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Summer has come and new exciting AMA sessions in SatoshiClub have started. Today we would like to tell you about the AMA session with our friends from the OKEx. The AMA took place on June 2 and our guest was OKB Chief Operator from OKex Exchange!
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from SatoshiClub members
Serg: Hi! Welcome to Satoshi Club! Today AMA will be with OKEx.
OKB Operating Officer: Hi,everybody.Nice to meet you,so glad to see Satochi Club’s friends~
Serg: Please tell a little bit about yourself and make an introduction for OKEx.
OKB Operating Officer: Sure~
Good day to y’all~
I’am OKB Chief Operator from OKex Exchange.
In the beginning of year 2020, we have enhanced OKB value through incessantly
operations, as 700 million unissued OKB burnt, the 13th Jumpstart release,
OKChain testnet and OKT launch. We’re happy to see hard work pays off, that OKB
price rocketed to all time high to $7.441.
While hodl investors being excited about the
OKB hyper surge, a lot of traders get interested in OKB and have many
questions. It’s our pleasure to have this chance to talk with all OKEx
supporters. Hope we can provide valuable info through this communication.
OKEx is a world-leading
cryptocurrency exchange, providing advanced financial services to traders
globally by using blockchain technology.
OKEx provides
hundreds of token & futures trading pairs to help traders to optimize their
strategy. We are also one of the top digital asset exchanges by trading volume,
serving millions of users in over 100 countries.
Our BTC futures trade has nearly $1.5B of
volume daily, and is widely recognized as the gold standard for the
industry.Convert over 30 local currencies to crypto in minutes via Visa,
Mastercard, and other convenient payment methods.
OKEx believes the blockchain technology will
eliminate barriers to transactions, increase the efficiency of transactions
across society, and eventually have a significant impact on the global economy.
We strive to achieve something that changes the world and never stop to
innovate and improve on our customer experience.
Serg: What are the benefits for hodling OKB?
OKB Operating Officer: OKB is the first
platform token to achieve full circulation in the world.
OKB conducts buying back and burning OKB each quarter.
OKB price increase is numer 1 among the coins and tokens within top 30 market
cap.
OKB holders can enjoy the dividends of OKEx development.
The holder of OKB will have the opportunity to become a super node on OKChain
and enjoy the dividends of future ecological construction of public chain.
In terms of additional rights within the OKEx trading platform, 14 application scenarios have been expanded. For example, regarding our trading fee discounts service, users only need to hold 500 OKB to the maximum holding of 2,000 OKB and can enjoy the maximum trading fee discount. And based on trading volume to enjoy discounts, we give the industry’s largest discount rate to our users.
Okex community accross the globe
Q1 from Telgram user @oluwamayowa06
Why does OKEx exchange have two types of tokens: OKT and OKB? What’s
the difference between these two tokens, and the differences in their
functions?
OKB Operating Officer: Not long ago when we
launched OKChain testnet, we also promised to map 100% of the genesis blocks of
OKT, the native token of OKChain, to OKB holders. OKB will soon be migrated to
OKChain and no more OKB will be issued, so that holders can enjoy the rise in
value as OKB entered absolute deflation. OKB holders can also run supernodes of
OKChain and share the benefits of the ecosystem development.
But,OKT and OKB is NOT SAME.
OKB is OKEx’s platform token and has entered deflation period.
OKT is the native token of OKChain, and there is inflation every year.
We use the leading dual-token model to ensure that OKEx and OKChain can run
smoothly.
It is worth mentioning that OKB users can get 100% of the airdrops from the OKT
genesis block.
Serg: how
much will the deflation period last?
OKB Operating Officer: Forever and always. In
fact, we have no plans to stop.
Irina Kravchuk: But
are all OKT mapped to OKB? What this really mean, that it’s the same number?
OKB Operating Officer: The creation block of
OKT maps 100% to OKB users, but it does not mean that the number of OKT and OKB
are the same.
Q2 from Telgram user @Javier106
Do you have any plans to attract non-crypto investors to OKEX and how?
What are the measures to increase awareness of OKEX in non-crypto space?
OKB Operating Officer: I believe that users
interested in cryptocurrencies will spontaneously and actively explore this
field.
Of course, OKEx now also offers generous
rewards to new users. Now, new users sign up for OKEx and buy $100 in
cryptocurrencies to get a reward of $10 to $100. Everyone is welcome to
experience.
http://okex.com/promotion/QIvxpF
Q3 from Telgram user @orrangelp
In the near future, Okex will have outstanding breakthroughs to become
the perfect trading platform to overcome Binance or not. What will Okex
specifically do to make the OKB currency pass in value compared to BNB?
OKB Operating Officer: In terms of product
integrity, OKEx is already owning the most comprehensive exchange of digital
asset product lines in the world. It now is capable of meeting the user’s
multiple transaction demands for fiat currency, crypto-crypto, contracts,
options, mining pools, wallets, DEX, platform token and so on.
In terms of platform technology support,
OKEx continues to maintain its leading position in the world, and is currently
upgrading its next-generation counter system. After the upgrade, the combined
accounts and more functions will be released, which will provide global users
with more stable, efficient, and convenient trading services.
Product technology has always been the core
strength of OKEx. OKEx has always ensured the safety of user funds with
excellent system performance and intelligent risk control. So far, OKEx has
never had a user security incident, which is a quite proud.
At the same time, OKB serves as a utility token for OKEx’s platform. Its market performance also expresses the user’s recognition of the OKEx platform to a certain extent. There is no doubt that OKEx will give OKB unreserved continuous empowerment.
Serg: do
you plan any launchpad where only OKB hodlers will be eligible?
OKB Operating Officer: Of
course, we have our own Jumpstart event, the 13th period has just ended, and
the opening price is 3 times the pre-sale price. Our next Jumpstart is about to
start soon, welcome everyone to enter our website to know: https://www.okex.com/jumpstart
Q4 from Telgram user @erol1763
What is your view of someone manipulating the tokens in exchanges. What
are the measures taken by Okex to prevent liquidity wash trading?
OKB Operating Officer: For the exchange, what
we can do is: first, objectively and fairly introduce investment assets to
users; secondly, provide a richer product line to users; thirdly, do objective
and fair analysis and put Introduce the causes and consequences of more
incidents to customers and help them analyze them. But we will not do anything
excessive, which we believe violates the exchange’s neutral and objective
values.
We are working on the latest decentralized
exchange DEX. This week, there will be activities for developers, rewards are
generous. Welcome to pay attention to OKEx official website.
Answer complete~
Q5 from Telgram user @endtimeprophet
As far as I’m concerned, OK CHAIN has been launched yet I still see
ERC20 OKB tokens, can you explain more about the Swap Process and the UTILITY
OF OKB tokens
OKB Operating Officer: The specific mapping
rules will be announced when the main online, and now you can log in to DEX to
receive the free OKT test coin: https://www.okex.com/dex-test
The UTILITY OF OKB tokens： OKB is the first platform token to achieve full circulation in the world. OKB conducts buying back and burning oKB each quarter. OKB price increase is numer 1 among the coins and tokens within top 30 market cap. OKB holders can enjoy the dividends of OKEx development. The holder of OKB will have the opportunity to become a super node on OKChain and enjoy the dividends of future ecological construction of public chain.
Part 2 — live questions from the Telegram community
Q1 from
Telegram user Hellkhaey
What are your plans to list OKB on other exchanges aside OkEx? How soon
will that start?
OKB Operating Officer: Of course. OKB has been
listed more than 50 trading platforms, covering 141 countries and regions
around the world.
It has listed on Bitfinex and other internationally renowned fiat trading
channels, covering many mainstream currencies such as US dollar, Euro, Korean
won, Vietnamese dong, Indonesian rupiah.
In the future we will also list OKB on more exchanges. We would be glad to
notify you of this information in real time, and welcome to join the OKEx
community to learn: https://t.me/OKExOfficial_English
Q2 from
Telegram user Hellkhaey
What do you have in OkEx that no any other exchange in the world has?
What makes you unique?
OKB Operating Officer: In terms of product
integrity, OKEx is already owning the most comprehensive exchange of digital
asset product lines in the world. It now is capable of meeting the user’s
multiple transaction demands for fiat currency, crypto-crypto, contracts,
options, mining pools, wallets, DEX, platform token and so on.
In terms of platform technology support,
OKEx continues to maintain its leading position in the world, and is currently
upgrading its next-generation counter system. After the upgrade, the combined
accounts and more functions will be released, which will provide global users
with more stable, efficient, and convenient trading services.
Product technology has always been the core
strength of OKEx. OKEx has always ensured the safety of user funds with
excellent system performance and intelligent risk control. So far, OKEx has
never had a user security incident, which is a quite proud.
At the same time, OKB serves as a utility
token for OKEx’s platform. Its market performance also expresses the user’s
recognition of the OKEx platform to a certain extent. There is no doubt that
OKEx will give OKB unreserved continuous empowerment.
Q3 from
Telegram user Dalmasca Blockchain
Many exchange still don’t have this feature, the feature is to swap
left over tiny ballance of a token/coin that we just sell to some Coin than
just left it there being useless, in the future will OKEX have feature to
handle this problem?
OKB Operating Officer: OKEx has launched a
small asset exchange, you can use this function when using OKEx
Q4 from
Telegram user Srintiel
Will OKEx exchange become mainstream?? How are you going to compete
with the popular exchange like Binance,Kucoin,Huobi,etc..???
OKB Operating Officer: Industry development is
dynamic, so is competition.
We will learn from competitors about the
good services they provide to users. But on the whole, OKEx’s biggest
competitor is our own. To embrace change – accepting the challenges brought
about by industry changes is OKEx’s innate mission.
Compared with traditional finance, the
entire digital asset volume is still very small, even less than 1/10.
This is not only OKEx, but also something that the entire industry needs to
construct for a long time.
In addition to continuously optimizing and
upgrading product technology to increase market share.
OKEx will also work with all industry
participants to build the entire blockchain and digital asset industry to be
healthier and complete.
Only if the market share of the entire industry continues to increase
incrementally can all competitors grow together in a benign competitive
environment.
Q5 from
Telegram user Jhonathan
How profitable is $OKB? What are it uses?
OKB Operating Officer: You can now use
OKB to buy coffee in Singapore, and use OKB to withdraw money from ATMs in
South Korea. Purchase goods in Korean convenient stores. OKB’s external
application scenarios have reached 40, covering dozens of important areas such
as payment, transactions, market software, wallets, lending and financial
management, technical security, tourism, life services, entertainment, social
networking, electronic contracts, O2O and so on.
Serg: Thank you for being here with us today!
Irina Kravchuk: I’m
sure our community found a lot of interesting new stuff about oKex and OKB
We’ll open the chat in a few minutes
If you want, you can address a message to
the community before we open it.
OKB Operating Officer:
Very happy to share with you today
As I introduced above, our newcomer
registration benefits are in progress
http://okex.com/promotion/QIvxpF
Very happy to share with you, welcome everyone to pay attention to the development of OKEx and OKB, thank you.
PART 3 – Quiz Results
In the final part
we would like you to check your knowledge in terms of OKEx. They’ve prepared 4
questions for this part, so everyone could be a part and answer. All the correct answers you will find at the
bottom of this Recap. Enjoy!
Q1
What cant you do
with holding OKB?
A.Pre-order OKEx Jumpstart New Listing
B.Earn OKB Saving Interests
C.Enjoy Transaction Fee Discounts
D.Participate in Binance Launchpad
Q2
How many times
does OKB conduct buying back and burning?
Q3
Which anniversary
was having a celebration in OKB March Report
Q4
How much
transaction volume of OKB was it in March Report?
Asalways, SatoshiClub’s community enjoys events full of entertainment. Today we would like to tell you about the conversation we’ve had with our friends from Harmony. The AMA took place on May 28 and our guest was Corey Strong (Co-Founder of Harmony).
The reward pool was $200 and has been splitted in 3 parts.
In this story, we will try to summarise the most interesting points for you. It would be as fun as the real thing, but we’ll try to get as close as possible.
Part 1 — Introduction and questions collected on our platform
Serg: Hello @nickw123 ! Welcome to Satoshi Club! Please tell us a few things about yourself
Nick White: Hey everyone, I’m co-founder of Harmony and honored to be here to talk to you all. I hope we convert you all to Harmonauts today
Irina Kravchuk: Good luck! We’re very happy to have you as our guest as well
Serg: We are pleased as well to have you here today. Please briefly introduce Harmony to us
Nick White: My background is I grew up in Hawaii before going to Stanford for my BS and MS in AI/neural networks. Then I moved to Hong Kong and fell down the crypto rabbit hole and started Harmony with my co-founders Stephen, Sahil and RJ.
We set out to solve the problem of scalability. We decided that if blockchain were to become adopted by the masses and create the same level of impact as the internet itself, we needed to build a blockchain that could support billions of people, would settle transactions in seconds, and would be extremely cheap to use, all while maintaining strong decentralization.
So we designed an architecture that combined the best of sharding and proof of stake, using the best new cryptographic primitives and networking techniques. Our blockchain now supports thousands of TPS with 8 seocnd settlement time and each tx costs less than $.000001. And we’re still decentralized. We have 1000 nodes now and are heading to many thousands of nodes over the coming year.
Serg: was it hard to move from AI/neural networks to blockchain?
Nick White: Luckily I studied Electrical engineering which gives you a broad background in computer science, so it wasn’t all to hard for me to jump into blockchain and crypto.
Irina Kravchuk: Why did you move to Hong Kong?
Nick White: I joined an AI incubator/VC in Hong Kong as “AI specialist”
Serg: Thanks for this introduction, Nick! Ready for question 1?
Nick White: Of course
Q1 from Telegram user luckydraw66
What will be Harmony next steps towards achieving mass adoption? What Blockchain use cases are currently working on and which use cases do you think will be the most successful in driving blockchain technology adoption?
Nick White: The next step for mass adoption for us is creating a comprehensive grants program for developers to building tooling and apps on Harmony. We want to cultivate a rich developer community and ecosystem, while also helping target some key use cases. In particular we see our blockchain as very well suited for financial applications and payments. We imagine Harmony to be a global settlement layer for cross border finance. We think the growth in adoption of stable coins is only just starting and we want to position ourselves in front of that wave. In addition to payments, our chain supports smart contracts so we can also build DeFi applications.
Serg:is there any financial app built on Harmony at the moment?
Nick White: We have our first big announcement around this coming very soon!
Irina Kravchuk: I would be very happy to see a serious alternative to PayPal coming in the near future!
By grants you mean offering money to projects for development?
Nick White: Yes we will be using the funds in our foundation to offer developers to work on projects with us.
Serg:can you tell us more about the finances? where does it come from?
Nick White: Sure thing. So at our launch we created a foundation with a certain portion of the ONE tokens in supply. These funds are meant to be used for ecosystem growth and adoption. We plan to also develop a governance system to help us give out grants and use this money in a decentralized way.
Irina Kravchuk: So basically the community will choose? The projects that are being financed?
Nick White: I don’t want to say anything final until we’ve arrived at a governance design, but the community will be part of the decision making. Eventually we would like to remove our own company’s involvement and go fully decentralized, but that may take some time.
Q2 from Telegram user nickkiii
1000 Validators is quite a huge number, what made you choose for Harmony to have 1k validators rather than fewer like binance chain has?
Nick White: Great question. The answer is decentralization. The thing that makes any blockchain better than another (or even better than a database) is how decentralized it is. When a blockchain limits the number of nodes it has, it becomes more centralized. Both in terms of infrastrucutre as well as in terms of power on the chain. Infrastructure centralization is dangerous if a nation state were to try to shut down the network. Centralization of power on the chain is dangerous because it can lead to collusion or simply a dictatorship.
We want Harmony to set new standards not just for speed and cost but also for decentralization in blockchain. In time we would love to see 10’s of thousands or 100’s or even millions of nodes. That’s why we made it possible to run a Harmony node on a simple machine like your laptop.
Another added benefit is that as a sharded chain the more nodes we have, the more throughput we gain. It’s a win win. More throughput, more decentralization.
Serg:the sharding technology is similar to the one ETH 2.0 is going to implement? Buterin said smth about sharding
Nick White: Yes we have a similar design to ETH 2.0, except we have fast finality and we are already launched!! ETH 2.0 hasn’t even started phase 1 which is just the start of a new non-sharded POS chain. They will still have to build sharding after that. Plus all the compatibility and migration problems they’ll encounter both technically as well as in the community.
Irina Kravchuk: So no limits when it comes to the number of nodes?
Nick White: There is probably a limit somewhere, unclear where it might be. Also if we run into those problems, we will likely be able to engineer a solution down the road.
The only bottleneck in sharding is the beacon chain, which has special duties among all other shards. If there become too many shards then the beacon chain may become overwhelmed. There may be a more advanced design that could solve this problem though. One in which groups of shards are nested perhaps.
Q3 from Telgram user endtimeprophet
What’s EPOS and how is it better than POS. What makes Effective Proof of Stake consensus better for harmony
Nick White: “Effective Proof of Stake” EPOS is a new spin on allocating voting power and rewards in a proof of stake network that our CTO RJ developed. Proof-of-stake blockchains have been criticized for “rich get richer” economics in which the largest stakers earn the most. EPOS counters this problem by capping the rewards of large stakers and boosting the rewards of smaller stakers.
The way that it works in more detail is that people bid for a certain number of available seats on the network. Right now that number is 320. Among the top 320 bids, the median is taken. That median sets an upper and lower bound on the amount of rewards that each bid will earn. So if you bid too much higher than the median you will not earn very much, but if you are much lower than the median you will earn extra.
One of the nice side effects of this model is that it allows for compounding of rewards in staking since there’s no fixed node staking price.
Serg:what is the reward for the nodes?
Nick White: The inflation rate is currently 3%. People are currently earning ~15% annual staking rewards right now.
Irina Kravchuk: And the biding is made automatically within a range? That the nodes set?
Nick White: The bidding is done by the validators themselves. Some do it manually, others do it with a script.
Serg:what if all the available tokens will be staked? it means that the return will be 3%, right?
How does Harmony’s roadmap for 2020 look like? Name some important milestones you are hoping to achieve?
Nick White: Now that we’re equipped with a battle-tested base layer, we will shift gears to pursue adoption with the same nonstop execution that enabled us to launch the first sharded PoS blockchain. Our scalability, speed and cost will enable use cases and user experiences that no other blockchain before us could.
Our roadmap for 2020 includes reducing settlement times below 8 seconds, transitioning to community governance, and pursuing several promising application areas including cross-border finance, auditable privacy and branded digital collectibles.
We have a couple of exciting partnership announcements coming up that will help show people where we’re headed. A high priority will be bringing stable coins onto our platform. I’m looking forward to launching with Quidd in 2020.
We also brought on a new team mate to lead our marketing efforts. He’s going to do a great job in boosting our awareness and image. The timing is perfect now that we have a battle-tested base layer to build on.
Q5 from Telgram user IAM12312
You guys had an $8 million joint acquisition of Quidd with Animoca. Can you tell us about its Importance?
Nick White: Yes, Quidd is a bridge for Harmony into the digital collectible and blockchain gaming ecosystem. We look forward to launching a blockchain powered version of the Quidd app and onboarding it’s 13M collectors to Harmony. Quidd also brings a huge number of well known brands like Marvel, Disney, Rick and Morty, giving Harmony the chance to be the first to put these brands on the blockchain.
Ready to open the chat.
Part 2 — live questions from the Telegram community
Q1 from Telegram user Keymer Salom
Most investors only focus on the price of tokens in the short term, not the actual value of the project. Can Harmony tell me the benefits of holding Harmony for long-term investors?
Nick White: This is a good question. There are a lot of things to consider about Harmony’s economic model. First of all, we have very low inflation, meaning that your purchasing power will not get diluted quickly as it would in other chains. Second of all, we burn all transaction fees which means that the more adoption our chain gets, the fewer coins get minted until there are no more issued just like Bitcoin. Third, you can use your ONE tokens to earn staking rewards, so if you believe in the long term potential of the project you should stake.
Q2 from Telegram user Matvey Morozov
Interested in the issue of staking, is it possible to participate with a small amount of coins? What is the estimated profitability at the moment?
Nick White: This is a good question. The minimum number of coins to stake if you are delegating is 1000 ONE, or $3 USD. So it’s very accessible not matter how small your holdings are. We want it this way to encourage as many people around the world to participate. This is what decentralization is about.
To run a node, you will need to attract a minimum of 8M ONE stake through your own funds and delegation. We hope to keep this number low by adding more seats over time so that it’s not too expensive to join. Estimated returns are roughly 15%. It could increase or decrease depending on if more stake is added or removed from the network. We are currently at 3B total stake.
It is how staking in ONE wallet looks like
Q3 from Telegram user Jolaine KL
As a project born in the IEO of binance, practically, do you think that having been on this platform was a good option?
Nick White: Binance has been a huge support to us over the past year. We will be celebrating the 1 year anniversary of our IEO on June 1st. Since the IEO they have helped us run community campaigns to attract delegators and validators. Most recently they have supported staking for our mainnet launch. It’s really incredible what they’ve done for Harmony. They truly believe in supporting decentralization.
Q4 from Telegram user Rohit
DeFi is one of the hottest topic in the blockchain space right now. Can you share your opinion about DeFi with us? Do you think that DeFi will disrupt the existing financial system? WHAT’S #HARMONY approach towards the DeFi sector?
Nick White: DeFi is certainly the hottest topic in blockchain right now. I think that Harmony needs to experiment with DeFi and our path to get there is first to get assets like stable coins on our blockchain. Only when we have assets on our chain will there be something for DeFi apps to use as collateral or trade on DEXs.
Harmony will offer many advantages over legacy chains like ethereum for defi. First of all the cost per transaction will be radically lower. Second of all the settlement times will be much faster so you can actually use a DeFi app as you would a normal web app. The difference is stark. We’re looking forward to the first batch of grants bringing on some DeFi apps to our chain!
Q5 from Telegram user Bobbyfernandito
Ontology and Zilliqa also have sharding technology. What’s so special about Harmony’s sharding? What are the main advantages users can see using EPoS instead of PoS?.
Nick White: Our sharding is special because we are the first to do full sharding and we are the first to combine sharding with Proof of Stake. Other chains like Zilliqa only do transaction sharding. This means they are not fully scalable in the end as other bottlenecks like state storage still exist. We do full state sharding, meaning there are no bottlenecks at all. Every aspect of our chain is sharded.
Second of all, we have proof of stake. It has taken many projects years to build a non-sharded proof of stake chain. This is a frontier technology on its own and combining it wil sharding adds a whole new level of complexity. Staking must be coordinated globally across the entire network, yet each shard must also individually run their own proof-of-stake consensus. This means that each shard must relay information back and forth with a beacon shard to coordinate all the basics such as voting power, slashing and rewards. Ensuring that such a system runs securely requires enormous theoretical rigor and practical engineering.
Thanks so much everyone!
Irina Kravchuk: Thank you for your time and great answers!
Serg:Thank you for your time, Nick!
Part 3— quiz results
In the final part we would like you to check your knowledge in terms of Harmony. They’ve prepared 4 questions for this part, so everyone could be a part and answer. All the correct answers you will find at the bottom of this Recap. Enjoy!
