Last Wednesday, Tony Sun (Sun Yingjun), chairman of ONEROOT Foundation, conducted a live streaming on TokenClub. In addition to the details of the business development of the ONEROOT team, Tony also shared his views on the current situation of the industry from the perspective of an experienced practitioner. There were sharp ideas and real stuff. You can click here to watch the video playback if you missed the live streaming.
The following is a summary of Tony’s sharing:
ONEROOT has been committed to the development of the infrastructure of the blockchain industry since its inception. The team was now working on the building of digital financial system, including the building of decentralized transaction protocol, decentralized exchange (DEX)， and related supporting facilities. ONEROOT was not only developing trading protocols based on Ethereum and EOS, but also making efforts on cross-chain protocols. In the future, ONEROOT would establish cooperation with Cosmos and enter the Defi field.
ONEROOT has started the layout of blockchain game section since the beginning of 2019, and already established a partnership with the world’s top game teams.
As to the competition between centralized exchanges and decentralized exchanges, Tony thought that centralized exchanges actually implemented the function of cross-chain, while decentralized exchanges were based on Ethereum with relatively simple trading pairs. However, with the development of technology (the progress of public chain, the improvement of exchange performance, and breakthroughs in cross-chain technology), the two both would play an important role in the future.
As for the difference between the Binance DEX and ONEROOT DEX, Tony said that the purpose of the former was to serve the customers, while the latter was completely managed by the community. Simply put, Binance was the operator of exchanges, while ONEROOT was the provider of the technology for decentralized trading.
Tony also mentioned that the blockchain industry did emerge in 2009, but actually the development didn’t start until 2016 when the soaring price of Bitcoin attracted crowds to enter the blockchain industry. Up to now, it’s only three years, which indicated that the industry was still in its infancy. But it was irreversible from the day of its birth and would always exist and had far-reaching effects. At the beginning, it was crazy that too many projects had no products or revenues, resulting in lots of negative effects. No matter in the previous cooling-off period, or during the period of gradually entering into the industry recovery, it still needed the progress of blockchain technology to enable the commercial scene application on a large scale. That was the time when the industry would really gain development.
Regarding the overseas regulatory policies and anti-money laundering policies that have been hotly discussed recently, Tony said that Binance and Coinbase were the most successful and most highly valued exchanges on the market. Binance was operated outside the control of regulatory agency, while Coinbase chose to embrace regulation. He believed that the development of regulatory mechanisms was good for the industry. The government-led supervision would regulate the operation of the trading market, standardize the industry rules, and lead the healthy development of the industry. Meanwhile, the influence of the industry would get expanded, and more people would be attracted to this industry, thus making the industry develop steadily.
Tony showed to the audience that there were 60 employees in ONEROOT developing public chains, which displayed very strong technical strength. The public chain promised in the white paper has been completed. However, as the blockchain industry developed rapidly, the industry demand was changing and the technology was constantly iterating, which made the public chain concept proposed in the 2017 ONEROOT white paper completely failed to adapt to the current industry environment. As a result, the team decided to upgrade it into a truly high-performance, cross-chain transaction protocol. It would be equipped with supporting functions of public chain, strong commercial using capabilities and rich practical application scenarios, far exceeding the public chain described in the white paper.
When talking about the reason to airdrop BXA, Tony believed that since the ONEROOT project originated from the community, the tokens received by the project should also be returned to the community. However, the ups and downs was decided by the market. The tokens ONEROOT received from other projects in the future would still be used in the community, but in a totally different way.
Tony also answered the question on the relationship between Bithumb and ONEROOT. He explained that the development and maintenance of Bithumb DEX were provided by ONEROOT, so was Bithumb Global’s. Bithumb Global was the global station of Bithumb.
In the end, Tony mentioned that in the ONEROOT distributed trading system, RNT would be used in the following ways: 1) cooperation with ONEROOT to build DDEX need a mortgage or payment of a certain amount of RNT; 2) the account holding a certain amount of RNT to will get discounts on transaction fee (the specific rate rules should refer to each cooperative exchange ); 3) After the full circulation of RNT, it will be used as the base token to open trading pairs on all DDEX developed by ONEROOT.
- About ONEROOT -
As a blockchain technology solution provider, ONEROOT has developed a range of solutions, including R1 protocol, DDEX, DCEX, public chain and user terminals, meanwhile, has provided a developer-friendly toolkit, greatly lowering the threshold of product deployment and secondary development. Upholding the spirit of open source and sharing, ONEROOT promotes infrastructure construction with product development, breaking the barriers of technology and capital. By empowering community to promote industry development, ONEROOT allows more people to enjoy the convenience of blockchain.
- Partners-
Bithumb
As a digital currency exchange with the most users in South Korea, Bithumb is one of the largest one around the world. In October 2018, Bithumb partnered with ONEROOT and launched a distributed decentralized exchange — Bithumb DEX, the world’s first decentralized exchange serving millions of users worldwide.
English:
Telegram-en/ONEROOT network/R1 protocol/Reddit/Twitter/Medium/Linkedin/Facebook/Github
Instagram: @onerootnetwork
Youtube: @OneRoot Project
Korean:
Chinese:
Official QQ group: 6644849
Official WeChat account: oneroot_admin
