. Is there going to be an integration with Cocos Creator or is there going to be a new platform to develop games?
Richard: We have developed the sdk for Creator. Developers may select the blockchain systems (yes, we also support other peer chains) like choosing publishing channels.
Q24. One of the problems right now on blockchain in supporting smart contracts is the insufficient support of large-scale transactions and data compatibility issues. How does COCOS overcome this problem?
Richard: Very true, in our WP we discuss many issues on SC vs large-scale algo/logic. The realistic way is to compartmentalize the execution: asset/value-driven part on-chain, audio/visual-offchain. This surely brings issues from security point of view, but it is necessary when the industry is in the early stage.
Q25.Will Cocos-BCX has monthly events?
Richard: We do, and the plan is to expand it worldwide. Any interested partners please let us know.
Q26.What is Cocos-BCX Buidler?
Richard: It is our global Eco partnership program. Reach out to us to find out more!
Q27.From an early age, many children grow up in the Game World. Does Cocos-BCX take any precautions against the negative use of the platform and products it produces, especially on children?
Richard: Morally we are totally against negative use of platform to under-aged community. But it’s also true that we are not having a solution yet.
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