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Sharing Thoughts on Security, OKEx’s Jay Hao Says Customers Come First

Jay Hao, the CEO of the digital asset trade OKEx, took half in Cointelegraph China HUB, an internet interview column began by Cointelegraph China. Prior to now, Hao has acknowledged that blockchain will eradicate transaction limitations, enhance effectivity and in the end impression the event of the worldwide financial system. However what does he take into consideration the world of blockchain now?

Cointelegraph: Is cryptocurrency a distinct segment business creating with uncertainty and volatility? And the way did OKEx overcome the volatility of the business to grow to be one of many prime exchanges?

Jay Hao: As you mentioned, the cryptocurrency business itself brims with uncertainties, and it’s OKEx’s innate mission to be ready to fulfill new challenges on all events. Prior to now 12 months, the bottom worth of Bitcoin reached about $3,300 and the very best exceeded $13,000. Particularly previously three months, the worldwide monetary business has encountered large fluctuations underneath the affect of COVID-19. 24/7 free-to-trade cryptocurrency has reacted much more on this plunge. 

“For exchanges, the most important problem introduced by such large fluctuations is the soundness of the buying and selling system and danger management underneath such excessive market conduct.”

So, my crew and I’ve constantly held a consensus: on this planet of cryptocurrency, expertise energy should be the important thing to constructing any crypto ecosystem. Prior to now 12 months, now we have polished the development of the system with out stopping, and now we have carried out lots of of great upgrades. Our distinctive tremendous matching engine and Lightning 2.zero system be certain that the platform can run secure even underneath excessive market circumstances, and likewise the order processing velocity has ranked excessive on the world’s prime choices exchanges lists. That is certainly a matter of delight.

CT: Are you able to give some particulars about OKEx’s growth plan or total technique?

JH: From my standpoint, repute is the muse of an enterprise, particularly within the crypto world. Along with the well-known the reason why Libra’s issuance is so sophisticated, I feel there may be one other issue. Enterprise lies occur as soon as or numerous instances. In spite of everything, a lie requires numerous lies to make up for it, and the vicious cycle will all the time collapse.

As Fb is among the important sponsors, it was bothered with issues corresponding to consumer knowledge leakage and unauthorized assortment of consumer knowledge, which have significantly harm market confidence. Lawmakers’ mistrust of Fb even exceeds that of cryptocurrency itself or blockchain expertise. 

“Due to this fact, inside OKEx, I repeatedly stress with the crew that we mustn’t ever do something that harms the pursuits of customers. ‘Buyer first’ is all the time the core worth of OKEx, which additionally acts because the cornerstone of our internationalization.”

The internationalization of OKEx has been accelerating. At current, it has reached cooperation with the world’s seven largest authorized fiat fee suppliers by means of the fiat gateway undertaking, supported 30 fiat currencies together with United States {dollars} and euros, and accepts 17 fee strategies together with Visa and Mastercard. Additionally, now we have offered companies to greater than 20 million customers in additional than 200 nations and areas around the globe, and that’s nonetheless growing.

Within the crypto world, OKEx’s position will not be solely as a buying and selling platform but in addition a blockchain expertise firm. We’ve launched OKEx Cloud, counting on the technical energy and repair expertise amassed by OKEx within the area of digital belongings for a few years and offering trade expertise companies to the world. 

Apart from, OKChain, independently developed by OKEx, was additionally accomplished as 100% open-source. OKChain pioneered the “business chain alliance” mannequin, which is able to face all ecological nodes and supply environment friendly, free and boundless public chain ecosystems. It’s a vital step for our internationalization.

In abstract, OKEx’s internationalization has three factors: first, prospects come first; second, to fulfill world differentiated wants and supply localized companies; and third, we’re not constructing an trade, however a world free, equal and wholesome encryption ecosystem.

CT: Based on CryptoCompare, the mixed volumes of OKEx’s, BitMEX’s, Huobi’s and Binance’s derivatives markets in March totaled $514 billion, or 86% of your complete market. And OKEx took greater than BitMEX. How do you see the competitors available in the market? 

JH: Within the face of competitors, I all the time imagine that steady and wholesome competitors will convey new vitality into the market. Whereas selling the progress of the business, it additionally permits customers to have a greater reference foundation when selecting a buying and selling platform. We are going to actively study from glorious rivals. In spite of everything, the beneficiaries underneath wholesome competitors will all the time be customers.

Can a contract dominate the competitiveness and destiny of an trade? The reply is, in fact, no. No firm may be in style on this planet with just one operate. The wants of customers are continually altering. Within the enterprise setting, the one fixed is change. What’s extra, in a brand new and quickly altering business like blockchain, I all the time imagine that OKEx’s greatest competitor is ourselves, and we’re additionally assured that we’ll proceed to guide the business and make breakthroughs.

CT: How does OKEx deal with challenges corresponding to cryptojacking or the free-fall of the market corresponding to occurred on March 12?

JH: As I mentioned earlier than, technical safety remains to be one of many greatest challenges that buying and selling platforms have to face. I can proudly inform you that due to OKEx’s glorious technical energy, there has by no means been a theft of consumer funds or an data safety incident since its institution. When it comes to fund administration, OKEx adopts enhanced chilly/sizzling pockets administration, and the danger management system is constantly upgraded to make sure the protection of consumer funds and data.

Because of the particularity of the business, the order quantity per second in excessive market circumstances is a number of instances larger than the conventional order quantity and may attain 1 million. That is certainly an goal problem for all exchanges within the business.

Alternatively, service options from the angle of consumer pursuits are additionally significantly necessary. For the consumer losses brought on by our platform within the excessive market on March 12, we instantly arrange a particular resolution group to actively comply with up and remedy the issues, which has additionally been understood and supported by most customers. As an objectively impartial and accountable buying and selling platform, we’re nicely conscious that there are nonetheless many areas that have to be improved

CT:It may be mentioned that OKB will not be solely a platform coin for OKEx, but in addition a world token all through your complete ecosystem of OKEx. What’s the position of OKB in OKEx’s ecosystem?

JH: Now, in many individuals’s eyes, OKB is much less and fewer like a “platform token.” It creates steady worth for OKEx customers. OKB ecological development begins from a number of necessary dimensions, and its final purpose is to proceed to create worth for customers.

When it comes to further rights inside the OKEx buying and selling platform, 14 utility eventualities have been expanded. From the angle of the development of a deflation mannequin, we’re presently the primary platform coin within the business to attain full circulation. On Feb. 10, we destroyed 700 million unissued OKB, which implies that the crew utterly gave up its rights and holdings of OKB, and the income got to OKB customers. In fact, this additionally implies that OKB’s future buyback and burn will all be carried out within the secondary market.

CT: Are you able to inform us how OKChain will empower OKB sooner or later?

JH: The looks of OKChain can also be an try of OKEx within the world decentralization tide. The massive distinction is that OKChain will remedy the issue of large-scale touchdown and utility of public chains as a result of we imagine that is the primary contradiction within the present improvement of public chains.

OKChain’s uniquely designed cross-chain resolution and unique enterprise chain alliance can allow every taking part node to exert its energy right here and publish and run varied decentralized purposes with out hindrance. The entire course of doesn’t require any evaluation neither is there a so-called “proposal.” To a big extent, it has solved a sequence of issues corresponding to transactions per second, safety and flexibility that plagued the event of public chain expertise.

Sooner or later, OKB will probably be migrated to the primary chain of OKChain. At the moment, we are going to delete the code of the sensible contract for the extra issuance of tokens and proceed to enhance the OKB deflation mannequin. And the genesis block of OKChain’s fundamental token OKT will map 100% to OKB holders when the mainnet goes on-line, and OKB holders may even have the chance to grow to be supernodes on OKChain.

The newest progress is that when it was open-sourced to GitHub, OKChain joined arms with the primary group of ecological companions — a complete of 30 world well-known enterprises from the general public chain, proof-of-stake mining pool, blockchain browser, pockets and a number of different sorts of fields. Maybe by that point, OKB will probably be much less like a “platform token.”

CT:How do you see the regulatory panorama round crypto, and the way does OKEx stay compliant with world regulators?

JH: I used to be not shocked by the results of the U.S. Safety and Change Fee’s ban on Telegram tokens. Telegram is elaborating on the character of its tokens, saying that Telegram Open Community is a sensible software for group members with “client makes use of,” whereas the SEC and the courts are extra involved about its monetary attributes, believing that it could actually circulate uncontrolled to the secondary market. Such negotiations are doomed to a consensus.

“The supervision of any business all the time must dynamically adapt to market adjustments, however a fundamental premise is that irrespective of how adjustments are made, everybody has a fundamental consensus on this business.”

The TON ban doesn’t utterly symbolize the SEC’s denial of your complete digital forex. Quite the opposite, this judgement totally reveals us the skilled understanding of the SEC and the courts on blockchain expertise and digital forex, which is a strong impetus for the event of your complete crypto business. Within the globalization means of OKEx, it’s our main premise to achieve a regulatory consensus with native customers and regulatory businesses.

In March, we heard loads of excellent news from the world: India lifted the buying and selling ban, South Korea formally labeled cryptocurrencies as an asset and Germany issued a information to categorise cryptocurrencies as a monetary instrument, with many different nations additionally actively exploring.

This simply reveals that the regulatory businesses of assorted nations are reaching a consensus with the crypto market. Due to this fact, for any nation and area on this planet that has reached a consensus with the crypto world, OKEx is able to embrace supervision at any time.

CT: May you share your ideas on Binance’s acquisition of CoinMarketCap? What have been the primary motivations behind this transfer, in your opinion? Is growth like this a pure approach for exchanges to develop?

JH:Initially, congratulations to Binance on its ecological footprint growth. Nonetheless, I’ve additionally expressed my view on social media. In distinction, I might be extra inclined to spend this price range on repurchasing platform cash and giving again to customers who assist the event of the platform. Solely when customers profit will increasingly individuals take note of and assist you, and the trade ecology will naturally grow to be stronger and stronger.

“Every trade has its growth technique. There isn’t any so-called pure prevalence. It’s a trade-off between the pursuits of all events. The ultimate alternative can also be decided by the operator’s judgment on the pursuits.”

Though I’ve mentioned it many instances, I nonetheless must reiterate that within the growth of OKEx, the pursuits of OKEx customers will all the time be first. It doesn’t exclude that we’ll advance some necessary selections by soliciting opinions from customers. OKEx will proceed to contribute its energy to the development of the worldwide crypto ecosystem, which is past doubt.

CT: Are you able to share what your favourite books are, people who have impressed you to do what you’ve been doing within the blockchain sector?

JH:Work and life are two mirrors that mirror an individual. I’m fairly completely different from myself at work. Along with books that improve skilled data each day, I prefer to learn some tragic comedy and realism novels by Shakespeare and Dickens. I bear in mind one sentence in Dickens’s A Story of Two Cities: “It was the perfect of instances, it was the worst of instances.” Now, in lots of moments, this sentence will seem in my coronary heart. Any business and its associated applied sciences have two sides. 

This period has given us an ideal platform to do what we predict is significant and on the similar time arrange many constraints. Due to this fact, our actions should be oriented to learn the individuals, society and life. A superb or dangerous thought requires that we all the time have a rule in our hearts to measure and proper. These novels have influenced my code of conduct to a sure extent.

Along with these, an avid teenager lives in my coronary heart. Perhaps you possibly can’t think about it, however I additionally like to look at in style novels like “Harry Potter” and “Lord of the Rings.” I like a narrative that breaks the boundaries of considering and makes use of creativeness to create a world of desires and love.

Identical to the blockchain business, it’s new, significant, borderless and doesn’t adhere to conventions. We nonetheless have loads of prospects to attain the unimaginable. Identical to the keenness introduced by these novels, I feel that whether or not it’s a blockchain enterprise or a buying and selling platform, we first want to make use of limitless innovation and creativeness to create companies and worth for society. On the similar time, we should assess the state of affairs, be daring and cautious, and conduct inside the guidelines of society.

This interview was performed throughout a partnered occasion. It has been condensed and edited.

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