On April 17th, the HBTC Hobbit Exchange (formerly BHEX Exchange) held an online press conference for its second anniversary, announcing that it would upgrade the BHEX strategy to HBTC Hobbit, launched its own public chain test network, and transferred the platform currency BHT Upgrade to the new pass HBC.

HBC is a brand-new platform currency. HBTC Hobbit repurchases the profits of the exchange every day through 10 times PE, and endows it with more application scenarios, and will also give back to platform currency supporters through airdrops.

On April 20th, we had the honor to invite Ju Jianhua, the founder of HTBC Hobbit, to visit Bayut community and introduce Hobbit and HBC platform currency in detail.

The following is the content arrangement, welcome to view~

01

Bajiute: Mr. Ju, can you briefly introduce the business line of HBTC Hobbit and why you started your business from Huobi two years ago? What is the original intention?

Ju Jianhua:I come from a technical background, and I have served as the CTO of five companies including Huobi. Although the CTO position is the core of the company and an entrepreneur, his main responsibility is to be responsible for technology and products, and to be a true entrepreneur. There's still a gap, it's a completely different challenge than building a company from scratch, so I hope to have the opportunity to do something more challenging.

In my opinion, if you don’t create a brand new company after years of accumulation in start-up companies, you will definitely regret it in the future. To create a new company and then lead the company to achieve success in terms of personal achievement and social contribution is a A very meaningful thing. During the development of the Internet, a large number of unicorns have emerged. I call them infrastructure platform companies, such as Google’s search, Alibaba’s e-commerce, and Tencent’s social and instant messaging. Every company that provides infrastructure, once Success is the bottom of an entire industry, and great success will be achieved. Three years ago, Huobi was relatively successful as a trading platform, but it did not take a step forward in the direction of infrastructure. When I went out to start a business, I hoped to become such a company. Based on the opportunities brought by the emergence of the blockchain, I think it may become the infrastructure of the next generation of the Internet. It is my original intention to start a business to invest in building a new Internet infrastructure in this industry.

02

Bayut: Thanks to Mr. Ju for the introduction, I learned that Hobbit has a lot of investors, and most of the well-known domestic VCs have participated in the investment. In 2018, the angel round received an investment of 15 million US dollars. What do you think was the main reason for the favor of so much capital at that time? Or what is the core competitiveness? And when you encountered a big bear market at the end of 2018, how did you think and spend it?

Ju Jianhua: In 2018, we were able to get 15 million US dollars in angel financing, including the private equity financing of 20,000 ETH token institutions. I think it is mainly because we have the right time, place and people and these aspects.

In terms of timing, it happened to be the time when the blockchain was booming, and the value of Bitcoin was rising all the way. Mr. Xu Xiaoping’s words ignited the enthusiasm of the entire VC circle to invest in the blockchain industry; in terms of geographical location, we happened to be in the global blockchain industry The most popular area; people and aspects are the experience of working in the Internet, Huobi and other places in the past. I can meet many excellent early team members who join in the early stage, and have more familiar investor relationships, which have laid the foundation for our successful financing. base.

In the big bear market in 2018, the price of Bitcoin fell all the way, and the tokens of many projects returned to zero all the way. We also experienced team confidence, turbulence and adjustment. During this period, we adjusted everyone’s year-end bonus and necessary market expenses to reduce the company’s At the same time, because a large number of blockchain teams have problems, we have absorbed a large number of better team members to join, and also because of the cold winter, we need to let the company build revenue as soon as possible.

We put our focus on the SaaS cloud exchange system for the B-side, which made us a company with real income in early 2019, and today we have become the veritable No. 1 in the field of SaaS cloud exchanges. First, it has a lot to do with the impact of the cold winter market at that time. Fortunately, the cold winter also forces us to innovate. In terms of SaaS cloud exchanges, we have made a lot of extreme designs in terms of architecture and performance. We pay attention to the transaction depth of mainstream spot currencies and have made it the best in the industry so far. The depth of the spot currency, and we have launched spread option products very early, and launched some projects with real technological innovations such as Grin/Beam. .

03

Bayut: At present, many exchanges are building their own public chains. I understand that you have already planned and invested a lot of manpower in research and development, and launched the test network. What do you think is the significance of building the HBTC public chain? What is the main thing? What are the features and advantages?

Ju Jianhua:At present, the public chains created by many exchanges lack innovation, mainly because they hope to seize the business of issuing tokens on Ethereum. Some of them are still based on the idea of ​​centralized exchanges at the technical level, which does not conform to the positioning of the public chain itself.

HBTC's public chain is completely different from many blockchains that are only built in the mode of issuing coins. It is mainly a public chain built through a new cross-chain technology applied in cryptography, which can be generated and signed by a decentralized private key. technology to achieve cross-chain asset operations compatible with most public chains.

The decentralized flash exchange and cross-chain asset mapping that have been launched are its two major features. With the launch of the test network, all public chains connected to custody will have cross-chain interoperability with mainstream assets such as BTC and ETH, and the ecological improvement and user experience improvement of decentralized mortgage lending, DEX and other applications will bring help.

the Internet"the Internet"Infrastructure, if each public chain is a local area network, then HBTC will become a wide area network connecting these local area network public chains and become the infrastructure of the blockchain industry.

04

Bajiut: Next, let’s talk about exchanges and platform tokens, which is what everyone is most concerned about. Hobbit has upgraded the platform token BHT to a brand new HBC, why do you want to upgrade the token? What is the original intention and vision? What changes have been made from the original BHT to HBC?

Ju Jianhua:Why upgrade BHT to HBC? Because in actual business, we found that for some reasons, the token model of BHT did not really play an incentive role, and now many exchange tokens are also facing this problem, that is: when you issue a platform currency, you Said to use the proportion of your income to repurchase and destroy, this model looks very good, and it seems that it will push up the currency price.

However, because there is no agreed specification in the repurchase process, the final platform currency will not increase with the repurchase price. At the same time, the price fluctuations caused by the repurchase will lead to a long-term rising platform currency, which will also have 60% Up to 90% of people will lose money on the platform currency. Because everyone has the practice of chasing ups and downs in human nature when trading, only a very small number of people can resist the weakness of human nature and benefit from it, which leads to the rise of platform currency and does not really let the relevant currency holders people gain benefits.

From the perspective of the trading platform, the repurchase of the platform currency is a company's operating cost, and the repurchase of the platform currency requires real money, so the trading platform hopes to recycle the platform currency more and faster, which promotes the repurchase One of the ways to reduce the cost of repurchase is to wash the market through currency price fluctuations, which further leads to the platform making money and the platform currency rising, but trading and platform currency holders still lose money, and even the trading platform can trade in Earn money from the secondary market in the repurchase transaction.

To solve such problems faced by the platform currency, this is our original intention of upgrading the pass, and we hope to solve such problems through the new pass model itself. Coinciding with the launch of HBTC Chain, we upgraded the original BHT token to HBTC token, and made a new upgrade in the token model. In addition to the node voting income of the chain itself, we also launched two trading platform business. A brand new innovation:

1. 100% income daily repurchase + brand new 10 times PE pricing repurchase model, to solve the problem that the currency price does not grow with the company's value and the platform makes money but the currency price falls, causing currency holders to lose money.

2. The new HBTC captain incentive model allows holders who contribute to the HBTC platform to obtain greater rewards for their holdings. In addition, in order to prove the asset security of the platform, we have also launched a 100% exchange reserve certification system, so as to ensure the security of your own assets on the platform. All exchanges that have problems cannot provide 100% exchange margin The proof system, including some platforms that issue USDT pull orders to attract users to buy, cannot launch a 100% exchange margin proof system. You can click https://www.hbtc.com/finance/trace_back/BTC to view. We will also provide 100% proof of exchange revenue and public financial statements.

05

Bajiut: What do you think of the current platform coins in the market and their application scenarios? For example, fee discounts, participation in IEO, exchange profit repurchases, etc. Relatively speaking, what are the unique features of HBC? What are the main application scenarios and values ​​of HBC?

Ju Jianhua:The current platform currency application scenarios are actually quite few. In some currency holding airdrops, discounts on handling fees, participation in IEO, etc., it can bring certain benefits to users, and it is very meaningful for the platform currency to have some functional value. But in my opinion, it is mainly the profit repurchase of the exchange that promotes the rise of the currency price. From the perspective of the exchange operator, the profit repurchase of the exchange is actually the operating cost of each exchange. It is a very contradictory thing.

Don’t repurchase, the currency price will not rise, users will lose other competitors, repurchase is a complete transfer of operating costs, real money is given to users, platform owners and shareholders will be heartbroken, so we see Regarding the issue of repurchase, several major exchanges have launched a war on the Internet, trying to find out how the other party can reduce the cost of repurchase. In order to solve this main contradiction, we define the trading platform as a platform shared by 100% of the token holders. Everyone, including the trading platform and team, angel investors, etc., will be reflected in the value of the token. That is to say, for all internal and external token holders, only when the currency price rises can they gain value, which fundamentally eliminates the mutual conflict of interest between shareholders and tokens, and everyone will jointly maintain the value of the platform currency .

HBC is both the token of the HBTC trading platform and the token of the HBTC public chain. There are two main application scenarios. The first is the main chain currency of Bihelix, which is a basic blockchain facility built with completely decentralized cross-chain technology. In the future, it has the opportunity to become the Internet infrastructure between blockchain public chains, which will bring a lot of due demand and node benefits. The second is the trading platform token, which reflects the true value of the platform through 100% of the revenue and 10 times the PE pricing repurchase.

For the rewards of token holders, we have made the most effective design:

The platform will use 50% of the HBC tokens obtained from the daily repurchase to reward the core contributor "Hobbit Captain". Every user who holds 1000 HBC can apply to become a "Hobbit Captain". "Captain, every "Hobbit Captain" is a value sharing and platform co-builder of HBC tokens.

They can use their influence and professional knowledge to expand and maintain the HBTC user community, develop the trading business and currency listing business of the trading platform, and promote the growth of the income of the HBTC trading platform, so as to obtain the continuous growth of HBC token holdings , Sharing the revenue scale growth of the HBTC platform and the excess return brought by the 10 times PE pricing model.

Our goal for Captain Hobbit is to create a new self-employment working method in the new century, which is similar to Taobao shopkeepers and video anchors, but different from Taobao shopkeepers and anchors. , Captain Hobbit can not only earn direct commission sharing income through mechanisms such as inviting friends, but also obtain excess growth benefits brought about by the overall income growth of the platform through the HBC held.

06

Baleut: What is the token distribution and unlocking rules of HBC, as well as the economic model? How is the daily return of 10 times the PE repurchase of HBC calculated? What are the benefits for holders?

Ju Jianhua:The HBC platform currency is a translational upgrade of the original BHT token, and a 1 billion lock-up platform currency has been destroyed, and then converted in proportion to the total circulation of the token in circulation, so no new ones have been issued. Circulation tokens, 21 million platform tokens, 80.06% of which are fully circulated in the hands of users and institutions, only 19.94% of the tokens belong to the team, and 1/36 of them will be unlocked every month in the next 3 years.

The problem of 10 times PE mainly comes from the traditional securities market. 10 times PE, essentially means that if you hold the platform currency, your cost of holding the currency, without considering the increase in the secondary market, how much annualized income can you get each, 10 times PE is the annualized income = currency price/10. If the value of each coin is 1USDT, you can get an interest rate of 0.1 per year, then 1/0.1 = 10 times.

Why is it 10 times PE? We calculated the relationship between the profits of various platforms and currency prices, as well as the PE value of stocks such as mature traditional brokerage stocks. In fact, this figure is a bit conservative. If you follow the US stock technology companies and many A-share brokers, this Value should be between 15 and 30.

In order to benefit users and consider possible risks, and also refer to the relationship between Huobi OK’s income and currency prices, we use a relatively reliable PE value of 10.

What does this mean, and what does it mean for coin prices? see the following example

1) If the platform has an average daily income of 5,833 USDT, a monthly income of 175,000 USDT, and an annualized income of 2.1 million USDT, the HBC secondary market repurchase price is: 210 * 10 / 2100 = 1 USDT

2) If the platform has an average daily income of 23,333 USDT, a monthly income of 700,000 USDT, and an annualized income of 8.4 million USDT, the HBC secondary market repurchase price is: 840 * 10 / 2100 = 4 USDT

3) The average daily income is 184,000 USDT, the monthly income is 5.520 million USDT, and the annualized income is 66.240 million USDT. The HBC secondary market repurchase price is: 6624.0 * 10 / 2100 = 31.54 USDT

4) If the average daily income of the platform is 2 million USDT, the monthly income is 60 million USDT, and the annualized income is 720 million USDT, then the HBC secondary market repurchase price is: 720 million * 10 / 2100 = 342 USDT

To put it simply, if you buy a HBTC platform currency for $1, and the circulation of HBTC platform currency is 21 million pieces, if the HBTC platform generates 21 million USDT in revenue that year, then your $1 purchased currency price, which will become the secondary market price (valuation price) of $10.

Most technology stocks have a PE of around 30 times, and the higher the price-earnings ratio, the higher the bubble. Of course, it may also mean that the growth rate is super high. We think 10 times PE is the most appropriate for a well-developed trading platform.

Community question: How much is the platform revenue in 2019?

This data is a good question. We probably have more than 9 million US dollars in revenue, but this is calculated by Bihei Cloud. Bihei Cloud only participates in the repurchase of profits, so the addition of platform revenue after removing the profit part can just support our current BHT secondary market capitalization value.

07

Bayut: Thank you Mr. Ju for popularizing the science of 10 times PE, so how should we understand Captain Hobbit initiated by Hobbit? What is the specific gameplay like, and how can the community participate in it?

Ju Jianhua: We divide platform users into three categories: 1. Ordinary users, who register for transactions on the platform, pay attention to service, security, transaction depth, transaction fee rate, and those who do not buy platform currency, these users do not care about the currency price.

2. Currency holders, those who hold the platform currency, but not necessarily buy the platform currency on the platform, nor necessarily trade it on the platform (for example, buy it on Huobi Exchange). These users care about the currency price, but they are not interested in the platform business Does not produce direct help, belongs to the secondary market speculators.

3. Captain Hobbit holds more than 1,000 HBC platform coins, trades on the platform, introduces users to the platform, helps the platform serve customers, build communities, answer user questions, and bring revenue growth.

According to the logic of the original platform currency, the currency holders are treated equally. In fact, no one will really care about the business growth of the platform. Anyway, as long as they hold the currency, it will help the circulation of the platform currency, but it will not affect the platform. Business growth didn't directly help. Such tokens do not serve the purpose of incentivizing token holders.

Therefore, our platform currency token model, on the one hand, solves the platform currency pricing model in the secondary market through 10 times PE pricing repurchase, so that the second and third types of users can obtain the standard income of the secondary market.

On the other hand, it is to provide a value-creating platform for Hobbit captains who contribute, and to obtain high returns on currency holdings while helping the platform grow.

To become a Hobbit captain and participate in the sharing and co-construction of the Hobbit platform, the following conditions need to be met:

1. Holding 1,000 HBC, you can apply online; 2. After the application is approved, lock up 1,000 HBC; 3. Complete the second-level KYC certification; 4. Can meet the performance goals of Hobbit Captain’s community activities. For specific goals, please refer to Qualifications and Replacement Principle; 5. Industry experience or trading community construction experience: blockchain industry, exchange operations, private equity funds, blockchain media, tool applications, user communities or other VIP levels or his invitation rebates/trading volume certificates users, or relevant personnel from traditional stock brokers, insurance brokers and other jobs.

It is not enough to hold coins to become the captain and get excess returns, otherwise it will be a scam.

Hobbit captain’s 10 major rights and interests: 1. Daily income repurchase 50% of the tokens obtained, all airdropped to the captain 2. Hobbit captains recommended to join 2% of the day’s airdrop income 3. HBC in the secondary market Price income; 4. The income distribution of locked-up HBC in HBTC public chain pledge mining; 5. Have the platform's lifetime invitation rebate authority, and get 30% of the platform transaction fee for invited users; 6. Participate in voting for major platform decisions; 7. .Direct VIP level 1 fee discount (refer to platform VIP fee discount table); 8. Recommend projects to get token listing fee rewards and participate in voting for token listing to get event airdrop rewards; 9. Exclusive VIP one-to-one customer service; 10. Use Behelix Cloud's white label cloud exchange system for free to conduct business.

If the money is distributed completely according to the performance of the captain, there is no incentive effect. Even if 100% of the income generated by the captain is returned to the captain, if a captain generates a performance of 10,000 USDT a year, he can only be allocated 10,000 USDT. Imagine Not much space.

If our incentive method is adopted, a captain who generates 10,000 USDT in a year may get a return of 10 to 20 times, that is, a reward of 10,000 USDT can obtain a return of 100,000 to 300,000 USDT.

This is what the ordinary pro-rata broker model cannot give, and it is also what various invitation rebates cannot give.

How the leader obtains performance: 1. The leader himself trades on the HBTC platform, generating transaction fees; 2. Inviting users to register with HBTC, resulting in transaction fee income; Customers who recommend Bihei Cloud to open an exchange purchase Bihei Cloud products and share the sales revenue and handling fees. 5. Operating Bihei white label cloud exchange and SaaS exchange, the fee income brought to the platform is shared. 7. Successfully invite a person to get performance

Performance evaluation standard: Bringing a performance contribution worth 100 HBC every year, which is equivalent to completing a performance contribution of 8.34 HBC per month. Calculated on a monthly basis, the difficulty of performance will be adjusted through community voting in the future as the price of HBC fluctuates.

Hobbit captain’s joining and exit mechanism. Currently, Hobbit captains are divided into two levels: captain and alternate captain. You can get an extra 5% more reward than the normal captain. In addition, every time the captain invites an alternate captain to join, the repurchase airdrop amount will increase by 1%. The same person can only be invited once.

Alternate captain: limited to 10,000. When the captain reaches 10,000, you can start to apply. You can apply to become an alternate captain by looking for a captain or platform customer service. After passing the application review, you need to lock up 1,000 HBC as a deposit. The performance requirement only accounts for 50% of the team leader’s performance requirement, that is, 50 HBC equivalent handling fees per year, and an average of 4.166 HBC per month, but you can only get 50% of the captain’s daily income airdrop reward.

If the performance is not up to standard, you will not enjoy the daily airdrop rewards, and the alternate captain can enjoy other rights and interests of the captain. If the alternate captain’s performance is qualified, when there is a captain quota free, you can apply for promotion to the captain according to the priority of performance ranking to obtain higher benefits , every time the alternate captain develops a new alternate captain, the daily repurchase airdrop ratio will increase by 1%, and the same person can only be invited once by one person.

Voluntary withdrawal: Captains and alternate captains can voluntarily choose to withdraw. After withdrawal, the system will unlock the 1,000 HBC deposit within one month and refund it. The airdropped locked HBC obtained through performance will continue to be unlocked according to the original plan.

Becoming a captain is not just about getting benefits, it requires work and needs to meet the performance requirements: Captain performance distribution conditions: on the day you become a captain, you can start to get airdrops for repurchasing HBC, but if the performance of the month is unqualified, the system will automatically withdraw the airdrops for the month If the locked-up HBC of HBC fails to meet the standard for 3 consecutive months, and the performance ranks at the bottom 5%, the captain will be disqualified.

Regarding the reward tokens for the captain, we mainly solve the problem through three points: 1. 10% of the revenue tokens are directly destroyed for deflation 2. The captain gets airdropped tokens, which are locked for 12 months Period, unlock 1/123 every month. The captain’s own interests in the platform make them partners. If they mortgage 1000 HBC and are willing to become the captain, they will have the motivation and confidence to hold the platform tokens. This support is more than a lock-up.

08

Baleut: Do you have any plans for the market and operation in the future?

Ju Jianhua:We will then do a few main things:

1. Formally set up a global operation team to promote the global cooperation of Captain Hobbit. In addition to 24-hour customer service, BHEX has not established a dedicated operation team before. It is mainly for institutional users and professional API users. Market awareness is not high.

2. Officially set up a global marketing team. Previously, BHEX had very few marketing teams in Singapore and South Korea, and the marketing work they could do was very limited. This year, we began to increase investment and recruit outstanding talents to join.

3. Start to promote the landing application of the HBTC public chain, and strive to achieve business landing in the decentralized OTC and DEX.
At the same time, at the level of technical products, we will soon launch the next-generation trading system, which will achieve a transaction delay of less than 1ms in the computer room, prepare for the launch of the next-generation contract and futures products, and become the leading platform for derivatives.

This event is jointly organized by Bayut Community and HBTC Hobbit. We are very grateful to our partners CypherJump, Yiyi+, and chain nodes for their support. We also thank Jinse Finance, Gyro Q&A, Lianwen, , Babbitt, Lianxiang Finance, Coinvoice, and DappX , Hubox, Gyro Finance, Lieyun Finance, World Chain Finance, Interstellar Vision, SOSOLX, FN.com, Ostrich Blockchain, Blocklike, UP Chain Reference, Lianan Finance and other media, as well as Bihu, Password Geek, Wuya , Yehuashuo, Super Node, Bipu and other communities have provided strong support.