Review of MDUKEY & HelloPool AMA
At 16:00 Beijing time on May 21st，Ryan Han, MDUKEY Founder & CEO was invited to a famous AMA with Zicen ,Hello Pool Founder & RenrenBit CMO .
This article is going to share the wonderful review of MDUKEY & HelloPool AMA .
Host: Welcome Ryan and Zicen to our AMA for sharing. Could you please take an interview for yourself first?
Ryan: Hello everyone, I am Ryan Han, the founder of MDUKEY, and thanks Zicen for showing here!
Zicen: Hello everyone, I am Zicen, Founder of HelloPool, and CMO of RenrenBit. During last AMA we talked with everyone on the topic of “fixed investment”, today I will share with you some thoughts on the concept of “traffic”.
Host: Okay, the first question is also our theme today. Now that we can see many large Internet traffic platforms, including Facebook, TikTok, Twitter, etc., which has brought many new ways and forms to users .BTW, MDUKEY has proposed the concept of “Traffic 2.0”. What do you think of data traffic ? What trend will the new traffic be developed?
Ryan: Actually, selling goods by stars is not a sudden business logic, but a long-term business and technology evolution model. From online shopping to offline shopping, so as to stars selling goods through livebroadcast. From posters, to TV, to the Internet, to smartphones,this model will continue to evolve. As the blockchain matures, one of the results of the evolution is that every user watching can benefit from the model of bringing goods to the stars.
Private domain traffic is actually a manifestation of the integration of community culture and community culture. The development of the blockchain is the best embodiment of private domain traffic, and MDUKEY’s traffic 2.0 also hopes to better evolve this model. The previous blockchain community’s sense of participation was not high. The reason is that apart from speculation and investment, there is actually no better participation and income, and the two are not related.
“Traffic 2.0” proposed by MDUKEY is to create a user-independent flow platform. At present, we have begun to lay out the user-independent technical structure and the economic model for maximizing user rights. Therefore, the proposal of “Flow 2.0” is to bring a batch of new things to the market and break the existing traffic dilemma.
Zicen: I will mainly talk about my understanding of the traffic in the digital currency industry. According to our statistics on exchange data linking to the statistics of currency holding addresses of BTC and ETH , the number of global currency users is about 50 million. Then looking at the proportion of the Chinese market in the entire digital currency industry, we estimate that the Chinese market has a scale of 25 to 30 million users. I think it is a more reasonable expectation. In comparison, WeChat is now installed to a capacity of 1.3 to 1.4 billion, this sort of data comparison is actually very exaggerated.
Mobile Internet traffic is already a vast ocean, but the digital currency industry is only a small river in comparison. So because our industry is still too small,but the fights we see on the scene are very bloody. Let ’s look back at 312, which is a manifestation of this market fight, and then look at the contract war between exchanges. — — Everyone is preaching that 2020 is a contract year, and then the major public chain ecosystem is full of gaming business. It can be seen that all of this is because the volume is too small to appear extremely bloody.
Now let’s take a look at what our industry is doing — to seize the entrance. What do you think is the biggest application of digital currency? It is transaction payment and settlement. The first layer of application is some value of Bitcoin in these aspects. However, we see the status quo in the industry, and the exchange is seizing the investment market.
For another example, stablecoins, like USDT, they are seizing the channel of our pool of funds in and out, everyone is seizing the entrance.
Host: Based on these new trends, do you think there will be any layout and changes in the industry?
Ryan: The evolution of MCN is accompanied by the progress of blockchain technology, and everyone will have their own marketing platform and content. In this regard, MDUKEY proposes independent branding content matching and marketing.
Therefore, the following traffic platform will increasingly highlight the role of the user and open more permissions to the user. What we hope to see is what we are doing. The corresponding rights and interests of the user will gradually be greater than before. Of course, this is a balanced process. With the prominent role of users in the platform, the overly centralized management role of the platform itself will be weakened.
The layout of the industry may revolve around this trend, for example, it will pay more attention to the convenience brought by blockchain technology.
Zicen: I think looking at the current traffic pattern of the industry, at least in the current pattern, I think it is almost impossible to complete the task. For example, if you look at the structure of exchanges and the structure of stablecoins, I don’t think ordinary teams or most teams have opportunities in this direction. For example, in the matter of entrances, it is difficult to find opportunities simply relying on the existing entrances and existing traffic patterns.
We often say that the blockchain can do everything. It seems that the blockchain is omnipotent, and it can be used in any business scenario. But as of now, our various attempts to implement the application of blockchain technology are actually not very optimistic. So what I want to see next, or what I look forward to seeing, is who can create new application scenarios beyond transaction payment and settlement, to bring in larger users and create a new traffic entrance.
Any disruptive technology should be universal. We also need to find universal solutions to apply to more ordinary users. This is what we need to do. I think this is also the direction of industry future.
Host: The industry will inevitably have more and more applications landing. At present, technology applications based on public chains including Ethereum, EOS, and COSMOS are becoming more and more extensive. Many people will also mention decentralized finance and decentralization. From your perspective, what will be the pattern after the blockchain application, and what is the biggest difference from the Internet?
Ryan: On the business side, digital tokens issued by high-quality companies can help to break the circulation barriers between small and medium-sized enterprises in the supply chain, and develop mid- and downstream enterprises through value exchange and benefit sharing, and then activate the entire enterprise chain.
In terms of open finance, open and decentralized financial protocols built with smart contracts do have many idealized application scenarios, but there are also many problems: market risk (token decline), liquidity risk (run), technology risks (hacking attacks, code audits), and oracle machines are not perfect. Now that DeFi is still in the exploration stage, it is not recommended for users with too low risk tolerance.
On the customer side, I think that the real blockchain application must be a combination of blockchain and Internet applications. There is no blockchain to solve all problems. The blockchain is used to solve trust problems. For example, the centralized Internet ticketing platform has the problem of differentiated pricing. If the pricing module of the ticketing platform is placed on the blockchain, this problem can be solved.
Zicen：Let ’s talk about 100% Reserves first. 100% Reserves is actually for RenrenBit Cloud Wallet,a centralized wallet. So why do we launch 100% Reserves? That is, we show it to the users, or we let the user supervise the user to ensure that all the assets deposited on the platform are safely stored in the wallet, and they are not properly embezzled. This is actually a bottom-line problem for centralized platforms, but we can’t embezzle users’ funds. Then at present, we are through open source. We have open sourced our 100% Reserves program on github. In fact, if other platforms want to adopt it, just take our solution directly. Yes, open source is also a way for us to gain trust from users. And we are now working on topics such as trusted computing and how to transfer transaction data on chain.
Because the value of blockchain is detrust, so we have to do the best in the aspect of detrust. But for a centralized fund management platform, all we can do is to be open, to be transparent and open source. Back to this question, I think the pattern of blockchain applications is “Finance”.
In fact, purely as a database, the distributed database based on blockchain, in terms of efficiency and security, or from the perspective of credibility, is not actually the best solution There are many other types of distributed databases that are better than blockchain. The real advantage of the blockchain is that it can solve financial problems, rather than simply looking at such problems as data storage. So I think this is actually a topic in front of all public chain teams. What data should we use blockchain to record?
Host: Following question above, Ryan will share the special advantages of MDUKEY in the economic model. I heard that as a famous node of EOS, Zicen also led HelloPool to join MDUKEY Validator. Is there any story or in-depth consideration?
Ryan: In addition to playing the role of incentive in the blockchain network, MDU also acts as an expression medium. Each token holder sets a reasonable public chain global parameter through proposal voting: block size, block interval, and block reward , the number of active nodes, various transaction fees, etc.
MDUKEY took out 10% of the total MDU as validator incentives, and the incentive was completed in 6 years. Because MDUKEY is a high-frequency data transaction scenario, the reward of the validator will be supported by the business fee after 6 years. With the increase of enterprise users and individual users, MDU will become more and more scarce.
In addition to the decentralized data transaction protocol on the chain, MDUKEY, in fact, as Zicen just said, what data is valuable. In our scenario, we put each transaction record on the blockchain, as well as the transaction user ID, credit score, transaction price, transaction time. So that when the user is trading data, we can pull down the data on the chain for non-differentiated pricing. For example, a user’s credit score is 82 points, then we can pull the average transaction price of 10,000 recent users with a credit score of about 80 points, and give a recommended data pricing, because the data are all on the chain. So neither users nor enterprises need to worry about being differentially priced or being made a difference by an intermediary platform.
Zicen: Actually, there is no special story. From my perspective, I believe in the future of digital currency. In fact, I also said that we are facing a very small user group, which may account for only 1% of the Internet. Even with this scale of traffic, I still believe in the future of digital currencies. I am convinced that the overall market value of digital currencies will continue to rise, and the super bull market will definitely come. But this is not what I bought directly, because my personal power is limited, I am convinced that the application of blockchain technology will be popularized by all people.
Therefore, we are very much looking forward to seeing various teams make their efforts in the research, development, promotion and application of blockchain technology. Then we also hope that we can help these teams to complete their thinking in the way we are good at.The entire digital currency industry is driven by many, many individuals like us. Everyone is using their own methods to make the blockchain industry and the entire digital currency ecosystem better and more suitable.
If we think about it in depth, we are highly compatible with the topic of “Traffic” . In addition，on the topic of “the future of the blockchain”, and “how to get to that future”, and “how to reach a universal solution”, at these point, our thinking is highly consistent.
Host: May you introduce what actions MDUKEY and HelloPool will have on the market. Can you please sort them out?
Ryan: In the development dimension, the team will complete all development tasks including MDUKEY 2.0 and MOBOX as planned. There are no technical difficulties for us. It is expected that MOBOX and MDUKEY 2.0 will be developed in November this year. We will first provide a Beta version for user experience.
The development progress of MOBOX will be synchronized on the official website: [mobox.mdukey.org] or [mobox.pro].
In the product dimension ,in addition to MDUKEY2.0 and MOBOX APP, we will also launch MOBOX Data Trading Center, Wallet 2.0, Blockchain Browser 2.0, and Mobox Open Platform and MDUKEY Data Market SDK for developers.
In the media dimension, we will work with global media to jointly build a media promotion platform based on MOBOX under the Vision of Traffic 2.0.
Zicen: In summary, as a node, what we do is the infrastructure of the blockchain. Therefore, we hope to give these public chain projects some support within their power. I often say that it is to build a public chain ecosystem. The most important thing is to see how many resources this ecosystem has to promote itself, including exchanges, media, investors, nodes and communities. In fact, we will act as a small part of the whole ecosystem and promote these in our own way. And,what is HelloPoll really good at is publicity and community support. In addition, HelloPool has 6 years of technology accumulation and brand precipitation in the entire POS, the entire Staking track, and professional node operation. I hope these resources can bring some help to MDUKEY MainNet！