Cointelegraph China Blockchain Week DAY 2 Part 1 - Joe Lubin, Changpeng Zhao, Justin Sun.

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Ladies and gentlemen, good morning. Welcome to the summit. One world, one vision, one dream. Welcome everybody. This is the Greater Bay Area International Blockchain Week, jointly hosted by cointelegraph China and cointelegraph. Welcome to Shenzhen, China and it is my great pleasure to be here with you for three days. And I'm your host, Emilia Sen. Thank you so much for coming and joining us today and also thank all of the guys who are watching us right now from all corners of the world. Welcome. Thank you so much. Thank you so much for great support. Thank you. Well, ladies and gentlemen, yesterday on the first day of the blockchain week, it was discussed at great length and dips on the topic of blockchain technology, the investment opportunities and of course we have to mention the decentralized finance. We also saw the perspectives and some fantastic visions of the world's top brains. Well, today on the day two of the blockchain week will stretch our thoughts and discussions more onto the public chain trading platforms, the transactions and we'll share more ideas on the future of public blockchains and the trend of exchanges. So the first speak today will give us an overseas video call. I don't think I really need to introduce him no more because I believe most of you already know him very much, like much better than I do. So let's give a warm welcome to the co founder of Ethereum and the founder of Consensus, Mr. Joe Lubin. Joe Lubin will bring us a discussion on the question of who will lead the next bull run defi vs f2.0. And at this part we're also glad to invite one of our guests, Tracy John to come up to the stage. Where are you, Tracy? Please come join us on the stage. Tracy John is from Cointelegraph China, cbdl. So Tracy John and Lubin will bring us to a brainstorming.

Right?

Okay, please come here. Let's see. I think Lubin is here already. Lubin, can you hear us?

I can hear you very well.

Okay, so I'll leave the stage to you two, please.

Hi Tracy, how are you?

Hey Joe. I'm good, how are you doing?

Doing great, thank you.

Great. Okay, so please first of all say hello to all the community here and the Chinese people, your fans in early morning to attend this big event with Joe. Say hello.

Hi everyone, good morning. Thank you very much for coming.

Applauded Joe. So I really appreciate your time to be here with us and let's be very straightforward and we've got a few questions here for you and really want to have your voices about the market. Okay, so here my first question is as a co founder of Ethereum, Right. So also as defi is a new fashion in the market recently, so how could Ethereum 2.0 be a way for the prosperity and development of Defi and is it the only way? So my question, John.

Thank you, Tracy. So it's certainly not the only way for decentralized finance to gain traction Simply because Ethereum 2.0 hasn't been launched yet. And decentralized finance is being built very rapidly and expanding pretty large even now almost completely on Ethereum 1. So it's interesting that the use cases of decentralized finance could be considered low hanging fruit in the sense that you don't need extremely high numbers of transactions per second in order to get real value from these kinds of applications. So decentralized finance consists of protocols for decentralized exchange for insurance, for essentially online interest bearing savings accounts, for derivatives for equity, for bonds, for synthetic financial instruments. May have said insurance already, but prediction market. So all of these elements are realized as protocols, as essentially Lego building block protocols that can be plugged into one another. And pretty much all of them are being developed on Ethereum 1. The reason they're being developed on Ethereum 1 is because if you're going to build applications that, that hold a tremendous amount of value, you need a very secure foundation. And there are really only two protocols to decentralized protocols on the planet right now that are sufficiently secure enough and decentralized enough so that they can be trusted. Those are Bitcoin and Ethereum. And it's very difficult to program on Bitcoin compared to Ethereum. As a result, all of the early developers started building on Ethereum. And once you have all the developers building on Ethereum and all the liquidity in terms of the different value tokens on Ethereum, then it pretty much becomes the only game in town. There's no reason to build a defi protocol on some other platform, A because it's not going to be secure enough, and B because just nobody's there to do the trading. So even other protocols are building bridges to Ethereum, other protocols like Bitcoin, so that they can participate in this new decentralized financial plumbing layer for the planet. When Ethereum 2.0 goes live, which will happen later this year, all of the decentralized finance development that has already been done on Ethereum 1 and will continue to grow tremendously on Ethereum 1 will very smoothly be ported to Ethereum too. It's probably valuable to if you don't mind, to take a couple minutes to talk about how the transition from Ethereum 1 to Ethereum 2 will proceed. I'll keep it very simple, but essentially it'll be like an operating system where you just upgrade the operating system. The first phase of Ethereum 2 happens later this year, could be November, could be December, and that simply sees a beacon chain, the heartbeat of the new system, being stood up. And you can think of that beacon chain as essentially being a decentralized finance application that's sitting on Ethereum 1. It will be launched from Ethereum 1. It will have yield like defi applications. And many thousands of people are eager to stake ether on Ethereum 1 to effectively be the launch mechanism for Ethereum 2. Relatively soon after, we will add data sharding chains or data availability shards, which will enable layer 2 systems on Ethereum, which are therefore scalability for adding many thousands or tens of thousands of transactions per second on Ethereum. It will enable those Layer two applications to access the data that they need to operate and they'll be accessing that data from Ethereum 2. Ethereum 2 will sort of reach back into Ethereum 1 and enable bidirectional transfers and it will also secure Ethereum 1 much more enabling much less issuance of Ethereum 2. Finally, in phase two of Ethereum 2, we will enable programs to run on Ethereum 2. At that point, Ethereum 1 and all of its applications will be able to be absorbed into Ethereum 2. So even if all these applications, including defi applications, are running on Ethereum 1, at that point they will very smoothly be absorbed into Ethereum 2 and people will just be able to continue using them on Ethereum 2. So if you're a developer, if you're a user, there will be very little to worry about. Your applications will just continue to run. If you're a developer and you want to upgrade the new capabilities of this new version of Ethereum, then you will be able to add some elements to your application and make it more powerful.

Okay, Joe, thank you very much for a very detailed explanation about not only Defi but also Ethereum 2.0. Okay, let's go. Our next question here we all know as Polkadot already announced their mainnet going to launch, right? So Polkadot has inherited a part of Ethereum technology we all know, Right? So potentially it, it could surpass Ethereum. I mean, is there any pressure or let's say challenges for Ethereum and how to deal with the upcoming competition? Thank you, Joe.

So I'm not Sure. I agree with the premise that Polkadot inherited much from the ethereum technology. So Ethereum 2 will inherit quite a bit from Ethereum 1 technology. Pokemon Polkadot took a fresh approach and is building their own architecture, which is similar in some ways to Ethereum 2, but different from Ethereum 2. I would argue that if Ethereum is experiencing any pressure, that pressure is coming from its own success. Ethereum is a massive blockchain cryptocurrency ecosystem compared to any other project in the space other than Bitcoin. Bitcoin's in terms of many different measures. Number two to Ethereum, in terms of total value of the token, it's certainly quite a bit larger than Ethereum, but Ethereum has many more value tokens on top of it. So teams like the people who are building Polkadot and Tezos and Cosmos are doing a nice job in exploring how to build out different approaches to the technology. But they will have an astonishing amount of ground to cover in order to catch up with all of the infrastructure that has been built in the Ethereum ecosystem and all of the developers that exist in the Ethereum ecosystem. It's made even more difficult for other protocols by the fact that pretty much all of decentralized finance is being built on Ethereum. That represents a very powerful magnet, liquidity magnet and developer magnet that will continue to attract all the best and the brightest to build new financial protocols. There really isn't much reason to build on other protocols that aren't really barely in use at this point, thank you very much.

So my next question, but not least I'm going to ask you about, I mean, as the Ethereum, I mean, ETH itself being performing perfectly in the market recently. Right. So I would ask for defi concept and Ethereum 2.0 concept, you think, which can lead the next rumble. Sorry.

Yeah, so again, it's. It's kind of a confusing question to me because first of all, the next bull run appears to be underway already. We're seeing lots of the tokens in our ecosystem appreciate rapidly in value. The decentralized finance revolution is in full steam. I mean, it's growing incredibly quickly. Ethereum 2 is an incredibly promising project, but we don't really even need Ethereum 2 in order for decentralized finance to continue to grow dramatically. Again, there are many applications that just run on layer 1 of Ethereum 1 in the decentralized finance space, and they're fine at the level of scalability of Ethereum 1. And we have many layer 2 protocols either online or already or Coming online. These are state channels mechanisms, these are layer two roll up mechanisms that are bringing thousands and tens of thousands of transactions to Ethereum 1. And so we have decentralized exchanges that are currently able to process thousands of transactions per second that are online or coming online. I'm wearing a T shirt for something called the Scale Networks Protocol, which is a layer 2 solution on Ethereum that enables people to write just simple Ethereum virtual machine programs and run them at Layer two with very high scalability and very inexpensively as well. So the next bull run is already here. It's starting on DeFi on Ethereum 1 and it will continue on Ethereum 2 just because the transition will be very smooth for both for any application on Ethereum 1 to Ethereum.

Okay, all right, awesome. So happy to have your voices here and thank you for sharing with us. But at the end we also collect a few questions from Community and I really would like to ask the audience who really have questions for Joe Lubin so that you can have a close conversation with Joe. Anyone raise your hand, let me see. Okay, so he's the first one to raise a hand. Please welcome Kim. Be on the stage. Here. This here, Please be here because the camera is just over there. Yeah, it works. Hey, Joe.

Hi.

Hello, Lubin.

Hi, how are you? I'm Kevin.

Yeah, I'm from Consensus Lab which is a Chinese crypto institution. Yeah, so we founded on 2017.

Yeah.

So our base is. Our found base is Ethereum also.

Yeah.

Yeah.

So I have a question actually because we are very interested in Ethereum 2 ETH2. So actually there's a lot of developers have different opinions about when it will be launched actually. So like Justin Draker is saying that it won't be launched until earlier 2021. However, it looks like Vitalika have more positive opinions. So I'd like to ask you, like what do you think when it will be launched? And yeah, so we are very looking forward to it.

Thank you for the question, Kevin. Consensus Labs is a great name. We have our own Consensus Lab Labs. Thank you. So Justin Drake is a very conservative individual and that's a great characteristic in his role. Vitalik's actually quite conservative as well. We are currently running a new testnet. We believe that it will be the final testnet before launch of mainnet. We expect that it will run for at least two or three months. There are currently five software clients running on that Medalla Testnet network and there are I think around 20,000 validators already on the network. So that's 20,000 different software clients of different classes of the five different classes of client that are running on the network. So things are really getting close to readiness. There's something called a deposit launch pad that was developed both by the Ethereum foundation and our Codify group at Consensys. It's currently out. It is designed to help onboard validators to encourage participation on Ethereum 2. And remember, Ethereum Phase 2 is basically a decentralized finance app on Ethereum 1. So there will be significant yield depending on how many validators there are on the network. And so a lot of interest in achieving yields by helping the Ethereum 2 network launch itself. It's important to note that the Ethereum foundation and client development teams that are not directly associated with or paid by the Ethereum foundation have always been readiness driven rather than timetable or calendar driven. So when the software is ready based on very well defined criteria, that will be the right time to launch mainnet. That said, leadership on our own on ConsenSys Ethereum 2 team, and we have several teams at consensus that are working on Ethereum 2 are currently convinced that it will indeed launch this year. And some of the leadership on that team have staked their own money are betting on it launching in 2020. So I'm also of the opinion, I'm very optimistic that based on what we saw for the Ethereum 1 launch and based on the maturity of some of the clients, there's some really high quality software that's been written and many different ways of measuring whether it will be ready. And it's looking really positive for a 2020 launch. Well, that's great.

I think that's great.

Yeah.

Hope it will go very smooth.

Yeah.

And I'm also looking forward to be one of the validators as well.

Thank you very much. Thank you, Louis.

Thank you, Joe. Thank you, Kevin. Thank you. So we still got time, about one minute something, so. Okay, let's invite another guest here for question.

Thank you. Hello. So my question is about decentralization and proof of stake. I've noticed that basically there are some other coins, other chains that have proof of stake and basically what happens is that some centralized exchange are kind of taking over the voting power, the staking power. They just take by themselves, basically.

So aren't you afraid that Ethereum 2.

Will be centralized at some point due.

To those centralized exchanges? That's a really thoughtful and sophisticated question. First of all, proof of stake has the potential to be much less decentralized than proof of work. The barrier to entry for many people Becoming validators is much lower in proof of stake. You don't have to buy a lot of complicated, expensive hardware and payload for electricity. You simply create a security bond by staking some ether. And it's much fairer because there aren't really efficiencies of scale. So if you have 10,000 proof of work miners in a warehouse, you have a lot of efficiencies over somebody who has one miner in their basement. That's not the case at all in proof of stake. And so there will be much greater decentralization versus proof of work. But your point with respect to to exchanges is a good one. And the Ethereum 2 proof of stake algorithm essentially punishes anybody who makes a mistake. And it's only a small punishment if a small percentage of the validators make that mistake. But if a very large set of validators, as if say a major exchange is running lots of validators, if they make a mistake, the punishment gets quite severe. So there is incentive to have many different kinds of validators running many different kinds of technologies, using many different kinds of power systems in many different countries. It is designed to be decentralized in that way or to reward decentralization. Even that is not sufficient. So there currently a group partly within consensus and partly in the ecosystem that are working to build out a secret shared mechanism so that validators can take more individual control over their validation activities and not rely on large exchanges. This is an issue. It's not going to be a big issue early on and it's something that smart people who care will work hard to.

Okay, John, thank you very much for sharing. So we are running out of time. Thank you very much. Thank you. Thank you. So let's say hello to Joe and thank you Joe again and let's finish this session.

Thank you, Tracy.

Thank you. Thank you. Have a nice day. Have a nice day. Really appreciate your time. Thank you everyone. See you.

Thank you, Joe. And thank you, Tracy.

So.

Hello.

Hello blockchain, hello crypto and hello bitcoin.

Jason stanton.

The means.

Okay, ladies and gentlemen, so our next speaker, I really don't think he needs more introductions because he's already the leading public figure and in blockchain industry by founding this world's top exchange and also by uploading its great reputation. I mean, if you are in this blockchain industry and you must know the name of Zhao Changpeng or you must know the exchange named Binance, and if you ever done any crypto exchanges, you must have used their services well, today he will talk about the Exchange's ecosystem strategy let's give a warm welcome to the founder of Finance Mr. Zhao Changpeng.

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Hello everyone. Welcome to Cointelegraph YouTube channel today I'm very happy to be here with hobby Sarah. So before our interview, let Sarah do a short intro of herself and what Hobi Global and Hobi Group is doing. Sarah, your turn.

Thank you. Thank you Tracy. Hi everyone. It's great to be here. My name is Sarah San. I'm the Vice president of global business at Hui Group and before joining crypto I do management consulting and Boston Consulting Group advising banking capital markets in the financial service industry. So with a more traditional finance background, hopefully I can add more insights to this interview.

Thank you Sarah, very happy to have you here and really appreciate your time. Let's be very straightforward. I've collected a few questions here for you. My first question here actually is about recent news on Huobi. So is it about its expansion in Japan market? Really? And I really want to know what's Huobi's global vision and plan for the other parts of the world in the near future?

Sure. Yeah. So what we did in Japan really, really enclose what we want to do globally. So it summarized to be two parts our main considerations for global expansion. So first is regulatory and compliance and second is adding great services to what those local communities are asking for is localization. So speaking of localization is not really just doing exchange in local language because as we we all know, local communities and users, they have different habits, they ask for different things, they have different requirements. So we really want to provide tailored experiences and tailored products to those local countries. And in terms of regulatory and compliance. I think that's very, very important. Whatever country we go to, we want to do things at a fully, fully compliant way. So for example, in terms of Fiat Gateway, we, we currently offer a dozen of different Fiat Gateway in different countries.

Awesome.

So like in Japan, Indonesia, Europe pound and we just launch our USD fiat gateway like just within 24 hours. That's like.

Okay.

And what we are doing in Japan is something that we really want to carry on. We currently have the FSC license in Japan Japan and our platform token native Token HT is accepted in Japan as a fully regulated cryptocurrency.

Wow, that's a big thing.

Yeah. Japanese users can now purchase HT with Japanese yen. So we're really excited about that.

Oh, awesome. So my next question here is, does Huobi also have any operations in China and how you deal with the regulations or governance here?

Yeah. So as we all know, regulations for cryptocurrency in China is very, very strict. Since while we launched seven years ago, we're like kind of Asian already in the crypto space. Yeah. And we've been doing well since launching and quickly become number one as a bleeding exchange in China until 2017, September 4th. That's where the Chinese government said, you know, they came up with regulations and rules for cryptocurrency running in China. China. And that's where we decided to move all of our operations for cryptocurrency and change related business all overseas. And we established this new entity called huobi China in 2018. Yeah, and that's all based in China, but it does everything related to blockchain, not cryptocurrency. So there are really two arms underneath it. So first is the R and D arm is called Hobby Research and we provide, you know, like kind of consulting, advisory services and research, all that to traditional business. And we, we have Hobi University, that's the education arm. And that's very important to us as well that we can, you know, really provide manpower in the, in the, in the ecosystem.

Okay, sounds cool. But you just mentioned about Hu University and Hobby Labs. Right. Could you just elaborate a little more about Hobby Research and Hobby University so that people can understand what they are doing?

Yeah. So as I just said, Huobi Research is the R and D arm of what we're doing for blockchain related business in China. We provide, you know, technology solutions and consulting services to traditional business so that we can, we can act as a bridge between traditional business to blockchain and as Huobi University, that's Where we do educational services. You know, like after the president endorsed blockchain industry last October, where we got so excited, you know, about the future of our industry in China. And he encouraged everyone to learn about blockchain. And it is such a new technology. A lot of people, you know, they, they hear the word and they're like, oh, what is it? So Huobi University really just aligned with this national strategy. We provide courses relating blockchain, blockchain knowledge and all that. So we provide educational courses and, and case studies to traditional business leads to help them learn about blockchain and so that we can, we can provide more intelligence and manpower to the ecosystem so that we can have a more rich and great environment in China for us to do blockchain.

Okay, great. And also wondering if Huobi has any department that can incubate different, I mean, like start our blockchain projects.

Yeah, that's a great question. Right on time, actually. So we launched our Defi Labs.

Defi Labs. Okay, here's a highlight.

Defi Labs just very recently. And what Defi Labs is doing is that they look for, you know, best projects with good potential and they help incubating, they do investing and potentially get listed on our Hobie Global and other exchanges and our hobby group.

That's awesome. Defi Labs and issued by hobby group, right?

Yes.

Yeah, awesome. So my following question is we talk about the, I mean, like, like, like a dcep, like in China we talk. Right. Also people say this cbdc. Right. So what's China's CBDC impact on the crypto market? If you can, I mean, from your perspective, to talk a little bit more on this.

So I can only speak from my topic, but I think the DSAB project is actually a really good initiative. It shows that future payments, we're going to be blockchain based. The blockchain technology itself is just very good and natural for payments and for currency where it can be more broadly accepted. And I think all of the other governments will be really running at their own pace on this. And you know, like when we see Facebook steering, Libra and all that, it's going to still take a while, but I think it's definitely on the, on the great direction for us to see the future.

Okay, so my following question is about the institutional investors. I've heard lots of your speech talking about this. So I really want to know what's hobbies. I mean, plan to, I mean collaborate with those institutional investors, I mean to influence them to, to play in our market. So your perspectives yeah, so.

Well, as we know, institutional investors are definitely very, very important for our industry. That's. We can really see, you know, mass adoption and more, more liquidity and volume happening the cryptocurrencies space. So because we see that and we can see the trends that traditional institutions actually coming into the market, we decided to put this as one of our top strategies will be group that we formed this new business line called Institutional business Unit in the beginning of 2019. And that has been a very successful strategy. Just give you some number and data. From the beginning of 201919 institutional trading volume made up to about 17, 16, 17% of total trading volume on global. And as of now it make up to almost 50% trading. Total trading at Walmart will be global. So we're definitely seeing more traditional institutions are coming into the market. And because they are institutional players and they're more professional, they seek for more professional products. They have higher standards and they have very high risk control procedures in place and they, they seek for regulations and compliance. They just want to know that you are a very trustworthy and leading exchange in the business. So that's why we've been you know, tailoring our products. And we have a special team from traditional finance backgrounds with tens of years of experience to build products specially tailored for them. We recently launched Hobi Brokerage actually in Davos in the January 17th.

Ah, now today's plan.

Yeah. And we are doing asset management services to those investors. So we really just want to, you know, first for brokerage product is providing chances for them to, to, to put in their fiat and get the currency. And after they got cryptocurrency, you know, besides trading, we want to add more diversity to their, to their experience. We then roll out asset management and also providing more professional products like derivatives.

Yeah, yeah, I see. So pretty much helpful with your background.

Right.

You used to have like a substance professional traditional finance experience. Right. So now bring those to this crypto world but with lots of, I mean you, you're basically trading different things. Right. So in the traditional is fiat.

Right.

Related. And now here in crypto it's just, you know, crypto assets, but just different products, same thing. Right. So you could give them lots of experiences from your pers. Your working experience.

Right, I guess I can.

Oh, you can talk a whole day, right? Talk about this.

Lucky enough to have a traditional finance background. I can speak kind of the same language to them. And because, because of that I can more like understand their needs and tailor more, I guess, better services to requirements.

Yeah, yeah. Our market, I mean in crypto world we need a very, very much those very professional people use it to work in the traditional finance and our coming to our market.

Right.

We need lots of professional guys here. So yeah, talents, talents, talents.

We're always seeking for talents and recruiting.

Okay, say something about the hobby recruit, hiring. So okay, please contact Sierra after this interview. Send her a CV with a mail address here below.

Find me on Twitter.

Twitter, okay. Okay. Oh, your Twitter name is Sierra Hobby. Find her on Twitter.

Thank you.

Okay, my next question is like earlier this year Hobby also announced partnership with real estate common in uae. Right. So for this part, I mean how does it work? And is there any similar plans in the future in other regions for Hobby to expand?

Yeah, so we offer fan properties with options for accepting payments of cryptocurrencies such as Bitcoin, Ethereum, XRP and some other stable coins. We think it's very important for cryptocurrencies to have more massive adoption. So payment is actually a very, very good way. So that's why we're, we're still putting more efforts and we really believe that cryptocurrency is going to be more adapted and be actually used as, as, as more user case scenarios rather than just just trading itself. And we think as a leading exchange, Huobi have the responsibility and we really wish to be part of this to, to push forward with cryptocurrency use cases.

Great, very happy to, to hear like a big, big when companies taking their real responsibility to revolutionize or influence their market. This is very, very important.

Right.

So yeah, okay, as my next question but not least I want to ask you, you also talk a lot about the future, right? Like derivatives with your background experiences. So tell us some big plans of Huobi Futures because you know, first of all, Huobi Futures already listed number one. Number one volume or liquidity on CoinMarketCap. And what's the next big step or steps? Tell us more about Huobi Futures.

Yeah, well we're really proud of what Huobi Futures has accomplished since its launch. About only like a year and a half after we roll out Hobby future product. Just so it took us, you know, like within a year we beat all of our top competitors and became number one in the market. And we launched our perpetual swap in supreme this year and quickly it also beat our most respected competitor BMAX in the market and become number one as you just said, in trading volume for perpetual swaps. And as we, as we just, we were speaking, you know, know we see institutions and more professional players coming into the market and they see for more professional products. And we are rolling out our options pretty soon, actually within a month or so. So we are really aiming to provide a more, you know, comprehensive and full set of services and products to, to our, to our users in terms of futures trading.

Uhhuh. Okay. Okay, great. So I also really curious for, I mean, as number one leading player in the market, you feel any pressure or challenge still? I mean, how you deal with those pressure or competition? I mean, you don't know. I mean, crypto world is changing every day, Right. So your company could be surpassed, you know, you don't know, maybe the next day. Right. So how you deal with, I mean, by building team or do lots of different things, you can, I mean, talk a little bit more.

Yeah, definitely. Well, you know, I think everyone in the industry is kind of, you know, stressful. Cryptocurrency itself is 24 7. So we are always working. Like we're constantly working. And as you said, you know, even as a leading player in the market back in, you know, say 24, 2016. Yeah, we're definitely top one and, but just with, you know, one change of rules, cryptocurrency regulations, yeah, we had to move overseas and it really impacts our business model and impacts our business and anything can happen.

Right.

And a lot of innovative people are in the, in the market and they constantly come up with new services and new products and we see competitors coming into market all, all the time.

Right.

But what we can do is that first, like you said, we have a great team. We have about 1500 talents.

Wow, 1500? Yeah, that's a pretty big team around.

The globe and that's what we're made of. And we all have the same kind of value and we share the same vision. We always put our customers first, we listen to our community says. And I think most importantly, it's just to stick with what you believe in. For example, we believe in security and trustworthy. We want to be the most trusted exchange in the world to our customers. So that's how we roll our strategy. First, security, security, security. We are very happy to say that we never had a huge and big kind of security breach in the history of Huobi. And that's how you keep your customers fonts safe. And also we, we want to do fully compliance and, and regulated in every market we go to. And we always put risk control as top of our strategy for Huobi Futures, all that services and all that, you know, kind of values that we we share. We want to always keep that in mind no matter where we go and what kind of services we expand in the future. And I think that's, that's, that's how we do it and deal with, deal with stress. Stress and also, you know, just. Yeah, and just great. I mean talk to, talk to more people.

I mean, let's do a conclusion. Right. So far. So what Sierra been talking like in 20 minutes in general, I could say feel free to trade. Feel free. Safe and secure to trade on hubi.

That's a nice way to sum it up.

That's a good conclusion. Right. Okay. Thank you very much, Sierra, for attending our event here. Appreciate your time and hope. Talk to you soon in the future.

Okay, thank you so much.

Thank you. Bye bye, bye bye. Hi Bing.

Hi, Tracy.

Thanks for attending cointelegraph China panel here. I'm very happy to have you here on site to share a little bit of what Rabbit is doing right now and also share your thoughts with the market. So before our conversation, please intro of yourself and about bybit.

Yeah.

Hi everyone. It's my honor to be on this show and I've been talking with cointelegraph for many times. So I'm an old guest, I guess. My name is Ben. I'm the co founder and CEO of bybit. We are a crypto derivative exchange. So glad to be here.

Okay, we've known. I've heard a lot about what BYBIT currently been achieved in the market and I'm very curious with a few questions and I really want to have your voices. So my first question is BYBIT added the USDT contract type to the platform this year and has signaled its intention to introduce more trading pairs focusing on linear contracts. My question is why? And this is the first thing. And then as the competition between the changes continue to heat up. So where do you see the. As the next frontier in the derivative worth? I want to have your voice.

Oh yeah, very good question. So we launched the USDT contract, the linear contract in I guess first quarter this year. It was more of a demand from our clients that we do have a quite significant agent user base. And for the agent user base, a lot of the traders like to use the USDT settled linear contracts, which is actually quite different than what our European clients are. Mostly of them are trading on the inverse contract. So it was more for a diversification for our different products globally. But what's interesting is that it's also another reason we launched it because of security, because our current inverse contract is settled in the Native token. So if you want to launch any other pairs, meaning that Bybit would have to hold those tokens or those coins such as Litecoin, Bitcoin, cash and all that, a lot of these coins doesn't really fit our security measurements or requirements because they don't have a cold wallet, storage or this type of setup. So we were trying to find a way we can offer a lot more pairs but without holding them. So you can either do a quanto, which is a BTC settled pairs with all the coins or you can do a linear. So after some feedback and going back and forth with our clients, our product team, we decided to launch the linear contract. With that we can offer much more pairs with USDT settled. So we're prepared to offer a few more pairs. In Q3, we're looking at Litecoin, Bitcoin, cash, even Chainlink and a few more pairs. So this is the general logic on why we launched the linear contract and why we waited for this long to more pairs.

So my next question here is, I mean later this month I heard like Babbit will be hosting the world's largest crypto trading competition, right? So the World Series of Trading. Wssot in short. So what are some findings and insights you have gained leading up to the tournament?

You know, instead of finding, I would say why we decided to launch wsop. You know, BYBIT is actually we were the first sort of exchange to offer a global competition since last year, our BTC brawl, we had 8,000 people globally participating. We have been organizing different regional campaigns. The regional competitions like Japan, like Korea, like, you know, our Twitter competition and all of that. Our clients turns out to be really liking it. And also they love the format of a sort of a team competition. This is why we want to make this sort of IP that, you know, biannual.

Hi bae.

Hi Tracy. Thanks for attending Comp or any market crashes. BYBIT doesn't crash. So I guess that sort of give our users a lot of trust and they will recommend BYBIT to their friends or to their communities as well. So I guess that helped a lot on our growth.

Yeah.

Okay, great, great, great. So babe, as we all know, I mean majority of the industry people know, like you hailed from the foreign exchange industry before founding bybit, right. So how has your professional experience in the traditional finance sector informed the work And Bybit, could you elaborate more to us?

You know, I was lucky that.

I.

Was lucky in two ways. One way is that when we established bybit, they were already the wheels already made. So we don't have to reinvent the wheel. So we could look at the existing exchange at the time was OKEx and Bitmax. We can examine their uniqueness, we can examine their great parts for their product and we can also examine what's lacking so we can actually prepare our product. So in a way it's like, you know how I would usually describe that, how the Japanese took the car and made it even better in a way. But that's lucky for us because we were the latecomer. I was also very lucky. On the other hand is I've been running Exchange for more than eight years before Bybit. So I was running a retail forex exchange, also very focused in retail. I was managing the whole business. So I guess that gave me a very good experience on how to run an exchange, take care of the customer support, how to listen to customers, how to get feedback and how to build a product to clients liking. So I guess combined with the other factor that gave us a very unique start. I was lucky to have that. In comparison, crypto is obviously quite young and not as mature as the traditional market. There are many things I want to do, so I've been trying to improve by a bit and keep pushing out new updates so that we can raise the bar or the standard in crypto in terms of trading to make it more reliable, more user friendly. And also from a risk management perspective, you want to make sure the exchange is always running smoothly, no scam wicks stable and all that. So I guess this is one main thing that I carried from what my previous experience tell me is to be much more prudent, focused on the product and focus on the clients.

Great, great. The experience in traditional finance really helps a lot. I mean the logic is basically same, right. It's just you deal with different products. We can say one is like Fiat or here is a crypto. Right. So just different.

Yeah, for sure, for sure.

Yeah, yeah.

Okay.

My last but not least question for you here is that we all know we talk about the CBDC a lot, which is central bank digital currency. Right. I think you also heard a lot about China dcep, right? The cryptocurrency. How do you see the trend of CBDC and private cryptocurrencies play out and how do you think this development will shape up the future of money or impact daily life? I really curious to have to have your voice and I really wonder what you say about this.

Yeah, you know, a lot of people been asking me about the dcep, the Chinese national currency. To be honest, I Tell them I know nothing from the people I talk to. Nobody knows anything. So even the people in the industry, people just like no clue what's going on. But it's definitely a good positive movement that's showing that different governments or central banks are moving to a direction into crypto. And I think this whole Covid really helped it to, at least for myself. It was really a, I would say a top up on my strong belief on the mass adoption of blockchain or cryptocurrency is that you start to see that different banks are just printing out money like crazy. So before they were trying to be more secretive about it, but now they just bluntly printing money, just make it ring, print it. When you do that, the money normally gets rejected into the capital markets. Then you start to see that the social class or the working class are really getting screwed on that. So you start to see a big more division in the social inequality and all that because only certain elites of the community or of the society can benefit from this getting bailed out basically. But it's because it can be printed freely. So what I see is that with crypto at least there's no central government or no agent or controlling it. So whether you are a miner or exchange or you're just someone who hold the coin, if the coin value appreciates, you get benefit, you don't get left out. So this whole idea of community is very deep rooted in blockchain and crypto. And that's why I think as time goes on people will realize that crypto is the one to save a lot, to solve a lot of the problems, you know. So I think the revolution on.

Capital.

Is coming and the only way to do it is with cryptocurrency.

So.

I think it's definitely a movement and I think the banks realize it so they cannot kill it. So they will just have to dance with it. This is my interpreter with it.

You know, great, great, interesting, interesting. But I also have, I want to add one more question after this talk with you. I really feel like you personally were interesting and also what Bybeed is doing is very interesting. So talk to the audience. Two points. So just share with us two things like what Bybit is going to achieve in the very near future. Two big things, your big plan.

Two big things. Number one is we're going to take over the world and become the number one. That's for first. Two big things. Okay. As far as for product.

We are.

Building our expiration contract so that the next quarterly contract is coming up. And secondly, we are actually spending a lot of time looking into option. We, we know that the option market has been picking up this year very fast and we want to spend some energy and also some innovation into it. And hopefully we will present a product that's much more user friendly than what the current option product looks like.

And it will be good for a.

Lot of even retail to trade it, but still has all the option concept or all the metrics built in so it's a proper option product. So this is something we look forward, very much forward to. And yeah, I mean the WSOT is starting in a few days, so right now I think it's already 8,000 people. We're hoping we can reach 10,000. So very excited for that. Yeah, that's it. Thank you.

Okay. Thank you very much, Ben, for sharing with us your ideas and looking forward to hearing more voices of by and yourself. Okay. Good luck.

Okay, thank you.

Thank you, Tracy.

Thank you.

Thank you.

Okay.

Yeah.

You.

Hi, Justin Sun. Welcome to great Bay Area International Blockchain Week with cointelegraph China. For those of you who are not familiar with Justin sun, he's the founder of cryptocurrency platform Tron and he's also currently the CEO of BitTorrent. So Justin, why don't we start with talking about Defi, one of those biggest trends in crypto space these days. And we have also noticed that Tron has recently launched three products that related to device space. And why is it important for you to tap into this field and what is your vision and what are some of the challenges that you think are ahead for the device space?

I definitely believe Defi is one of the most important trend in our industry. The reason is very simple. So Defi basically proved to us we can have a decentralized way of doing all the finance behavior or the finance product. For example, you can do decentralized lending, you can get a stablecoin the same time. Also you can do year farming by a decentralized way. That's I think is the most important things because you interactive with smart contracts and there is no accenture authorities control all the process. Instead of today if you want to get lending you need to get a broker like evaluates the assets for you. And also at the same time you need to deal with a third party to get money. And then when you pay back your loans, if anybody doing like mortgage you will know. The process is very painful actually to know everything and also get even all the documents well validated. Take a lot of time but all in the Defi it takes only in the 15 minutes. Everything happens at 24 7. So that's why I believe this kind of the concept is very interesting. And also at the same time I think this is one of the best chance for Trump because you can see these days Defi is very popular on Ethereum. But the biggest obstacle for Ethereum is is the fee of the transactions and also the speed of the transactions. Recently it takes you even more than $100. I try the product always, sometimes it's even like half Ethereum. Today it's like even like $150 to make a transaction. And it takes a very long time to process all the transactions in the smart contract in Ethereum for all the Defi project. So that's why I believe since Tron offer like instant and almost free transactions, it's definitely going to be for the next wave of the Defi. Because a lot of the Defi projects built on Ethereum they will realize that Ethereum just can't scale. If they want to offer their customer better services and with a very cheap price, they need to move to Tron. So that's why we courage lots of the developers on Tron to develop Defi project. I think we got lots of the progress. We support just Network, they launch basically make Dao on Tron so you can put TRX collateral and get stablecoin. And also we will introduce Just Swap, it's decentralized exchange Tron network. And also we will introduce Just Land. So basically you can just lending anything you can and get interest and also yield farming.

Earlier this year, the charity launch with Warren Buffet finally happened. And how was it we know that he's not the biggest fan of cryptocurrency and did somehow that meeting with him change his mindset and he looks at crypto differently now these days.

First of all, I think I'm a huge believer in bridging the cryptocurrency with traditional investor. I believe this is like one of the most important thing we need to do in order to get mass adoption of crypto. Definitely. As we know, Warren Buffet has a good reputation on traditional investor. That's why I believe always that dialogue between the cryptocurrency leaders and Warren Buffet is extremely important. That's the reason why I want to win this auction of Warren Buffett launch in the first place. And I think earlier this year the dialogue between Warren Buffett and also, you know, I invite lots of the guests like the leaders from Huobi Binance, Etoro and The founder of Litecoin to the launch I think itself is very successful. I think everybody have a very productive meeting. And I think the best part is we educate Warren Buffett a lot about how crypto works, why it is important because I think the loss of the things Warren Buffett learned about crypto is more from news media. So that's why he always see a lot of hype, you know, like a bitcoin price is grow like dramatically without like any application. Right. So, so this kind of the news buzz. But I think after we have a very productive meeting with him, I think he definitely know more about crypto. That's why I think in the meeting he recognized the value of blockchain as a technology. Lots of the his portfolio companies like J.P. morgan, Wells Fargo, Visa, like all the very big giant financial institutions has expressed their interest in developing product in blockchain. Right. Recently we see Visa also collaborate with Coinbase, try to bring like more people into the crypto world. So that's why I definitely feel this meeting is very successful. And I think after this meeting a lot of the traditional investor even reach out to me to express their interest in invest into the crypto product. So that's why I believe this is a huge success. And going forward I think still the most important thing is to make sure like everybody outside of the crypto world will understand. Cryptocurrency is just another kind of the assets. It's just like gold, it's just like other stock, like everything we have been trading all the time, right? Because even stock markets when they first emerge in early 90s, it's also early 20th century is also like a very new concept. Everybody take a very long time to learn. And also as Internet when they first emerge in 1990s is also a very new things people need to learn about. But the more they learn about, the more they will realize this is just like a very simple product you can easily to use. Recently we also see a lot of the people start to invest into the crypto. Bitcoin price is consolidated above $10,000. I think definitely this gives lots of confidence to the traditional investor. So I definitely think 2020 and 2021 will be a big year for crypto.

As we know, BitTorrent is the first invention for peer to peer transaction of data and files. It has brought tremendous convenience for us to transfer data and sharing data. However, it has also opened the Pandora's box where online security and privacy has become a major concern. What are your comments for that and how would you think blockchain or cryptocurrency can address those concerns.

So everyone know actually on one side is bring like a tremendous benefits to everyone in the world to enjoy this fast way to transfer the files and also distribute the files around the globe. And also the same time it did open some privacy issues. As Bitcoin also sometimes face some kind of the money laundry problem. But first of all, I believe both for the Bitorin and the Bitcoin we need to realize actually the benefits is much more than the disadvantage they bring to the industry. It's just like Internet. Sometimes Internet also have some problem, right? For recently the Twitter hack also bring the problem of the cyber securities to everybody's attention. But I still believe for example, like not only individuals use bitterness as a way to transfer the files. Even Facebook, Google, Amazon or US Government use these way to transfer their files around the globe. Bitcoin is one of the best finance product or decentralized finance product in our centuries. And also the same time I think we are happy to collaborate with law enforcement and regulators to try to eliminate as many as possible about all the negative impact the technology have. I think for the Bitorin we are doing lots of the way to encourage people to upload files around the globe to guarantee the decentralization. And also we encourage the people only use in a legitimacy way. And also just like Bitcoin, there's lots of the company as for example like chain analysis, they help the law enforcement and the regulators to analyze all the address in the Bitcoin ecosystem to help to mitigate those negative impact. So that's why I think as long as we keep like open mind and also at the same time further developed the technology, we can definitely always bring the benefits, the advantage of the technology to the mass. And also the same time mitigate, even eliminate all the negative impact.

After acquiring BitTorrent and D Live, you have also invested in PNET, one of the oldest crypto exchanges in the world. So I wonder what is your principle or fundamental basics when it comes to investing or choosing projects to invest?

Yes, first of all, I think when we make investment in our industry or even sometimes is acquisition, first of all, I think we always want to help to improve the user experience and also the network effects of the decentralized network. So you can see we acquire before we acquire BitTorrent. Because this is one of the well known decentralized technology in the whole industry. And also of course for Poloniex we invest in GitHub. Poloniex is very simple. It's because Poloniex is one of the well known brand in the crypto space. And this has been like the first exchange for lots of the well known cryptocurrency. For example, Poloniex is the first cryptocurrency trading platform for Ethereum, for Monero and zcash and etc as well. So we can see today's lots of the good cryptocurrency. Poloniex is their home base. So that's why we always want to support Poloniex to grow this user base and provide the best user experience and the infrastructure support for the crypto project in our space.

My question regarding to the enterprise blockchain and the privacy issue. What are some of the small businesses that you could review that are looking for protecting users privacy and their own privacy in this regard to adopt the Tron 4.0?

Yeah, first of all I think we already collaborate with some of the securities companies around the globe to develop the financial solution for them in the blockchain. I definitely believe there is lots of the as you see like IBM introducing Hyperledger very early around 2016 and lots of the business trying to build their blockchain on top of the Hyperledger. I think in the future there is a two direction is very interesting. First of all is the customized blockchain for the small business and the financial institution. They need blockchain to improve the efficiency of their network. And then the second direction is the intercommunication with all the blockchain. So we need to find a way to make different blockchain can communicate with each other and even define this kind of customized blockchain to communicate with public blockchain like Ethereum and Tron Network. So I think that's like the true way of the enterprise blockchain solution we are currently working on.

Okay, and what are most of your community based geographically? When you're talking about target passing 5 billion, is there any statistics to show us where your community are mostly based? Is it mostly in China or overseas?

Yes, I believe USDT Tron Network is a very competitive product in our industry. Not only in Asia. We have seen a huge amount of the demand from Asia, but also I think in Europe and also Russian and even United States and Latin American as well. I believe it's because Tron offer the instant and the fast transaction and also the transaction is almost free in the Tron Network and also some we already know USDT is one of the most liquidated stablecoin in our industry in terms of the exchange. But also we have seen some of the small Business and big enterprise has adopted USDT as a way to pay their employees salary and also even pay their vendors. For example, Point Hub this year has announced to use USDT on Tron to pay their models. So that's why I believe USDT TRC20 has seen some of the user case even outside of the cryptocurrency industry. So that's why I think we are super bullish about the growth of USDT Tron network.

And my last question is regarding the governance. When you said Tron is also community governance based project and you have all this ambition of growing more and more.

Community members.

But experts in the blockchain space and especially law enforcement or lawyers, they argue that in the blockchain crypto space even though they are governance, but it's very decentralized and any open source change of writing or code can can make a hard fork in a token, for instance Ethereum. And they argue that there needs to be a very clear governance in order to move the blockchain industry forward. And how would you see that clear governance? And what are the designs that you're thinking of for your own community and making sure that not only is decentralized, but also it allows a certain framework and regulation and all that.

First of all, I think the open source is the most important thing in our industry because open source guarantee the transparency and also guarantee like everybody can alter the software and bring their proposals into the network. So let me give like a very quick introduction about today's Tron governance structure. So every programmers they can read the code and documentation on the Tron network. All the Tron software is open source and everybody can alter or fork the software. And also they can bring the improvement proposal to the SR community as a tip is called Tron improvement proposal. So they can make the operation of the software and all the soft. This kind of the proposal will be submitted to the TRON SR community which is elected by 26 billion TRX users. They selected these 27 super representative which will decide it which tip they will pass or not. That's a way we want to guarantee the transparency and decentralization of the network. Also the same time we want to be regulated compliance and be very friendly to the regulators. That's why we make the software it's like a tool set. So different developers when they build a different kind of the product they can we basically most of the time for the tour set we offer two ways to develop their software. For example, like Tronzi, we make this like an option. So if you want to be compliant with the regulators, you can disable the feature and also if you want to ensure the user enjoy the benefits of the privacy, you can enable it. So basically we make these available to everyone. They can make a very transparency choices about their product. So that's why that's how we can on one hand guarantee the decentralization and community governance and on the other hand make our developers and our blockchain compliant with all the regulators around the globe.

So thank you Justin for sharing your thoughts and your comments with us. And we're looking forward to have you again next time. And thank you.

Hey Steve, thanks for staying with us. This is Tracy from Cointegraph China. And before our interview, please do a short intro of yourself.

Okay, good. Hi Tracy. Hi everyone. My name is Steve. I'm global CEO of OurMind. So OurMind is a decentralized leading computing asset and trading platform. So to be simple, it's a computing power marketplace. Before my mining career I was in Internet industry like online learning and cross border E commerce. Then I started up with RR mine since 2017 before Bitcoin price racket up. Therefore I have been through a full cycle of this mining industry and I successfully survived.

That's awesome. Okay, let's go to our question list. So we've collected a few questions from our community and really want to have your answers. So my first question is the path of new infrastructure construction age will bring a blockchain within market that we thousands a billion yuan. Could you tell us about what is the opportunity for mining industry?

Okay, so actually the answer is in your question already. The new infrastructure is actually the opportunity as well as the key to digitalization. The new infrastructure will include new technology like blockchain and computing power will be the new productivity along with connectivity. Both are the core of the new support. One can connect between Internet and platform and the other include hash rate and algorithm. So the keyword of the mining is hash rate or you can call it computing power. The computing power itself is already a quality asset. Since the 5G big data and cloud computing has been growing rapidly, the demand of computing power is increasing more and more. Thus the new infrastructure with new computing power will lead to a revolution. Since the computing industry plays like an engine to boost the development, it is still a blue ocean market. So that has a tremendous opportunities to cope with various competitions. It still has a lot of opportunity going on. Therefore, either individual or business can play their part according to their strengths. Either on capital or on skill. On supply chain, resource or marketing. Play your best. Everyone should Find a track that fit themselves to play the game. Just like NBA player will not play in baseball, in major league or major league players don't play in NBA as well. So they each have different strengths and training in a different way. Anyway, I believe the opportunity is the computing power.

Okay, thank you very much. So my next question, as you just mentioned about cloud computing, we all know cloud computing is a new fashion and what are the advantages for decentralized cloud computing? And what are the layouts for RMI within the decentralized cloud computing? I would like to have your voice.

Okay, sure. As you mentioned about cloud computing, there are many demands now for these new supercomputing powers such as cryptos, AI inclusive financing, GA, privacy computing and IPFs. Nevertheless, the current cloud computing companies like Google, Microsoft and Amazon are unable to cater for the new requirements because from the technical perspective, distributed computing market plays a good game. Already it's the best time to start our new infrastructure. In three years time, the 70% of big data and those complicated computing things will be processed by decentralized cloud computing like ipfs. So decentralized cloud computing is heading to a new generation in our digital economy. However, RMI is a decentralized computing power, asset management and trading platform. Although we mainly focus on computing power, we still play with the team as well. Not alone by ourselves. We partner with Zenmetrics who build a Web 3.0 infrastructure to offer a decentralized computing service in the ecosystem. So by this infrastructure we offer various affordable computing power like Bitcoin, filecoin, AI and edge computing as well as those derivative solutions like account management, DAPP, SaaS, pass and trading. We also developing IPFS and AI robot DAPP as well. Because we are always trying to achieve that affordable, reliable and credible platform for everyone to join the game in the future.

Okay, thank you very much. So my next question is about Defi. As we all know, Defi is definitely the hottest topic this year and it also regarded as the next wealth code. So what do you think of Defi mining? Because as we know Defi mining is also a big sector in this industry and bringing the liquidity for cryptos. So what's your voice for this?

To be honest, frankly speaking, I didn't research on the DEFI a lot because it's more about financial. But of course I know what is it compared to CEFI, DeFi has less processing and you don't need much time to approve by the bank or somebody. It's actually flick like everything can done in seconds. So I think it's pretty interesting to do it, but I don't really call it mining. It's more like a financial product, but it's just decentralized. So I can't give too much suggestion because I focus on the mining more. But it still has some opportunity as well as the threat. So it is the risk layer. So anyone want to play must evaluate their risk as well.

Cool. Sounds cool. So my next question is about the Firecoin. Firecoin is one of the most popular mining projects at the present. And could you please explain why everybody is so crazy about it? And what are your new products for firecoin mining as RMI itself. Thank you.

Okay, sure. Why filecoin is so popular, you must understand their basic first which is ipfs. The vision of IPFS is to make the web faster, safer and more open. So IPFs use web 3.0 technology that might replace HTTP. The data structure are totally different. HTTP was location addressing. So you can link my photo on the Tom Cruise website. But IPFS is content addressing. Steve is Steve, Tom Cruise is Tom Cruise. You don't mix up together. You can't play any trick off road. So the decentralized ecosystem is improving to challenge centralized ecosystems such as Amazon aws. Amazon AWS and Aliyun. IPFS is the basic app for this big data. And that's why we think filecoin is so essential. Because filecoin offer incentives like motivate the peers to share the storage to achieve decentralized storage. This concept is very similar to Uber or Airbnb is a sharing economy. The file can be securely downloaded and upload in ipfs. So when we accessing a file it's a very basic function among all data algorithms or the digital economy. But in another word, anything that relates to accessing the file can use filecoin. You can save, you can edit. This is the most basic but critical function. There are more developers who build apps in IPFS already. This is why it is a blue ocean in the new infrastructure. So talk about Rmine. So Rmine is definitely be a player in ipfs. In fact we stopped planning these one year ago already. If you are all our miners like our customers. Actually from one year ago they already sold IPFS banner in our app or website. But why didn't we start one year ago? As we always are, we plan the risk first. So we don't want to put all our customers and ourselves in the risk. We think it's not a good time in last year. We think the time before mainnet launch is the best Timing. So we start in mid June we start offering our cloud mining filecoin cloud mining plan to all our customers. That's what we always do. Because you must know IPFS is more Internet features. It's different from the Bitcoin. It provides a low cost security, privacy and immutable compared to Web 2.0 product. It also own the blockchain of sharing economy model. Just like what I say, it's very close, very similar to Uber and Airbnb. Therefore we run it like an Internet project, not blockchain. So different from our Bitcoin mining. We don't just buy thousands and thousands of mining rigs and put it there and let it run. We have to in the filecoin we have to buy a lot of servers and we need a very reliable, stable and fast broadband. Also a very reliable and credible Internet data center to keep 24 hours running time and no downtime guarantee is very important on the filecoin. That's why we can offer a very affordable plan to all our users. And even before you start mining, like before the mainnet launches, we also offer incentives to our customers as well. Before you get your filecoin, you can actually start mining your Bitcoin Already. Nestle is very unique in market.

So.

Back to the topic. So we already optimized software and hardware in a very good condition to squeeze our most efficient power to mine filecoin. Okay. Filecoin is like play a basketball team. Every player has its position. So every server, the mic, the miner, the worker, all have their function. So the key is still the cloud. We use this cloud system to minimize the risk, to share the risk among ourselves and the customer. So you don't have to put a lot of capital in to start mining filecoin or Bitcoin. We optimize our system. That's what we always do. So we share the risk between you and ourselves. So R miners always get the highest return but lowest risk.

Awesome. Thank you very much, Steve. So my last question before we end this interview. I want to ask, can you give us the short words what RMI wants to achieve in the near future? Just put it in short.

Okay. Decentralized hash rate marketplace offer you credible, reliable, affordable computing power. Welcome to the future of digital world.

Thank you, thank you. Thank you, Steve. Thank you, thank you.