Disclaimer: This article does not constitute any investment advice.

Editor: Remember to follow me

Article source: vernacular blockchain

On April 18th, BinanceChain announced that its main network had been successfully launched and planned to switch to BNB's main network on April 23rd. On April 23rd, Coin On announced the successful completion of the BNB main network switch.

As early as February 20th this year, Coin On had already been launchedDEXThe beta version, with a 1-second block speed and a user experience close to a centralized platform, has excited many industry insiders.

The vernacular blockchain interviewed CZ, the founder of Yen'an, and asked questions about Yen'an, BNB, Yen'an DEX, ecological construction, Stablecoin and other topics of concern.

The following is the interview content:

BinanceChain

1. Vernacular blockchain:EOSBinanceChainBinanceChain

CZ: Coin's vision is to become an infrastructure builder in the blockchain industry.So, Coin An builds infrastructure for the industry and also invests in other infrastructure construction projects. The infrastructure here not only refers to trading platforms, wallets, faster blockchains, and more decentralized trading platforms, but also includes other projects that promote industry development.

In summary, we will support and participate in anything that can promote the development of the industry. The layout of Coin Security also follows the same concept, and creating a Coin Security chain is a mission driven behavior for Coin Security.

By building a coin security chain, we hope to provide communities with more complete infrastructure, gather industry talents and resources, and jointly build a complete blockchain ecosystem, opening the next chapter for the industry.

At the beginning, Coin Chain focused on finance and trading, with more emphasis on the dimensions of project fundraising, issuance, and trading.As the coin security chain becomes more stable and mature, and users gradually gather, we will continue to expand this ecosystem and make it more diverse. The speed of Coin Security Chain is very fast, with confirmation every second, and it has strong scalability, which can support us to expand this ecosystem from multiple dimensions.

Coin An is the creator of this infrastructure and will gradually withdraw from the management of Coin An Chain after the infrastructure construction is completed. We also welcome other industry partners to work together with us to complete thisA public chain guided by community autonomy.

2. Vernacular blockchain:When did Coin Security decide to independently develop a high-performance blockchain with high difficulty and long development cycle? When did you officially start developing and how much time did it take throughout the entire development process?

CZ:In fact, we have been considering whether to do DEX since a very early age, which is the industry trend and the direction of our efforts. At that time, I didn't think the timing was very ripe.

In March 2018, we decided to develop Coin Safety Chain. After 11 months of effort, the DEX testing network was officially launched on February 20, 2019. In order to provide users with a better experience, we also held a series of activities such as DEX transaction simulation competition and bug reward order, and received many good feedback from the community on DEX.

DEX was officially launched on April 23, 2019, taking a full 13 months. This faster and better performing public chain gathers the wisdom and strength of the entire community. After the main network is launched, the role of Coin An will change, and we will entrust this public chain to the community for governance, achieving maximum decentralization and fairness and transparency. Thank you very much for the dedication and pursuit of perfection of our entire team during this process, and we also appreciate the support and assistance from the community.

Before the official launch of Coin Safe Chain, it was confirmed that 8 projects would first be migrated to Coin Safe Chain, and more project collaborations are also being coordinated.In addition to the support provided by the official wallet TrustWallet of Coin Security as the native wallet of Coin Security DEX, the hardware wallet SafePal invested by BinanceLabs will also support Coin Security DEX. In addition, LedgerNanoS, EnjinWallet, InfinitoWallet, ELLIPAL, and moreCold/Hot WalletWill support Coin Security DEX. The support of multiple wallets has lowered the technical threshold for accessing Coin Security Chain, allowing more people to easily access it, truly supporting the implementation and popularization of Coin Security Chain.

3. Vernacular blockchain:In terms of nature, does Coin Security Chain belong to a public chain or an alliance chain? What consensus mechanism is used? How do miners/nodes need to join the coin security chain?

CZ:Coin security chain is a public chain that uses BFT andDPoSThe purpose of a consensus algorithm combined is to build a safer and fairer environment to prevent the occurrence ofBifurcationEtc.

Not on the Coin Safety ChainMiner or miningAnyone can become a node, but becoming a validator requires a considerable amount of assessment. Our consideration for validators is that they must first have strong technical capabilities and be able to flexibly adapt to the scalability requirements of the public chain, ensuring the fairness of verification results and the security of the public chain. Then the validator must also make significant contributions to the entire community, supporting community co construction and ultimately promoting the grand goal of value freedom. We do not publicly verify the identity of individuals, and the right to privacy is a part of freedom.

4. Vernacular blockchain:Performance issues have always been a bottleneck in blockchain, and there are currently issues such asLayer2, sharding technology, cross chain technologyAnd other technologies to improve the scalability of blockchain. What technologies will Coin Security Chain use to address scalability issues? Can you give us a brief explanation.

CZ:Coin security chain itself is very fast, generating blocks and confirming them in one second, faster than Visa and MasterCard, and may drive the entire payment scenario in the future. We have been developing products to benchmark the processing speed of centralized trading platforms from the beginning. Ethereum takes about 15 seconds, and Bitcoin takes an average of 10 minutes to obtain network confirmation, and may roll back. This does not happen on the coin security chain. Most DEX matchmaking speeds are much lower than centralized platforms, but transactions can be completed almost instantly on Coin Security Chain.

At the same time, cross chain will be the future development direction of Coin Security Chain.This is a problem that we will try to solve later. At present, we only want to focus on doing one thing well, which is to provide users with a user-friendly coin security DEX.

BNB

5. Vernacular blockchain:BNB has always been based onERC-20Token of EthereumWhat tasks do ordinary users need to do when switching BNB main network, especially those who keep BNB in their wallets?

CZ:The BNB main network switch was completed on April 23, 2019. If the user has already deposited their ERC-20BNB into their Coin Security account, no action is required. If the user's ERC-20BNB is in another wallet, please follow the official announcement of the wallet to see if this wallet or trading platform supports BNB main network switching. We support and encourage other trading platforms that support BNB to convert ERC-20BNB to BEP2BNB as soon as possible.

If other wallets cannot support main network switching, you can transfer ERC-20BNB to your Coin On wallet at any time.Coin An will continue to support ERC-20BNB recharge to Coin An Wallet. We encourage users to complete the transfer as soon as possible, preferably within 90 days.

After BNB completes the main network switch, users can apply for withdrawal using the address on the coin security chain. At that time, ERC-20BNB will be automatically converted into the native BEP2BNB on the Coin Security chain.

6. Vernacular blockchain:What are the similarities and differences in the functions and uses of the BNB that completes the main network switch compared to the previous ERC-20BNB? Will it inject new value into BNB?

CZ:When it comes to BNB, people may first think that it is a platform currency, supported by users as an "application" with millions of users. Then, we continue to expand the application scenarios of BNB, and there are already many businesses and applications worldwide that support BNB payments, from buying cars and houses to tourism, games, and even restaurants.

With the official launch of Coin Safe Chain, BNB has become a native token on Coin Safe Chain, following the BEP2 protocol,Its application scenarios will be further extended.For example, when issuing tokens on Coin Security Chain, BNB needs to be paid. When initiating a coin listing proposal, BNB needs to be paid. When applying for coin listing on Coin Security DEX, BNB needs to be paid. Transactions conducted on Coin Security DEX also pay BNB as a handling fee. We hope that BNB can carry more value, not only through the ecological layout at the security level, but also integrated into the entire ecosystem of the blockchain industry.

7. Vernacular blockchain:Coin An has updated the white paper and deleted the BNB repurchase clause. You also posted on Weibo that some regulatory authorities in some countries do not like the linkage between BNB and profits, so you have removed this description. Will Coin An continue to destroy BNB according to the original plan until the final total amount reaches 100 million? Many investors are very concerned about this matter now.

CZ:Regarding the update of the white paper, I have already replied on social media a few days ago.

The use of the term 'repurchase' in the white paper is not accurate. The income of Coin An is originally BNB. If BNB is sold as USDT and repurchased with USDT, this operation is actually unnecessary. I used this term in the white paper stage because I didn't think it out clearly. Regulatory authorities in some countries do not like BNB being linked to profits. We have listened to the opinions of relevant departments and removed this part of the description.

In fact, the term 'repurchase' itself is not important, what matters is how much has been destroyed. Only by reducing the total amount can everyone's currency appreciate.After repurchase, it can be quietly sold out and continue to flow to the market, with no change in the total amount of circulation. However, the destruction process of Coin An BNB is transparent and supervised, and you can find the destruction records on the blockchain. For example, the seventh quarterly destruction completed on April 10, 2019 resulted in a total of 829888 BNBs being destroyed, and the data can be accessed on the blockchain browser.

As of now, Coin An has undergone 7 destruction attempts, with a total of 11654359 destroyed by BNB, which is approximately $250 million. We will continue to fulfill our commitment to destruction until the total destruction reaches 100 million BNBs.

Coin security DEX

8. Vernacular blockchain:Previously, Coin Security launched a DEX beta version. May I ask if this DEX is ultimately based on Coin Security Chain? The main challenges currently faced by DEX areInsufficient depth, slow matching speed (insufficient performance), and poor user experienceHow will Coin Security solve these three major challenges?

CZ:Coin security DEXCoin security DEXCoin security DEXBinance.com

The biggest highlight of Coin Security Chain is its transaction performance of generating blocks in one second and confirming them. DEXCoin security DEXCEXDEX

Ecological Construction of Coin An

9. Vernacular blockchain:How does Coin Security consider the future ecology of Coin Security Chain? What plans are there to attract developers?

CZ:TokenTokenCoin security DEXToken

MithrilRed PulseTokenCoin security DEX

There are many advantages to posting tokens on Coin Security Chain:

Firstly, the coin security chain is a faster chain.TokenCoin security DEX

Secondly, if you issue tokens on the Coin Security Chain, you will receive support from the entire Coin Security ecosystem.For example, priority should be given to Launchpad and the main website of Coin Security in the online review process, or obtaining support from TrustWallet.

Thirdly, if you only need to complete the issuance of ERC-20Token, there is no need to use smart contracts elsewhere, and there are no constraints of smart contracts. Moving to Coin Security Chain is a wise move.

In the long run, we will continue to delve deeper into our current areas of expertise before expanding into other categories.For example, from the beginning, Coin On was just a trading platform, but now it has expanded to six sections, forming an ecosystem. For Coin Chain, the same applies. We are accustomed to speaking through actions, please wait and see.

SDKGolang, Java, JavaScript, C++BinanceChainBugBinance DEX

05

Stablecoin

10StablecoinPlays a very important role in the blockchain ecosystem.EOSTRONStablecoinStablecoin

CZ:Stablecoin

Statement: This article is the work of the author who has settled on Mars and does not represent the official stance of Mars Finance. Please indicate the source, author, and link of this article for reprinting

Reminder: Investment carries risks and caution is necessary when entering the market. This information is not intended as investment or financial advice.