DFlow — ASK ME ANYTHING
Get to know the new Korean exchange focused on IEO, mining and revenue sharing.
We kicked off our AMAs (Ask me anything sessions) on topics related to crypto + trading ecosystem on February 5, 2019 at the Cryptosmart Telegram group with Dflow, a new transmining exchange incubated by the Korean crypto incubator and fund — Blockwater Capital.
Our guest was Issac Lee Dflow’s CEO — a former partner of Blockwater Capital who left to start the project after wanting to build a cryptocurrency exchange that REALLY reward loyal traders.
Eric Su(@ercsu on Telegram): Thanks @issac_blockwater for taking the time!
Issac Lee: It’s a major holiday in Asia yet most of our team members are still working the extra hours to make sure that we’re prepared for the launch.
ES: In your own words, what is DFlow?
IL: DFlow is the next generation crypto-to-crypto trading platform providing seamless user experience. DFlow supports unique features such as IEO, POS/DPOS mining, and decentralized custody of digital assets, while striving to share the growth of the platform with its users through various mechanisms.
Cryptosmart member: I want to ask how much funds are deposited into dflow exchange currently. This info is important because this will tell will genesis mining finish successfully?
IL: I will not be able to answer this question in specific figures, except to mention that we are currently in 6 figures nearing 7. We expect more to come until GM starts.
Cryptosmart member: Is there a list of tokens on the exchange on the genesis mining day?
IL: As noted on our announcements, we have BTC / USDT base pairs with ETH, BCHABC, BCHSV at launch. Will be listing FTM, ABL, and FSN on 7th 1700 GMT +9
Cryptosmart member: Based on expected volume of trading, how extensively has your exchange been stress-tested for order matching, deposit confirmation and withdrawals? We see too many cases of things going wrong within hours of launch. What steps have been taken to prevent such occurrences?
IL: I quote our CTO in following: We’ve been working on our product to make it highly flexible and scalable through breaking one giant engine into several modular pieces. All parts are scalable separately which means for example the concurrent user limit can be increased without changing the trading engine setting. This is to maximize performance and cost efficiency because cost and performance became direct relationship with each other now. We never full throttled our engine after several huge updates because it was never needed.
The concurrent user we were able to handle was over 100k with one server. This is fully scalable now. We can handle millions of users because they are fully managed under aws autoscale. AWS will create multiple copies of the server if exceeds usage limit. We can go up to 30 servers but this can also be changed.
Second, we use only 20% of 2x midsize servers for trading engine in AWS and it can easily handle 5k tps. We right have only 2 trading engine servers but if we want to we can create a server for each trading pair. This means we can easily handle 5k tps per pair. This is a huge advantage because the performance is never limited by the number of pairs we have.
Right now the only ultimate scalability limit is db performance. AWS said they are going to release multi db system which is very similar to autoscale system. If they open up this new system. We can handle as many users or tradings as top exchanges in the world.
Cryptosmart member: While looking current Korean exchange market, u probably know genesis mining is important to success of exchange. What kind of works is dflow doing? : marketing, or contacting mining whales.
IL: I’ve contacted several funds/whales across the globe to further take advantage of our GM. We are pursuing marketing efforts in SEA, Korea, China and Japan at this time. I understand the importance of GM, but success of GM doesn’t necessarily guarantee success afterwards, in my humble opinion.
CS: Am I correct in thinking blockwater is only an investor like the others and you are no longer part of blockwater yourself?
IL: Blockwater is an investor as well as an incubator. While I hold no responsibility at Blockwater anymore, my relationship with current team is outstanding. They have been providing full resources to DFlow at request.
CS: What kind of marketing strategy are u using now, and will use in south korea
IL: We’ve analzyed who our target users. We do not plan to compete with major exchanges at this time. We plan to offer exclusive trading opportunities here through our platform to attract users. Many ICOs have overvalued themselves, which leads to token price depreciation when they list. We plan to make sure to bring great projects at lower valuation to our platform.
CS: Isaac, can you confirm if the engineers from bytex exchange are on the team for Dflow? I am asking this questions as bytex was a scam which stole investors money and they are now working on your dflow project. This isn’t a good impression for the project Dflow.
IL: Blockwater was also an investor in Bytex, and we regret having invested as we suffered a great loss. However, our team does not come from Bytex. I acquired a team that was providing technical solutions/services to Bytex to work together on DFlow.
CS: Could you possibly elaborate more on all the ties/relationship with bytrex and dflow as a Mr Oh Doo Hwan was previously working with bytrex and he is the now the owner (or one) of dflowx website domain. Which personally to me as an investor looks rather odd.
IL: Bytex and DFlow has no relationship/ties. Mr. Oh Doo Hwan is a tech consultant for several exchanges including Coinfinit, Bdoks, and Bytex. He is now part of DFlow team. To my knowledge, Bytex is an Singaporean entity with Chinese management team. I have never met or discussed any business with them.
CS: Is the company well funded to fight a lot of competition?
Yes, we have leeway of 12 months to operate.
CS: So it’s a transmining exchange. What’s special? We have many. We also have many exchanges doing IEO
IL: I have invested into multiple transfer mining exchanges when I was at Blockwater. I understand how these mining exchanges work, and what users are looking for. We are starting with most basic concept- very similar to Fcoin’s original model- and will be making amends along the way while taking into various suggestions from the communities.
As there are many exchanges that offers IEO, I’d like to note that there are no exchanges that does thorough due dillegence as well as valuation check prior to listing. I plan to list great projects at a fair valuation so that upside of taking risk on a token is far greater than the downside.
CS: Will you be offering affiliate links for top traders?
IL: We are under development to introduce a concept of social trading. While it can’t be done any time soon, we will make sure to offer these types of features in the future.
CS: I think people are pretty interested if you can elaborate a bit more on the marketing work that is being done/been done. Couple days before the IEO, and it doesn’t seem like there is much hype or awareness out there. I know it’s a bit of vague and subjective question, but any extra details are good for potential investors.
IL: Frankly, I believe best marketing in crypto is price surge of project’s token. We are working very hard to make sure that we can achieve this in near future.
CS: The list of recent listing like Airbloc, Fantom and Fusion is impressive. What else will be listed soon on the platform?
IL: Currently considering many candidates. Cannot disclose additional projects at this time
I’d like to add that our first IEO offered on DFlow will be http://hrttoken.com/ supported by Coinsuper.
CS: 5% investors token metrics and terms please…
Here’s the breakdown:
2% for private investors
Private investors got in at 0.0035$
No lockup
3% for Genesis Mining.
105% rebate through DFL at 0.01$
No lockup
Most private investors are close friends who are fully willing to cooperate with the exchange when it comes to the market price of tokens.
CS: Can i participate in Genesis mining or i had to register earlier to participate?
IL: You can register now to participate in GM.
Details regarding our announcements can be found on our website under “notice” tab
CS: Any interest in listing STO tokens?
IL: Yes, quite interested but we have to be compliant. Currently we hold two licenses from state of Estonia. We are actively looking for jurisdictions to further increase our reach. Currently exploring a project together with many funds in tokenizing their strategies.
CS: Could you tell me more about how the policy change process will work or may possibly look like for future DFLOW token economy changes?
IL: DFlow’s current mining mechanism is exactly same to Fcoin. While it provides interesting returns for early users, it is not sustainable. (Mining exchange itself is not sustainable.) This is 1st gen. mining mechanism. 2nd gen is dutch auction model which many other Korean exchanges as well as some Chinese exchagnes have shifted to.
CS: Do you have any postulations for the short to medium term as to how DFLOW’s token economy may need to change from the current model?
IL: We are starting with 1st gen model as this brings greatest benefits to early adoptors for a certain time period. Afterwards, we are planning to switching to a model that protects the holder’s interests.
ES: Okay. A very informative AMA.
We will be drawing this AMA to a close. All important information will be posted on our Medium very soon.
Thanks Issac for the time.
Thanks to all those who participated and spectated!
IL: Thank you all for taking part, and special thanks to @ercsu! Please keep an eye out for DFlow as we will be providing interesting opportunities for crypto traders. Thank you :)
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