The first practical application based on ETC, how does ETCWin plan to build the ETC ecosystem?

In October 2016, Kuoyue Technology, founded in Shanghai, officially launched ETCWin, a digital currency exchange based on ETC (Ethereum original chain). ETCWin uses ETC as the basic digital currency to trade other electronic cryptocurrencies and smart contract tokens issued based on ETC. This also indicates that since the birth of ETC, ETCWin will be the first practical application to open up a new ETC ecosystem in the digital currency era.

Traditional finance transforms into blockchain

ETCWin founder Chen Gang is one of the first national system architects. As a serial entrepreneur, Chen Gang founded Youyin Finance in 2013 and has a deep understanding of the third-party payment industry, e-commerce, banking institutions, and airline ticketing. Co-founder Mei Wenxiang, formerly deputy general manager of F-Road Product R&D Center and Product Innovation Center, led the product design, system development and online operations of multiple community banks, and has in-depth research and rich experience in community bank construction, direct banking, mobile payment, O2O mall, bank value-added services and other fields. The team currently has more than 30 people, mainly technical and operational personnel, most of whom come from first-tier Internet financial companies.

Chen Gang, founder of ETCWin

Mei Wenxiang, founder of ETCWin

It is precisely because of the rich entrepreneurial experience in the third-party payment field that Chen Gang and his team decided to transform after discovering the huge opportunities of blockchain. In Chen Gang's eyes, the most impressive thing about blockchain is that the third-party payment field is strictly regulated. Compared with traditional currency business, banking business, and exchange business, in the field of digital currency, the corresponding links can be realized independently.

"In the field of third-party payment, everything is guided by policies. Compliance and policy maintenance require considerable effort. A policy orientation may overturn all the efforts of the previous three or five years. Before the advent of digital currency, currency business, banking business, and exchange business were all unimaginable. But in digital currency and the industries surrounding digital currency, all of these can be done. It is meaningful to do finance to this extent. These are what impressed us the most."

Although it is not early to pay attention to blockchain, ETCWin is a team with strong action. They started to study blockchain in July 2015. After consulting many experts in the industry, they decided to participate in the industry from the issuance of digital currency, that is, mining. In March this year, the ETCWin team started to build mining farms and mining pools. At first, they mined BTC and ETH. After the Ethereum hard fork, they switched to mining ETC.

In addition to the mining farm, the team operates many other blockchain-based products: Yijian, a blockchain art authentication project in the field of art investment, has begun to be used within partner companies and has gradually been extended to application scenarios; 91baozu, which focuses on providing blockchain-based financial leasing services, aims to lower the threshold for financial services.

Why support ETC?

In June this year, the theft of The DAO, the largest crowdfunding project in history, caused an uproar in the entire digital currency community. As for the solution of hard forking into two chains, ETH and ETC, the ETCWin team believes that investors who participated in THE DAO crowdfunding should bear their own risks and profits and losses, and should not force all ether holders to change the blockchain protocol. At the same time, one of the core values ​​of blockchain technology is that it cannot be changed. If this core value is cancelled, the decentralized trust mechanism of blockchain will no longer exist.

Chen Gang introduced that another important reason for supporting ETC is that considering the consensus mechanism, ETH plans to modify the algorithm in March 2017, switching from the POW (Proof of Work) mechanism to the POS (Proof of Equity) mechanism. However, the ETCWin team believes that the POW mechanism is more technically convincing, so it does not support the mechanism conversion from POW to POS.

In addition to the agreement in concept, the ETCWin team has been showing its support for ETC with practical actions. So far, the ETC mining pool 91pool it operates has ranked second in the world, with a computing power of more than 70G, exceeding 10% of the entire ETC network, and has mining farms in Chengdu and Shanghai.

Starting from the exchange, focus on building the ETC ecosystem

Mining farms and mining pools can be seen as the first step taken by the team to build the ETC ecosystem. The next step for the ETCWin team is to focus on exchanges. Exchanges are the places closest to money, with high risks and high requirements. Why did they choose to start from exchanges? Chen Gang introduced:

“We have reached a consensus through continuous communication with industry predecessors that the ETC community is very weak and needs to do a lot of basic work. What ETCWin needs to do is to build the value ecology of ETC from the bottom up, expand the use scenarios of ETC, motivate the enthusiasm of ETC community developers, and promote the birth of practical applications of blockchain smart contracts. In the future, there may be more applications established through ICO, and such an exchange is also needed to promote circulation. Establishing an exchange is to pave the way for all future applications.”

How will ETCWin build the ETC ecosystem? Starting from the exchange, what ETCWin actually wants to do is to build the entire ETC ecosystem. Chen Gang introduced that the team sees a broad space for the future development of ETC:

“ETC’s current price is relatively low, and there is a lot of room for growth. Since ETC adheres to the original decentralization and consensus mechanism of the blockchain, it has the opportunity to become a base currency like BTC, and has a lot of room for acceptance. ETC’s characteristics are naturally matched with digital assets, and there will inevitably be many ICO projects issued on ETC in the future. Now we are starting to do a series of basic work such as exchanges. The excellent projects that may appear in the future will first revolve around ETCWin, and ETCWin will also feed back to these projects. The ultimate goal is to form a complete ecosystem.”

ETCWin Team

Unlike other existing digital currency exchanges, ETCWin uses ETC as the base currency to provide users with a new way of playing with two-way fluctuations; in order to provide convenience for ETC users, ETCWin plans to establish a smart contract wallet system in the next three months, so that users can easily create ETC smart contract tokens based on the ETCWin system and transfer and trade with each other. At the same time, ETCWin will continue to provide token liquidity support for the development projects of the ETC community and provide trading liquidity for ETC to other digital currencies. Digital assets are also a direction for the future development of ETCWin. At present, the identification, realization and financing of assets of small and medium-sized enterprises are very limited. Based on the characteristics of ETC's original smart contracts, ETCWin will also provide assistance to small and medium-sized enterprises in the financing and realization of corporate assets. Chen Gang said that ETCWin will continue to conduct market research and launch more financial products recognized by users.

ETCWin's goal in trading is to create a Chinese version of P.com (Poloniex), but Chen Gang believes that there is a lot of room for improvement in P.com products. In terms of operation, ETCWin will make great improvements in user-friendliness and interactivity, making it more suitable for domestic users.

On October 17, ETCWin will start crowdfunding on the coin crowdfunding website, with a target amount of 800,000 ETC and an upper limit of 1.6 million ETC. It plans to transfer 21.7% to 48.7% of the project's profit rights. The raised ETC will be issued as the ETCWin platform's token WIN according to the crowdfunding plan.

Project details: http://bizhongchou.com/deal-show/id-367.html
Direct dialogue with the founding team: ICO target is 800,000 ETC, how does Biying.com plan to build the ETC ecosystem? Welcome to ask! http://8btc.com/thread-40694-1-1.html