Huobi x GXChain AMA Recap
Huobi x GXChain AMA was a great success!
In the first section, we had an introduction of MQ Huang and GXChain:
MQ Huang is the founder and CEO of GXChain, He was the CTO of a well-known listed company in China, the former vice president of Insigma Technology Co. Ltd., the CTO of Hakim Unique Internet Co. Ltd., and the general manager of Handing Yuyou Financial Services. He is also the core developer and senior product manager of the GXChain Data Exchange, which is the first generation of GXChain’s product. He has been engaged in data and Internet finance. And the other members of his team also have rich experience in the industry and financial market.
GXChain is a fundamental blockchain for the global data economy, designed to build a trusted data internet of value.
Benefiting from DPoS based Graphene underlying architecture; GXChain possesses functions including G-ID, GVM, BaaS and Blockcity, which are convenient for application development. GXChain based DApp-Blockcity has more than two million verified users and provides abundant data for other DApps and strategic partners. GXChain launched a decentralized data marketplace as well which is serving hundreds of Chinese enterprises. GXChain team independently developed its main net and launched it in June 2017. Based on decentralization, cryptography, and smart token design, GXChain provides a leading solution for the data economy by developing multiple trusted data modules. Data uploading, storage, computation, and exchange have been gradually realized with many commercialized applications. Currently, GXChain have 2 million real name verified users in our DApp in the ecosystem. Now we have a new identity, which is the new player of Defi!
In the second section, MQ Huang answered questions from our Twitter community.
1. DeFi is projected to buzz up in 2020 and is on everybody lips, what ROLES do GXC play in the innovativeness and future of DeFi and how does it spearhead adoption of DeFi using blockchain solution?
Thanks for the question! First of all, DEFI is a broad concept. In fact, we have already laid out the DeFi track. Staking is actually one of the product forms of DeFi. As early as last year, we launched on-chain staking and pledged tokens to gain revenue. As I mentioned GXChain has been experimenting with finance and Defi for a long time. We released the technical roadmap and plan last week, which contain GXC-Oracle, GXC-Relay, GXC-Crosschain, GXC-StableCoin.
From my point of view, through long-term observation, some DEFI application scenarios have been verified to be feasible, and it is in the early stages.
The rising of DeFi applications such as Compound, Link, Balancer, etc., and being continuously verified by big funds, makes us think that the DeFi infrastructure is basically complete and can begin to grow.
We chose to join this field at a relatively clear but still early stage. It is a responsible attitude towards investors and the community, as well as a manifestation of our continuous exploration of new areas.
2. Adoption is one of the most important factors that all sustainable blockchain projects should focus on to be more attractive in the invertors Eyes. Can you tell me what @GXChainGlobal has done and plan to do to achieve Adoption in reality, real use cases, and our real society?
We are mainly in the business of Global data economy, trusted computing, and data internet of value. And Blockchain fits the case perfectly because it enables trustless computing! With our on-chain and off-chain governance, we are managed quite effectively.
Issues range across a varied field right from regulatory bottlenecks because we strive to be a global company not limited to any one country, to make sure the audience understands our product is another issue. But we are surely seeing adoption take place. We are confident we will capture a substantial market share and emerge as leaders.
We have always observed that the current public chain ecology is fragmented, and each public chain grows within its own ecology, but there is currently no good communication between the data between each public chain, and relatively speaking, information is formed.
Therefore, we believe that this is very unfriendly to users and adoption. Therefore, we believe that GXChain’s cross-chain solution can better solve this problem. At the same time, we will allow data and tokens on other public chains to pass, this form has crossed over to GXChain, and so it is very friendly to public chain users and can achieve a better adoption experience
3. Why did GXC decide to collaborate with Huobi & what is GXC mission?
Haha I need to say that Huobi is a leading exchange with global impact
The blockchain, especially the public chain, which we have always understood in GXChain, is a natural product of globalization
Especially as a public chain, we hope to have More regional and world-class companies can realize the empowering effect of blockchain on the data economy, and the liquidity that Huobi can bring is a high-quality business card that can enable more companies to interact with The institution has noticed that it cannot only bring rigid support to the value of tokens but also a very helpful step for the completion of the corporate strategy.
For $GXC, the state we want to achieve is to let users feel the value flow of GXC at all times and in any corner of the world. GXC can be traded under any exchange and transaction needs. In the eyes of ordinary people, this is a symbol of mainstream digital currency, and GXC is also accomplishing this. Binance is also a high-quality partner that meets our expectations. We also believe that this step of ours will also be able to give the Huobi and GXChain communities’ bilateral cooperation. Millions of users bring more far-reaching combinations👍
For example, we held a 3 triple interest lock-up event with Huobi Pool in April to May.
Huobi is also one of the 21 Trusted Node of GXChain.
I still need to thank Huobi Global for opening GXC/USDT Leveraged trading recently!
The cooperation between us will be stronger and more valuable in the future!
4. Can you introduce the GXC-Relay & oracle that will be released soon? What are the core advantages? What innovations can it bring to the DEFI industry?
First of all, let me talk about one of my views, that is, in the future, all chains should not be separated, but need to communicate to form a huge network.
Each public chain is like a series of highways, and a smooth, large, strong, and efficient transportation network must connect each highway. You drive your car into the GXChain car, you can drive to Polkadot and Ether through the cross-chain.
So the Cross-chain based on GXC-Relay allows GXChain’s highway to attract more vehicles, that is, more users and developers enter our ecology. At the same time, cross-chain also allows GXC holders to easily drive their cars to ecosystems such as Ethernet and Polkadot etc.
After that everyone will not miss other ecological hot applications. To put it simply, cross-chain is to open up the connection between GXChain and other high-speeds (other public chains), so that GXChain can become a transportation hub while having more energy for the public chain！
Many users of Staking on GXChain should have experienced it. The currency holding on the chain generates interest. In the future, the first thing that can be experienced is a cross-chain relay, which allows the assets on GXChain to cross-chain and goes to Ethereum rich applications. The next thing everyone can experience is GXC-SWAP, StableCoin, and oracle. With these DeFi infrastructures, we can then develop more DeFi applications on the chain, and then we can experience the rich DeFi applications on GXChain.
5. As we all know that GXChain has been committed to trusted computing in the data field. Does the oracle launch this time have a relationship with trusted computing? If it is an oracle based on trusted computing, what are the advantages of GXChain’s oracle for other existing oracles?
Before answering this question, let us briefly understand what an oracle is.
The oracle could be described as a machine that needs the feeding of data.
You can understand that the contract on the chain is for babies who need data to feed. The oracles on the market basically only feed price data and random numbers. This may meet some of the current needs, but in the long run, It seems that this is far from enough.
We feel that if applications on the blockchain need to be popularized on a large scale and have rich product features, they also need more data from the Internet world, such as personal and corporate credit-related data, user tag data, event result data, etc.
However, all countries have strict control over data and cannot directly provide data. Trusted computing is used to solve this problem. While protecting privacy, it provides desensitized data.
Therefore, an oracle based on GXChain trusted computing can provide more dimensional data than existing oracles and help DeFi realize more product functions. The current oracles can only provide data in a few dimensions, while the oracles based on trusted computing can provide dozens, hundreds, or even thousands of data types. Quantitative changes in data types will bring about qualitative changes in product forms.
That’s the point for oracle and what we can do with it.
6. As an investor and early adopter, I find it difficult to access/value a project in the short term and require longer periods of time to fully understand, recognize, and value it. So, to help my understanding, can you tell me what plans are set in motion to add value to GXChain?
For sure!! In my point of view, the valued support of GXC could be divided into four parts!
The first one is to serve the business and the improvement of the ecology to obtain the use-value. The second is to obtain liquidity value through the listing of more well-known exchanges; Then is the open market operation of the foundation; Fourth, continuous globalization has attracted more attention from investors.
Regarding the points, through ecological improvement and serving the business, in fact, we have been exploring how to use the blockchain to serve business, and the same will occur in the future.
We are considering using trusted computing to support business, and then trusted computing service companies The commercialized revenue supports the operation of the computing nodes and Defi application building, so that the blockchain can be connected to the real-world commerce, allowing GXC to gain great use-value. Regarding the second point, I have already answered it above.
As for the third point, just like the foundation’s open secondary market repurchase last year, we will consider it at a suitable point in time. The fourth point I mentioned earlier is that we have been using globalization as one of our important strategies since last year. At present, we also have our communities in more than a dozen major countries in the world!
Hoping we can do it together with Huobi.
7. Currently, there are quite a few DeFi projects. How does GXC plan to be different and better than others?
SURE! GXChain and its applications have a lot of advantages!
The first advantage is our deep understanding of the data and financial fields and the accumulation of solutions. In this regard, our entire team has more than 5 years of accumulation and has served more than 500 financial technology companies. We understand how much valuable data can deliver, how to protect users’ data privacy while generating value, and how to use data in compliance.
In addition, our accumulated technology in the field of trusted computing for more than a year has also allowed us to naturally become a competitive advantage when making trusted computing oracle machines.
DeFi is inseparable from data, and more applications that will appear on the chain in the future are also inseparable from data from the Internet (data that requires oracle feeding). This is also in line with our firm blockchain + data track, and also in line with the development of this industry.
8. Defi seems to be an incredible concept right now. Plenty of finance-related blockchain projects are built for Defi. Besides cooperating with banking, has GXChain ever thought about integrating Defi into the GXChain platform?
First of all, DEFI is a broad concept. In fact, we have already laid out the DeFi track. Staking is actually one of the product forms of DeFi. As early as last year, we have launched on-chain staking and pledged tokens to gain revenue.
At present, for GXChain, DEFI is not only the layout but the core design of the GXChain economic model, which is the most important part of GXChain-based business. Perhaps I am saying this now, but everyone does not quite understand why DeFi is the core design of the GXChain economic model. The answer to this question will be interpreted in the third wave of the new stage.
9. GXChain will release a stable coin based on the GXChain on the chain, not only the USDT mapping assets but also the on-chain synthetic assets. How should we understand this concept, then what I want to ask is what this means in the ecology of GXB What are you holding? Will it have long-term help for the stability of assets and the scalability of applications?
Here comes the key step!
Yes, we found that public chains must have stable coins once you wanna develop the Defi ecosystem
We named it GXChain USD (GUSD). Then we have to consider how GXChain generates stable coins. There are two methods. One is to move USDT on Ethereum to GXChain to become GUSD through cross-chain. This idea is similar to the cross-chain of BTC to Ethereum and turns into WBTC. The second is to synthesize assets, which is to feed the price through an oracle and transfer GXC.
Or the head currency (cross-chain ETH and BTC) for asset mortgage to synthesize GUSD, similar to mechanisms such as BitUSD, Maker\DAI, and Synthetix. The stable coins established through the combination of these two methods are very stable and effective.
Personally think our plan should be the most innovative solution in the industry😊
The specifics are as follows:
1. When the market is unstable, convert decentralized stablecoins into centralized stablecoins to resolve liquidation risks;
2. When the centralized stable currency is facing a potential credit crisis, all synthetic assets obtained by mortgage are used to avoid liquidity runs on the centralized stable currency;
3. More mainstream assets (such as BTC, ETH, etc.) will enter GXChain through GXC-Relay and synthesize a decentralized stable currency with GXC to provide more stable value protection.
Once you have a stable coin, you can have more advantages to build your own DeFi application ecology. In the future, you can also mine liquidity on GXChain, you can mortgage assets, you can flash exchange, or you can design and build yourself with DeFi thinking as the core. The economic model of GXChain is of great help to the long-term development of GXChain.
10. Defi so hot but i think hardly for almost users to use . How can #gxcdefi help in this case for both crypto and non-crypto users would you ever consider using other oracle projects as the solution?
OK, Let me talk about the part of the experience first.
First of all, for the normal ppl the DeFi applications are very difficult for use. I believe that more than half of the community here participating in the AMA today has not actually experienced DeFi applications at all, and more than 90% of users have not established a pool on uniswap and provides liquidity.
Frankly speaking, most of the current DeFi is deployed on Ethereum, and the speed of transaction packaging and contract execution is very slow, which often leads to transaction failures. This greatly damages the user experience. In addition, people who play DeFi have the experience that the handling fee is too high. The average handling fee has reached 7.5 US dollars. A transfer fee is often as high as 10 or more US dollars.
Coz it is a very high cost for users. , Not only is much higher than the cost of using traditional finance, but it will also limit the volume and frequency of DeFi applications to a certain extent. The high handling fee directly hinders the participation of small players and high-frequency players. Moreover, most of the current DeFi applications are designed for the usage habits of Western users, which affects the experience of Eastern users to a certain extent.
As for the other oracle projects, GXChain will integrate other oracle projects, the industry’s leading distributed oracle network (Oracle) and will introduce reliable data into GXChain’s trusted computing in the future, unlocking the unlimited possibilities of trusted computing and DeFi. GXChain’s data economy is naturally decentralized and distributed. By integrating other mature oracle projects, for the off-chain data used by GXChain’s enterprise customers and developers will be more close to the real-world business and reliable.
In the third section, MQ Huwang answered 5 impromptu questions from the community.
1. Staking is much lower than expected. Have you considered increasing staking rewards?
Ok, first of all, I want to explain that it has completely exceeded our previous expectations. The current total participation is 11 million+, accounting for about 17% of the total circulation. This does reflect the belief in GXC held by many of our community users. , Willing to accompany us on long-distance running, on the other hand, it also stimulated the activity of our behavior on the chain to a large extent.
Staking in our understanding is not only an incentive for token holders but also a self-innovation of governance on the chain. To a certain extent, the word innovation is to first revolutionize oneself and abandon some of the seemingly easy benefits as initiators. And power, I think this is the point that GXChain makes me most proud of. In addition to the 1 million GXC used to incentivize staking active users and token holders, more communities and project parties can have a deeper level with GXChain. For cooperation, what we expect is that in addition to the core team, GXChain has the power of a loyal community and the sense of mission of the elected public trust node to push GXChain forward every step.
Our council has already proposed the GIP#0 proposal regarding the addition of staking prize pool rewards. After that, we will consider adding this to the system. You will see new changes soon!
2. What’s the main role of UnionPay in GXChain? Is there any partnerships done by GXChain with UnionPay?
As for the cooperation with UnionPay, they offer us the data source and we work together in the field data exchange, and also offering the product for our corporate customer.
3. Are you planning to promote your project in different countries, where English is not good? Do you have a local community for them to better understand your project?
Regarding the advancement of globalization, our global pioneers will continue to promote existing results. At present, we have established our own communities in nearly 20 countries around the world, and we will continue to advance this year.
4. Now the economy of the entire market has become very difficult, such as stocks, crude oil, futures, etc. I want to know how Gongxinbao intends to seize investment in this situation the heart of the person?
The reality of the situation really makes us feel sincerely gratified. Not only is the elected public trust node contributing its own strength to the development of GXChain, but also has the spontaneous power to make GXChain have a non-linear and all-round development. Facts have proved that after Staking The number of users participating in governance discussions in our community has increased significantly. It will make GXChain’s vitality stronger. Staking can better incentivize currency holders to participate in the governance of the community and choose nodes that contribute more to the ecology. I think this is the valuable soft power that GXChain can see and will In the future, it will show up in more aspects of GXChain.
What we are considering is to combine Staking and Defi mechanisms to form a larger closed-loop, which is also our focus for the rest of 2020.
5. What is big innovation from GXChain to play a role in the future of blockchain technology in real life?
We and a Shenzhen IoT health management company are conducting a pilot study on the implementation of trusted computing. This IoT company is going to use a smart toilet to cut into the home scene, collect relevant data, and use the model Calculate and obtain the family health report to the head of the household, who completes family health management. The company’s concern is the compliance of data collection, and the intervention of trusted computing can solve this problem. Trusted computing can realize big data computing while protecting privacy. Trusted computing can improve the compliance of this health data computing use. There are various legal restrictions on private data. For example, after some companies use the data, they will sign an electronic agreement with them. You will tell them what they use my data for, what time was used, what scope, and how long. If the agreement is not kept in the blockchain, that is to say, the agreement can be modified at any time, and your rights and interests will not be protected. We can make the agreement and the process on the chain, and finally we can confirm the rights and protect the rights. In other words, through trusted computing, data can be used more safely and appropriately.
In the last section, we had quiz in which our community took active participation to end the AMA in a positive note.
After the AMA, we have received numerous positive feedbacks from the community, which motivates us to deliver more and more wonderful events in the future.
Join our official telegram https://t.me/huobiglobalofficial!
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