Huobi Prime TOP: the first dialogue project Li Lin 80% of the time to ask whether the landing project

 Huobi Prime TOP: the first dialogue project Li Lin 80% of the time to ask whether the landing project In March 20th, fire currency announcement that the fire station will be in Singapore global currency on March 26th officially opened fire coins (Huobi Prime), the preferred channel that user to choose scarcity and quality project (investments). At the same time, the fire coins released the first online Huobi Prime platform project — TOP Network.

The daily planet Odaily had deeply introduced TOP Network, this time, in order to let everybody first close contact with the project and the ongoing “Huobi Prime”, We once again on the TOP Network CFO, co-founder and CMO Noah Wang visit .

In the interview, Noah introduced the latest progress of the project, namely TOP Network test network 2 has been on the line, supporting the development of intelligent network contract, will be on-line in June. In addition, Noah also introduced how the team of Huobi Prime and Huobi Prime, after the line plan etc..

In the interview, the TOP Network is not very understanding readers can look at this.

TOP Network is a “chain” project. The team had developed a distributed communication network and based on the three communication application (has 60 million registered users). This network uses P2P communication and storage technology, breaking the traditional client / Server Mode in the network center, let each have idle bandwidth / hard disk as client server services to other nodes, but also can be cheap or even free to use other nodes of the service, lowering the efficiency significantly.

In December 2017, TOP Network based on the public to build the chain, to let the system to achieve complete economic model of central, autonomous, so that all developers can use the network independent. A good bottom, developers can through SDK and API call the TOP Network communication services, quickly create and run a message, voice, video, Proxy, CDN, DApp communication network data transmission etc..

As of now, TOP Network has completed all private financing. Investors include distributed capital, Dan capital, NEO Global Capital, Ontology Global Capital, with capital, Tao capital, Tsinghua TEEC Fund, Dream Fund, Hikvision (networking solutions provider) founder Gong Hongjia and Jing Yuan capital founder Wu Yongming.

The founder of the team, Steve is the world’s largest Internet service provider WebEx meeting the earliest one of the employees, has created a video conferencing software, Sheng Wei, was acquired by HUAWEI in 2010. CMO Noah MBA at the Yale University, served as financial and insurance group Starr, industrial and Commercial Bank of China and PWC management positions, has ten years of experience in investment and financing.

The following is the interview:

“High wall, wide grain, slow kings”

Q1: we talked in September last year, when the project took $6 million cornerstone round of investment, the latest progress of the project now is what?

Noah: now the test network 2 has been on the line, and intelligent support contract, up to 8000+ TPS. In addition, our main will be launched in June this year.

Q2: have its own application run on it?

Noah: this, we will soon announce a great to the center of communication App.

Q3: at present, your focus is on what one? Market, brand? Get the C end users and developers? Or the technical breakthrough?

Noah: in considering the development, our team has expanded to more than 130. Of course, the Huobi Prime we will make as much as possible of the Huobi Prime users to share the development dividend. What do you do? Is the project ground as soon as possible.

Q4: after six months of development, you have experience and what new experiences? Do the chain, difficulty landing where do, which is a very important?

Noah: from the operation and the terms of the market (Note: Noah is mainly responsible for this work), we take is actually in ancient China that “high wall, wide grain, slow kings” way.

Before a long period of time, the circle of friends have advised us to say there are a variety of small market opportunities, is actually a kind of noise, we have screened, focus on the development and application of technology on the floor.

But before we mainly in overseas development, so in the China market is no great heat.

But now get more recognition, either from the trading platform or investors. The project really do a solid, naturally spread out.

“Hot spot is short, we see the long-term effects”

Q5: before you plan when a coin? In this currency is to see the latest IEO small climax? The choice of Huobi Prime have what opportunity?

Noah: a coin just as our entire project development in one step. We think TOP communication with the fire coins as the first Huobi Prime project is a win-win opportunity, so I decided on.

There is no fancy IEO this trend, we just pay attention to. But Prime IEO is not on fire coins, money channel but a secondary market, we see the fire currency partners and their active users to do the decision.

The majority of the world’s hot block chain is short. Do we see this thing is not to have a long-term impact. For example, the choice of exchange quality, it is not like we have a common goal, is not able to communicate with long-term cooperation, is smooth.

Honestly, we and Li Lin, and the fire coins team communication is very smooth, from the heart can feel the Li Linhe team can stand on the side of the project point of view to consider the issue.

In the course of contact he is more concerned about practical things, such as your technique is not really what when landing, landing. During a meeting with him basically in 80% of the time is spent on these issues, rather than commercial terms.

Li Lin said that an important reason for our choice is our solid team, are perennial work in the industry and traditional industry veteran. As our partner Steve has set up fourth companies, I have been in the financial industry over the past ten years, a team of experts inside there is cryptography and communication aspects.

Q6: the fire coins mentioned in Huobi Prime mentioned in the first place, lower market delayed the development of many high-quality projects, the direct impact on what do you have?

Noah: we have always felt that the blockchain market over a period of time for us downturn is a particularly good thing. It gives us plenty of time to do research and development projects, the market is not so much the impetuous factors. We All to in inside the industry, must believe that the long-term development of the whole industry, the whole industry is now at the bottom, then only go up, we still look forward to the future.

“We are certainly not ‘cut chives'”

Q7:Huobi Prime launched a hot. But stir into the market calm period, there will be worried about the cut chives infamy?

Noah: first, objectively speaking, on-line Huobi Prime did increase Pinxuan exposure. But this time we do not have any Prime prospectus, Token transactions not from US investment institutions from the community and some of the early rounds.

Secondly, we must not cut chives, after the market will verify this point. Fire coins can bring us as the first project of Huobi Prime, but also have enough confidence to do it for us.

For Huobi Prime, I believe that a platform fire coins so big, certainly not to cut chives, or to some small profit to do this thing.

Q8: after Huobi Prime, when the other exchange? You should have a lot of users in the United States, so it is in the local currency exchange plan?

Noah: so, the Huobi Prime we will as before, we will not put money as the focus of our work.

As for how much exchange at what time the thing before we are completely without the roadmap, because you asked me this question, first appeared in my head.

Of course, we do not rule out the possibility of cooperation with other exchanges, but we’ll qualification it, then we will consider the exchange, right?

As for the United States Coinbase such exchanges, I believe that the future will have contact with them, but at this stage and I just said, no contact and other exchanges.

“Li Lin in the US spent a lot of time”

Q9:Huobi Prime mentioned in the announcement does not collect coins on a fee, but there is a package of services, including consulting and marketing, want to ask the service charge? What do you think of the Huobi Prime price?

Noah: we are really not a penny out of this, I can give you a guarantee.

Their service is Li Lin and colleagues involved in the project in the US spent a lot of time, provides suggestions on the development of many projects, is such a good thing.

But I believe that money should be fire to find better platform for their users, and also for the project to provide a better access to fire currency users the opportunity, I think this is their starting point.

Q10: Huobi line Prime is equal to more than 100 exchange line fire coins Global and fire coins cloud cooperation?

Noah: now only determine at least fire currency Global. Fire currency of South Korea, Japan, fire currency HBUS also actively contact us. The fire coins want to do compliance exchange in the world, so we must ensure that this project is the compliance of the project.

As for the exchange of fire coins cloud collaboration, we (and no fire currency) in this regard discussed.

Q11: what is Huobi Prime on the positive side of the project? How many items can or want to use this service to the future?

Noah: is the first time we go on-line Huobi Prime this process, experience is very good, with the fire coins each team and all the staff are in close communication.

I believe everyone should want to get angry. After Huobi Prime here for what we didn’t contact with money. Step and frequency speed on their currency, how will the second or third items, or only one, I don’t know. See the fire coins his plan.

The daily planet Odaily: finally, thanks to TOP Network and Noah share!

(I am the author of snow Jiao, attention block chain, mining, welcome to add WeChat AC hxjiapg, work post, please note Name)

How to escape from the big data under the Truman show?

(the WeChat public number TEEX trusted computing chain “)

The classic movie “Truman show” tells the story of the hero Truman was born from the beginning in 220 countries around the world are synchronous broadcast 24 hours of uninterrupted. Truman’s private life was a glance, exposed in the TV screen in front of him as “the world” only a don’t know your life is a drama that was chasing people. Truman’s “privacy” is a secret unknowingly.

 How to escape from the big data under the Truman show?

1. we live in the world of big data Truman

 How to escape from the big data under the Truman show?

Over the past 20 years, with the development of artificial intelligence, big data Internet everywhere, omniscient, together they created a “paradise” of the world, but this year the 315 party “AI telephone harassment” exposure makes us surprised to find themselves living in the same “Truman”, even a fan can those doors are not. A very thin Si fear is that AI just detonated harassing phone calls at the end of a ring, a most common telephone harassment is involved behind the installation of APP (Privacy interception), probe box (Privacy download), data analysis (Data Privacy) and AI voice telephone harassment (Privacy cash) a series of interlocking, high technology content of the black chain. In this era of big data, we do not have any personal privacy, leakage of personal privacy we also become the object of the telephone harassment bombing.

That our privacy is a step by step how to be leaked, these massive telephone harassment and why repeated?

How the 2. telephone marketing company to get your number

 How to escape from the big data under the Truman show?

According to the 315 party exposure, the sound of dental science and technology limited company has developed a probe box when the user mobile phone wireless LAN in the open state, will send a signal for the wireless network to the surrounding, the probe box found after this signal can quickly recognize the user’s mobile phone MAC address. The sound of Dental Technology Co. Ltd. national 6 million users of information, including the information of all kinds of users and mobile phone numbers, as long as the matching MAC address and system background data to search, you can convert the user’s mobile phone number.

Collect near the user’s mobile phone number, dial telephone harassment, is one of the main functions, the probe box on the market, many companies have launched similar products. Bige technology 04-06 meow, Naokou information technology Naokou box, not only can collect user mobile phone number, you can even accurate portrait of the user.

3. with the probe box of big data, where it comes from

 How to escape from the big data under the Truman show?

The probe box can get to the MAC address, the direct conversion of mobile phone hardware information and not for personal information, you need to upload data to the background, in-depth analysis of the MAC address of the use of big data matching algorithm, so as to get customers common APP, hobbies and other information. Then came the question of these large data ratio is come from it, in fact, some software mainly comes from mobile phone users to install, in order to use APP, users can only agree to obtain personal information such as the number, but in the case of the user’s knowledge, the information has become a number of enterprises a profit-making tool by real estate loans, education and training, and three party company, used to call telephone harassment for commercial marketing purposes.

 How to escape from the big data under the Truman show?

315 party site to do a test, the host prepared a real social security information, and then through the “social security zhangshangtong” APP login first off the information, the experts through a computer in the next, will enter the host site of the information from all social security. “Social security zhangshangtong” APP, is not in fact the Social Security Bureau official launch of the query tool, without authorization, is actually the third party company provides high imitation products.

 How to escape from the big data under the Truman show?

4. why repeated telephone harassment

 How to escape from the big data under the Truman show?

Since July 2018, the organization to carry out a comprehensive renovation of a year and a half of telephone harassment special operations in the country, the 13 departments of the State Ministry of industry jointly issued “comprehensive remediation special action program” telephone harassment, but still repeated telephone harassment. As usual we call harassment is not a real man, but the robot. These robots through the study of artificial intelligence and intelligent voice tool, has been able to vividly imitate the human voice, and natural conversation with each other.

 How to escape from the big data under the Truman show?

Is this 315 party named “a pigeon voice interactive system” is such a robot. This robot has higher efficiency than the traditional artificial customer service, a skilled artificial customer service the day most can hit more than 300 telephone harassment, and the robot can play every day 5000! According to the person in charge, they are more than a year, hit 4 billion this phone. Moreover, this technology will not leave any traces, did not check to call records, so as to avoid regulatory monitoring, law enforcement departments that are difficult to start.

5. privacy solutions help cut black chain data

 How to escape from the big data under the Truman show?

Personal information in the process of acquisition, processing, sale and use, will inevitably fall into the hands of criminals, resulting in telecommunications fraud, blackmail and impose exactions on, fraudulent credit card, illegal debt collection and other criminal activities, such criminal activities once boarded the big data “ride”, the police hit the cost and difficulty will be doubled. The black data industry chain “strength” beyond our imagination.

The 315 party after the CNR also issued a real assessment of “protect the security of personal information, the data must be cut black chain.” Is committed to build a trusted computing resources and data services to the center, the privacy of the sharing platform is a pressing matter of the moment.

A distributed trusted computing platform, users, resources and service providers to build a complete ecosystem. Mainly based on the trusted execution environment (TEE), block chain, cryptography technology, Layer-2 provides solutions for the public privacy chain, aims to build a perfect ecological credible data.

 How to escape from the big data under the Truman show?

We believe that privacy solutions can help cut black chain data, will help us get out of big data under the Truman show.

 How to escape from the big data under the Truman show?

(more distributed trusted computing system knowledge please scan code plus our WeChat public number)

Data analysis: public value chain is almost untouched by the “winter” effect

Editor’s note: last week, the daily planet Odaily interviewed the whole currency block chain browser Tokenview . Author Shi Jinhe I talked to, when the chain data accumulated to a certain level, a number of indicators and the correlation between digital currency prices began to appear, some conclusions can be used not only as a part of the data service, delivery to the trading mechanism, as optimization model and strategy of nourishment, also helps the individual traders to better understand the overall situation of the market. This week, “we have Tokenview background data, in the three major public chain over the past year trading and user data as samples, through two kinds of mainstream valuation theory, and obtained some funny little discovery.

This article from the Odaily Research Institute of daily planet partners Tokenview .

BTC price is still less than half of last year

The first quarter of last year, BTC prices fell from $17000 to $10000 the following. Today, BTC prices are still hovering around $4000. ETH and EOS in the mainstream currency in 2018 “unlimited scenery” with BTC unable to get up after a fall.

Although the market is bleak, but from the chain index and valuation point of view, this winter is not so cold as we think.

We have the BTC, ETH and EOS for example, starts from the basic data about.

The basic data and trends

1. basic indicators: transaction transaction number and quantity

Last year, BTC, ETH and EOS on the chain number of transactions and the amount is a slight increase in stable state , the market and the contrast: although prices have dropped significantly, but the chain of trading activity is not damaged.

This is a very good signal, the transaction remains active, means that the three major public chain is steadily developing. As long as the price is still developing, the rebound is a matter of time.

Specifically, the three major public chain, the growth trend of BTC the number of transactions and the number of indicators is the most obvious:

While the two index of ETH growth trend is not obvious, but remained stable:

The most obvious is EOS, but the contrast of falling prices and heat fading, EOS index is still stable transaction basis:

2. user base index added and active.

If a simple analogy address for the user, through the new and active address two indicators can see three male users in active ecological chain and growth.

Similar transactions based indexes, chain users also not because of market volatility and apparent loss, were stable at current levels. This means that no matter from the transaction or the user level, 3 the public in terms of value chain is almost unaffected.




Price and valuation

In the part of basic data, we review the overall trend of BTC, ETH and EOS over the past year, we see with three common valuation chain.

The valuation can to some extent reflect the three common chain theory of price position, if the market price (as we see in exchange traded at a price) than the theoretical price is high, indicating that the current price is overvalued currency position, follow-up may fall; otherwise it is undervalued position, subsequent growth may have.

We selected two kinds of valuation theory: NVT network model based on value and PMR model based on the theory of Metcalf.

NVT model shows that the current BTC and EOS prices historically low valuation, the valuation of ETH is at the normal level:




According to the results of PMR model, we found that BTC and ETH are currently in the low valuation, the valuation bias in the normal EOS:




Overall, the current price of three common chain are in the normal low estimate level, which shows many bubbles and the price at the beginning of 2018 growth, growth in the value of the actual price decline is limited, follow-up, has returned to a reasonable valuation range.

Trading opportunities and benefits

Although the fundamentals and valuation to determine what is reasonable when the time of admission, but the concrete should be sold when what price to buy, that is still the problems plagued investors.

In the traditional financial markets have abundant fund products to choose from, so as long as investors in a reasonable time to buy funds, long-term holders can. In the encryption of money market fund market is not yet mature, but also has some trading team, relying on quantitative strategies mature in some risk in a considerable income. Based on Tokenview’s trading strategy as an example, simulation of the yield curve at BTC, ETH and EOS show the income situation, and at the same time show only long long and short two investment income comparison (Note: return theory without considering the transaction costs).

BTC: the comparison of net long “VS” long + short “

ETH: the comparison of net long “VS” long + short “

EOS: the comparison of net long “VS” long + short “

The results can be seen from the comparison of net income + long short “investment” the whole is greater than the long only “, this performance is very significant in BTC and ETH. Throughout the year, most of the fourth quarter of trading opportunities, this performance is very prominent in the EOS on the net, in December ushered in the steep curve.

Overall, the past year although the overall market in the crypto currency showed a trend of decline, the loss of a lot of heat, but it is a good thing. Impetuous faded, can let the public attention return technology and value itself. But people really love this industry, even if the experience of strong wind and big waves never left.

A qualified investors should be mindful of the transaction risk, the investment need to be cautious”. Encryption currency as a high-risk market, in addition to the market, pay more attention to basic indicators, such as valuation fundamentals and other data, can help us to make rational decision information.

Editor’s note: digital currency prices also affected by supply and demand (difficulty, circulation scenes etc.), policy situation, new / the number of active users, price manipulation, hacker attacks and other comprehensive influence of multi factors. As for BTC, ETH, clearly showing the greatest impact of the EOS of a week of events and data, the daily planet Odaily per week released “three currency weekly”, welcome to download APP , timely access to comprehensive information.

The growth of 150% BTC | weekly bitcoin transactions within 5 months; BTC exceeded $4000 (3.11-3.17)

ETH weekly | Dubai real estate tycoon ERC-20 2100 will launch a ETH fee tokens; find the “owner” (3.11-3.17)

EOS DApp Hash Baby | weekly adult heat rising; EOS market slipped fifth; the first EOS to the center of the stable currency project completion test network deployment (3.11-3.17)

You have to follow the trend of the Prime, is actually CEO fire coins table steak

 You have to follow the trend of the Prime, is actually CEO fire coins table steak

The air in the past, * will be killed.

Today morning, the fire coins coin channel Huobi preferred Prime announced that it will launch its first project TOP Network, although the rules and the current concept of IEO is slightly different, but the same is the exchange platform for endorsement, panic buying coins, game player, this is the same “investment outlet”.

“If you do not eat steak, not Prime.” TOP Network announced shortly after the news, the fire station CEO Weng Xiaoqi global currency in the circle of friends to share.

Prime, not only the “essence” of the “early” meaning, but also refers to the top of the steak, the fire coins coins to follow suit, similar gameplay launched, already implies that only a few can be cooked beef, only a few people can enjoy.

Most of the game player who eventually escape rush on like a swarm of hornets, be cut?

The 31QU / Lin Jun Zhang Yuguofeng


Fire currency Prime

This morning, the fire coins officially announced its preferred currency channel Huobi Prime will launch its first project — TOP Network (TOP).

In fact, about the fire coins Prime will fired the first shot of the news yesterday had been circulated on the internet.

Microblogging users broke the news, the fire coins or a specified Prime user access threshold. Fire fire drill and gold users, as well as the development of ordinary users of 30 days on average HT holdings of more than 1000HT, can participate in the Prime stage of trading. Not meet the access threshold in single user Prime cannot.

More heavy is different from the currency, an Launchpad, Prime, Chinese on fire currency users.

Although the number of media to follow up the news, but yesterday the fire coins official and no positive reply.

Seems to be It is sheer fiction. seems to be reserved. But a sensitive moment in the hot IEO, fire currency every act and every move is concerned.

The long-awaited, fire currency today announced the official Prime currency plan: the first project of TOP Network will be on the line 26, direct landing fire coins standing around the board HT, TOP/HT transactions on.

 You have to follow the trend of the Prime, is actually CEO fire coins table steak

The rumors of Prime’s “user access threshold” does exist, but there is no harsh rumors: the user is not limited to fire or fire drill Gold members, “30 day average HT positions more than 1000HT” into “30 day positions mean to 500 HT”.

And, because “the first phase of the project near the time”, so TOP Network transaction does not set the threshold position.

In addition to the threshold requirements, fire currency Prime and the “ladder price period setting. The opening in the initial stage, in the free trade, the user will after three limit period, each wheel set a maximum price, users can conduct transactions in this price range is lower than the. Each round of the “price” period is 30 minutes, in principle, the price increases.

According to the official announcement of the TOP fire coins, three limit price limit period were: 1 TOP = $0.00177, $0.00213, $0.00255.

Once the fire coins has said the Prime not IEO, carefully read the fire coins after the announcement, you will find the fire coins Prime mode, and IEO does something different.

IEO model, Initial Exchange is the abbreviation of Offerings. In simple terms, is to exchange platform for the currency issued by the core of the fund-raising behavior.

This means that the user is through the exchange to raise the public, directly with the project transaction.

The fire coins are “direct mode, open transaction, transaction game player is the early TOP Network investment institutions and investors.

In the golden relativity, global currency fire station CEO seven ye also said the fire coins and IEO mode are different, “in Huobi Prime, early users, community members and private investors through credit market in two transactions, rather than the project or the exchange fund”.

Our law prohibited behavior of raising any personal property, in August last year released “on the prevention of” virtual currency “and” block chain “in the name of illegal fund-raising risk warning” file, also named ICO, IFO, IMO, IEO and other fund-raising methods.

So, this “game player” fire currency OTC trading mode, bypassing the regulatory.

However, although the model slightly different, but nature has not changed, as a platform for the referee, pick out the “quality project”.

Fire currency Prime first project TOP Network is a “chain” project. The team had developed a distributed communication network and based on the three apps — Dingtone network telephone application; CoverMe, support end to end encryption, after reading news application and SkyVPN; burn; official data show that the three products a total of 50 million registered users.

Seventh that causes a chain wheel block heat sag is under the background of ICO filled with a lot of bad projects, lead people to hold a negative attitude on the block chain, but also led to some high quality projects have been implicated. Fire currency Prime launch in order to explore these high-quality projects, and help them.

In addition, seven ye also said, Prime on the line this time for HT, should have a very direct role.

Some industry insiders also to fire currency Prime mode skeptical.

“Bitcoin gold analyst believes that Prime belongs to the common coin coin fire control mode,” buy coupons (HT) and the amount of hungry marketing, its purpose is to raise the price of HT”.

More people think the fire coins coins are not raised, “the equivalent of two grade market transactions on the HT directly to the game player”.

However, only to open this point, the domestic game player, game player is enough to attract their admission, coins in the fire Prime mode, HT will become the absolute protagonist.


Platform currency rose

Time back to this year 1 month 28 day, on this day, BNB opened a surge of the road.

Within two months, BNB prices rose from $6 to $15 in the current path, or up to 150%, outperforming the market for most encryption currency.

BNB market capitalization is also rising, from outside the top ten ranking soared to the current seventh, the current market value beyond the star coins, USDT and wave field.

 You have to follow the trend of the Prime, is actually CEO fire coins table steak

“BNB rises and Launchpad platform raising (IEO) has a close relationship.” Participate in BitTorrent to raise funds, and long-term interest in crypto currency investment market macro Sichuan said.

At the beginning of January 2019, the company announced that the currency block chain assets distribution platform Binance Launchpad Sun Yuchen launched after the acquisition of BitTorrent project in the currency (BTT), BitTorrent is a peer-to-peer file sharing block chain project.

1 month 28 days, 59 billion 400 million BTT completed the issue on the platform of Launchpad, with 14 or so, the financing of $7 million 100 thousand. A few days later, BTT token price from $0.00012 increased to $0.00124 fund-raising, rose more than 10 times.

“BitTorrent became the first currency an IEO project success, driven by BNB prices,” Wang Chuan told 31QU, “which greatly stimulated the market activity, BNB is necessary to participate in IEO, the price is in the affirmative.”

 You have to follow the trend of the Prime, is actually CEO fire coins table steak

This year, Launchpad have released three projects including BitTorrent, Fetch.AI, Celer:

BitTorrent (BTT) completed the issue in 14 minutes;

Fetch.AI (FET) 11 in the completion of the issuance 14 seconds;

Celer Network (CELR) 17 minutes and 35 seconds to complete the issue;

Not only the market reaction unpopular, currency CEO is also full of confidence. 3 at the beginning of the month, Zhao Changpeng tweeted in response to Coindesk, BNB to lead the bitcoin rather than to follow it.

Then the fire coins, OKex also have through various channels that unwilling to remain out of the limelight, to open a IEO or similar gameplay, two platform currency prices have also soared.

 You have to follow the trend of the Prime, is actually CEO fire coins table steak

Since January 18th, the fire currency platform currency HT from $0.8 up to $2.2, an increase of up to 175%, market capitalization rose from 22 to the current sixteenth. OKex platform OKB currency price rose from $0.6 to the current $1.2 near, or more than 100%, the global ranking rose from 29 to the current 22.

“The biggest positive IEO open exchange actually own platform to raise funds for money, basically use the platform of currency, will inevitably lead to a liquidity shortage, the price is inevitable.” Hiroshikawa said.

In fact, the soaring currency platform and more than BNB, HT and OKB three.

The latest data show that within 7 days or more than 10% of the money platform 8, or more than 5% of the platform more than 23 dollars.

 You have to follow the trend of the Prime, is actually CEO fire coins table steak

The platform bitcoin prices become the phenomenon.

“The platform of currency to rise, one of the reasons is caused by currency platform Bankuailundong results,” Hiroshikawa said, “other currency platform motionless rose 100%, if their currency platform does not rise, customers will be attracted to other platform fried coins, the loss of customers.”

In fact, with the rise of the currency platform for investors, is a good thing.

“In this market, even if investors are not involved in the IEO project, buying coins is relatively safe choice platform.” Wang Chuan think so.

Is this really true?


A follower of fate

Because the IEO news triggered soaring currency platform, to a certain extent represent the exchange strength, on the other hand, IEO model also makes many benefits: platform to attract new users, active trading platform, boosting the currency price.

Have tasted the benefits of more exchanges in the ready to go, ready to.

Fire currency will 6 on the line after the first Prime project of the news, immediately have a number of exchanges on 31QU said, will soon be on the line of similar projects.

An exchange official told the 31QU that they are IEO design.

“As early as the currency security push this year Launchpad, we want to push a similar IEO play.” The responsible person said, “especially recently, every day we are talking about IEO platform, money, time is the right time to go up.”

But the IEO scheme of the exchange has been in the “design”, one is because of concerns about user activity is not enough, the two is temporarily unable to find high-quality projects.

Another exchange staff said that before the company did not plan IEO, but in the past few days, suddenly announced to line IEO”.

Earlier, to play and more than a dozen new currency exchange coalition.

At the beginning of March this year, a kind of platform currency KTN, according to reports, this is supported by the joint endorsement and real project 15 exchange currency, will be combined in the form of on-line sale in this part of the exchange. For a time, on the “two or three line trading platform jointly issued KTN currency against currency”, “central exchange gezonglianheng” emerge in an endless stream.

However, IEO found the water exchange, to exchange the credibility of the endorsement of gameplay is not universal.

Yesterday, an third year project money Launchpad Celer Network to raise the public, only 17 minutes and 35 seconds, among them, a total of 24000 people have signed the user agreement, 19860 people involved in panic buying, but only 3129 were successful.

“And I have to admit, it is an expert campaign small coins.” The staff of 31QU said that more exchange IEO is still in the pipeline, and some, has been on the decline.

In March 12th, a subsidiary of Bittrex Bittrex International announced, will be the first IEO project, on the 3 day after the announcement, we are making history “exciting shows between the lines.

However, the project started the day early in the morning, Bittrex International announced the cancellation of the first IEO project in RAID, the reason is “(project change) we don’t think that IEO meets the interests of users to promote.” In contrast to verbal caution and 12 announcement in pledge.

In IEO mode, the platform money is not all “on the wind”.

A two day before just off BKEX IEO in currency exchange panic buying Jinhua quite touched, he told the 31QU, see the IEO popular, many exchanges also follow the trend line of similar projects, he also wants to share a cup of soup, but did not expect that the results “do not earn money, but cut out.”

“I thought the exchange is not possible to do this, lose money.” Jinhua said at the start of the project before he bought a large amount of money to the platform, “fight”, “did not think of panic buying is too fierce, did not succeed, the project ended, discovery platform actually fallen by 20 points coins.” “It is too kengren.” Jinhua eventually sell off part of the coin, neat departure.

It is understood that the project in Jinhua also limit Chinese and American participation, “the reason is that the law will comply with relevant countries, asked panic buying successful users in 31QU mainly from which countries, the exchange of data in reply,” there is not clear”.

In addition, the project also is those who broke the news, “full team fraud”, photographs of all team members can find the corresponding pictures on the Internet, the original is the actual identity of core members, should cover the convenience store cashier, male models, photographers and other building clubs.

Although this is not very pleasant investment experience, but is “playing chicken” Jinhua told 31QU, “a small platform project or not playing, you can also try a large platform.”

So, take a limited panic buying mode IEO, destined to only a few exchanges and a few game player game.

With the further disclosure of fire coins of the Prime program, IEO Carnival continues.

It is very difficult for us to judge IEO will open a new round of the bull market, but we can be sure that this depends on the credibility of the endorsement trading platform play, on the line after the break, once the token project will run away, to exchange is a fatal blow.

This approach does not exploit, destined to go long.


No matter how negative IEO public opinion, exchanges are impossible to miss this wave of traffic bonus; regardless of the IEO’s risks are clear, also want to join the game player “investment outlet”.

Since it is the air, there is a risk, there have been many exchanges on 31QU said that the IEO is on the agenda.

“The air in the past, * will be killed”, in this IEO orgy, projects, exchange, currency platform will probably become the ultimate beneficiaries.

But there is always a game player to die.

Statement: “31QU” all the original article reproduced, shall be subject to the “31QU” authorized. Prohibit unauthorized reprint.

The miners mood, mine to the end?

This article from the bitcoinist, the original author: Allen Scott

The daily planet Odaily translator | Moni

 The miners mood, mine to the end?

When you see the photo above, will have the feeling?

In the photo above, is from 2017 4 to 2019 years 3 months of nearly two years of bitcoin hash rate chart. From what did you find? Yes, now bitcoin hash computation ability — that is the rate for protection of the whole network (is), has reached the highest level since the month of 11 2018 at the beginning of the year.

If further analysis, you will find that, compared to the December 2017 bitcoin price reached $20000 the highest point in history period, now the network hash rate was more than four times at the time!

In fact, bitcoin mine from our past is just a short four months time, does that mean that the market began to recover?

What happened last November, I believe many people will not forget, when the price of bitcoin in just ten days fell from $6500 to about $3600, almost off currency price, this wave of market once led to the whole network 1/4 is the machine shut down, many miners began to sell low-priced machine. At that time, the U.S. financial industry experts, Professor of finance at the University of Santa Clara (Atulya Sarin) – sarin auto still “market observation” (MarketWatch) published a column, the concept was first introduced “mining death spiral”, and claimed that bitcoin will become not worth a hair.

 The miners mood, mine to the end?

The so-called “mining death spiral” refers to when the price fell, causing the entire encrypted currency up bitcoin price is lower than the total cost of mining, the lowest efficiency miners had to close their mining equipment to avoid operating loss. But as more and more miners were “from the” market, hash of the entire network rate will also decline, once is declining, lose confidence in the market, will lead to a large number of investors in the futures market short bitcoin, and then increased rapidly falling prices, forming a vicious spiral similar to the spiral of death,

But in fact, bitcoin seems to start by adjusting the difficulty to deal with the negative impact of each ore miners were forced to shut down will increase the profitability of the remaining miners. That is to say, there are still many miners will remain in the bitcoin network, confirm the transaction data mining — don’t lie, according to Bitnodes data show that since February 2018, the number of transactions on the network every day bitcoin miners confirm are increasing, the number of nodes is increased by 98% in the past two years.

The miner’s optimism is back!

According to data show that the disclosure of bitcoin hash rate in March 19th rose to more than 52 quintillion hashes/s (Note: Quintillion is three, /s is 1 EH million per 100000000000000000 (a quintillion) hash). There is no doubt that the hash rate is an important index to evaluate the performance of bitcoin miners, in simple terms, the hash rate is high, the network is safe, because hackers to attack the network need to expend resources and cost will be more.

 The miners mood, mine to the end?

On the other hand, as shown above, bitcoin mining difficulty has been maintained in the past month was relatively stable, which means that the miners will be more likely to keep its deployment of mining in the network, will therefore attract more new miners admission, the result is that the stimulus rate rose Hashi.

Of course, the recent bitcoin prices is another important factor. At the beginning of February this year, bitcoin network Hashi layer reached 50000000 TH / s peak, after they have been showing a downward trend. With the price gradually restored, this decline will be broken, even is more and more close to the August 2018 record of 62000000 TH / s highest rate hash record.

That is, the hash rate is an important index to evaluate the emotional network encryption currency miners, because only the miners’ confidence in the future of the network, have the intention to invest in mining operations work, will make the network get more protection, more secure.

Jameson Lopp is a crypto currency managed services company, Casa’s chief technology officer, he believes that the miners had a premonition that bitcoin future prices will rise. At present, the price of bitcoin has experienced four consecutive rise, many miners were ready to start, to prepare for the return. Jameson Lopp further explained:

“Some people think the price will follow the hash value, but in fact is not the case, the hash rate is follow the price trend. In fact, is not always able to track the spot price, it is more a reflection of a speculative price in the future, to know the miners is essentially market speculators.”

Restore the bitcoin network hash rate, also shows that at the end of last year because prices triggered and baseless “mining death spiral” worries now could actually be put down. Now, more and more miners on the line, at the same time push network hash rate, also shows that they have full confidence in the current bitcoin spot price earnings and future market expectations.

The bear is a very difficult period for the miners, but with the gradual recovery of the market, the long suffering seems to usher in the dawn. As a most important part of the global miners, Chinese bitcoin miners are planning the effective use of the upcoming summer rainy season, get more competitive cost.

However, the star Jun (WeChat: o-daily) this still have to remind you, although the price can be cheaper, but the overall market sentiment is good, but the biggest risk for the miners is still a potential decline in prices. According to industry sources, if bitcoin prices fell to $3000, then the miners “miserable world” may be coming true, even if can short bitcoin futures contracts to hedge against potential losses, but it does not have adequate counterparties to do long positions, the loss will not be hedged for miners.

But on the current market environment, how to give up the miners to return this opportunity?

Mine plans to weaken the etheric Fang passed, who is in stir this muddy water?

Editor’s note: This article from the block BlockBeats (ID:BlockBeats), the author of the rhythm rhythm: block 0x2, authorized reprint by Odaily daily planet.

As everyone knows, the etheric Fang’s next goal is to PoS from the PoW consensus consensus, to provide a faster and larger capacity block chain network. This huge change will allow millions of scrap iron ore, countless people’s interests will also receive influence. So people put forward in the process of transformation, adding a buffer stage.

In the etheric records voting site EtherChain square transformation algorithm, called ProgPoW algorithm and its program “weaken won 100% votes in favor, including Sparkpool, Ethermine, Nanopool, F2pool and other mainstream mineral pools are involved in the voting, but Huobi, firepool, uupool, pandapool and other mineral pool to abstain from voting. (* March 20th Beijing time data, 5367 votes)

Last week the etheric Fang meeting developers biweekly again through the ProgPoW, this proposal. A major highlight of this new algorithm to optimize the performance of graphics: “civilian” and “mining” anti ASIC mining algorithm.

Although did not determine the specific deployment of activation time, but once again sparked intense discussion of the etheric Fang community, even within the circle of celebrity call: “Fang over ethernet! “

What is the reason, let these people feel a community through the update algorithm will make the world’s largest block chain network “finished”? It touched the interests of the who? Who has been hindered the advance of the plan?

 Mine plans to weaken the etheric Fang passed, who is in stir this muddy water?

If there is no vehicle, will not appear so much

In the machine before the advent of the etheric Fang on the network miners rely on their own home or room card (GPU) to count out a piece of mine. At that time there were no so-called super machine, is the hands of the people and the card purchase price is proportional to the relative fairness of ecological mining.

But in 2018 April, E3 ASIC, bit machine sale, power consumption of 800 watts to provide 180 MH/s operator. At the same time a large number of mining companies have begun to launch similar ASIC mills. From the data and income, ASIC mining mining performance comprehensive rolling graphics. According to 2miners, this is the emergence of super force mine mining graphics will be completely ignored, and brought three major problems:

1. miners return card crash

2. focus on a few mines in the pool

3. to the center under threat

To buy a large number of graphics to miner, because of the emergence of ASIC machine, the miners mining has been unable to buy back the. Plus currency prices plummeted, “mine” coin ring sound, a large number of graphics is cheap to sell. All kinds of second-hand platform appeared with many years of mining P106 graphics, many profiteers through the magic change drive way so that it can be like a normal card use, but the performance and stability are greatly reduced.

For the entire block chain, because the force is too concentrated, the entire network may be at risk of being controlled. Any one of the blockchain community would like to see their project by a few people, contrary to the wishes of the block to the center of the chain.

The threat is not only by its etheric Fang, BitcoinZ and Monroe have been considered its currency force high threat . Block chain project many PoW algorithms have turned to Equihash 144.5 algorithm, in order to resist mills. BitcoinZ in a hard bifurcation will ASIC mill out of our ecological, Monroe coin team announced that the coin and Monroe put up a pageantry irreconcilable opposed to machine, decided each year many hard to resist the invasion of its bifurcation.

In view of this, the ProgPoW algorithm is a good stuff. It is not completely out of the mine ecosystem, but through the algorithm will become their lower efficiency, make ASIC machine performance and GPU machine can count on equal in force . The miners brought the gospel to the graphics card, because they had to stop the invasion of machine graphics, and now can be used.

ProgPoW let some people happy, and let some people depressed.

What is the ProgPoW?

ProgPoW Programmatic Proof Of Work is full, it is the etheric Fang an extended Ethash algorithm, its main goal is to make GPU mining more competitive, and by allowing ASIC machine to weaken the risk of inefficient center. By modifying the ProgPoW mining algorithm regularly and give full play to the ability to achieve the goal of video mining.

Different from the graphics, mills from the moment of offline mining chip are doomed in this life can only complete a work that is to solve mathematical problems, any other issues he will not do, this is the ASIC (special purpose integrated circuit chip) the origin of the name. The card is different, it was found to work before mining is the “card”, used to play games or video rendering etc..

The ProgPoW algorithm is composed of a named IfDefElse team, the team has three members, their security has done very well, only that the two men and one woman.

Technical details about ProgPoW, BlockBeats does not repeat block rhythm in this paper, we just remember: to improve graphics mining efficiency, its performance is reduced by a factor of 2.6.

On Friday, the main developer of the etheric Fang biweekly meeting, ProgPoW proposal again adopted ProgPoW as Ethernet network protocol is a part of the consensus workshop will be activated in the future.

 Mine plans to weaken the etheric Fang passed, who is in stir this muddy water?

But is such a problem can solve the risk center proposal, but rejected in approval, and now approved. The whole community of this dispute is very large, because even Ethernet square community ProgPoW algorithm proposal dispute over.

Who interests?

In the last fortnight, developer Greg Colvin admitted before the core is indeed controversial whether the activation of the ProgPoW algorithm, and the reason is because the:

“We have to go back to discuss a few months ago. We think that is not a problem of the problem is not only in the algorithm if the back door is not in the algorithm, not the party and party dispute card machine. Do not solve, at any time after they will be rolled out for.”

It is of no great importance to bug, the key is to have the courage to reform.

In fact, in the last week before the meeting through the Ethernet square community ever agreed to activate the algorithm. In January this year, approved by the ProgPoW deployment of the proposal; the end of January, because the developers found a loophole, ProgPoW deployment was delayed.

 Mine plans to weaken the etheric Fang passed, who is in stir this muddy water?

To restore the status of the card machine

In the face of the transition from PoW to PoS measures and the entire community for the adoption of ProgPoW put forward a great deal of controversy, mainly focused on the following aspects:

1 and graphics card, is related to Nvidia and AMD?

2, why not step directly PoS consensus, must go the harmonic line?

3, the potential risk pool and community potential bifurcation bifurcation risk.

First, some people think that is part of the opinion leaders to guide public opinion, to buy more cards to mining miners . This speculation is not unreasonable, because bitcoin prices plummeted, the etheric Fang, accident, leading to the video card manufacturers can not sell ore mining card, graphics chip maker Nvidia and AMD stocks plunged, maybe you can use Ethernet square algorithm to update graphics to boost sales.

Second, some people think that since the decision to turn to the PoS consensus, so why not in one step , to give the opportunity to leave mine, directly to the center of the square to the etheric completely what is not good? This view is actually contrary to the common sense of economics, if directly across the board for its failure, it will lead to the whole network is collapsed, block chain security risks may arise.

Third, the risk is already in the etheric Fang community appeared many differences and bifurcation . The etheric Fang can stand to do today, rather than to the center has a close relationship, adhere to this also cannot do without the community center developers of justice and fairness of the deposit.

Among them, the biggest loss is to rely on energy consumption and purchase machine to pile pool stress. With the mine pool by ProgPoW algorithm is weakened, their income may decline, and in accordance with the etheric Fang roadmap PoS plan, the future of this batch of ASIC mill is likely to discard. But the transformation of PoS, but also the entire community to the etheric Fang future hope.

If the etheric long square to the right direction, then everyone will benefit in the short term, in addition to those who try to profit in chaos.

 Mine plans to weaken the etheric Fang passed, who is in stir this muddy water?

Who is in to the center of the community in the water mix?

The reason to the center of the organization to promote the one thing, the biggest reason is: even if someone tried to disrupt the normal order of the people, as long as there is good and the pursuit of justice and fairness, can put things in the right way forward.

Of course, there are people love this muddy beach water, dispersed community energy, slow down the entire community route. A similar thing recently in the bitcoin community happened once.

In February this year, bitcoin “Nakamoto Roundtable activities”, a developer proposed “21 million bitcoins, half of the output” stop limit the number of proposals. However, the news spread in some large domestic micro-blog V gradually turned into “bitcoin core developers proposed to amend the bitcoin cap”, the use of public information and on V’s trust in the market, making the market rumors, causing chaos.

Shanghai former chief engineer Mr. Bai said the total bitcoin can be modified, as long as the consensus. But the consensus is not reached through rumors and people of no great importance, unless otherwise to create rumors.

Soon, “” the bitcoin issuing misleading news every few days has been clarified. If the V BlockBeats block rhythm of heart beat is what idea, but it is certain that for all people’s eyes covered with gauze, certainly profitable.

“Fang” at least Pow over Ethernet, ecological people think so, what do you think.

Platform coins became popular at the same time, the traditional exchanges have not been idle

Digital currency exchange competition swelled again, while the traditional exchanges are secretly hard, can meet the whole encryption exchange pattern of the industry is bound to experience a war.

“In the long run, of course I think the blockchain technique is fascinating, disruptive innovation. Although the whole network at the same time because of the need to deploy and makes it run more difficult, but I think it will be very interesting in our business in a force.”

Freedman (Ardena Fredman). General aDNA, head of one of the world’s largest stock exchange, the Nasdaq Stock Exchange, in a Bloomberg interview for the evaluation of block chain technology as saying.

In April last year, the stock exchange head even said, for some time, the NASDAQ would consider becoming a crypto currency exchange.

Of course, over time the NASDAQ will consider as a crypto currency exchange. “

Behind at first glance seems to “special” words and deeds, is deep in the NASDAQ block chain and cryptocurrencies field for six years, the city of the NYSE also did not relax in the new field of the same old rivals in the game, such as the LSE, Swiss Exchange, Hong Kong stock exchange, etc., in their own in the field of exploration.

 Platform coins became popular at the same time, the traditional exchanges have not been idle Two extra strong competition

 Platform coins became popular at the same time, the traditional exchanges have not been idle

The main stock exchange ranked (by volume calculation, as of 2018.11.30 |) source:

According to incomplete statistics, as of 2018.11.30., the world’s top 20 stock exchange, there have been 10 exchanges including the NYSE, NASDAQ, HKEx, LSE, participated in the study, block chain technology, application and promotion.

From the parties involved in the situation, in the field, the NYSE and Nasdaq were still aotou.

The NYSE hand holding $182 million in financing Bakkt this super weapon, and as early as 2015 Coinbase investment exchange (but did not disclose the specific amount of investment), and launched the world’s first stock exchange by the calculation and publication of bitcoin index, the index in January this year has been expanded to more than 60 encryption currency.

Nasdaq, is moving in the direction of the application block chain mining technology, as early as 2013 began to explore. In 2015, the launch of Linq, the block chain products allowed companies to issue shares to private investors “; in 2016, it launched the financial framework of NFT system, as to provide all kinds of services to clients worldwide blockchain tools, then in 2018 October, the framework with Microsoft cloud service with Azure, to further enhance the performance.

Since the current CEO to 1 2017 appointed general aDNA, deepen its NASDAQ in the field layout. In May 2017, the NASDAQ Citibank launched a joint block chain platform Chain Core, providing end-to-end transaction process for private securities; in June 2018, the NASDAQ settlement department and multi industry companies, has developed a proof of concept (PoC) block chain platform, aims to make a margin call through distributed network.

In August 2018, the central bank with the Singapore cooperation in the development of digital assets; December 2018, it announced the first half of 2019 is expected to start the futures investment and currency exchange, encryption ErisX; in 2019 February, launched the BTC index (BLX) and ETH index (ELX), the two index is integrated into the well-known NASDAQ index.

The NYSE and Nasdaq this pair, other traditional stock exchange also gradually enter the field of chain block.

Ranked seventh on the London Stock Exchange as early as 2015 began to explore. In November this year, the London stock exchange with the London Clearing House, Societe Generale Bank, the Chicago Mercantile Exchange (the first launch of bitcoin futures exchange), UBS (UBS) and European clearing center (Euroclear) working group jointly set up the general ledger of distributed transaction, explore how to use block chain in the transaction process;

In July 2017, the LSE announced a partnership with IBM, to create a platform for SMEs to block chain securities;

In May 2018, the LSE established an internal working group, its business, supervision and legal team together to jointly study the application block chain technology;

In August 2018, a focus on encryption company Argo listed on the London Stock Exchange, the first shares usher in a block chain;

In March 2019, the S & P 500 company Invesco in the LSE launched block chain ETF, 48 companies investment targets including TSMC, Chicago commodity futures exchange group, Intel, AMD, etc..

Compared to the London Stock Exchange in the block chain of small strides in Switzerland SIX exchange is the “great leap forward”, more close to two U.S. move counterparts.

SIX Exchange announced in February this year, it will launch a digital exchange based on block chain. From the CEO Jos Dijsselhof statement, the digital exchange process to accelerate the liquidation of funds and transfer, improve the efficiency of transactions.

“The transaction itself takes a very short time, but also need to pay after the completion of liquidation and equity transfer. If we put these processes on digital exchange, the whole process takes only a few seconds to complete.”

Later in March, SIX also announced that it will rely on the exchange of Corda block chain R3, some of the mortgage assets through securitization (tokenize equtiy). In March 5th, SIX announced the official website of the stock exchange, began trading financial derivatives based on Ethernet square index (ETP). As Cointelegraph said, SIX exchange is likely to end the whole through securitization.

If the above exchange act temporarily or stay in the exploration level, the Australian Stock Exchange (ASX) is the core of their business watch. In November 2017, ASX using distributed technology to provide books stock trading system after the test is complete, the exchange also announced the settlement system of CHESS application of the system to replace the existing transaction. The Shanghai stock exchange research report pointed out, ASX is the world’s first mainstream exchange application block chain technology on core business.

Chinese exploration area is relatively small. The most “avant-garde” is the Hongkong stock exchange in 2017, it announced the launch of HKEX Private Market in the private market, using block chain technology to provide a stock registration, transfer and disclosure of information sharing service platform for early-stage companies and their investors. Previously, it was also announced that, in 3-4 years will be used to block chain technology transaction settlement system plan, to reduce transaction costs.

 Platform coins became popular at the same time, the traditional exchanges have not been idle Characteristics and logic of giant test

 Platform coins became popular at the same time, the traditional exchanges have not been idle

  • In order to expand and optimize their business oriented.

Whether in the United States, Europe and Asia Pacific stock exchange, are very stressed by the transformation of their own business block chain technology. As a distributed technology books block chain, either in KYC, anti money laundering, the disclosure of information before trading links, or stocks, securities issuance and transfer of bonds, a collection of tools, derivatives trading in, or registration, custody, clearing, settlement, data sharing and other trading links, can play relatively large function.

Whether it is the use of Linq block chain NASDAQ equity liquidation, through the financial framework based on block chain to accelerate transaction delivery, both the management of payment and settlement transactions; or the Swiss SIX exchange through digital exchange block based on chain to accelerate the transaction process; and the ASX (ASX) by using the distributed system to replace the existing trading account after the settlement system CHESS. Is this train of thought.

  • With the cooperation of the world focus on perpendicular and horizontal, “indigenous” encryption

As mentioned above, the NYSE is 2015 in the Coinbase C round of financing. The NASDAQ in September 2015, led to the blockchain technology service provider a $30 million financing, the July 2018 acquisition of the Swedish market and real-time clearing technology provider Cinnober, the encryption of managed services and multi signature scheme can effectively solve the problem of trust hosting services, is one of the popular solution. 1 2019 then led the blockchain startups Symbiont a 2000 million dollars financing.

While both the ASX new clearing system, or the Swiss SIX exchange through securitization attempt, behind the support of the company, are indigenous block chain field.

The traditional stock exchange giants to look for encryption and the world’s indigenous companies, on the one hand is the latter for the research and application of block chain technology more deeply familiar, can better play the advantages of block chain technology; on the other hand, the traditional exchange giant saw passes with the relationship between the stock and / or even substitute financing instruments such as bonds the traditional enterprise, the giants need as soon as possible acquisition or learning to consolidate their moat outside the box, even to seize the initiative.

  • Pay high attention to compliance, emphasizes the maintenance of relations with regulators

The NASDAQ is a very typical example. The daily planet article pointed out that in 2018, the NASDAQ almost attended all about block chain supervision meeting: August 19th, sponsored by the United States Republican congressman Warren Davidson of the ICO supervision meeting; global block chain assembly in September 13th; in September 25th the “Roundtable for crypto currency determined legislation”; the October 18th International Expo in November 10 and Nasdaq futures options he held the encryption summit. The CEO also said, “it is necessary to pay attention to supervision.”

In addition, the NYSE and the London Stock Exchange and the Hong Kong stock exchange, the application of a block chain technology with the supervision department of a large number of communication and negotiation.

This is special for the exchange of their position, the height of compliance is an inevitable choice for the position of nature; on the other hand, through consultation and interaction with regulators, can contribute to the regulatory framework for the giants of the business development, they can also promote the win in the blockchain era.

The traditional exchange giants to enter the block chain, on the one hand to optimize its own business, as the securities times pointed out, block chain can improve the efficiency and reduce the issuance of securities securities transaction costs, improve asset reliability and consciously credit support. It also can enhance the efficiency of government regulation.

On the other hand, with the entry of more traditional exchanges, local exchange encryption may be more acquisitions and mergers, if taking into account the like Bakkt platform will be more and more, the encryption exchange pattern of the industry reshuffle inevitable; at the same time, they enter, will further push up the industry compliance with safety standards, contribute to the mainstream block chain and encryption currency industry standardization.

Sustainable contract: passes derivatives of the ultimate form?

 Sustainable contract: passes derivatives of the ultimate form?

Pass card Research Institute jointly produced DIGITAL * FENBUSHI

Text: Song Shuangjie, CFA; Wu Zhenyu

Special adviser: Shen Bo; Rin


With the development of the market, will gradually emerge with the demand of derivatives, and gradually developed to adapt to the environment of the corresponding varieties. Sustainable fit the characteristics of the market contract passes at this stage, can meet the demand, is one of the possible direction of development.


The traditional financial market, futures contracts using mark to market clearing system, and ensure the daily settlement, no liability. The exchange is usually in the form of membership system, isolation risk stratification, ensure the smooth progress of the level of the exchange settlement. At the same time, the traditional market volatility and leverage is relatively low, the size of the market, the overall risk of default control.

At the same time, the traditional market recovery mechanism more perfect. Although the risk control system, but the extreme case may still occur in wearing a default, then you need the corresponding recovery mechanism. Relying on the traditional market currency system, perfect the laws and regulations to protect the rights of brokers, while the market has regional recovery, relatively low cost, overall recovery mechanism is more effective, controllable and counterparty risk facing exchange broker.

Through the market for most varieties of high volatility in higher risk assets, property, individual investors accounted for relatively high, more prone to wearing, and legislation is not perfect, lack of supervision, the exchange is protected by law. In addition, transnational business services is relatively common, lack of a unified framework of rules, is actually an offshore market. Therefore, through credit derivatives to recover after wearing, exchange bear more risk.

Solution on the market at this stage to take a short period of delivery contract and wearing a sharing mechanism. Usually, the exchange will provide the week, one week and three quarter period of the contract, delivery or liquidation period by a week, and bear wearing a profit loss. In order to implement the wearing allocation, exchange must lock traders profit before liquidation, reduce the utilization rate of funds. Historically, a higher frequency of wearing a share, will make traders suffer losses, and may even lead to an overall profit into a loss. For hedging and arbitrage investors, the negative impact of wearing allocation is more serious.

At the same time, delivery contract and wearing will reduce the activity of the market share. Delivery contract rules is relatively complex, increasing transaction costs. Wearing a share will change the earnings expectations of investors and affect the trading behavior, it will seriously affect the arbitrage and hedging, hinder the market specialization process.

Sustainable contract is one kind of not the final delivery of futures contracts, the main form is currently rolling (Rolling Spot Futures), contract settlement date and automatic renewal, and to pay the cost of funds dropped by the bulls. Sustainable contract originated from the CME in 1993, mainly for the retail market, suitable for non center through card market, the cumulative effect of market share can prevent wearing activity, facilitate arbitrage and hedging, is a useful innovation. At present, sustainable contract market has begun to take shape, trading volume and market volatility are highly relevant.

Risk warning: leverage risk, counterparty risk exchange


1 traditional financial market contract settlement model

1.1 mark to market system

1.2 wearing a perfect recovery mechanism

2 main mode of current passes the market contract: the profit allocation and wearing a lock

2.1 card market characteristics: in the early stages of development, the volatility of high recovery difficult

The existing 2.2 solution: wearing the split delivery contract

3 core issues: the main mode to reduce the market activity, unable to realize the function of hedging

4: more convenient and efficient sustainable contract passes derivatives

4.1 contract: contract not sustainable rolling delivery

4.2 market conditions: take shape, just unfolding


With the development of the industry, through the credit market gradually expand the scale, gradually enrich the assets in the form and way of trading, futures and other derivatives began to appear. Through the credit market has its own characteristics, can not completely copy the mature pattern in the traditional market, and the existing settlement model has some drawbacks. Although the short-term market is not the economy, but the industry innovation has not stopped, the popular varieties of sustainable contract is an exchange have introduced. Why sustainable contract, how is the development? We think this is a problem worth exploring, but over the concept of current research, we have yet to see about the market for sustainable development and the reasons for the introduction of the contract content. In this article, we will be together with you forever to contract, the analysis of market demand and necessity of sustainable contracts.

1 traditional financial market contract settlement model

A futures contract is a standardized agreement (Futures) of goods or assets in a certain period in the future, has three functions of price discovery, hedging and speculation. In 1848, the nation’s largest food distribution center in Chicago farmers, traders and processors set up the Chicago Grain Exchange, in order to solve the seasonal excess and shortage of food trade, and in 1851 the introduction of forward contracts. Forward contracts early signing directly between the buyer and seller, a breach of contract, delivery disputes and transfer problems in practice. In 1865, the exchange launched a standardized contract and deposit system, modern futures trading was born, after one hundred years of development, it has evolved into today’s large derivatives market. In the mature market, futures trading has formed a relatively complete settlement system, can provide convenient and relatively low cost of transaction service, is through market for reference.

1.1 mark to market system

The traditional financial market futures contracts usually use the mark to market system, the exchange settlement of every member, ensure the mark. MTM also known as the mark to market, is an end of each trading day, the exchange settlement price is calculated according to the profit and cost of each member, and the net balance transfer of reserve settlement member settlement system. These are usually members of the futures brokerage company or institutional investors, settlement reserve is sufficient, the level of the exchange settlement is usually relatively smooth.

Exchange membership system, implementation of risk control in a hierarchical manner, and ensure the normal settlement. The traditional financial market, the exchange is not for ordinary investors, only directly related members. These members include professional investors and brokers, usually have a control system and a larger asset size is relatively perfect and reasonable to exchange wind, the probability of default is very low. In addition, the position of these institutions in exchange are usually a customer or a number of strategies and usually do not have a large proportion of unilateral nudity, less likely to default under extreme market. Ordinary investors involved in the transaction through brokers, individual default risk is relatively controllable, Futures Company will also set the corresponding risk control measures, ensure that no large-scale customers wearing too much loss.

 Sustainable contract: passes derivatives of the ultimate form?

The traditional financial market prices relatively stable, relatively low leverage, days wearing a controllable risk. The stock price index, the main market of traditional financial futures contracts underlying commodities, precious metals, interest rate and exchange rate, there is a relatively mature pricing mechanism and market price volatility is ecological, digital passes and other emerging markets is much lower, and derivatives markets tend to have strict supervision and control system of the wind, the highest lever multiple low risk traders wearing relatively controllable, under normal circumstances do not appear wearing large scale, lower the overall risk of default.

The big market scale, individual default effect. The relative digital passes and other emerging markets, the traditional derivatives market in large scale, and in most of the funds are institutional investors, the market is relatively mature. In this market, irrational investor funds accounted for the proportion of the market is relatively low, the individual investors wearing on the market as a whole settlement has little effect. At the same time, the larger market size brings higher liquidity, even to open the cordon, usually also can complete the liquidation in the margin before the return to zero. As long as the broker risk control measures, in most cases can avoid losses caused by wearing traders.

1.2 wearing a perfect recovery mechanism

Although the mark to market clearing system with wind control measures can avoid to suffer losses in most of the time, but in extreme cases there will still be wearing traders. The traditional financial market in derivatives contracts subject is relatively stable assets, but these assets may occur greatly under special circumstances also fluctuations. At the same time, because of the mature market is relatively mature pricing mechanism, reflecting the sudden news in price tend to quickly make prices rapid short-term fluctuations. Although the traditional market leverage is low, but usually only reaches the open line will open, the accumulation of losses may lead to the timely liquidation and wearing a short-term price volatility when. This time, brokers need to recover the customers, otherwise it will face the loss of capital.

The traditional financial market based on currency system, a perfect recovery mechanism. The traditional derivatives market, margin financing and payment settlement currency use, relying on the country’s banking system, if the client can recover the customer wearing a broker, in accordance with the law, the rights protected by law. If directly to the customer recourse is rejected, brokers can take legal means, as long as its not illegal behavior will be the support of the court. The judicial system of executive ability will make recourse broker guarantee, customer risk caused by wearing a relatively low capital loss.

The market usually has regional recovery, relatively low cost. Usually the traditional derivatives market has the characteristics of strong regional, national economy is usually the main derivatives exchange service. Generally speaking, the exchange of individual investors and brokers face most of its citizens, foreign investors need to pass the qualification examination of the major institutions and qualified investors. Its citizens will face higher credit costs, such as China serious dishonesty will be restricted to the use of bank accounts, take the railway traffic and civil aircraft, and qualified foreign investors and institutional investors will face serious dishonesty dishonesty reputation loss, high cost to a certain extent will reduce the resistance wear s recovery.

To sum up, the traditional financial derivatives market underlying asset volatility and leverage is relatively low, set up the mechanism of risk stratification, to some extent reduce the settlement risk, and has a perfect recovery mechanism, clearing mechanism complete, counterparty risk controllable facing brokers and exchanges.

The 2 main modes of current passes the market contract: the profit allocation and wearing a lock

Through the credit market is an emerging market, has the characteristics of high volatility, imperfect rules, a high proportion of individual investors and multinational service etc., which determines the passes the contract market is difficult to use the traditional market and the same settlement mechanism. At present, the use of short cycle delivery contract and wearing a share deal with this situation in the industry, but there are still some problems.

2.1 card market characteristics: in the early stages of development, the volatility of high recovery difficult

Through the market for most varieties of high volatility, risk assets attribute. Through the card market size compared to the initial stage has a great growth, the highest was more than $828 billion 100 million, but is still relatively new market scale and mature degree is a big gap between the traditional financial system. At present, the market has not yet mature passes the valuation and pricing system, passes the value of assets often there is a huge difference, and the price volatility. In 2018, through credit markets took a sustained decline in the market, the lowest total market value to $100 billion 700 million, the largest decline of 87.8%, while the previous 2017 year to 2018 highs rose as high as 268 times, far higher than traditional market volatility. At present, the development of block chain industry is still in the early stage, the practical application of the floor also take time, passes the market just ten years of history compared to the stock market for hundreds of years is a small flow in the market mature Jianghai, may not be achieved in the short term. In the high volatility conditions, the derivatives market risk is bigger, but also more prone to the phenomenon of wearing.

 Sustainable contract: passes derivatives of the ultimate form?

The legislation is not perfect, lack of supervision, lack of legal protection of participants. At present, the block chain and GSM card belong to new things, nature and definition of the securities assets has not yet formed a consensus of opinion, in addition to Japan recognized BTC as a means of payment, the main countries are defined as securities and commodities. Due to the small size and lack of a clear definition, in terms of legislative protection in various countries slowly passes assets, most countries have not yet formed specific laws and regulations through the card market, usually only a few precedents to follow, the specific rules are not clear, and there is a big variable. In addition, the large difference in regulatory policy, there is no unified concept, difficult to carry out cooperation in asset protection and behavior regulation. The legislation and regulation is indeed caused the lack of fair and effective market rules, it is difficult to protect the rights of participants, the fundamentals of all kinds of assets and even the entire market often change a lot, a lot of high risk investment tools are open to non qualified investors, it will include all kinds of derivatives contracts. The risk of these tools is ordinary investors can not control and bear, may be wearing etc., and other relative professional contract delivery process is beyond the grasp of ordinary investors.

Relatively few institutional investors, individual investors. At this stage, because of regulatory policy, market size and landing and other reasons, through institutional investors market for the proportion of relatively low, medium and small investors and industrial capital occupies the main position in the market. From the development process of the stock market can be found, as the market matures, the proportion will gradually improve the institutional investors, and finally occupy the dominant position, but it will be a long process. It can be expected that the current structure of the investors will continue for a period of time, and how to meet the needs of ordinary investors and industry investors, is the main problem at this stage through the card market service agencies to consider.

The service mechanism of transnational operation are common, lack of a unified framework of rules. Pass card assets originated in Bitcoin, based on the block chain, universal payment function point of the natural, has the characteristics of cross regional, investors can choose different countries trading platform. Therefore, many trading services platform chose offshore financial center as registered, for investors around the world open. However, the laws and regulations of the countries there is a big difference, the dispute is relatively difficult to solve. The traditional offshore market, the participants are mainly institutional investors, risk control ability, abundant strength, the default risk is relatively controllable. However, through credit market investors average asset size is relatively low, investment capacity is relatively insufficient, the relative default occurs more easily in the offshore environment, while the corresponding recovery in the current situation more difficult.

2.2 existing solutions: wearing the share delivery contract

To avoid suffering in the fierce market traders produced after wearing out of the abandoned warehouse risk exchange, generally adopt wearing a sharing system. This section will provide a delivery contract products and larger trading volume exchange as an example, through the analysis of the history of the EOS delivery contract transactions, the share system theory and explain wearing the actual implementation. Passes EOS good liquidity, is one of the strong consensus passes, the contract product analysis has certain representativeness.

Most of the contracts for the supply of products exchange, passes the delivery contract usually has three week cycle: when the contract, contract, quarterly contracts last week. From the new contract open trading until delivery time span was 7 days, 14 days, 91 days. The shortest duration of the week when a weekly delivery contract. Weekly delivery, exchange of weekly and quarterly contracts contract liquidation, namely when the week balance system. Liquidation, for the user are not flat positions, exchange treatment as shown in the following table. In order to implement wearing a sharing system in the delivery (liquidation) exchange must be locked before all of the traders profit, traders may not be profitable in the delivery (liquidation) before transferring the contract account.

 Sustainable contract: passes derivatives of the ultimate form?

The certificate of exchange in the release of the “contract” in terms of the bill pointed out, “when the user when the system will default, forced liquidation according to warehouse explosion price, but may deviate from the price explosion in brokered transactions, the price deviation caused by the surplus is known as residual explosion positions.” Open the remaining reserve warehouse explosion delivery contract risk as the contract corresponding passes are accumulated. On the contrary, the price deviation caused by the loss is known as the wearing loss, all wearing loss will be included in the total loss of the user wearing a delivery contract, until the next delivery (liquidation).

Risk reserve is not enough to completely cover wearing a share of the. The figure below shows that a week before delivery (liquidation) risk reserve accumulation. Delivery (liquidation), stock risk reserve often will suddenly drop to zero, or even directly. The reason for delivery (liquidation) for any loss when wearing. Weekly delivery (liquidation) before wearing loss will continue to accumulate. The delivery, when the total loss of the user wearing a week will be deducted from the contract prior to delivery of the risk reserve. When the delivery contract risk reserve is insufficient to offset the total loss of all users wearing, profit (to pass the contract certificate corresponding calculation) user shared user wearing loss. For example, when the week before delivery of the EOS contract book profit of a total of 10000, after deduction of the risk reserve as well as 200 EOS wearing a loss, is wearing a proportion of 2%. In the delivery, if the user is a Book profit of 30 EOS, one of the 0.6 exchanges will be deducted (2%) EOS. After delivery, a user can be 29.4 EOS contract account.

 Sustainable contract: passes derivatives of the ultimate form?

The history of wearing often occurred in high frequency allocation. From January 9, 2018 to December 28, 2018, the exchange conducted a total of 55 times of delivery of EOS delivery contract (liquidation). Among them, 35 times without wearing number and allocation, allocation for the 20 time wearing. The largest proportion of wearing allocation was 18.0591%, occurred on September 7, 2018 delivery (liquidation), mainly for the volatility of market in September 5, 2018 when the exchange server downtime caused by a short period of time.

 Sustainable contract: passes derivatives of the ultimate form?

3 core issues: reduce the current mode of market activity, unable to realize the function of hedging

Delivery contract to improve the threshold of the market, increasing the transaction cost. Compared to the spot market, futures market increased the term concept, due to the unwinding or delivery, and there are certain differences in the pricing mechanism. For ordinary investors, the pricing mechanism of futures contracts is relatively difficult to grasp, and change positions will also reduce the use convenience. The current market, service provider contracts are typically short term and less choice. To further improve the threshold for the use, and will cause the positions for the relatively frequent, increase transaction costs.

Through the credit market volatility, prone to wearing, and the recovery is relatively difficult, wearing a sharing mechanism will exist in a certain period of time. Through the credit market is still in the early stage, the volatility will be at a relatively high level in a long time period. At the same time, through the credit assets have great advantage in cross-border transfers, and has the characteristics of cross regional, while the corresponding regulation did not keep up, many exchanges opened in the offshore financial center, and improve competitive leverage to attract investors. High volatility and high leverage to bring a higher risk of exchange and broker wearing, integration mode of business entities will directly face customers wearing losses. The globalization of business, customer cost is very low, it is difficult to exchange due to the loss of customers wearing effective recovery. Before the establishment of the global regulatory system and the credit system, this problem is difficult to solve, can be expected to wear s allocation within a certain period of time will be in the digital asset derivatives market continued to exist.

Wearing allocation will change the expectations of investors, the impact of trading behavior. At present, in actual operation, the exchange is usually in the contract delivery date before locking the trader’s profit, accumulation and will produce the wearing loss to the delivery of day will be based on the amount of profit to profit allocation were wearing. If a contract has accumulated more traders wearing a share, is expected to be wearing a bear sharing the loss, may not have the option of trading in this contract. So, through the market for short-term contracts usually being a week time period, rather than the traditional financial market January. Even so, the short-term market volatility, will accumulate more wearing allocation, influence the current contract expected return. In addition, the delivery period before the limit profits extracted rules but also reduces the efficiency of the use of funds.

At the same time, the high frequency change positions will affect the allocation and wearing arbitrage and hedging, specialization hinder market, is not conducive to the derivatives market service industry chain block. In the mature market, derivatives market investors including speculators and hedgers and arbitrageurs. Analysis of arbitrage contracts and spot contracts between different and unreasonable price, and establish the corresponding positions, profit from the market self correction; hedgers for some reason to hold cash positions, holding back contract positions in the derivatives market to avoid price risk. However, the delivery of high frequency and wearing share of the market, the two types of investors are faced with great obstacles. The term hedging is usually long, need to wait for the price change arbitrage to rational direction, and this process may also be a long time, the use of the existing delivery contract will face positions for the frequent, pay a large amount of transaction cost. Arbitrageurs often have the reverse positions equal, the two positions are generally a profit loss by another, spreads widening or narrowing profit. Under the current system, profitable positions will face wearing share losses, and the loss of the position is not compensated, arbitrage face extra huge risk, may even lead to profitable trade into trading losses. There is a gap between contracts and spot in different period, the difference is not stable, the change will also increase the hedging risk. The lack of arbitrage will result in not only part of the funds to abandon the market, but also hamper the implementation of no arbitrage equilibrium, market pricing ability. If investors hedging losses in spot position and profit contract positions, may also face the loss caused by wearing a split, and this is precisely the set of positive role of fidelity. Therefore, the current through the credit derivatives market also can not achieve a good hedging function, it is difficult to service projects and miners are hedging needs of investors, can not truly service industry chain block.

 Sustainable contract: passes derivatives of the ultimate form?

After the bear wearing a profit sharing, the user in accordance with the legal tender revenue may be a loss. The hedging contracts have occurred in the user trying to. Pass card prices are the main scenario hedging strategies play a role, but because of wearing a judgment standard for profit allocation through the certificate standard, so even if the user is hedging profit in the certificate standard, as card prices fell, the currency income will be showing a loss in the state of wearing a split, and weaken the ability of hedging. According to an exchange issued in contract trading groups within the article “hedging through virtual contract? “, we can draw the following formula:

 Sustainable contract: passes derivatives of the ultimate form?

Wearing a sharing mechanism allows hedging more difficult. Because wearing sharing mechanisms exist, hope hedging traders must check whether their accounts because of a bear wearing a short contract to hedge share too much for delivery. If the risk traders try to hold the 1000 EOS hedge price changes, the short contract sell forward after 1000 EOS, the exchange for reasons of wearing share, from a trader account took 10 EOS. Then short contracts are far too many, if not adjusted, traders will be at risk of exposure in part. Start with 7 months 2018 years 6 to 2018 years 12 months 28 days for example, if a trader does not understand wearing a sharing mechanism, after a short contract is no longer the management, the purpose of hedging will not be completed. Without considering the slippage and the fee, the final results of the yield curve is positive. This is because the observation period, the price of EOS is basically in a down trend. Although extra short contracts contributed more profits, but before taking the hedging strategy, the trader is uncertain about the future, if the outlook is rising, more out of the short contract will enlarge the trader’s loss, thus weakening the effect of hedging.

 Sustainable contract: passes derivatives of the ultimate form?

According to the results of dynamic adjustment and allocation of wearing a hedge number can not obtain good hedging effect. If a user starts from July 6, 2018 to December 28, 2018, to take the strategy hedge holdings of EOS spot hedging. Specific strategies for hedging on a quarterly short contract, when subjected to wear s allocation, reduce the number of short contracts to satisfy the above formula specified number of contracts to hedge theory. Without considering the slippage and commissions under the maximum ten points using a quarter short contract on the platform of pure hedging strategy will enable the user to bear by calculation of the currency decline. If the slide and transaction fees when the positions into account, the actual loss of the user is likely to be more than test results. So, the capital account is below the curves of hedging losses of more conservative estimate results:

 Sustainable contract: passes derivatives of the ultimate form?

Two factors contribute to the capital of this curve. On the one hand, the most important factor in the user did not profit is calculated by currency income, bear wearing allocation, the user platform will be obtained through hedging losses in the user wearing EOS take fill passes when the price is down. On the other hand, in Jiancang short positions, long-term contract price is lower than the spot, with long-term contracts approaching maturity, long-term contract price and spot price gradually shrink, short contract losses greater than spot earnings.

To sum up, wearing a sharing mechanism of the derivatives market to a certain extent will reduce the credit derivatives market through activity and mobility, professional and effective and hinder the market, the market is difficult to play the function of the service industry, but the lack of effective mechanism of recovery in the global business exchange under the short term is difficult to change, the industry needs to find a better in the current situation, sustainable contract (Rolling Spot Futures) is a kind of current solutions.

4: more convenient and efficient sustainable contract passes derivatives

Through the credit market has its own characteristics, practitioners also put forward the corresponding solution, that is the shorter period of delivery contract and production warehouse allocation mechanism, but the existing solution still has its shortcomings, sustainable contract (Rolling Spot Futures) is a path in this case industry is now exploring.

4.1 contract: contract not sustainable rolling delivery

Sustainable contract is one kind of not the final delivery of futures contracts, the main form of the present contract is rolling (Rolling Spot Futures). Rolling is a contract settlement date and automatic extension of the futures contracts, each trading day settlement items, traders held contract positions will be automatically renewed at the end of the trading day. In addition, will exchange the assets of the cash flow, long funds to pay fees to the short, short to compensate the cost of capital. Combined with the rolling contract is actually equivalent to the automatic renewal of contracts and spot currency swap, the products originated in the 1993 years of Chicago commodity exchange (ChicagoMercantile, Exchange, CME) and the development of rolling Forex contracts in order to avoid the huge cost of the settlement with the bottom spot, appeared again after rolling gold futures contracts and other varieties, mainly for the online retail market no physical delivery service, demand for small investors. These contracts are relatively simple operation, do not need to consider the delivery and change positions and other steps, to the requirements of professional investors is relatively low, can use close to the spot and experience.

Sustainable contract for ordinary investors, in line with the blockchain assets non center concept, suitable passes the market situation. The use of perpetual contracts presented to investors, similar to the spot feeling, the cost of funds occupied daily settlement, clear, relatively more suitable for ordinary investors use. Non center is one of the core concept of block chain technology, holding relatively traditional financial markets through card assets is more dispersed, the proportion of ordinary investors is relatively large, continuous contract is well adapted to the reality of the market.

Sustainable contract prevents accumulation allocation effect of wearing the expectations of investors, increase the market activity. Delivery contract accumulated in the certain degree of sharing wearing will affect investors income to contract transaction expectations, thereby reducing the trading activity. Sustainable contract is essentially automatic extension of the daily delivery contract, even set up wearing a sharing mechanism, can also avoid the amount of accumulation in the daily or half day delivery period in its processing, the maximum degree of weakening its influence. This point of view, compared with the existing contract pattern, sustainable contract will bring a higher market activity.

To facilitate sustainable contract arbitrage and hedging, conducive to the introduction of institutional investors, improve market pricing mechanism. The time limit of the contract not sustainable, arbitrageurs use sustainable contract execution strategy, do not need to produce additional cost for warehouse about contract delivery has not spread to the expected direction of change, can increase the effectiveness of market pricing. Hedgers use continuous contracts can more easily select hedging time, avoid wearing a share to hedge the cumulative, or contract time is too short and repeated change positions. At the same time, sustainable contracts will be concentrated dispersion of previous transactions, and stock price is relatively stable, the use of derivatives in risk control of industrial capital will be able to better. Daily expenses and sustainable contract settlement funds automatic extension, to avoid the transaction costs for positions, contribute to the long-term investment in derivatives. At the same time, sustainable contract avoiding market segmentation, can solve the problem of institutional investors on the stock market liquidity concerns, convenient for institutional investors to participate in the market to pass card. It can be said that in the short term is difficult to change the market conditions, sustainable contracts to a certain extent, convenient arbitrage hedging and institutional investors, promote the mature market.

4.2 market development: just unfolding.

Generally, passes the first contract market sustainable in 2016 officially appeared in BitMEX, the Xing, starting in 2017, the current mainstream products is relatively BitMEX BTC sustainable exchange launched the contract. Since the birth of the product, its turnover increased, reached a peak in July 2018 to August, and the volatility of the market showing a positive relationship between the relatively obvious, relatively strong speculative. In the market the overall volume decline of the environment, sustainable contract volume BitMEX contrarian growth, showing strong vitality.

A number of major trading platform has been on-line or sustainable contract products in the pipeline. 2018 years 12 months 19 days, the OKEx line of sustainable contract products, currently supports BTC, ETH, EOS, LTC, XRP, BCH and TRX and other 9 varieties, the main contract products conform to the trend of sustainable exchange contract. On 24 May, launched the BTC sustainable contract firm, then continue on the line ETH and other varieties. The on-line contract products in December 2018, Huobi group vice president Lan Jianzhong said that in the future in order to meet the needs of users will also launch a sustainable contract product.

 Sustainable contract: passes derivatives of the ultimate form?

 Sustainable contract: passes derivatives of the ultimate form?

Note appended´╝Ü

For some reason, some nouns in this paper label is not very accurate, such as: digital certificate, digital certificate, through currency, token, Crowdsale, currency, readers can contact us if you have any questions, to discuss.

This paper through the card Research Institute (ID:TokenRoll) original. Without authorization, prohibit unauthorized reprint. Please reply back [reprint] keywords

 Sustainable contract: passes derivatives of the ultimate form?

CoinMarketCap encryption index line Nasdaq, Ann Zhao Changpeng was alluding to let its currency exchange amount of brush

Author Qin Xiaofeng |

| editor Lu Xiaoming

 CoinMarketCap encryption index line Nasdaq, Ann Zhao Changpeng was alluding to let its currency exchange amount of brush

According to the official CoinMarketCap blog news, Beijing time in March 20th of 20, CoinMarketCap on the Nasdaq, Bloomberg, Thomson Reuters Eikon (Refinitiv) and B rseStuttgart, introduced two kinds of encryption currency benchmark index. The index will be calculated by the German Solactive index provider AG and management.

The CMC index covers the market value of the top 200 encryption currency. The first called CMC Crypto 200 Index (CMC200), the index contains bitcoin; another called CMC Crypto 200 ex BTC Index (CMC200EX), the index does not contain bitcoin, allowing investors to choose not to view the bitcoin market.

CoinMarketCap CEO Brandon Chez said, the site launched Bloomberg and Nasdaq terminal, will bring more traffic to the encryption market, increased penetration of traditional financial markets.

“These index will promote more easy to understand format encryption currency data accessibility. We hope to expand the scope of these professional computing index helps the encrypted currency to bigger financial market. “

CMC index Solactive AG company, Germany is an independent index provider, the blockchain ETF index in March 11th in London is provided by their on-line calculation; in addition, it is also CBOE bitcoin futures index and more than 3000 other custom index providers.

Solactive sales director Fabian Colin said: “we are glad to be selected as the preferred index provider CMC, we look forward to the future development of more encryption index.”

Although CoinMarketCap has gradually become one of the currency investors view the encryption of the most popular portal site, but the site also experienced some controversy in recent years.

In January 2018, the site suddenly decided to cancel several South Korean exchange market price list (Bithumb, Coinone and Korbit), this decision caused large-scale market panic, a lot of copycat money day fell more than 10%, XRP is down 30%.

In addition, just this week, Binance CEO Zhao Changpeng released Twitter, questioned the CoinMarketCap encryption currency price data provider.

 CoinMarketCap encryption index line Nasdaq, Ann Zhao Changpeng was alluding to let its currency exchange amount of brush

(Zhao Changpeng Twitter)

“Why to exchange fraud on the trading volume? @CoinMarketCap is the site where we are the highest flow, the maximum recommended is all the exchanges. In the CMC ranking for new users is good, but at the expense of the credibility of the cost of professional users. Many people have forgotten the back part.”

After the transaction analysis platform The Tie said, the existence of fraud 90% exchange transactions. CoinMarketCap data provider since encryption currency prices and trading volume data should not be screened on the collected data, rather than directly use? Just Zhao Changpeng is this question.