This afternoon, the "Over the Moon—Chasing Waves Web3" summit was held in Hong Kong. This event is hosted by MetaStone and Odaily, co-organized by MixMarvel and AWS, and supported by top partners such as CREGIS, Jasmy, HOPE, Souff l3, LD Capital US, ArkStream Capital, SevenX, Jubi, zkMe, etc.
Flex Yang, the founder of the distributed stablecoin HOPE, attended the event and shared the theme of "Hong Kong's New Future, the Hope and Brightness of Web3".
Flex Yang believes that Hong Kong embraces Web3 and introduces encryption regulatory policies, which is bound to become a gathering place for a new wave of Web3. He believes that Hong Kong has two main advantages: first, Hong Kong’s capital market is the largest in Asia, and Hong Kong has very good experience in capital market supervision; The reserve issues Hong Kong dollars, which are essentially the same as USDC.
Flex Yang stated that the goal of HOPE is to become a distributed stable currency, with an emphasis on unhindered, open, transparent, and new experiences. "What we need to improve is user experience. The question that everyone in this industry should think about is not how much money to make, but to allow users to have a better experience."
He added that the distribution is reflected in three aspects: First, the distribution of reserves, HOPE-related asset reserves will be entrusted to the most trusted institutions in the world, including Coinbase. We will cooperate with local custodians in all major regions of the world, so that while meeting local regulatory conditions, we can avoid the risk of centralization due to excessive concentration of assets.
The second is that the distribution system is distributed. HOPE will have many distributors, just like Bank of China, HSBC and Standard Chartered Bank can print and distribute Hong Kong dollars. In the future, any qualified institution can set up a white list in the HOPE system for casting. The third is a multi-chain system. HOPE will be on Ethereum in the early stage, but it hopes to expand to other blockchains in the future to avoid single points of failure.
In addition, Flex also announced that HopeSwap, the trading protocol of the HOPE ecosystem, and other applications including DAO will be launched on the mainnet on April 19. Next, the lending agreement HopeLend, the on-chain custody and settlement agreement HopeConnect, etc. will be launched. "Just like the construction of Pudong New Area, DAO produces one, one produces two, two produces three, and three produces all things."
The following is the transcript of Flex Yang’s speech, organized by Odaily:
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1. Industry thinking: Hong Kong embraces Web3 and responds to the new international situation
I think it is a very good thing for Hong Kong to embrace Web3. Hong Kong has two special advantages: First, Hong Kong's capital market is the largest in Asia, and Hong Kong has very good experience in capital market supervision. Second, the Hong Kong dollar is the largest U.S. dollar stablecoin in the world. The Hong Kong dollar in everyone’s hands is actually a bill of arrears. Three banks (HSBC, Standard Chartered Bank, and Bank of China) applied for issuance to the Hong Kong Monetary Authority (HKMA) with U.S. dollars as reserves. Therefore, Hong Kong dollars are essentially the same as USDC .
In addition, I think Hong Kong is serious about embracing Web3 this time, not just talking casually. For example, when the Web 3.0 Association was established, the Hong Kong Chief Executive and the head of the Liaison Office of the Central People's Government were present, which is enough to reflect the importance attached by the Hong Kong government. Therefore, I think Hong Kong will have great opportunities in Crypto in the future.
Now let's look at the international situation. Since the Russia-Ukraine war, the United States has started a comprehensive financial blockade against Russia, making it impossible for all Russians to use US dollars and Swift. The same scenario may play out again in the future, but if you are using crypto assets, this will not happen. Your Key, Your Assets (private key in hand, I have assets)!
The last thing that needs to be mentioned is the centralized organization Thunderstorm. Recently, Credit Suisse Bank closed down for various reasons, and Switzerland amended the law to allow UBS (UBS) to acquire. This is a problem with centralized institutions. Traditional banks maintain their own books, which also leaves the possibility of cheating. In addition to traditional centralized institutions, many centralized institutions in Crypto have also closed down, such as FTX, Celsius and so on.
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2. Distributed stable currency HOPE
HOPE is our latest project. The goal is to become a distributed stable currency. The focus of construction is unimpeded, open, transparent, and new experience.
Unhindered means less friction cost. Last week, my friend transferred an account to me, but it has not arrived today, because Swift transfer takes a long time, while Crypto transfer arrives in real time; and the traditional transfer method requires a 0.5% handling fee, It is very expensive, but Crypto only needs to pay the GAS fee on the chain; if you make a large transfer, traditional banks still need you to provide relevant certificates, but Crypto will not hold you back, this is no hindrance.
We hope to provide you with open and transparent services. Previously, some people often stigmatized encryption. In fact, cryptocurrencies such as Bitcoin and Ethereum are public ledgers, and every transaction record is publicly available. The currency itself is just a neutral tool.
How to understand the new user experience? Cryptocurrency is too difficult to use now, which is a big challenge for many people. First of all, there must be a wallet, and then there are private keys and mnemonic words, so many letters are very difficult to remember. Therefore, we hope to bring a new experience, such as letting a compliance organization keep your private key for you, or like UniPassThis type of wallet can provide a private key-free, gas-free user experience.
Take the Web2 Internet as an example. In the early days, everyone needed to write codes to send emails. Now everyone can send emails directly without knowing codes. This is to optimize user experience. Like Web2, we need to simplify the barriers to entry for users. The question that everyone in this industry should think about is not how much money to make, but to allow users to have a better experience.
What are the specific aspects of the distribution adopted by the distributed stablecoin HOPE?
One is the distributed reserve network. Traditional DeFi is self-custodial. Many traditional investors want to participate in HOPE and put forward a very important condition - audit. At present, audit can support only those large custodians. Therefore, we will cooperate with large global institutions including Coinbase to manage user assets.
Why set up so many hosters? Because regulation is difficult to figure out, especially in the case of frequent changes in regulatory policies in different regions of the world, different custodians can serve different regions and comply with local regulations.
The second is the distributed distribution system. HOPE has many distributors who can mint, just like Bank of China, HSBC and Standard Chartered Bank can print and distribute Hong Kong dollars, any qualified institution in the future can open and mint in the HOPE system.
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3. The value of HOPE comes from the combination
Someone asked me before, why HOPE has to do so many protocols - the transaction protocol HopeSwap, the lending protocol HopeLend, the on-chain custody and settlement protocol HopeConnect, and so on. The core of HOPE's value comes from combination. Just like the construction of Pudong New Area, DAO produces one, one produces two, two produces three, and three produces all things.
What is "one"? The HOPE stablecoin is our "one". This stablecoin needs the exchange rate market and the interest rate market, so with HopeSwap and HopeLend, this can improve the stability of HOPE, and the cost of funds can be better calculated with the currency market. With "two", the most important thing is "two begets three", HopeConnect (clearing and settlement agreement), you may not feel much about this agreement today, but I hope that you can use HOPE to directly purchase a lot of real-world coins in a year's time services and products.
The so-called "everything" refers to the income of the next generation, the deposit of the next generation, and the payment of the next generation. For example, the Metastone fund had to go to the exchange before to be able to trade, but in the future, we can use our HOPE to trade directly, avoiding the credit risk of the centralized platform. This is the so-called new form of currency-based financial management. The next generation of payment means that in the future, everyone can use Crypto to complete payment without cash. This is the most important thing.
HOPE also has a governance token LT (Light Token), 70% of which is distributed to the community and 30% to the team.
Finally, I would like to announce that HopeSwap and LT will be launched on April 19th and officially traded on April 20th. I hope everyone will pay more attention.
