Walle Finance | WalleWalle 23rd Live Interview - Dialogue with Gate.io CPO Jiuer

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Wali Finance is a leading blockchain information service provider in China. We pursue comprehensive, fast, professional and accurate information and data services, and provide a communication platform for blockchain innovators. We use community forums as a base, let information be a beacon, and gather trendsetters in blockchain technology and applications. At present, it has developed into an ecological platform that integrates information content, offline activities, training, incubators, and blockchain technology landing services.

WaliWali Live Interview is an interview column under Wali Finance that talks with blockchain industry leaders about their cutting-edge ideas and trends, and has reached strategic cooperation with dozens of blockchain media platforms. Wali Community provides traffic support of 500,000 community users for WaliWali Live Interview, which can bring better media publicity to the interview guests.

The guest speaker invited in this episode of "Waliwali" is Gate.io CPO Jiuer.

Gate.io is a 7-year-old exchange that has been adhering to the principle of safe, efficient and fast trading, providing reliable and convenient trading services to nearly 3 million users in more than 130 countries around the world. The page has 6 million visits per day, and the daily trading volume of spot and perpetual contracts exceeds 600 million US dollars, ranking in the top ten in the global trading volume.

The theme of this live interview is: Talk about the development of Gate.io over the past seven years and look at the historical process of crypto exchanges

The following is the interview transcript:
(Slightly edited without changing the original meaning)

Host: Can you give our fans a brief introduction to the Gate.io exchange and share your story with it?

Jiuer: Gate.io is a global digital trading platform that was established 7 years ago. The original intention of Gate.io is to provide a safe trading place for everyone who believes in Bitcoin. This idea has been implemented in the development of Gate.io. So looking back on the development process of the past seven years, although there have been some twists and turns, and we have even faced very difficult and tough choices, we have always been determined to be a platform that makes trading users feel at ease. We have taken every step towards this goal very firmly.

This year is exactly the seventh anniversary of Gate.io. People always say "seven-year itch", but for an industry that is still developing or even in its infancy, the past may be just a comma, and just now is just a beginning. Gate.io has spent seven years building a safe, reliable and efficient service system, which is not only reflected in the strong stability and reliability of the trading system, the ability to grasp risk control, and the complete market warning mechanism and fund backing. In the long run, Gate.io actually wants to build a trading system with the highest security level that is very great for this era, including a new generation of secure public chain based on the RTM revocable transaction model. In the just released 3.0 version, the TPS can reach 2000, and it can realize the world's leading private key loss and damage solution, of course, including stable and reliable digital currency projects, gradually improved and featured product systems, and continuously expanding ecological application environments.

From a security perspective, Gate.io ranks in the top five in the world in CoinGecko's Trust Score 2.0 rating system, with a trust score of 10 points, making it one of only eight exchanges in the world with a full score of 10 points out of nearly 400 exchanges. The entire year of 2019 was a very important year for Gate.io, with very distinctive highlights in terms of functions and products, including the launch of the robust financial matrix Gate.io Financial Treasure, Startup first release, Bitpedia, voting activities, Bitcoin halving countdown and other multi-faceted products, and the addition of interesting and practical functions such as live broadcast room, red envelope rain, password red envelope, and annual bills.

I actually have a very deep relationship with Gate.io, because as my first job in the industry, there are many memorable moments recorded in my entire career track. I joined Gate.io not long after it was started in 2013, and since then I have grown up in rapid learning, witnessed the rise of Gate.io, and faced difficult problems together, so "it" and him are like a report card with my own efforts and a "friend" who has grown up with me through hardships.

So this sense of familiarity and the belief in Gate.io is something that I still feel familiar and very firm about after constantly switching industries and fields. In 2019, I "chose" to return to Gate.io. Maybe the further I go, the more firmly I understand the principle of simplifying the great way. In my opinion, Gate.io is such a platform: with faith, persistence, and innovation. In the industry, Gate.io can achieve "no brushing, no fraud, and no coin listing fees". It has been on this road for 7 years, and it is constantly pursuing better products and ecology. I remember very clearly that we had an interview with Mr. Han in the live broadcast room about the issue of popular exchanges. Mr. Han said a few words: Some are a turning point in time, that is, a turning point in history. Some companies will develop rapidly because of this, but this accidental opportunity is not controllable; and the other is that in the continuous innovation and persistence, every step of accumulation has been accumulated, and the point of qualitative change is broken through by quantity. This is a more conventional way, but not many people stick to it. So Gate.io is such a platform that has persisted for 7 years and has been working hard for the development of the industry.

Host: The industry has been developing for so long, how has Gate survived until now and is still included in the four major exchanges?

Jiuer: Over the years of digital currency development, the problem that has always been accompanied is how to reasonably establish a risk control system and prevent and deal with theft incidents. It can be seen that MT.GOx, the world's largest BTC trading platform, also went bankrupt due to the theft of a large amount of funds. UPbit, one of the top three exchanges in South Korea, has also encountered theft problems. It can be said that once theft occurs, small-scale thefts may be used to make up for it, but large-scale thefts may be a matter of life and death, and may even cause serious damage to users. There are also companies like Fcoin that blindly pursue rapid development, resulting in serious internal risk control out of control and financial omissions. Therefore, the only core factor that can develop stably is a safe system and a complete risk control model.

Therefore, since 2017, the GateChain project has been closely prepared and built as the most important project in the development path. To develop public chain technology, we need not only very clear functional design, but also very forward-looking and perfect design to guide. To be honest, it is very difficult to do a good job in public chain, but it is very necessary and urgent for the industry. Someone must take the lead in exploring and developing it, and Gate.io is the first one.

The GateChain public chain has been in operation for more than 2 years from 2017 to 2020. Finally, the test network version 3.0 has been fully launched before the end of April. This is very good news. Under normal circumstances, our official main network version will be launched before Q2. In fact, we have completed all the functions preset in the white paper in version 2.0, but for better and more valuable considerations, GateChain test version 2.0 has not been defined as the final version. I hope everyone will look forward to it.

Our public chain plan is different from other exchanges. Other exchanges build public chain technology after they have their own platform coins. Some simply modify and personalize based on COSmos before running on the chain. However, Gate.io's public chain is a public chain system that we want to design with great value and both performance and security. And we consider the need for fuel and incentives on such a chain only after we decide to build a public chain. This also shows that a valuable public chain must not be a follow-up or a pseudo-concept that creates more "not much value", but a thing that you can truly understand the real needs of the industry and spend time and energy to do.

Therefore, I think the industry is still in its early stages, and there is a high possibility that a potential point will become a strong player in the future. There is no need to divide it into the top three or the top few. When the market users are not the largest, polishing products and technologies is the most important thing. People are more concerned about the style and products of exchanges, which are the development trend that will go further and determine the future direction of the industry. In the future, compliance will be a key development direction for Gate.io in 2020.

Host: Gate.io is a multi-digital currency exchange. Some currencies have relatively small trading and market capitalization, so in everyone's eyes, the risks are relatively high. What do you think about this issue?

Jiuer: Compared with mainstream currencies, the risks of small currencies are definitely higher, because mainstream currencies have a wider consensus and community power, and also have a relatively mature community operation and growth model. However, there is no natural division between mainstream currencies and small currencies. Many current Litecoin, EOS, etc., also had a very early period, and the proportion of those labeled "small currencies" at that time, some have now become mainstream currencies, and some have a very strong momentum to impact mainstream currencies. Gate.io is the king of small currencies in the early days, on the one hand, users have more needs, and the platform can provide products that meet user needs. This also extends to various innovative products today. On the other hand, as long as small currencies work together to control, after choosing a reasonable track and reliable internal and external factors, whether in the long term or short term, as long as the team is steadily moving forward and doing things steadily, in fact, the future development and the space for users to use are very objective. In addition to demand, it can provide users with high-quality choices.

However, all investments are risky, and users should be cautious when operating, and choose reasonable risk products and product combinations according to their own situation and acceptance. It is also because Gate.io has very solid experience in listing and auditing. Judging from the market reaction, many excellent projects will choose Gate.io as the first station for listing, and therefore it has been called the "project touchstone". We are also very happy to see that the platform's coins are constantly listed on other, even very compliant trading platforms, because this shows that the quality and control of the project are reliable, and listing on other exchanges will also bring users continuous growth benefits.

Therefore, you can pay more attention to Gate.io's Startup, which can be found on the official website homepage. There will be very good projects and benefits for everyone on a regular basis. Startup includes first-time projects, non-first-time projects, and discount benefits for mainstream coins. The first-time projects adopt the dual-currency PK listing model, and the stronger ones will be listed. And as long as users participate in the voting process for voting to list coins, they can 100% get airdrop rewards, regardless of whether the currency you support is successfully listed. The mainstream currency discount benefits will give back a total of 20 discount benefits in 2019, maintaining 1-2 discount benefits per month, which are all real feedback to platform users.

Host: Gate.io chat room is actually one of the major features of Gate.io. We can see users chatting and interacting in it frequently. So what other operational features does Gate.io have?

Jiuer: The chat room is quite interesting. All users can freely and openly chat about their own trading experience in it. It is real, honest and timely. Our technical and customer service staff often go there to understand the first-hand operation status and product experience. It is very important that in 2019, Gate.io created the world's first deep vertical media interactive platform for blockchain information and content sharing, including live broadcast rooms and dynamic circles. Since the live broadcast room was launched, it has provided users with a variety of interactive forms. Our live broadcast content includes: project dynamic interaction, big coffee AMA, anchor competition, weekly market analysis, summit and conference broadcast/live broadcast, community broadcast, interactive entertainment, user transaction sharing, etc. The dynamic circle allows users to experience the interactive experience of "WeChat in the circle" first. Through a simple, easy-to-use and interesting form, create a one-stop interactive model of precise users + project parties + platform + live broadcast.

These deep vertical content sharing and communication methods will bring a very different experience to all users inside and outside the circle. The star anchor PK competition has just ended. According to the background data, the participation and interaction are very good. You can also pay more attention to Gate.io's live broadcast room and interesting functions.

Host: The recent case of Bitcoin theft at MT.GOx has attracted widespread attention. What measures has Gate.io Exchange taken in terms of security?

Jiuer: Digital currency theft and malicious attacks have always been problems that the entire digital currency has to face since its birth, but in most cases, exchanges and users are helpless and very helpless. Including MT.GOx, the world's largest Bitcoin exchange, and South Korea's Upbit, some had to declare bankruptcy, and some had to fill the holes. Therefore, Gate.io, which started again in 2017, built a secure main network GateChain based on the RTM revocable transaction model. The specific irrevocable mode, revocable mode, and if theft or private key loss or damage occurs, it is difficult to solve in previous solutions. However, in the GateChain public chain, users can set the revocable time and choose the corresponding clearing height within a certain period of time to withdraw transactions. If users transfer the wrong funds or are stolen, they can recover their funds. At the same time, GateChain can also solve the problem of digital asset inheritance. This is the top priority of the entire Gate.io security system.

In terms of fund security proof, users have set up a 100% fund security proof mechanism. Previously, exchanges have misappropriated user funds against the user's wishes. Gate.io insists that user funds cannot be misappropriated and guarantees that user funds are 100% safe. Users can check their own funds and trade with confidence.

In terms of trading mechanism, Gate.io has also set up an insurance fund to avoid liquidation during the contract process, ensuring the smooth completion of the forced liquidation process. When the position loss is greater than the margin, the insurance fund will make up for the loss. The current accumulated number of BTC is about 1,900, nearly 2,000. In addition, the world's first security and legal fund (GT) with a fund size of over 100 million is used for global fund theft tracking services, legal aid, public welfare support, etc.

The longer you are in this industry, the more you cannot ignore security issues, so Gate.io has always focused on security. Gate.io's technical standards have always been at the forefront of the world.

Moderator: The global economy is currently weak and industry regulation has become stricter. We can actually see from the real trading volume of exchanges that the trading volume of the crypto industry is tending to be concentrated at the top. What do you think of this phenomenon?

Jiuer: At present, this is indeed the case, because the brand endorsement and trust foundation of large exchanges are relatively large, so users will definitely consider large exchanges as the main trading venue for funds for security and various considerations. At the same time, large exchanges will also pay more attention to user attraction and user cultivation. In general, there may be several platforms that are very prominent in future development, and the advantages of resource aggregation are obvious. To a certain extent, from the perspective of risk, more attention should be paid to whether the exchange is normal and compliant, to avoid network disconnection, puncture, temporary upgrades, etc. The team should have solid technical capabilities and emergency plans to withstand trading peaks, and reduce asset losses caused by system risks. At the same time, special attention should be paid to whether the security mechanism is sound and whether there is complete and front-end security guarantees.

Host: What do you think are the biggest problems and development bottlenecks in the current crypto exchange industry? What efforts has Gate.io Exchange made in this regard?

Jiuer: I think "false prosperity" and "security risks" are two very important issues. The fake data of the exchange may provide incomplete and unfair information to market traders, which may lead to misjudgment and capital loss. This is a vicious cycle for users, exchanges, and judgments outside the industry. Compliance and transparency may be a direction that must be established in many industries at present. The second is the current risk problem. Without supervision, there is no relatively mature management and risk control mechanism within the industry, which basically limits all external traffic and attention, and cannot be expanded to a large range of use and transactions. Gate.io has done very well in these two aspects. From its own constraints and industry security, the construction of public chains is currently very advanced in the market.

Host: What role do crypto exchanges play in the entire blockchain industry? How does Gate.io view its position and responsibilities? What are your expectations and messages for the industry?

Jiuer: The exchange is not only a place where all traders gather, but also the main person in charge of the environment and an important promoter in the industry. A credible, efficient and safe environment brings about an improvement and optimization of the experience. As the top platform in the industry, a small change can often bring about a huge butterfly effect. The so-called exchange should establish a true and clear original intention to ensure a fair, just and effective trading environment. A very good trading innovation may also be a breakthrough in the opportunity point. Only by keeping the original intention and constantly innovating can we ensure a firm foothold in the industry and move forward positively and proactively.

What Gate.io hopes to create in the future is a brand new security concept, including GateChain and existing security mechanisms, which can provide users with a safe trading environment. My own hope is to get better and better with Gate.io, to promote the concept of security more widely, and to continuously launch reliable and profitable projects. I hope that we can seize the opportunity together in 2020 to bring some better products and expectations.

Finally, the development of the industry requires the efforts and persistence of everyone. Gate.io hopes to be a firm believer and hopes that more platforms with the same original intention will join hands to jointly promote better and healthier development of the industry. Let us "create" a credible and secure blockchain future together!

Community member A: When will the next 10% financial management activity start?

Jiuer: The latest financial activity of Gate.io is the ETH holding plan, with a total amount of 5,000 ETH, an annualized return of 10%, and a lock-up period of 30 days. The activity will start at 12:00 on May 6. Interested friends can learn about it and participate.

Community member B: Bitcoin surged yesterday. What do you think is the underlying reason for this surge? Will it continue?

Jiuer: As far as the current news is concerned, it is generally good news. Bitcoin is an important monitoring indicator of global liquidity. Returning to $9,000 indirectly indicates that the market funds are extremely abundant. In other words, the chips are relatively concentrated. At present, adjustments have been made to the epidemic prevention and control in various places. The overall financial markets in Europe and the United States have shown a trend of sharp rise. Therefore, the overall environment is a big positive, and the trend will become more obvious with future development.

Host: Thank you again to Gate.io Exchange and Ms. Jiuer for your participation and support in this episode of Walli Finance live interview!

Finally, I would like to thank all the strategic media partners for their strong support for this live interview with Wall-E Finance (in no particular order): Hexun Blockchain, Mars Finance, Block Technology, PANews, Coin World, Coinvoice, Chain Node, Ear Finance, Gyro Finance, Ostrich Blockchain, Blocklike, Coin Express, Bo Chain Finance, TokenClub, Honglian Finance, Coin Xiaobai, DAPPX, Shilian Finance, Mustard Circle, Milin Finance, Art Creation Times, Zero Degree Finance, SOSOLX, Lianxiang Finance, Bi Ma Wen, Ant Chain Finance, Crypto Valley, Interstellar Vision, Bull Market Finance, Chain Digital Technology, Beibo, Hot Chain Global Information, Fast Chain Headlines, Evangelism Finance, Zhongben Finance, Chain Zhuge Finance, 41 Finance, Changqing Finance, First Stop Finance, Duomi Finance, Coin Peach, Starfish Block, Miyou Finance, Golden Fruit , Zhongyue Finance, 3 Points Finance, Star Media, Liantuan Finance, Maitian Finance, BCN, Lianhu Finance, BOBO Video, Yunhe Finance, Pengbo Blockchain, Lian'an Finance, Curvature Zone, Anypay, BTC123, Coordinate Information, Shililang Finance, Chain Circle, Coin Cheng Times, CoinON, Distinction, Currency Finance, Magnetic Chain Finance, Labajun, Lianbao, Bitang International, Crypto Finance, Bit Finance, Blockchain Bus, Meteorite Finance, Guapi said, Chain Homesick, Addiction, FN.com, Daxia Blockchain, Land-based Study Society, Godfather Finance, Bull's Eye Market, Chain Game Players, New Finance, Mokr Headlines, Bull Market Business School, Block Dragon Gate Array, Chain Investment Finance, Voice of the Waves, Liandu.com, Beishu Blockchain, Feiyun said, Pivot Interview, Yideng Community, Mai Yaobang, Wansha Information, Digging Coins, and Blue Book Finance's strong support!

We would also like to thank Beep, Biben Live, and Qun TV for providing technical support for this live interview!