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Duan Xinxing: The technology and developing trend of public protocol

Mars tribe ·



To build the decentralized trust , not only enhancing the productivity, but also reshaping the production relations.

Duan Xinxing: The technology and developing trend of public protocol

Time:At 10:00 PM (Beijing Time) , August 6   10:00 AM(ET) /7:00 AM(PST) , August 6

Groups:Mars Finance Global Family

Duan Xinxing:Founder and CEO of Bytom

Vivi Lin:Mars Finance Global Partner ,General Manager of Mars Finance International Wechat Community 

Steven(Tianyuan) Wei:Finance in Miami university ,Co-founder of Sharp Eye Capital,Invest and Incubate high-quality overseas projects,Media,Exchange,Mine

former Vice President of OKCoin

Steven:Can you introduce yourself 

Duan Xinxing:engineer, entrepreneur,  founder of Bytom Blockchain ,has one baby and a happy family

Steven:Haha, happy family ,Can you introduce Bytom?

Duan Xinxing:Bytom is a public blockchain protocol which focus on assets related area,  people and institution can build asset related DAPP on it . via Bytom ,we want to build the future's  "internet of asset"

Steven:Ok, I remember you were former Vice President of OKCoin,When you join in Bytom?



Duan Xinxing:I joined in the  team and founded Bytom with my partner Chagjia in May ,2017

Steven:I have two picture ,haha,Can you introduce what happened  in this photo, where, when

Duan Xinxing:haha ,thanks for your photo. The photo maybe  taked  in  2016 ,  Seems  a  very small salon in Shanghai with the theme blockchain . At that time , I still worked in last company OKCoin,  and  at that time there was not so many ICO projects , shitcoins like today . In china, only very small group of people interested and talked about blockchain, bitcoin . I still  missed that time 

the detailed applications of Bytom smart contract

Steven:Bytom just released its smart contract and this should be the largest progress since Bytom launched its mainnet. Could you please introduce the detailed applications of Bytom smart contract?

Duan Xinxing:As Bytom is a public blockchain protocol that focuses on assets, our smart contract is mainly used to define the most basic verification, unlocking, and locking functions of assets. In order to meet requirments of different application scenarios, different unclocking conditions can be set. Based on our smart contract, many applications can be realized, such as distributed transactions, third-party custody, multi-signature transaction, mortgage, tipping, and so on. Users can also develop their own smart contracts to utilize different functions.

Steven:Are there public chains that are similar to Bytom? If yes, what are the advantages of Bytom?

Duan Xinxing:So far there is no similar public blockchains. If there must be a relevant comparison. Then, compared with the bitcoin protocol, bytom has a more diversified application senario. It supports the registration, distribution and circulation of multiple digital assets rather than a single digital currency. Compared with Ethereum, it is safer and more convenient. Bytom focuses more on the infrastructure support of the application in the asset field. In addition, Bytom focuses on China market and Bytom has a wide user base as well as many asset partners.

Steven:Apart from the transactions of tokens, does Bytom have other commercial applitations? Because people always think of asset tokenization when talking about Bytom. How will Bytom realize asset tokenization?

I am so interested in this question 

Duan Xinxing:The commercial value of a public blockchain depends largely on the aggregated economic value generated by the DAPPs it supports.

From the current smart contract template released by Bytom, we can see the future's  business development potential. In terms of the specific application of asset tokenization, this depends on projects' commercial operations based on Bytom protocol.

Steven:You just talked that Bytom focuses on China market and Bytom has a wide user base as well as many asset partners.     What's the size of Bytom's community users?

Duan Xinxing:There are about 160 thousand addresses on Bytom's mainnet and about 50 thousand who are still holding ERC 20. Taking exchange users into account, there are more than 300 thousand users.  The number of Bytom users ranked third in China, and the 24-hour circulation ranked around 13 globally. The market cap rankded around 38. Overseas Bytom users are mainly in the United States, South Korea, and Europe.

Steven:As for overseas, Will Bytom emphasize overseas community development in the future? Which areas are Bytom‘s main focus?

Duan Xinxing:Yes. Our team is gradually establishing overseas offices and hiring overseas volunteers. Currently, offices in South Korea, North America and other places have been established or are being established. The first phase of the Global Ambassadors has been recruited. These global ambassadors come from many countries including Germany, the United States, Russia, Canada and South Korea. The second phase recruitment of global ambassadors is also going on. At the same time, we are launching a series of activities and cooperation in Japan, South Korea, Europe and the United States.

Steven:In some overseas community or SNS, users think that token swap is too slow and the swap is not completed entirely. Could you please elaborate on this issue?

Duan Xinxing:Bytom mainnet has been launched, and 70% of the swap has been completed till now. Now it is only several exchanges that have not completed the swap, which needs two-side collaboration. Considering Bytom's wide user base, our concern that users may suffer losses, Bytom would rather adopt a slow swap process.

Adam McBride:Why the focus on China first?

Steven:From your personal pestective, what kind of asset can be tokenized in the shortest time?

Duan Xinxing:We have no intention to begin with China market at the beginning  . As Public blockchain is just like TCP/IP for the whole world .  But as we are the first public blockchain project in Hangzhou China (Alibaba and lots of other IT , Fintech companies in this city ) , lots of partners come and actively to find the opportunity to cooperate with our team and our project . And lots of programmer for Tecent  Baidu found our project in github , and become the volunteers for this project . Then the whole community begin with the China first 

It's easier for virtual and digital assets and securitized assets to be tokenized. Physical assets are usually difficult to be tokenized. For instance, it's difficult for a house to be tokenized but the income right to its three-year earnings is easy to be tokenized. 

Bytom is corporate with 360

Steven:We find that Ethereum has many security issues recently. Does Bytom have similar security concers or take measures to protect the assets?

I remember Bytom is corporate with 360, is it right?

Duan Xinxing:Yes,we have partners such as 360 to help us to check the contract system, and make the security test , attack test for our blockchain to ensure the security . And we also have some tech  designs to protect the onchain assets

such as  "Contract failure isolation"

The design idea of Bytom is actually more similar to Bitcoin, that is, everything is based on UTXO (Unspend Transaction Out). All UTXO assets on the chain are guarded by Turing's complete smart contract. The contract call of Bytom is able to add the calling contract as a sub-contract when creating the smart contract. In the future, regardless of whether the contract template is changed or a bug is discovered, the completed smart contracts will not be affected.

"Invisible contract design"

No one can guarantee that the smart contracts written are flawless, such as being hacked, privacy issues, and gambling agreements being leaked in advance. Therefore, the concept of "invisible contract" is proposed by Bytom, that is, the contract can be automatically executed without being seen. In other words, users hash the contract after writing the smart contract, and then locks an asset with the hash of the contract. When the asset needs to be unlocked, the smart contract is disclosed.

"Privacy design"

A pyramid-like control hierarchy is used by Bytom to ensure that users' privacy is protected. Each user of Bytom can have many private keys, and different private key combinations can generate different accounts.

Steven:Will Bytom use side-chain and cross-chain technology?

Duan Xinxing:Yes, by adopting side-chain and cross-chain technology, assets on other blockchains can be operated on Bytom blockchain, thus achieving cross-chain communication, asset transaction and dividend distribution in the contract. Meanwhile, Bytom's TPS can be increased to millions level after using side-chain technology, which lays the foundation for developing a killer-application in the asset field.

Steven:When Bytom can use side-chain and cross-chain technology?

Adam McBride:Why not work to improve ethereum? Why Bytom?

Steven:I think Side-chain and cross-chain will take more time to do..

Duan Xinxing:Because you should  always make the trade off ,  as Ethereum focus on strong EVM, smart contract  , want to use solidity support all kinds of DAPPS, or we can say it's more focused on scalability .But its security status is not good , lots of hackers attacks events and huge amount of tokens stolen by others. It's not suitable for the assets related applications . Bytom just focus on Assets , and take the security design as the first place

Duan Xinxing:I have give examples such as  features  "Invisible contract design" we imported in Bytom blockchain's Design just now . You can check the discussion record .

Steven:Could you please use a few sentences to describe your vision of blockchain?

Last question 

Adam McBride:Blockchain is very proliferated. A lot of companies competing for the same space. Why is blockchain not taking the route like Linux where many companies all contribute to one OS to make it better. 

Duan Xinxing:Blockchain has built the decentralized trust with technology , not only enhancing the productivity, but also reshaping the production relations. Blockchain will greatly change the trust system and cooperation method in human society. Bytom believes that the application of blockchain will boom first in the asset and finance domain in next several years and we will continue to work on this.

Why is blockchain not taking the route like Linux where many companies all contribute to one OS to make it better. -----if many companies all contribute to one OS . The final result is ,there is no Ethereum,  no Bytom, no EOS, no Stellar .... There will be  only bitcoin blockchain existed alone. I don't like it , I don't think this will make a better world.

Bill Gates even says 64k memory is enough for everyone . I think maybe he is  right. But not everyone like that solution, not everyone like the 64k memory . So Windows changes , OS changes

The same thing occurs on Blockchain .

关键字: 英文版 Bytom