Sharing Thoughts on Security, OKEx’s Jay Hao Says Customers Come First

Jay Hao, the CEO of the digital asset exchange OKEx, took part in Cointelegraph China HUB, an online interview column, hosted past Vadim Krekotin, co-founder and CEO of Cointelegraph China and Kristina Lucrezia Cornèr, managing editor of Cointelegraph. Hao has recently stated in an AMA that blockchain will eliminate transaction barriers, meliorate efficiency and ultimately impact the development of the global economic system. But what does he call up most the world of blockchain at present?

Vadim Krekotin: As y'all said, the cryptocurrency industry itself brims with uncertainties, and it is OKEx's innate mission to be prepared to come across new challenges on all occasions. In the by twelvemonth, the lowest price of Bitcoin reached nigh $iii,300 and the highest exceeded $13,000. Particularly in the past three months, the global financial industry has encountered massive fluctuations under the influence of COVID-19. 24/7 free-to-trade cryptocurrency has reacted even more than in this plunge.

"For exchanges, the biggest claiming brought by such huge fluctuations is the stability of the trading system and risk control under such extreme market behavior."

So, my team and I have consistently held a consensus: in the world of cryptocurrency, technology force must be the key to building whatever crypto ecosystem. In the past year, nosotros have polished the structure of the organisation without stopping, and we have carried out hundreds of pregnant upgrades. Our unique super matching engine and Lightning 2.0 system ensure that the platform tin can run stable even under farthermost market place conditions, and besides the order processing speed has ranked high on the globe's top options exchanges lists. This is indeed a matter of pride.

VK: Tin can you give some details about OKEx's expansion plan or overall strategy?

JH: From my point of view, reputation is the foundation of an enterprise, specially in the crypto world. In addition to the well-known reasons why Libra'due south issuance is and so complicated, I recollect there is another gene. Business lies happen once or endless times. Afterward all, a lie requires countless lies to make up for it, and the roughshod wheel will always collapse.

Every bit Facebook is one of the main sponsors, information technology was bothered with problems such every bit user information leakage and unauthorized collection of user data, which have seriously hurt market confidence. Lawmakers' distrust of Facebook even exceeds that of cryptocurrency itself or blockchain technology.

"Therefore, within OKEx, I repeatedly stress with the team that we must never exercise anything that harms the interests of users. 'Customer first' is always the core value of OKEx, which likewise acts as the cornerstone of our internationalization."

The internationalization of OKEx has been accelerating. Now, it has reached cooperation with the world'southward seven largest legal fiat payment providers through the fiat gateway projection, supported xxx fiat currencies including U.s. dollars and euros, and accepts 17 payment methods including Visa and Mastercard. Also, we have provided services to more than 20 million users in more than than 200 countries and regions around the globe, and that is nevertheless increasing.

In the crypto earth, OKEx's function is not only equally a trading platform only also a blockchain engineering visitor. We have launched OKEx Cloud, relying on the technical forcefulness and service experience accumulated by OKEx in the field of digital assets for many years and providing substitution technology services to the world.

Besides, OKChain, independently developed by OKEx, was as well completed as 100% open up-source. OKChain pioneered the "commercial chain alliance" model, which volition face up all ecological nodes and provide efficient, complimentary and boundless public concatenation ecosystems. Information technology is a significant step for our internationalization.

In summary, OKEx's internationalization has three points: beginning, customers come first; second, to run across global differentiated needs and provide localized services; and tertiary, we are not building an substitution, just a global free, equal and healthy encryption ecosystem.

VK: According to CryptoCompare, the combined volumes of OKEx's, BitMEX's, Huobi's and Binance'southward derivatives markets in March totaled $514 billion, or 86% of the unabridged market. And OKEx took more than BitMEX. How practise yous see the competition in the market place?

JH: In the face of competition, I always believe that continuous and healthy competition will bring new vitality into the market place. While promoting the progress of the industry, information technology also allows users to have a better reference ground when choosing a trading platform. We will actively learn from excellent competitors. Afterward all, the beneficiaries under salubrious competition will always be users.

Can a contract dominate the competitiveness and fate of an exchange? The answer is, of grade, no. No company tin can be popular in the world with only ane role. The needs of users are constantly irresolute. In the business environment, the simply constant is change. What's more, in a new and rapidly changing industry like blockchain, I always believe that OKEx's biggest competitor is ourselves, and we are as well confident that we volition keep to atomic number 82 the manufacture and make breakthroughs.

VK: How does OKEx address challenges such equally cryptojacking or the gratuitous-fall of the market such every bit occurred on March 12?

JH: As I said before, technical security is still i of the biggest challenges that trading platforms demand to face. I can proudly tell you that because of OKEx'south splendid technical strength, there has never been a theft of user funds or an information security incident since its institution. In terms of fund management, OKEx adopts enhanced cold/hot wallet management, and the run a risk command system is continuously upgraded to ensure the condom of user funds and information.

Due to the particularity of the industry, the order book per 2nd in extreme market conditions is several times college than the normal society volume and can achieve 1 1000000. This is indeed an objective claiming for all exchanges in the industry.

On the other hand, service solutions from the perspective of user interests are also particularly important. For the user losses caused past our platform in the extreme marketplace on March 12, we immediately set upwardly a special solution grouping to actively follow upward and solve the problems, which has besides been understood and supported by most users. As an considerately neutral and responsible trading platform, nosotros are well aware that there are notwithstanding many areas that need to be improved.

VK: Information technology can be said that OKB is not only a platform coin for OKEx, but likewise a global token throughout the entire ecosystem of OKEx. What's the part of OKB in OKEx's ecosystem?

JH: Now, in many people's eyes, OKB is less and less like a "platform token." It creates continuous value for OKEx users. OKB ecological structure starts from several important dimensions, and its ultimate goal is to continue to create value for users.

In terms of additional rights within the OKEx trading platform, xiv application scenarios have been expanded. From the perspective of the structure of a deflation model, nosotros are currently the first platform coin in the industry to achieve full circulation. On Feb. 10, we destroyed 700 meg unissued OKB, which ways that the squad completely gave upwardly its rights and holdings of OKB, and the profits were given to OKB users. Of course, this also means that OKB'due south future buyback and burn volition all be performed in the secondary market.

VK: Can yous tell united states of america how OKChain will empower OKB in the future?

JH: The advent of OKChain is also an endeavour of OKEx in the global decentralization tide. The large difference is that OKChain volition solve the problem of big-scale landing and application of public chains because we believe this is the primary contradiction in the current development of public bondage.

OKChain's uniquely designed cantankerous-chain solution and original business chain alliance can enable each participating node to exert its power hither and publish and run diverse decentralized applications without hindrance. The whole process does non crave any review nor is there a then-called "proposal." To a big extent, it has solved a series of problems such as transactions per second, security and adaptability that plagued the development of public chain engineering.

In the futurity, OKB will be migrated to the main chain of OKChain. At that time, we will delete the code of the smart contract for the additional issuance of tokens and continue to improve the OKB deflation model. And the genesis block of OKChain'south bones token OKT volition map 100% to OKB holders when the mainnet goes online, and OKB holders will also have the opportunity to go supernodes on OKChain.

The latest progress is that when it was open up-sourced to GitHub, OKChain joined hands with the start group of ecological partners — a total of 30 global well-known enterprises from the public chain, proof-of-stake mining pool, blockchain browser, wallet and multiple other types of fields. Perhaps by that time, OKB will be less like a "platform token."

VK: How practice you run into the regulatory mural effectually crypto, and how does OKEx remain compliant with global regulators?

JH: I was not surprised by the result of the U.Southward. Security and Exchange Commission's ban on Telegram tokens. Telegram is elaborating on the nature of its tokens, saying that Telegram Open up Network is a practical tool for community members with "consumer uses," while the SEC and the courts are more concerned about its fiscal attributes, believing that it can flow out of control to the secondary market. Such negotiations are doomed to a consensus.

"The supervision of any industry always needs to dynamically adjust to market changes, but a basic premise is that no matter how changes are made, everyone has a basic consensus on this industry."

The TON ban does not completely stand for the SEC's denial of the entire digital currency. On the contrary, this sentence fully shows us the professional person agreement of the SEC and the courts on blockchain technology and digital currency, which is a powerful impetus for the development of the entire crypto industry. In the globalization process of OKEx, it is our principal premise to accomplish a regulatory consensus with local users and regulatory agencies.

In March, we heard a lot of adept news from the world: India lifted the trading ban, Due south Korea officially classified cryptocurrencies as an nugget and Germany issued a guide to classify cryptocurrencies as a financial instrument, with many other countries also actively exploring.

This just shows that the regulatory agencies of various countries are reaching a consensus with the crypto marketplace. Therefore, for any state and region in the world that has reached a consensus with the crypto world, OKEx is set up to embrace supervision at any time.

Kristina Lucrezia Cornèr: Could you share your thoughts on Binance'southward conquering of CoinMarketCap? What were the primary motivations backside this motion, in your opinion? Is expansion similar this a natural way for exchanges to develop?

JH：Kickoff of all, congratulations to Binance on its ecological footprint expansion. However, I accept also expressed my view on social media. In dissimilarity, I would be more than inclined to spend this budget on repurchasing platform coins and giving back to users who back up the development of the platform. Only when users benefit will more and more people pay attention to and back up you, and the exchange ecology will naturally become stronger and stronger.

"Each commutation has its expansion strategy. There is no and so-called natural occurrence. It is a trade-off between the interests of all parties. The final choice is too adamant by the operator's judgment on the interests."

Although I have said information technology many times, I nevertheless accept to reiterate that in the expansion of OKEx, the interests of OKEx users will e'er be start. It does not exclude that we volition advance some of import decisions by soliciting opinions from users. OKEx will continue to contribute its strength to the construction of the global crypto ecosystem, which is beyond doubtfulness.

KLC: Can y'all share what your favorite books are, those that take inspired you to do what y'all've been doing in the blockchain sector?

JH：Work and life are two mirrors that reflect a person. I am quite different from myself at piece of work. In improver to books that enhance professional cognition every day, I like to read some tragic one-act and realism novels past Shakespeare and Dickens. I remember one sentence in Dickens'south A Tale of 2 Cities: "It was the best of times, it was the worst of times." At present, in many moments, this sentence will appear in my heart. Any industry and its related technologies take two sides.

This era has given us a great platform to exercise what we think is meaningful and at the aforementioned time prepare up many constraints. Therefore, our actions must be oriented to benefit the people, social club and life. A skillful or bad idea requires that we always have a rule in our hearts to measure and correct. These novels have influenced my code of conduct to a certain extent.

In addition to these, an avid teenager lives in my heart. Maybe y'all can't imagine it, but I also like to watch popular novels like "Harry Potter" and "Lord of the Rings." I like a story that breaks the boundaries of thinking and uses imagination to create a earth of dreams and love.

Merely similar the blockchain manufacture, it is new, meaningful, borderless and does non adhere to conventions. We all the same accept a lot of possibilities to achieve the incommunicable. Just like the enthusiasm brought past these novels, I recollect that whether it is a blockchain enterprise or a trading platform, we showtime need to apply unlimited innovation and imagination to create services and value for society. At the same fourth dimension, nosotros must appraise the state of affairs, be assuming and careful, and conduct within the rules of guild.