AMA in The ONEROOT Community on Oct.9 2018
From the starting point to the world, ONEROOT has so far evolved for more than 500 days and nights into the 2.0 era of comprehensive and rapid development. Now that the Rocket Plan has moved on to step 3, Bithumb will bring 5million users to access R1 protocol and jointly build Distributed DEX with ONEROOT. On the evening of October 9, Tony Sun suddenly appeared in the community to answer questions for everyone, and took this chance to have a close interaction with everyone. Of course, during the live broadcast, our friends raised a lot of powerful questions, and Tony Sun answered all of them. Here’s the essence sorted out.
Hostess Jennifer: How did Bithumb and ONEROOT develop cooperation step by step?
Sun: As a world’s leading cryptocurrency trading platform, Bithumb has been committed to providing users with safer and more efficient trading services and developing blockchain ecosystem of which the decentralized exchange is an important part. After comparing with a number of decentralized exchanges and transaction protocols, Bithumb believed that R1 protocol-based Rootrex combines security and efficiency to give users better trading experiences. After contacting with ONEROOT, Bithumb recognized our R&D capability and technical reserves. After thorough contact, it also resonated with the idea of win-win sharing and highly agreed with ONEROOT’s idea of traffic sharing. On this basis, both sides can develop their respective strengths to jointly promote the development of the industry.
Jennifer: What’s the technical breakthrough of R1 protocol compared to other decentralized protocols?
Sun: The biggest difference is that R1 protocol builds a decentralized underlying trading platform. Any partner who wants to join can become part of the distributed business system, in which they can share order data and liquidity, as well as bring better trading depth and experience.
R1 protocol realizes off-chain order placement and on-chain settlement, and re-match the order price at the time of settlement. As a result, Relayer can well implement orders off-chain, which improves the matching efficiency and trading experiences. With relayer Keeping balance between orders on-chain and off-chain, the cost and frequency of placing orders on the chain are greatly reduced.
Jennifer: May I ask if Bithumb has encountered any technical difficulties in accessing R1 protocol?
Sun: It’s the first cooperation between decentralized transaction protocol and large-scale centralized exchange,with the two sides having great differences in user habits and transaction processes. However, on the basis of open cooperation and joint efforts of technical teams, Bithumb DEX is finally established, meanwhile, R1 protocol has also improved the security and enriched related functions. I wish you can experience the latest decentralized exchange and give us valuable advice.
Jennifer: As we all know, Bithumb is the world’s top five exchanges by traffic, then what far-reaching impact will this cooperation have on ONEROOT?
Sun: Embodying the concept of sharing total win that ONEROOT has consistently adhered to, R1 protocol’s biggest feature is to allow all accessing exchanges to share order data and liquidity. And then, as a world’s leading exchange, Bithumb undoubtedly holds a large volume of global traffic. Its access will bring R1 billions of traffic data and excellent liquidity.
Most importantly, both sides will continue to benefit from the cooperation. When this model is truly understood by the world, it will bring a snowball effect, which will greatly promote the development of the industry, truly establish a win-win ecosystem and open an era of free trade.
Jennifer: What’s the next step for the Rocket Plan?
Sun: The “Rocket Plan” is a program for ONEROOT to enter the global market and promote ecological expansion.
The first step of Rocket Plan: RNT is listed on Bithumb, the largest cryptocurrency exchange in South Korea, laying a solid foundation for obtaining global traffic, making the official entry of ONEROOT into the 2.0 era.
The second step of Rocket Plan: ONEROOT won the first cryptocurrency MSB license issued by Canadian government , laying the foundation for global compliance businesses. Compliance is an urgent issue facing the blockchain industry at present for fear that cruptocurrency will be in barbarian growth. Believing that legal compliance is the prerequisite for all kinds of work, ONEROOT is actively applying for licenses in other countries and regions.
The third step of Rocket Plan: ONEROOT and Bithumb formally signed a cooperation agreement — Bithumb Access R1 Protocol — for the first time the decentralized trading protocol serves the world’s leading centralized exchange. The distributed business concept of share total win officially enters the stage.
In the next step, ONEROOT will carry out deep-level cooperation with more partners worldwide on the strength of Rocket Plan, putting the beginner’s mind — consensus, co-found, sharing and win-win — into practice. We will create a bright future of trading freedom with technology as the keel and traffic as the engine.
Questions fro the Community: Since R1 protocol is optimal, why are other DEX protocols not optimized?
Sun: Each team has their own unique ideas. The 2.0 version of the 0x protocol is almost the same as ours and Loopring should have their own ideas. For example, I think the the loop matching is an excellent concept. If it was worked out, it should be a gorgeous function. But in terms of the current performance of ETH, decentralized transaction protocol is simple and practical. Recently, the 0x community has been questioning why Bithumb accesses R1 instead of 0x. They said that Bithumb will regret it. I think this cannot be the official attitude of 0x. What we both are dedicated in is decentralization, every builder of which should develop together to create a win-win situation.
Question from The Community: How does RNT support the price? What applications will it have in the future?
Sun: The value of RNT is supported by constantly improved products and ecosystem. 1. For B-side users, they can mortgage RNT to open a DEX exchange. 2. For C- side users, there will be a discount on fees if using RNT.
In the future, ONEROOT will launch a public chain. At that time, RNT will exchange 1:1 from Ethereum to our own public chain tokens. As an ecological token, RNT will grow as the value of the public chain grows. Rocket Plan has been obtaining a large amount of traffic for the future public chain, and ONEROOT will quickly form a booming application ecosystem on the basis of solid technology.
- About ONEROOT Project-
ONEROOT Project upholds the concept of consensus, co-found, sharing and win-win. ONEROOT has built a distributed business engine, established a new type of collaborative relationship of cooperation and common development. Through a series of encrypted digital asset infrastructure construction, ONEROOT helps resources (software, hardware, manpower, etc.) circulate inside and outside the industry quickly, improving the utilization efficiency and promoting the development of the entire industry. At this stage, as a blockchain technology service provider, the main goal of ONEROOT is to create a secure, transparent, open and friendly distributed digital currency trading system, and return the right of trading to the community.
Official website: https://www.oneroot.io
Rootrex DEX: https://www.rootrex.com
R1 protocol: https://www.r1protocol.com
Official QQ group: 6644849
Official WeChat account: oneroot_admin