On September 22nd,2020, from 15:00 to 16:00,(UTC+8) in the official Chinese Wechat community of Cocos-BCX [AMA Series NO.3] AMA with Cocos-BCX Co-founder Mr. Haozhi Chen. Mr. Chen shared the accidental event of the MainNet,the next plan of Cocos-BCX DeFi,the progress of NFT, etc., and directly answered a series of questions raised by users.
In order to facilitate everyone to review the wonderful content, the sharing record is organized as follows:
Coke:Hello everyone! I am Coke.From 19:00–20:00on October 16th,2020(UTC+8), we will share the AMA Series NO.3 live broadcast in this group, and I will conduct the event and Mr.Haozhi Chen will be on behalf of the community.
As we all can’t wait now, we will first invite Mr.Haozhi Chen,the Co-founder of Cocos-BCX!
Haozhi Chen:Good evening,everyone!During the time period of Chinese National Festival Celebration(From October 1st-October 8th,2020(UTC+8)), we were repairing and upgrading the Cocos-BCX MaineNet, which caused inconvenience to everyone,especially in terms of transactions. Everyone is very worried about the market fluctuations. We do apologize sincerely.I hope I can give you some condolences tonight, and explain the problems we encountered.
Nowadays, the problems encountered by the Cocos-BCX MainNet have been encountered in the development process of many other chains. Suddenly, the on-chain transaction volume and ecological activity increased, and some problems were also exposed, such as node configuration problems, LUA language display, etc. It took a long time to solve these problems, which made everyone worried, We do apologize sincerely again!
Coke:Yes, we have experienced many things with the community recently. Thank you very much for your support and understanding along the way. Thank you very much.
We also know that there must be many questions in everyone’s mind, so this AMA will answer them one by one. Next, let us ask Mr. Chen to introduce to you the recent development of Cocos-BCX.
Haozhi Chen:In 2019, the DeFi market showed explosive growth, with the overall pledge value increasing from US$274.6 million to US$651.6 million;
If 2019 is the first year of DeFi, then 2020 is a year of DeFi explosion;
According to coinmarketcap data on October 15th, the total market value of DeFi projects is nearly 12.55 billion U.S. dollars, and the total locked position is 11.31 billion U.S. dollars;
The ecological landscape has also continued to expand, with projects in multiple fields such as lending platforms, DEX, stable coins, derivatives, prediction markets, and insurance. Among them, decentralized exchanges and liquid mining have brought a representative impact on the ecological development of DeFi.
At the time of the outbreak of DeFi, from Ethereum to TRON to the BINANCE smart chain, as well as domestic public chains have joined the track, including Cocos-BCX of course.
At 20:00 on September 22nd,2020,(UTC+8)the first DeFi+NFT decentralized AMM token exchange protocol CROSWAP, invested by Cocos-BCX Ecosystem, was officially launched. In the same period, two pledged mining projects Cocos Financial Share and 36K were also launched. Within 2 hours of launching, the number of COCOS participating in pledge mining by CFS exceeded 10 billion;within 3 days of. CROSWAP’s launch, and the COCOS transaction volume exceeded 1 billion.Then in early October, the gangster machine gun pool also joined the Cocos-BCX DeFi ecosystem.
In addition to the functions that can be supported by conventional SWAP projects, CROSWAP’s biggest innovative feature is to support the upgrade of LP Token to LP NFT and conduct “NFT liquidity mining”.Based on the COCOS-1808 standard, after LP Token is upgraded to LP NFT, in addition to the pledge function, it also supports decomposition and synthesis, and can also be linked with DApp, so that DApp, NFT, and DeFi can mutually confer usage scenarios and liquidity.
The main features of the CFS project: 1. Use NFT as a collateral for mining, and also support Token single mining. 2. The handling fee can be manually set. For every 1% of the handling fee, the pledge amount can be increased by 10 times and the mining weight can be increased up to 50 times.
These can be said to be the first in the industry, which really pushed the development of Cocos-BCX DeFi to a higher level.We are proud that Cocos-BCX DeFi products and projects are developed and maintained by ecological Builders&Angels.This also shows that Cocos-BCX has been recognized by everyone and the community is full of talents.Of course, I hope that more similar supporters can participate, and we will provide technical and financial support!
When the Cocos-BCX DeFi ecosystem was booming, some accidents happened to our Cocos-BCX MainNet.
Starting at 16:42 on September 30th,2020(UTC+8), a large number of users were unable to smoothly access Cocos-BCX MainNet data through wallets, browsers and other tools. The Cocos-BCX technical team tracked and handled the problem as soon as possible, and issued a timely announcement;
From 11:00 on October 10th,2020(UTC+8) the Cocos-BCX MainNet will officially resume and open all functions! At the same time, the Cocos-BCX Foundation officially launched the repurchase program.As of 11:00 on October 13th, 2020(UTC+8),100 million COCOS has completed the repurchase of 161241.176 KKKK and 252668.764 CFS, and has all entered the COCOS destruction address (as null-account).
For the Cocos-BCX team and community users, we have collectively experienced the most tormenting time since the establishment of the project.Fortunately, with the company, understanding and support from the community, the Cocos-BCX MainNet finally returned to normal.
In the process of development, it is inevitable that some accidents will occur.For example, Bitcoin and Ethereum have had security problems in their early days. Bitcoin has also had additional issuance vulnerabilities before. Ethereum also had the famous The DAO incident and forked ETC.
For Cocos-BCX, this accident also allowed us to discover the problem as early as possible and need to optimize it on MainNet optimization area.
Finally, we still need to thank the community for understanding, thank the technical team for tracking the problem in time, and thank you for your company! My personal share has almost finished, do you have any questions in the community?
Coke: Mr. Chen has just shared and summarized the progress of Cocos-BCX in detail over the past months.The Cocos-BCX DeFi ecosystem really has to thank the ecological Builders&Angels for their strong support. Although there were some accidents during this Chinese National Day, the MainNet was eventually operating normally. Binance also opened deposits and withdrawals on 16th. Eventually everyone can rest in assured about asset safety issues.
Let’s sort out the questions collected off-site in the previous two days, and take some representative questions to ask Mr. Chen.
Question 1:
Coke: As far as I know, the COCOS MainNet ecosystem Builders&Angels incentive plan ends in October. Are there any new plans?
Haozhi Chen:On March 24th,we officially released [MainNet] COCOS Ecological Builders&Angels Incentive Optimization 2.0, and announced the list of 53 ecological Builders&Angels in four phases.
Our original plan was to conduct three phases (April-September) contribution ratings first, and then make adjustments according to the situation.As of October, the original plan for the MainNet ecological Builders&Angels incentive plan has expired, and the team will make adjustments based on past results and finally decide on the ecological incentive plan.It will be announced on official channels at that time, welcome everyone to pay attention! Thank you all for your support to the Cocos-BCX ecosystem!
Question 2:
Coke:As a Cocos-BCX community admin, I have been reminding everyone of risks in the community.How DeFi will eventually develop is temporarily unpredictable, but any investment has risks, so I can only remind everyone to pay attention to the risks at all times, and I hope you don’t feel me nagging.
So Mr. Chen,will GameFi be the second half of DeFi?
Haozhi Chen:Since the founder of YFI emphasized GameFi in early September, the concept of GameFi has been widely discussed in the community.
There are two current understandings of GameFi. One is GameFi=NFT+DeFi, that is, NFT mortgage is introduced in DeFi; the other is DeFi gamification, which turns users’ assets into equipment, and obtains them by completing tasks through liquid mining and other methods. reward. The typical one is DEGO.
FT is not enough to describe certain scenarios of DeFi applications, so NFT is needed to supplement it, and NFT and games are closely connected, so GameFi is naturally proposed. Additional gamification elements make the entire DeFi gameplay richer and more interesting.
So, will GameFi be the second half of DeFi? I personally think that this issue is not important. The industry is developing rapidly, new projects are emerging in an endless stream, and it is difficult to predict the future. The important thing is to actively participate. GameFi incorporates more fun elements into DeFi, but the essence is not separated from DeFi, so safety is always. Is the biggest demand.
Question 3:
Coke: So Mr. Chen,with the rapid popularization of DCEP, will Cocos-BCX have a chance to gain a head start while complying with domestic supervision?
Haozhi Chen:On October 16th,2020,a promotional video appeared on the big screen of Shenzhen Baoan Airport, “Blockchain is not an outlet, but an era, and digital currency is the biggest outlet of this era”. This news was also screened by everyone in the circle of friends.
In addition, on the last day of the long holiday of November, Shenzhen people received an unexpected gift-through the online application, everyone has the opportunity to receive a 200 yuan digital red envelope. The total number of red envelopes is 50,000, with a total of 10 million yuan.You can consume without threshold in 3389 merchants that have completed the digital RMB system transformation in Luohu District.The digital currency is opened to the public in the form of red envelopes.It is a new scenario since the central bank’s digital currency pilot program and the beginning of the application of the G-side scenario.
In April this year, the central bank’s digital currency first conducted closed pilot tests in Shenzhen, Suzhou, Xiongan, Chengdu and other places. In addition to the four state-owned commercial banks of Industry, Agriculture, China, and China Construction, the three major telecom operators of China Mobile, China Telecom and China Unicom also participated in the pilot.
In recent years, the country and related companies have increased the popularity of digital currency and related measures, which are opportunities for the industry. Cocos-BCX has been experimenting with G-side services since last year, hoping to use existing technology to truly implement blockchain technology and serve more companies.
Question 4:
Coke:Let me ask Mr. Chen for everyone, the Cocos-BCX MainNet access and access failed on September 30th,2020 (UTC+8)and the contract function was not restored until October 10th,2020(UTC+8). This makes me worry about the security of assets. If Cocos-BCX accesses more DeFi services in the future, if it fails or is hacked, the user’s assets are lost. Does the project team have any plans to solve it?
Everyone is more concerned about this issue, after all, it involves the security of assets.
Haozhi Chen:
In this repair, upgrade, and maintenance process, what we value most is the security of assets on the entire chain.There are many aspects involved here, first: whether the digital assets in the contract are safe; second, whether the rollback of block data will affect the entire transaction data.Transaction results and everyone’s benefits; third, whether there will be new loopholes in the contract restoration, causing everyone’s losses.In the entire upgrade process, asset safety ranks first.
In addition, the entire chain of projects is now running on smart contracts. After the incident, we are also actively contacting various nodes, CROSWAP, CFS, and 36K to repair and maintain together to ensure the safety of user assets.
The core point is that the project party is making up for the loss of users due to the impact of the main chain problem on the currency price. This is what the project party should face.
But the most important thing is actually what I just mentioned. After this incident, we have gone from the entire chain, to the node, to the core components, including the current operating conditions, and the regular verification rules for the stability of Cocos-BCX in the future.The operation has played a very important effect.
In the past, we have implemented more technologies, but this time we will pay more attention to safe operation and user experience. This is also our biggest change. We also hope that you will give us more time and observe our actual performance in the future.
Question 5:
Coke:Yes, for any chain or platform, ensuring the safety of user assets is the first and most important thing.
We continue to ask Mr. Chen that Cocos-BCX wants to make a big effort in NFT, but the NFT issued for various reasons has not been able to shine as well as ETH. Does the official consider launching more valuable applications or. Meaning of NFT?
Haozhi Chen:
A few days ago, on an overseas project called Dego, Satoshi Nakamoto’s NFT was auctioned for US$45,000.
Starting from the CryptoKitties in 2017, the NFT asset market has existed for nearly 3 years. Is this market mature, has the potential, whether it can be combined with the current popular DeFi, whether there are opportunities for public chains other than ETH, etc.The problems are worthy of consideration.
The Cocos-BCX team has also been thinking about these issues. In addition to combining with artwork, there are more possibilities for combining NFT with the game ecology. How to actually land on a game or an ecological product? This may be possible.Realized in GameFi. In the near future, the Cocos-BCX ecosystem will also launch GameFi-related games, and I hope everyone can participate.
Coke: Due to time limits, we proceed to the next link.You can ask questions randomly, and Mr. Chen will pick 5 questions at random to answer.
Question 1:
The game of the country of game development has been mentioned many times in the article on the official account. When can it be played? Is the developer of the country of game development the Cairo company?
Haozhi Chen:
It is from Cairo, and we have IP authorization.
Question 2:
Will the IP of Fishing Joy be authorized to Cocos-BCX or ecological Builders&Angels ?
Haozhi Chen:
Fishing Joy can be authorized in the ecology, but they need suitable team development in the ecology.
Question 3:
There are still a large number of ERC20 COCOS. Is there a deadline for redemption?
Haozhi Chen:
As mentioned above, the ETH ecology is very active today. If Cocos-BCX wants to integrate itself with the mainstream NFT DeFi ecology in addition to its own public chain ecology, it needs to consider part of the ERC20 COCOS. Of course these are still being discussed.
Question 4:
Have you considered how to anchor fiat currency assets such as usdt cny on the chain?
Haozhi Chen:
This part will be placed in the next stage. We have developed cross-chain acceptance before, but now we think it is not a safe and efficient solution, so we need some time to get an answer.
Question 5:
Is there a repurchase and destruction plan?
Haozhi Chen:
This question is great! It is indeed the content of the topic we are discussing, but it needs community voting and confirmation of the plan. There is no specific information available to the public now.
After the release, the NFT can be viewed in Terminal and CocossWallet, and can also be sold. If you don’t know anything, you can consult Alannah (Telegram ID: alannahgoo) .
