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[TokenClub Live] ForTube Lei Yu & Chu Kang: The continuing future of Blockchain and Open Finance _ Binance Block 101

-This may be the 67th__ conversation of #block 101#- Another preview: Coco_�m__Huang Lingbo: How does capital capture unicorns in industries such as for example DeFi? �n_ On July 28, 2020, Binance Yingge talked with Lei Yu, co-founder of The Force Process & ForTube; and Chu Kang, co-CEO of ForTube & BN Capital, founder of BN Capital. Lei Yu and Chu Kang shared this content of blockchain talent training and DeFi monitor related content material in the live life broadcast, and distributed to the viewers the see of the central bank's issuance of DCEP. Lei Yu and Chu Kang mentioned that liquid mining will be the new wealth program code. Lei Yu and Chu Kang believe that blockchain has begun to get attention in domestic university education. Blockchain isn't just a technology, but more is highly recommended to integrate economic theory and education in the economic climate with blockchain. At the same time, the growth of the industry must focus on the, highly integrate creation, education and analysis, subdivide research instructions to put into action an interdisciplinary teaching model, and combine concept with practical tasks to market blockchain talent training. Regarding the recent very hot DeFi track, Lei Yu stated that DeFi is a classic case of paradigm change. DeFi is based on cryptocurrency to subvert the traditional financial design and successfully improve transaction performance. In addition, Chu Kang believes that it is still too early to state that DeFi will replace centralized finance, but the advantage of DeFi is based on the relatively fair and equitable use of time and funds. Over time, DeFi and centralized finance will mutually advertise typical prosperity and development, and obtain prosperity. Block 101: Lei Yu & Chu Kang "The monetary theory itself, blockchain technology is inseparable, so it's a good idea to inspire learners to use blockchain technology for financial innovation to cultivate this type of talent echelon." "Actually, in the 2017 crypto asset bull marketplace, many people are usually actually eager for the financial qualities of the blockchain, but the real implementation of the blockchain requires constant technological updating and iteration and repeated practice, especially for the entire blockchain industry inside 2019. Since this type of strategy to rise to the united states, a lot more universities have begun to pay attention to and vigorously promote it." "I think that the early launch of the main bank's digital currency is definitely good and no harm. The team that is working on the Chinese version of the stable currency on Ethereum or Binance Chain can in fact consider how to collaborate following the central bank's digital foreign currency is released. The near future will definitely It will expand between your central bank's electronic currency and Libra." "Now I've used Huabei's non-repayment record meeting to collect credit. I think this is not directly linked to the issuance of DCEP. Last year, Director Mu Changchun said that DCEP is really a replacement for M0 money. For DCEP, It is equivalent to encouraging everyone to take the cash at hand or portion of the bank deposit to exchange for DCEP in the future." "DeFi completely breaks the barriers in between different CeFi platforms and makes the flow of funds in the chain smoother, and we know that now even CeFi systems have invested part of the funds in DeFi to get profit optimization." "China is quite pragmatic and makes use of blockchain to empower the real economy. I think it is spring when a hundred plants bloom. In accordance with your personal characteristics, it is possible to lay out your preferred blockchain projects. I believe I'll look back in two or three years. There will be great gains." MC Yingge inside this issue Guests Lei Yu & Chu Kang A total of 14121 words Estimated reading time: 36 minutes 1 Binance Yingge: Nowadays, our first guest of "Block 101"-Lei Yu, may be the CEO of The Pressure Protocol and the co-founder of For Tube. The second is Chu Kang, the co-CEO of For Tube and the founder of Benrui Capital. Hello two bosses. Lei Yu (left) Ying Ge (best) Chu Kang (bottom part) Chu Kang: Hi everyone, I'm Chu Kang. Binance Brother Ying: Hi, boss Chu Kang. Hello, boss Lei Yu. Lei Yu: Hi there everyone. Binance Brother Ying: Let's say hello there to everyone initial, Lei Yu shows up first. Lei Yu: Many thanks. I am happy to become a live broadcast of Binance's "Block 101" today. I am the co-founder of The Drive Process and ForTube. Binance Brother Ying: Let's talk about Boss Chu Kang. Chu Kang: Hi there, everyone. I'm Chu Kang. I am the founder of Benrui Funds. We have sent many excellent co-workers to Binance. We are furthermore the co-CEO of For Tube, which was officially introduced today. 2 Binance Brother Ying: Applaud. Both guests have completed the intro first, let me first arrived at a hot spot questioning session. I'd like to ask both big men. Let's start discussing entering the. When did the two sign up for the blockchain sector, and from which channel do they 1st hear about Bitcoin? Boss Lei Yu, come first. Lei Yu: The very first time I arrived to contact with Bitcoin was relatively early. I studied for a master's degree at Tsinghua from 2009 to 2012. In 2011, I graduated from 2nd to third in graduate college. I loved to go over the walls and go to Twitter at the time. Some content material and progress in computer technology. In those days, there was several big men in China. I recall there were keso and others like Li Xiaolai. At that time, they shared various technical items on Twitter. What amazed me the most was that Li Xiaolai kept discussing how good Bitcoin is. I thought to myself the facts? Just started to read some information regarding Bitcoin. After reading it, I felt that Bitcoin was in line with Hayek's liberal economic philosophy, and that private individuals could issue currency, that was actually cool. In those days, there were hardly any domestic individuals who understood this point, and I furthermore understood that I thought this thing had been very fashionable, and it would have been digging Bitcoin for a time period. Because of the technical complex, I didn't purchase it in the market. I simply dig using the pc and didn't dig very much. After graduation, We was busy and didn't pay attention, so I let it go. In 2016, I arrived to contact with Bitcoin once again and discovered that this issue had been 10,000 RMB. I understand that it'll only cost several yuan in 11 years. When I saw, I almost broke my thigh at the time. This is one way much prosperity I skipped. Later on, starting in 2016, he systematically started to research Bitcoin and blockchain, technology, products, and ecology, etc., and came into connection with representative tasks such as for example Ethereum. Binance Brother Ying: What about the coins it is possible to dig, can't you find it? Lei Yu: I dug on the computer in the laboratory at the time. After graduation, the personal computer was gone. In those days, I dug such as a sport each day, and no one cares. Binance Brother Ying: Next Mr. Chu Kang. Chu Kang: Actually, I started to get in touch with Bitcoin in 2014, but I remember the bull market that year quite clearly. The boost from RMB 800 to RMB 4,000 or RMB 5,000 was also very crazy. At that time there is Bitcoin China, etc. And so forth these sites. In fact, there was no particularly systematic information to comprehend Bitcoin in those days. There are not many blockchain press and self-media, therefore in those days, just from Baidu Blog post Bar, Weibo, and some forums. Learn in a few small offline actions. I was even now studying Internet financing at China UnionPay, therefore the complex and financial features of Bitcoin actually aroused my strong attention. I remember that what was particularly interesting at that time has been that I had been with my good friends at the time. I took my pocket money to buy BTC. I furthermore bought BTC every day. He didn't purchase it himself. Afterwards in the huge bull marketplace in 2017, he delivered me a note. I skip the scene you told us about Bitcoin before. In 2016, I did so in-depth research on the representative blockchain tasks of Bitcoin and Ethereum from the technology product ecology and so forth, including its decentralized attributes, which completely subverted some of my previous knowledge and understanding of Web products, especially ours What I've learned about Internet platform strategy is completely different from that of system strategy, because I have experienced system strategy in the web boom of 2014, 2015, and 2016. It was also in 2014 that I acquired the initial Bitcoin deal in my life. Binance Ying: Next, I wish to ask. At present, our major universites and colleges have started to offer courses on blockchain technologies and programs. Blockchain customers and investors may also be developing right into a young team. Two bosses Have you got any opinions and suggestions about the country's advanced schooling when it comes to talent trained in the blockchain market? It is possible to chat separately. Chief Lei arrive first. Lei Yu: There is a phenomenon now. If you seek out blockchain technologies on station B, you can find some blockchain programs from universities in China, like the Computer Division of Peking University. This demonstrates, in terms of domestic advanced schooling training, blockchain has already been becoming deployed and receiving corresponding attention. But because I'm currently working on the blockchain project, I have observed a problem. In fact, this blockchain also includes cryptocurrency, that is inseparable from financial innovation. Today some overseas tasks, such as for example DeFi, may be mentioned later on. If overseas, these areas are actually revolutionary and R&D. It could be described as modifying with each moving day, new things turn out every day. Aspects such as financial theory and financial thinking are all in the field of cryptocurrency, combined with blockchain technologies to get innovative procedures. What will it reflect? It displays that in addition to technology, overseas blockchain practitioners already have a deep financial theory. Blockchain is not just a technologies. It really is some sort of advancement in creation relations. We contact it a paradigm shift, which involves many major monetary improvements, both technically and theoretically. Therefore, if only the blockchain technology is emphasized, there may be too little research and innovation in neuro-scientific theory within China. I have a suggestion. This is a good thing for universites and colleges to develop courses such as for example blockchain technology, but I would recommend that more should consider combining education such as financial theory and economic climate with blockchain technologies. Everyone should see the development pattern of foreign DeFi and so forth. It is far less simple compared to the current hot projects, and it will definitely be a very important trend and improvement later on. The financial theory itself, blockchain technology is inseparable, so it is necessary to inspire students to use blockchain technology to handle financial innovation such a thinking, to cultivate this type of talent echelon. Binance Brother Ying: Okay, then Mr. Kang is here. Chu Kang: In fact, in the big bull market of encrypted assets in 2017, lots of people are actually looking forward to the financial qualities of blockchain, but the real implementation of blockchain requires continuous update and iteration of technologies and repeated practice, specifically in the blockchain industry in 2019. Since rising to the nationwide core strategy, a lot more colleges and universities have started to pay attention and vigorously promote it. I just talked about Tsinghua University. Tsinghua University has already been at the forefront in the areas of internet and computer. Everybody knows that a lot of of the well-known domestic tasks have got Tsinghua backgrounds. Tsinghua includes a systematic education of specialized talents. But I think that the development of commercial blockchain technologies demands universities to get greatly in scientific research money, including concentrated study on technology. They should also concentrate on the industry and integrate creation, education and study right into a high degree. Simultaneously, I think there's an interdisciplinary training model. Why can you state that? Because numerous majors in universites and colleges have become subdivided, especially the research direction. If the industrial blockchain will probably land and create, it isn't enough to rely on the so-called encryption algorithms, so-called encryption, timestamps, and distributed ledgers that people usually discuss. Blockchain technology should form an interdisciplinary subject matter with artificial intelligence, big data, G, etc., and at the same time use market-oriented solutions to inspire learners and talents, and present them some practical tasks for exploration in community, such as authorities affairs such as traceability. When training them, it could be truly integrated with their actual tasks, and I'll sense that the complete country will make greater improvement in the cultivation of blockchain talents. Binance Yingge: We saw that Mr. Kang proved helpful for a core organization like UnionPay for a long time. What possibility did you get from the original financial market to the field of encrypted possessions to start out a business? Chu Kang: I used to truly have a one job and career. To state single is usually to be even more devoted to the work. After graduating, I have been employed in the China UnionPay system for more than a decade, and I have time to really understand the blockchain business in a comprehensive and systematic manner. After the big market situation in 2014, I was responsible for the construction of the payment talent training system at UnionPay, so I integrated the data of blockchain into a talent training system. There were no teaching components and no Any articles to make reference to. We searched the marketplace for many publications on blockchain, developed it into an electronic course, and wear it the official website of the Financial Coaching Center. Because of this, many practitioners from banks and finance institutions go through me systematically and seriously. Such a set of teaching components compiled at that time. Because throughout writing the program, I was really systematic and learned to comprehend the blockchain. Furthermore, I committed to some good projects in 2017 and 2016, so in 2018, I made a lot of dedication to depart I became a member of China UnionPay and devoted myself to becoming a Fund. Recently, I was furthermore the co-CEO of For Tube simultaneously. Why did I prefer to get the co-CEO of For Tube? First, I have a background in the economic industry. I have some useful and profound understanding of debt, technology and finance, like the securities marketplace. If blockchain technologies really must be practically applied, I think the mix of blockchain and financing itself is really a direction I'm thinking about, and blockchain + financing itself is DeFi. Of course, in 2020, we will have the true DeFi funding rise, from 1 billion US dollars to 6 billion US bucks. I always think that it will reach 15 billion US dollars by the end of the entire year. I believe some related tasks will be at least 3 to 5 5 times larger. This is exactly what I think I can see at the end of this year. The DeFi platform For Tube is a financial service platform developed by The Force Agreement, and the entire For Tube team has known it really early. From starting to end, I think the entire For Tube group is a very practical group in Asia and also the planet. For Tube items may also be very revolutionary, not only with mortgage agreements, but also for issuing bonds. It is precisely because I've self-confidence in the product, including the entire group, that I have talked about with the building blocks on the basis of capital, and lastly became a member of For Tube, wishing to become the top DeFi task in Asia , This is a extremely original idea in my own heart. Binance Brother Ying: After discussing this, I still desire to ask Boss Lei, when did you begin your business here, and what was your original intention of starting your organization? Was it really optimistic about the blockchain sector at that time? Lei Yu: I resigned from the market position of a multinational medical device company where I actually worked at the earliest in 2015. After leaving my work, I went to work as an entrepreneurial group in the Internet medical industry in China. Later on, in more than half per year, this entrepreneurial group was Tencent invested in WeDoctor Team acquired. Later, in 2016, I visited another startup business in the field of Internet rehabilitation and medical care. Then this startup firm was bought out by an A-share pharmaceutical company. After the takeover, we transformed right into a rehabilitation hospital Investment and construction function. In complete, there have been three entrepreneurial experiences before the Force Agreement. Although these were not their very own bosses, they were all close to the management plus some of the core of the company, so that they knew what sort of survival condition startups are usually. For instance, where will be the shortcomings or advantages of an entrepreneurial team, which includes how to begin a company, and what pitfalls you have to pay attention to in the entrepreneurial process, these have grown to be the foundation for me and several business school classmates to create the Force Contract. . The key reason why I started my business was not at all hard in the beginning, that is, I hope to realize a value in my own life through entrepreneurship. It sounds like I am a little more idealistic sometimes, not to mention I am hoping to be able to gain monetary freedom incidentally. It's just that when i re-exposed to the blockchain in 2016, I was still doing preparations for the reason that hospital, so I had some free time to review the blockchain. Once We was fascinated with the research, We felt that this industry definitely has good potential later on and has the power to subvert the original financial system. Even I thought at that time that it may affect the entire human society in the future. From all areas of politics and economy, blockchain will penetrate and play its role. Later, in 2017 and 2018, there have been plenty of thunderstorms in domestic Internet financing. In fact, two or three people in our team directly invested in Internet financing, or had worked well in it. Everybody knows that Internet finance actually has serious and deep pits in it. of. But after everyone came into contact with blockchain, they found that this thing can fundamentally alter most of the flaws of Internet finance. We thought from the perspective of financing at that time that investors and debtors can achieve lending procedures in a fair, open and transparent investing environment. Therefore, we hope to use the blockchain to contribute a little to the forwards development and reform of the economic climate, and we jointly produced the task of The Push Agreement, that is the original purpose of entrepreneurship. For future years of blockchain, I'm firmly bullish. 3 Binance Brother Ying: You mentioned The Push Agreement at the moment. The brand of Force Contract can be very popular. I wanted to understand about it last year. I would like to ask you what sort of company the Force Contract is? Can you reveal about your company's team history, main company, including corporate eyesight and so forth. Lei Yu: The title of the force of our Force Agreement originates from "Superstar Wars", which is The Pressure. At that time, the name was selected for the international market. It is relatively simple for everyone to contact, and it is more international. Once you expose it to foreigners , It'll know this concept. Later I found out that it didn't appear to be the case, but the title had recently been used, and that was it. We have been now predicated on Ethereum. Later on, we have plans to dock the public chain systems of popular blockchains such as Binance Chain. We develop encrypted open up financial protocols based on these open public chains. The current The Force Process comprises a couple of DeFi technology parts and a tokenized process. Our current technical element of DeFi is that we see that along the way of Dapp development on Ethereum, your smart contract can't be upgraded once it is deployed, and the data structure is relatively solidified. Simultaneously, the quickness of conversation on your chain, everyone understands that gas expenses are high today, and the conversation speed is slow. Last year, an individual experience was not good, the necessary financial infrastructure is lacking, and security problems are also emerging. So we came up with a couple of technical components, a couple of expansion components and financial components, three types of DeFi components, the three forms of components are collectively called the initial force, this is the articles of the DeFi component, you can observe for information Official website and white paper. On the basis of DeFi technology, we developed a tokenized protocol. Tokenized protocols consist of debt funding, cryptocurrency current financing, and decentralized stablecoins, etc. We have integrated these tokenized protocols right into a one-stop lending, investment, and financing assistance called ForTube. Platform, it is a positioning of ForTube. Our ForTube provides personal and corporate customers with expense financing in direction of encrypted electronic asset lending, along with transactions between bond token users. That is an introduction to our ForTube and The Pressure Agreement products. Talking about the team, we has been originally founded by me, my partner Allen, and some business school classmates from Chaoge. Allen has a background inside traditional financial expense. He's got successfully invested in several Internet boat loan companies and provides a solid judgment on the advancement of the. Brother Chao has an engineering background. After graduating, he worked as a cloud computing architect and important account manager at ZTE Team. , So he is more experienced in product procedure, and at the same time has stronger business capabilities. Later, our team gradually joined technical talents. Before 94, the CTO of the world-renowned swap Yunbi.com also joined our team. His technical strength is very strong. Nowadays Gangguan Xuan Kang Shao furthermore joined up with, and our strength is constantly increasing. Simultaneously, the structure of overseas communities and the recruitment of groups are also underway. We now have corresponding full-time or part-time workers in Singapore, Europe, and the Americas that are working about our FOR token and ForTube systems. We now have slowly become an international team. Lastly, the vision is similar to this. We have been committed to providing an inclusive, innovative and protected programmable encrypted economic service to users all over the world. Through the solutions provided by ForTube, we are able to really do inclusive financing. Blockchain can perform this. . Throughout the procedure for realizing our vision, we still prioritize items, do item and technology research and development first, rather than do air tasks. We are in charge of our customers and token holders. We pursue excellence in item and technology growth. We realize that we are actually The product continues to be extremely inadequate, and the technology still has several areas worthy of improvement, but the team will continue to work hard to offer you better services. This is a value orientation. Binance Brother Ying: Many thanks, Mr. Lei. There's one more question. I'd like to inquire two guests. Mr. Lei has been interviewed by way of a reporter from China Periods. Once, he explained that the new version of Libra will continue for US$8,000 and the DCEP test is in full swing. Talking on the event to analyze the modifications Libra has brought to the planet, the two will talk to the buddies about the distinction and contest between Libra and DCEP, which is more powerful. Lei Yu: Once the China Occasions interviewed me before, it just happened that Facebook released the next edition of Libra's white papers. The design of the second edition was different from the first edition. In the initial edition of the whitened document, Facebook pursued Libra as Super-sovereign currencies are usually independent of the lawful currencies of varied countries and also have their own exchange prices to operate. Consequently, we later discovered that it was beaten by Europe and in addition beaten by america, and it became a sovereign foreign currency system. In the next edition of the look, the U.S. dollar was anchored to launch the U.S. dollar Libra. This style is the same as the popular USDT or USDC stablecoins available. However, the next edition of the Libra whitened paper leaves a mouth area for the super-sovereign currency. He stated Problem a super-sovereign currency that can be exchanged with a variety of mainstream currencies for trade with the swap rate of weaker countries. Libra should be a US dollar version at the beginning. From this viewpoint, Libra assists the US dollar to continue the so-known as US dollar hegemony in the field of digital currency. It has turned into a defender or a vassal of the US dollar system. I understand that Zuckerberg and his team have a liberal ideal, but the resistance of conventional forces is too strong. Libra was created like this. NEO Going back to the main bank digital currency, the central bank's digital foreign currency competitors aren't so-called cryptocurrencies such as Bitcoin and Ethereum. They are actually Libra, because the user foundation behind Facebook reaches minimum one billion, with this type of large numbers of users. If Libra turns into global After being widely adopted, people utilize the Libra system to ostensibly anchor the legal currency of varied countries. If you need to use rmb abroad, if you want rmb to enter the market, you must go to dock with Libra. To put it nicely, the marketplace is kept in the hands, and rmb should be negotiated with others as well as begged by you. Opening Libra's RMB foreign currency depends upon its face. For RMB internationalization, this sort of result will be unwilling to see.

Therefore, at this time, whether it is the central bank digital foreign currency or other domestic stable foreign currency teams, it must not be taken gently. Libra is really a relatively huge mountain while watching internationalization of RMB. There could be a comparatively large marketplace for RMB, however now that Facebook hasn't entered China, the forex market is not available to Facebook, also it does not matter abroad. Because of this situation, the near future still needs to look at Libra's face. So I think the first release of the central bank's digital currency is definitely good no harm, and when there are other Chinese version of stable foreign currency tasks in the united kingdom, such as our stable currency on the chain, as the central bank's digital foreign currency is not on the Ethereum chain, etc., I haven't heard about it. To create a team like the Chinese version of the steady currency about Ethereum or about the Binance Chain, you can actually consider how exactly to collaborate after the main bank's digital currency is launched to market the internationalization of rmb in different marketplaces, and the internationalization of rmb will be promoted everywhere. Occupying various marketplaces, that is my personal viewpoint, the potential future will definitely be the central bank electronic foreign currency and Libra. Chu Kang: Actually, Mr. Lei has already spoken in great details, but I believe there is absolutely no such matter as a contest and who is more powerful. You can find more differences in the organizational structure, distribution system, and technical routes. What requirements special interest? The DCEP issued by the People's Lender of China is actually RMB electronic and is lawful currency. Libra itself is in fact issued by business organizations, and at exactly the same time anchors a lot of legal currency digital currency, it generally does not have a certain degree of legal compensation itself, this is actually the most fundamental difference in credit endorsement. Due to such a difference in itself, it is destined that the entire development path, including the background duties of the period it carries, is totally different. I very much buy into the possibility that Mr. Lei simply pointed out. The issuance of DCEP will form an exterior RMB electronic foreign currency zone, which will form an internal circular optimistic incentive mechanism for the economy, and can resist the interference of several external plans to keep independence and endogenousness. It is extremely beneficial to the internationalization of RMB. Actually, RMB accelerates the procedure of internationalization in the form of digital RMB. Somewhat, in fact, we may be able to see this type of process of rmb internationalization in a relatively short time of time. Just like the colleagues of the entire Central Bank Digital Currency Analysis Institute, they're right now in Meituan, Are you currently hungry, Die Didu offers carried out the internal tests of the national legal digital currency, that is doing perfectly. The ordinary people are getting nearer and closer to the digital currency. The spread, use, and media of digital currency itself are inseparable from Internet application products. We simply discussed Ele. Meituan, and Didi. It really is an app with an extremely large user experience. How about To realize the internationalization of RMB? We also have many, several app applications overseas. Of course, it is a pity that people are viewing instability because of the uncertainty of the entire global political economic climate. Some countries are now going to suppress a few of our country's Internet products. This may be a far more obvious trouble before us. I really believe that with the improvement of China's national strength, rmb's worldwide voice may also increase. The bigger, including DCEP to help its internationalization is merely nearby.

4 Binance Brother Ying: Okay, many thanks two bosses. Somebody asked, is Huabei's credit score investigation a prelude to the issuance of DCEP? Will any guest desire to answer? Lei Yu: Let me share briefly. Given that Huabei will not repay, your record will be called for credit. I don't think this is directly linked to the issuance of DCEP. Last year, Director Mu Changchun stated that DCEP will replace M0 and replace cash. For DCEP, , Which is equivalent to encouraging everyone to get the cash at hand or area of the bank deposit to switch for DCEP in the future. Of training course, this is actually a cash-level behavior. Huabei is at the credit degree, which is equal to not repaying with a debit card. There is currently no direct relationship between the two. Binance Yingge: Will Mr. Kang have anything to include? Chu Kang: Actually, there is currently no exclusive relationship between your two. Huabei is still an work of credit lending. Huabei is really a financial item provided by the centralized organization Ant Financial. It is mainly predicated on your normal usage of Alipay. The situation comes to a thorough credit assessment. Then give a certain amount of credit score, and you may benefit from the financial services out of this institution as a centralized economic service. However the credit it offers you or the money it gives you belong to the existing legal foreign currency, and you will point out it to the lender cards by withdrawing. If we have been issuing DCEP throughout the country, the entire application situation becomes quite rich, and you can consume in various places in e-commerce. Simultaneously, if the main body of Ant Financial Huabei can be part of DCEP. For huge pilot units, it's possible that what Huabei borrowed is the statutory DCEP, but between the two, it might be a mapping on the use scenario, in fact it is not particularly linked to the growth and advertising of DCEP. 5 Binance Ying: Let's get down to company. Next, let's discuss the recent sizzling DeFi topics. Everyone thinks DeFi is the future and is very optimistic. It doesn't appear to be an especially easy task to displace centralized finance institutions in the short term. What do the two bosses think may be the benefit of DeFi? What are the dangers of DeFi, you two can talk about. Lei Yu: I simply mentioned a expression called paradigm change. In human history, every major paradigm shift provides about a change in society and sector. We know DeFi, and looking at it now is an example of a paradigm change. To begin with, the generation of blockchain and encrypted electronic currency is really a main technological or paradigm innovation. The initial DeFi application based on the blockchain has subverted numerous traditional financial versions. Now the typical application situation of DeFi is decentralized exchanges, decentralized transactions, Binance, Huobi, etc. are CeFi, following a order book transaction design, DeFi jumped out of this type of gameplay, it changed to AMM One way, automated market makers. In the AMM design, the counterparty of the deal is a smart agreement, and the marketplace price is usually solved by an algorithm. The algorithm and the offer and demand connection determine the marketplace price of a token collectively, that is a subversion of the traditional order book model. Then comes the improvement of deal efficiency. Provided that I have a pool of money there, as long as the swimming pool of money is deep good enough, I could get estimates to trade tokens anytime, and the amount of independence of transactions will increase accordingly. Today uniswap isn't shown. Any threshold, so long as this is a intelligent contract, it is possible to go to DEX. The initial exchange for most projects isn't as laborious as discussing an IEO before, and also some trade cards will withdraw money and card funds. Now it is called IUO. They are new adjustments to the industry after the entire paradigm shift. Let's take another example in the field of lending. The latest innovative task in the field of lending is called yearn. Through its own ytoken, it could implement smart agreements and invest in the investment targets with the highest return on user asset search. Following the release of yearn, you can view the impact of the current period. The allocation ratio of resources to the underlying Compound and AAVE's fund swimming pool. In traditional CeFi, which exchange or platform where user funds are put, it is difficult to flexibly invest in the subject of various other platforms. I have never heard about which company puts funds in its solutions and instantly finds the most ideal interest rate for you. Investment, it is impossible. DeFi totally breaks the barriers between different CeFi platforms and can make the stream of money on the chain smoother, and we realize that also CeFi platforms and companies today invest part of their money in DeFi to get optimization of revenue. Let us give an example, such as Binance, Binance can find BNB wealth management or BUSD prosperity management services inside DeFi. It is difficult for Binance to put its BNB or BUSD on some other CeFi platforms. What if that system runs aside? But also for DeFi, the intelligent contract is here. Following the audit, everyone understands that it is safe. Centralized exchanges such as this are furthermore willing to put assets previously for financial administration. DeFi and CeFi will integrate with each other in the future. From the perspective of user needs, users desire to be in a position to configure funds more efficiently across platforms. Therefore, the openness and mix of DeFi will normally attract users to participate. As long as users understand the truth, they will give priority to selection DeFi. DEX such as for example Uniswap, which does not require permission to establish investing pairs on the foreign currency, is well-liked by various tasks. You can view the inherent benefits and characteristics of DeFi, and there is absolutely no question that it will continue steadily to gain even more room for advancement. And the marketplace share will definitely continue to increase, also it may even make the idea of cryptocurrency really from the circle. Moving away from the field of cryptocurrency to obtain more from traditional funds, the large amount of money in the traditional field may also be in the future. May enter the DeFi industry. But DeFi, you can't just talk about its benefits, it will be has dangers. DeFi is composable. In the event a particular DeFi process or DeFi application has security problems, it'll affect not only itself, but also other protocols combined with it. Everyone provides complications together. This degree of harm, From top to bottom, from underneath to the very best, and the even more you go directly to the bottom part, the higher the scope of harm caused by problems with the underlying protocol, the greater losing, and the wider the scope. For DeFi, everyone is in a stage where it has only begun to build up. The developer's first priority must be security. Simultaneously, they must focus on the code, including the security of the code, including the security of the business logic. When you match others, the complexity of the mixture should be controllable.

The even more DeFi protocols combined jointly, the greater the likelihood of security vulnerabilities, since it is impossible to ensure that other DeFi protocols value security just as much as you do. Everyone offers high technology and low technology. The more vulnerabilities, the higher the potential reduction. . Along with paying attention to the security of your code, you must also pay attention to the complexity of the composition and keep it inside a safe variety. This is one aspect that I think DeFi needs to be strengthened now.

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johnesmithiii · 4 years

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[TokenClub Live] ForTube Lei Yu & Chu Kang: The continuing future of Blockchain and Open up Finance _ Binance Block 101

-This may be the 67th__ conversation of #block 101#- The next preview: Coco_《__Huang Lingbo: How does capital capture unicorns in industries such as for example DeFi? 》_ On July 28, 2020, Binance Yingge talked with Lei Yu, co-founder of The Force Protocol & ForTube; and Chu Kang, co-CEO of ForTube & BN Funds, founder of BN Funds. Lei Yu and Chu Kang shared this content of blockchain skill training and DeFi track related content material in the live life broadcast, and shared with the market the look at of the main bank's issuance of DCEP. Lei Yu and Chu Kang said that liquid mining will be the new wealth program code. Lei Yu and Chu Kang think that blockchain has begun to get attention in domestic college education. Blockchain isn't just a technology, but more should be considered to integrate financial theory and schooling in the economic climate with blockchain. At the same time, the growth of the industry must concentrate on the industry, highly integrate creation, education and research, subdivide research directions to carry out an interdisciplinary training model, and combine concept with practical projects to promote blockchain talent training. Concerning the recent hot DeFi track, Lei Yu said that DeFi is really a classic case of paradigm change. DeFi is based on cryptocurrency to subvert the traditional financial model and efficiently improve transaction effectiveness. Furthermore, Chu Kang believes that it's still prematurily . to state that DeFi will replace centralized finance, but the advantage of DeFi lies in the relatively fair and equitable use of time and funds. In the long run, DeFi and centralized finance will mutually promote common prosperity and growth, and obtain prosperity. Block 101: Lei Yu & Chu Kang "The financial theory itself, blockchain technology is inseparable, so it is a good concept to inspire college students to utilize blockchain technology for financial innovation to cultivate such a talent echelon." "In fact, in the 2017 crypto asset bull market, many people are actually eager for the financial qualities of the blockchain, however the true implementation of the blockchain requires regular technological updating and iteration and repeated exercise, especially for the entire blockchain industry in 2019. Since such a strategy to rise to the united states, more and more universities have begun to cover focus on and vigorously promote it." "I think the early release of the main bank's digital foreign currency is definitely good no damage. The team that's working on the Chinese version of the steady foreign currency on Ethereum or Binance Chain can in fact consider how to collaborate after the main bank's digital foreign currency is launched. The future will definitely It will expand between the central bank's digital foreign currency and Libra." "Now I've used Huabei's non-repayment record meeting to collect credit. I think this is simply not directly linked to the issuance of DCEP. Last year, Director Mu Changchun said that DCEP is really a alternative to M0 cash. For DCEP, It is equal to encouraging everyone to take the cash at hand or section of the lender deposit to exchange for DCEP later on." "DeFi completely breaks the barriers in between different CeFi platforms and helps make the stream of funds in the chain smoother, and we know that now even CeFi platforms have invested section of the money in DeFi to get profit optimization." "China is quite pragmatic and uses blockchain to empower the real economy. I think it really is spring when a hundred plants bloom. According to your personal characteristics, you can lay out your favorite blockchain projects. I believe I'll look back several years. You will see great gains." MC Yingge in this issue Visitors Lei Yu & Chu Kang A total of 14121 words Estimated reading time: 36 minutes 1 Binance Yingge: Today, our first guest of "Block 101"-Lei Yu, may be the CEO of The Force Protocol and the co-founder of For Tube. The second reason is Chu Kang, the co-CEO of For Tube and the founder of Benrui Funds. Hello two bosses.

Lei Yu (still left) Ying Ge (best) Chu Kang (underside) Chu Kang: Hi there everyone, I'm Chu Kang. Binance Brother Ying: Hi, boss Chu Kang. Hello, boss Lei Yu. Lei Yu: Hi there everyone. Binance Brother Ying: Suppose hi to everyone first, Lei Yu comes first. Lei Yu: Many thanks. I am happy to be a reside broadcast of Binance's "Block 101" today. I am the co-founder of The Force Protocol and ForTube. Binance Brother Ying: Let's discuss Boss Chu Kang. Chu Kang: Hi there, everyone. I'm Chu Kang. I am the founder of Benrui Funds. We have sent many exceptional colleagues to Binance. We are also the co-CEO of For Tube, that was officially introduced today. 2 Binance Brother Ying: Applaud. The two guests have finished the launch first, let me first come to a spot questioning session. I'd like to ask the two big guys. Let's start talking about entering the industry. When did the two join the blockchain sector, and that channel did they 1st hear about Bitcoin? Boss Lei Yu, come first. Lei Yu: The first time I arrived to connection with Bitcoin was relatively earlier. I studied for a master's level at Tsinghua from 2009 to 2012. In 2011, I graduated from second to third in graduate college. I loved to go over the walls and head to Twitter at the time. Some content material and progress in computer technology. In those days, there was several big guys in China. I recall there were keso and others like Li Xiaolai. In those days, they shared different technical points on Twitter. What amazed me the most has been that Li Xiaolai kept talking about how good Bitcoin is. I considered to myself the facts? Just began to go through some information about Bitcoin. Right after reading it, We felt that Bitcoin was in line with Hayek's liberal economic philosophy, and that private individuals could issue currency, that was really cool. In those days, there were hardly any domestic individuals who understood this thing, and I also understood that I thought this thing has been very fashionable, also it would have been digging Bitcoin for a time period. Due to the technical complicated, I didn't purchase it in the market. I simply dig using the pc and didn't dig significantly. After graduation, We was busy and didn't give consideration, so I let it go. In 2016, I arrived to connection with Bitcoin once again and discovered that this thing had been 10,000 RMB. I know that it will only cost several yuan in 11 years. When I noticed, I nearly broke my thigh at the time. This is how much wealth I missed. Later, starting in 2016, he systematically started to research Bitcoin and blockchain, technology, items, and ecology, etc., and arrived to connection with representative projects such as for example Ethereum. Binance Brother Ying: What about the coins you can dig, can't you discover it? Lei Yu: We dug using the pc in the laboratory at the time. After graduating, the pc was gone. In those days, I dug such as a sport every day, and nobody cares. Binance Brother Ying: Next Mr. Chu Kang. Chu Kang: Actually, I began to speak to Bitcoin in 2014, but I recall the bull market that year really clearly. The boost from RMB 800 to RMB 4,000 or RMB 5,000 has been also very crazy. In those days there was Bitcoin China, etc. And so forth these sites. In fact, there was no particularly systematic info to understand Bitcoin at that time. There are few blockchain media and self-media, therefore at that time, just from Baidu Article Bar, Weibo, and some forums. Learn in some small offline actions. I was even now studying Internet finance at China UnionPay, so the complex and financial characteristics of Bitcoin actually aroused my strong curiosity. I recall that that which was particularly interesting at the time has been that I has been with my good friends at the time. I took my pocket money to get BTC. I also bought BTC every day. He didn't purchase it himself. Later in the large bull market in 2017, he delivered me a message. I miss the scene you informed us about Bitcoin before. In 2016, I did in-depth research on the representative blockchain projects of Bitcoin and Ethereum from the technology product ecology and so on, including its decentralized attributes, which completely subverted some of my earlier knowledge and understanding of Web products, especially ours What I've learned about Web platform strategy is completely different from that of platform strategy, because I've experienced platform strategy in the web boom of 2014, 2015, and 2016. It had been also in 2014 that I acquired the first Bitcoin deal in my own life. Binance Ying: Next, I want to ask. At present, our major colleges and universities have begun to offer classes on blockchain technology and apps. Blockchain users and investors are also developing into a young group. Two bosses Have you got any opinions and suggestions on the country's higher education with regards to talent trained in the blockchain sector? You can chat individually. Chief Lei arrive first. Lei Yu: There is a phenomenon now. If you seek out blockchain technology on station B, you will find some blockchain classes from universities in China, such as the Computer Division of Peking University. This implies that, with regards to domestic higher education training, blockchain has already been becoming deployed and receiving corresponding attention. But because I am currently working on the blockchain project, I've observed an issue. In fact, this blockchain also contains cryptocurrency, that is inseparable from financial innovation. Today some overseas projects, such as for example DeFi, may be mentioned later on. If overseas, these fields are actually revolutionary and R&D. It could be described as changing with each moving day, new things come out every day. Aspects such as for example financial concept and financial believing are all in neuro-scientific cryptocurrency, coupled with blockchain technology to get innovative practices. What will it reflect? It reflects that in addition to technology, overseas blockchain practitioners actually have a deep financial concept. Blockchain isn't just a technology. It is actually a kind of technology in creation relations. We contact it a paradigm change, that involves many major financial improvements, both technically and theoretically. Therefore, if only the blockchain technology is emphasized, there could be a lack of research and innovation in neuro-scientific theory in China. I've a suggestion. This is a good thing for colleges and universities to develop classes such as for example blockchain technology, but I suggest that even more should consider combining schooling such as for example financial concept and economic climate with blockchain technology. Everyone should start to see the growth tendency of foreign DeFi and so on. It is much less simple than the current hot projects, and it'll definitely be considered a very important trend and progress later on. The financial theory itself, blockchain technology is inseparable, so it is necessary to inspire students to utilize blockchain technology to handle financial innovation such a thinking, to cultivate such a talent echelon. Binance Brother Ying: Okay, then Mr. Kang is here. Chu Kang: In fact, in the big bull market of encrypted resources in 2017, many people are actually eager for the financial qualities of blockchain, however the true implementation of blockchain requires continuous up-date and iteration of technology and repeated exercise, specifically in the blockchain sector in 2019. Since increasing to the nationwide core strategy, more and more colleges and universities have begun to pay attention and vigorously promote it. I just discussed Tsinghua University. Tsinghua University has been at the forefront in the fields of computer and Internet. We all know that most of the well-known domestic projects have got Tsinghua backgrounds. Tsinghua has a systematic training of technical talents. But I think that the growth of commercial blockchain technology demands universities to invest heavily in scientific research money, including concentrated research on technology. They ought to also concentrate on the industry and integrate creation, education and research into a high degree. At the same time, I think there is an interdisciplinary training model. Why can you state that? Because several majors in colleges and universities are very subdivided, specifically the research path. If the commercial blockchain will land and develop, it is not enough to rely on the so-called encryption algorithms, so-called encryption, timestamps, and distributed ledgers that we usually discuss. Blockchain technology should form an interdisciplinary subject with artificial intelligence, big data, G, etc., and at the same time use market-oriented methods to inspire college students and talents, and give them some practical projects for exploration in culture, such as federal government affairs such as for example traceability. When training them, it could be truly integrated with their actual projects, and I'll experience that the whole country will make greater progress in the cultivation of blockchain talents. Binance Yingge: We saw that Mr. Kang worked well for a primary institution like UnionPay for a long period. What chance did you get from the traditional financial sector to the industry of encrypted resources to start a business? Chu Kang: We used to truly have a single job and profession. To state single is usually to be even more faithful to the job. After graduating, I have been working in the China UnionPay system for a lot more than a decade, and I've time to truly understand the blockchain sector in a thorough and systematic way. After the big market situation in 2014, I was responsible for the construction of the payment talent training system at UnionPay, therefore i integrated the data of blockchain into a talent training system. There have been no teaching components no Any content material to refer to. We searched the marketplace for many books on blockchain, developed it into an electronic course, and wear it the official website of the Financial Teaching Center. Consequently, several practitioners from banking institutions and finance institutions go through me systematically and seriously. Such a group of teaching components compiled at that time. Because throughout writing the training course, I was really systematic and learned to understand the blockchain. Furthermore, I committed to some good projects in 2017 and 2016, therefore in 2018, I made lots of dedication to keep I became a member of China UnionPay and devoted myself to learning to be a Fund. Recently, I was also the co-CEO of For Tube simultaneously. Why did I prefer to get the co-CEO of For Tube? First, I've a background in the financial industry. I've some practical and profound understanding of debt, technology and finance, like the securities market. If blockchain technology really needs to be virtually applied, I think the combination of blockchain and finance itself is really a direction I am interested in, and blockchain + finance itself is DeFi. Of course, in 2020, we will see the real DeFi funding rise, from 1 billion US dollars to 6 billion US dollars. I always think that it will get to 15 billion US dollars by the finish of the entire year. I think some related projects will be at least three to five 5 times larger. This is exactly what I believe I could see by the end of this year. The DeFi platform For Tube is really a financial service platform produced by The Force Agreement, and the entire For Tube team has known it really early. From starting to end, I think the entire For Tube team is a very practical team in Asia and also the planet. For Tube items are also very revolutionary, not only with mortgage agreements, but also for issuing bonds. It is precisely because I've confidence in the product, like the entire team, that I've talked about with the building blocks on the basis of capital, and lastly became a member of For Tube, hoping to become the very best DeFi task in Asia , This is a really original concept in my own heart. Binance Brother Ying: After talking about this, I even now want to ask Boss Lei, when did you start your organization here, and that which was your primary intention of starting your organization? Was it really optimistic concerning the blockchain sector at that time? Lei Yu: We resigned from the marketplace position of a multinational medical device company where We worked at the initial in 2015. After leaving my work, I visited work as an entrepreneurial team in the web medical industry in China. Later, in over fifty percent a year, this entrepreneurial team was Tencent committed to WeDoctor Group acquired. Later, in 2016, I visited another startup company in neuro-scientific Web rehabilitation and health care. After that this startup company was taken over by an A-share pharmaceutical company. After the takeover, our team transformed into a rehabilitation hospital Expense and construction function. In total, there were three entrepreneurial experiences before the Force Contract. Although these were not their very own bosses, these were all close to the management and some of the primary of the business, so that they knew what type of survival state startups are. For example, where will be the shortcomings or advantages of an entrepreneurial team, including how to start a company, and what pitfalls you need to focus on in the entrepreneurial procedure, these have grown to be the basis for me and many business college classmates to create the Force Contract. . The reason why I started my business was not at all hard in the beginning, that's, I am hoping to realize a value in my own life through entrepreneurship. It appears like I am a little more idealistic sometimes, and of course I am hoping in order to gain financial freedom by the way. It's that when i re-uncovered to the blockchain in 2016, I was still doing preparations for the reason that hospital, therefore i had some spare time to study the blockchain. Once We was fascinated by the research, We felt that this industry definitely has great potential later on and has the energy to subvert the traditional financial system. Actually I thought at the time that it could affect the entire human society later on. From all aspects of politics and economy, blockchain will penetrate and play its role. Later, in 2017 and 2018, there were lots of thunderstorms in domestic Internet finance. In fact, several people inside our team directly committed to Internet finance, or had worked well in it. We all know that Internet finance actually has deep and deep pits in it. of. But after everyone arrived to connection with blockchain, they found that this thing can fundamentally alter many of the flaws of Web finance. We thought from the viewpoint of financing at the time that investors and borrowers can achieve lending operations in a good, open up and transparent trading environment. Therefore, hopefully to utilize the blockchain to contribute a little to the forward growth and reform of the economic climate, and we jointly developed the task of The Force Agreement, that is the original purpose of entrepreneurship. For future years of blockchain, I am firmly bullish. 3 Binance Brother Ying: You mentioned The Force Agreement at the moment. The make of Force Contract is also very well-known. I needed to know about it last year. I'd like to inquire you what type of company the Force Contract is? Can you reveal about your company's team background, main company, including corporate eyesight and so on. Lei Yu: The name of the force of our Force Agreement comes from "Superstar Wars", that is The Force. In those days, the name was selected for the worldwide market. It is relatively easy for everybody to contact, in fact it is even more international. When you expose it to foreigners , It will know this concept. Later I found out that it didn't appear to be the case, however the name had already been taken, and that was it. We are now based on Ethereum. In the future, we have plans to dock the general public chain systems of popular blockchains such as for example Binance Chain. We construct encrypted open up financial protocols based on these open public chains. The existing The Force Protocol is composed of a set of DeFi technology elements and a tokenized process. Our current technical element of DeFi is that we see that along the way of Dapp growth on Ethereum, your smart contract can't be upgraded once it really is deployed, and the data structure is relatively solidified. At the same time, the swiftness of conversation on your chain, everyone understands that gas expenses are high right now, and the conversation speed is slow. Last year, an individual experience was not good, the required financial infrastructure is lacking, and security problems are also emerging. So we developed a set of technical elements, a set of expansion elements and financial elements, three types of DeFi elements, the three types of elements are collectively called the initial force, this is the content material of the DeFi element, you can see for information Official website and white document. Based on DeFi technology, we developed a tokenized process. Tokenized protocols include debt funding, cryptocurrency current financing, and decentralized stablecoins, etc. We have incorporated these tokenized protocols into a one-stop financing, investment, and funding support called ForTube. System, it is a positioning of ForTube. Our ForTube provides personal and corporate users with expense financing in direction of encrypted digital asset lending, and also transactions between bond token users. That is an launch to your ForTube and The Force Agreement products. Speaking of the team, our team has been originally founded by me personally, my partner Allen, and some business college classmates from Chaoge. Allen has a background in traditional financial expense. He has successfully committed to several Internet finance companies and has a strong judgment on the growth of the industry. Brother Chao has an engineering background. After graduating, he worked well as a cloud computing architect and key account supervisor at ZTE Group. , So he is more proficient in product operation, and at the same time has stronger company capabilities. Later, our team gradually joined complex talents. Before 94, the CTO of the world-renowned exchange Yunbi.com also joined our team. His technical strength is quite strong. Today Gangguan Xuan Kang Shao also became a member of, and our strength is continually increasing. At the same time, the construction of overseas communities and the recruitment of groups are also underway. We now have corresponding full-time or part-time employees in Singapore, Europe, and the Americas who are working around our FOR token and ForTube platforms. We now have slowly become a global team. Lastly, the eyesight is like this. We are committed to delivering an inclusive, innovative and safe programmable encrypted financial service to users all over the world. Through the services supplied by ForTube, we can truly do inclusive finance. Blockchain can perform this. . Throughout the procedure for realizing our vision, we still prioritize items, do item and technology research and development first, rather than do air projects. We are responsible for our users and token holders. We go after excellence in item and technology growth. We know that we are actually The product continues to be really inadequate, and the technology still has several areas worthy of improvement, however the team will work tough to present you with better services. This is a value orientation. Binance Brother Ying: Many thanks, Mr. Lei. There's one more question. I'd like to inquire two visitors. Mr. Lei has been interviewed by way of a reporter from China Periods. Once, he described that the brand new version of Libra will keep on for US$8,000 and the DCEP test is completely swing. Speaking on the occasion to analyze the changes Libra has taken to the planet, the two will talk to the close friends about the difference and contest between Libra and DCEP, which is more powerful. Lei Yu: Once the China Periods interviewed me before, it happened that Facebook released the second edition of Libra's white document. The design of the second edition was different from the first edition. In the first edition of the whitened document, Facebook pursued Libra as Super-sovereign currencies are independent of the lawful currencies of varied countries and also have their very own exchange prices to operate. Consequently, we later learned that it was beaten by European countries and also beaten by the United States, and it grew to become a sovereign foreign currency system. In the second edition of the design, the U.S. dollar has been anchored to release the U.S. dollar Libra. This design is equivalent to the favorite USDT or USDC stablecoins out there. However, the second edition of the Libra whitened paper leaves a mouth area for the super-sovereign foreign currency. He said Issue a super-sovereign foreign currency that can be exchanged with a variety of popular currencies for exchange with the exchange rate of weaker countries. Libra must be a People dollar version in the beginning. From this viewpoint, Libra assists the US dollar to continue the so-called US dollar hegemony in neuro-scientific digital foreign currency. It has become a defender or perhaps a vassal of the US dollar system. I know that Zuckerberg and his team have got a liberal ideal, but the level of resistance of traditional forces is too strong. Libra was created like this. Going back to the main bank digital foreign currency, the main bank's digital foreign currency competitors are not so-called cryptocurrencies such as for example Bitcoin and Ethereum. They're actually Libra, as the user foundation behind Facebook reaches least one billion, with such a large numbers of users. If Libra turns into worldwide After being broadly adopted, people utilize the Libra system to ostensibly anchor the lawful currency of varied countries. In order to use rmb abroad, if you would like rmb to enter the marketplace, you must head to dock with Libra. To place it perfectly, the marketplace is kept in the hands, and rmb must be negotiated with others or even begged by you. Opening Libra's RMB foreign currency depends upon its encounter. For RMB internationalization, this type of result is usually unwilling to discover. Therefore, at this stage, whether it's the central bank digital foreign currency or other domestic stable foreign currency teams, it should not be taken gently. Libra is really a relatively big mountain while watching internationalization of RMB. There could be a comparatively large market for RMB, but Now that Facebook has not entered China, this market is not available to Facebook, also it does not matter abroad. For this situation, the near future still must look at Libra's face. THEREFORE I think the early release of the main bank's digital foreign currency is definitely good no harm, and when you can find other Chinese version of stable foreign currency projects in the united kingdom, such as for example our stable foreign currency on the chain, as the main bank's digital foreign currency isn't on the Ethereum chain, etc., I haven't heard of it. To build a team such as the Chinese version of the steady currency in Ethereum or in the Binance Chain, it is possible to consider how to collaborate after the main bank's digital currency is launched to promote the internationalization of rmb in different marketplaces, and the internationalization of rmb will be promoted everywhere. Occupying various marketplaces, this is my very own point of view, the future will definitely function as central bank digital foreign currency and Libra. Chu Kang: In fact, Mr. Lei has recently spoken in great detail, but I think there is absolutely no such thing as a contest and who is more powerful. You can find more differences in the organizational construction, distribution mechanism, and technical routes. What requirements special attention? The DCEP issued by the People's Bank of China is actually RMB digital and is lawful currency. Libra itself is actually issued by commercial institutions, and at the same time anchors lots of legal foreign currency digital foreign currency, it does not have a particular degree of legal settlement itself, this is the most fundamental difference in credit score endorsement. Due to such a difference in itself, it really is destined that the entire development path, like the background responsibilities of the period it carries, is completely different. I very much agree with the possibility that Mr. Lei simply talked about. The issuance of DCEP will form an external RMB electronic foreign currency zone, that may form an internal circular good incentive mechanism for the economy, and can resist the interference of many external plans to keep independence and endogenousness. It is extremely beneficial to the internationalization of RMB. In fact, RMB accelerates the process of internationalization in the form of digital RMB. To some extent, in fact, we may have the ability to see such a procedure for rmb internationalization in a comparatively short period of time. Like the colleagues of the entire Central Bank Digital Currency Research Institute, they are right now in Meituan, Are you starving, Die Didu has carried out the internal examining of the nationwide legal digital foreign currency, that is doing very well. The ordinary folks are getting nearer and nearer to the digital foreign currency. The spread, use, and media of digital currency itself are inseparable from Web application products. We simply discussed Ele. Meituan, and Didi. It is an app with a very large user knowledge. How about To realize the internationalization of RMB? We likewise have many, several app applications overseas. Of course, this is a pity that we are seeing instability due to the uncertainty of the entire global political economy. Some countries are now intending to suppress some of our country's Internet items. This can be a more obvious problems before us. I believe that with the improvement of China's nationwide strength, rmb's worldwide voice will also increase. The larger, including DCEP to help its internationalization is just around the corner. 4 Binance Brother Ying: Okay, many thanks two bosses. Somebody asked, is Huabei's credit score investigation a prelude to the issuance of DCEP? Will any guest want to answer? Lei Yu: Let me share briefly. Given that Huabei does not repay, your report will be needed credit score. I don't think this is directly linked to the issuance of DCEP. Last year, Director Mu Changchun said that DCEP will replace M0 and replace cash. For DCEP, , Which is equal to encouraging everyone to take the cash at hand or section of the lender deposit to exchange for DCEP later on. Of training course, this is actually a cash-level behavior. Huabei reaches the credit degree, which is equal to not really repaying with a debit card. There's currently no immediate relationship between the two. Binance Yingge: Will Mr. Kang have anything to include? Chu Kang: Actually, there is currently no special relationship between the two. Huabei continues to be an work of credit financing. Huabei is really a financial item supplied by the centralized institution Ant Financial. It is mainly based on your usual usage of Alipay. The situation arrives to a thorough credit assessment. After that give a specific amount of credit score, and you will benefit from the financial support from this institution as a centralized financial service. However the credit it offers you or the money it offers you belong to the current legal foreign currency, and you may point out it to the lender card by withdrawing. If we are issuing DCEP through the entire country, the entire application scenario becomes really rich, and you may consume in different locations in e-commerce. At the same time, if the main body of Ant Financial Huabei is also a part of DCEP. For big pilot units, it's possible that what Huabei borrowed may be the statutory DCEP, but between the two, it may be a mapping on the utilization scenario, in fact it is not really particularly linked to the growth and advertising of DCEP. 5 Binance Ying: Let's get down to company. Next, let's discuss the recent hot DeFi subjects. Everyone thinks DeFi may be the future and is quite optimistic. It generally does not appear to be an especially easy task to replace centralized finance institutions in the short term. What do the two bosses think may be the advantage of DeFi? What are the dangers of DeFi, you two can talk about. Lei Yu: I simply mentioned a phrase called paradigm change. In human history, every main paradigm shift will bring about a modification in culture and sector. We know DeFi, and considering it now is an example of a paradigm change. First of all, the generation of blockchain and encrypted digital currency is really a main technological or even paradigm innovation. The initial DeFi application in line with the blockchain has subverted several traditional financial versions. Now the typical application scenario of DeFi is decentralized exchanges, decentralized dealings, Binance, Huobi, etc. are all CeFi, following a order book deal model, DeFi jumped away of such a gameplay, it changed to AMM A proven way, automated market manufacturers. In the AMM model, the counterparty of the deal is really a smart agreement, and the marketplace price is usually solved by an algorithm. The algorithm and the source and demand partnership determine the marketplace price of a token together, that is a subversion of the traditional order book model. After that comes the improvement of deal efficiency. As long as I've a swimming pool of money there, as long as the swimming pool of money is deep more than enough, I could get rates to trade tokens anytime, and the amount of freedom of transactions increase accordingly. Today uniswap isn't shown. Any threshold, as long as this is a wise contract, you can head to DEX. The first exchange for many projects isn't as laborious as talking about an IEO before, and also some exchange cards will withdraw cash and card money. Now it really is called IUO. These are new changes to the industry after the entire paradigm change. Let's get another example in neuro-scientific lending. The most recent innovative task in neuro-scientific lending is called yearn. Through its ytoken, it can implement smart contracts and spend money on the expense targets with the best return on consumer asset search. After the release of yearn, you can see the influence of the recent period. The allocation ratio of resources to the underlying Compound and AAVE's fund swimming pool. In traditional CeFi, which exchange or platform where user funds are placed, it is difficult to flexibly spend money on the subject of additional platforms. I've never heard of recognise the business puts money in its services and immediately finds the most optimum interest rate for you. Investment, it really is difficult. DeFi totally breaks the barriers between various CeFi platforms and can make the stream of money on the chain smoother, and we know that also CeFi platforms and companies right now invest part of their money in DeFi to get optimization of revenue. Why don't we give a good example, such as for example Binance, Binance can find BNB wealth management or BUSD wealth management services in DeFi. It is problematic for Binance to put its BNB or BUSD on additional CeFi platforms. Imagine if that platform runs apart? But for DeFi, the wise agreement is here. After the audit, everyone understands that it's safe. Centralized exchanges such as this are also willing to put resources during the past for financial management. DeFi and CeFi will integrate with each other later on. From the perspective of user needs, users desire to be able to configure funds more efficiently across platforms. For that reason, the openness and combination of DeFi will naturally attract users to participate. As long as users understand the truth, they'll give priority to choice DeFi. DEX such as for example Uniswap, which does not require permission to establish trading pairs on the foreign currency, is well-liked by various projects. You can observe the inherent advantages and characteristics of DeFi, and there is absolutely no doubt that it will continue steadily to gain even more room for growth. And the marketplace share will certainly continue steadily to increase, also it could even make the idea of cryptocurrency really out from the circle. Moving away from the industry of cryptocurrency to obtain additional from traditional capital, the large amount of money in the traditional field can also be later on. Will enter the DeFi industry. But DeFi, you can't just discuss its advantages, it definitely has dangers. DeFi is composable. In the event a particular DeFi process or DeFi software has security complications, it will affect not only itself, but also other protocols coupled with it. Everyone has complications together. This level of harm, From top to bottom, from the bottom to the very best, and the even more you go to the underside, the higher the scope of damage caused by issues with the underlying process, the greater the loss, and the wider the scope. For DeFi, everyone is in a phase where it has only begun to build up. The developer's 1st priority must be security. At the same time, they must focus on the code, like the safety of the program code, including the safety of the business enterprise logic. When you match others, the complexity of the combination must be controllable. The even more DeFi protocols combined together, the greater the probability of security vulnerabilities, because it is impossible to ensure that other DeFi protocols value security as much as you do. Everyone has high technology and low technology. The even more vulnerabilities, the higher the potential reduction. . In addition to watching the protection of your own code, you need to also focus on the complexity of the composition and keep it within a safe range. This is one aspect that I think DeFi needs to be strengthened now.

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