Hi everyone, let’s start. I ’m Kevin, member of the Interim Committee. First of all, this is the first communication between the Interim Committee and community via Telegram; also the very first time to me by this way. So I’ll try my best to make it as clear as possible. Please forgive me if there is anything imperfect.
Today's discussion is mainly focused on technology-related issues. Current progress, including answering some of the questions that people may question the most, which is equivalent to the transparency of the Interim Committee for the first time.
I know that many community members may be more concerned about the issues of follow-up progress. For example, like FUSD processing and so on, maybe today we’ll discuss more about synchronization around technology relevant. Because if the technology itself does not lay a good foundation, there is no way to implement many of the following programs.
Before we begin, I would like to say again that the main goal at present, it is to make “break even” as soon as possible. For example, income should be greater than expenditure. Then there will be a substantial reduction in expenditure, including human resource, servers, and so on.
So first of all, resources will be concentrated to start FMex. In addition, as a technical support, FCoin-Japan, led by the independent operation team of the community, will also be launched in the follow-up. No matter FMex or FCoin-Japan, FT community holds shares on both. So in the follow-up, both FMex and FCoin will be empowered in each direction, so that the break-even will come as soon as possible.
Talking about the role of Zhang Jian after restarted. as many people asked. I can tell you clearly that the main assets of the platform, including permissions, have been handed over to the community. And the only possible of the future role of Zhang Jian, is the role of debt repayment, which he must undertake forever.
The Provisional Council supports restart, but it does not oppose the protection of human rights. what we oppose is fabrication and personal attacks without facts. Now we're all victims. The only thing to do now is to help everyone recover their losses, not internal friction.
To get back to the point, I have seen a lot of questions from all of you. But in fact, the related technical issue that everyone is most concerned about now is that the website has been restored, so when will it be officially operational? Well, now I want to tell you that this may not happen right away. There are several reasons, the first is security. We all know that the biggest difference between financial products and ordinary Internet products is that financial products actually involve everyone's assets, that is, real money. If you receive the source code without any code auditing, nor do the security assessment of the system, you will go online in a hurry. In fact, it is irresponsible to everyone, and our exchange can't afford any second blow. Let me talk about the second reason. Everyone should have seen the <Truth> by Zhang Jian. The backstage system we are receiving now does not have a financial statistics system. In other words, there are no traditional three statements, balance sheet, income statement and cash flow statement.
That is to say, we have no way to know in real time what the current asset situation of our exchange is, what the profit is, and what the redemption ability is. Including after we go online to be transparent, then there is no way to be transparent without this statistical system.
So this also leads to another problem, that is, we need to have the ability to redevelop. And for the financial statistics system to develop, you must be quite familiar with the whole system. If you want to be familiar with this system, you must take the time to understand it.
Finally, let me talk about other factors. First of all, Zhang Jian's own team was disbanded and was not complete after the recall. Secondly, Zhang Jian's control over the current team is very weak, that is to say, everyone may lose contact at any time.
Zhang Jian's original team has been on a development spree in a rush for the past two years, so his entire documentation and including code comments are incomplete. A lot of replenishment is needed, and what is currently being supplemented is the source document, and the subsequent code documentation has not yet been processed, but it certainly needs a lot of replenishment..
There is also the problem of communication efficiency. Now communication can only be done by Telegram, and it is in the form of pure text. It is very inefficient to communicate a complex thing in a text-only way. The traditional handover of this complex system is generally face-to-face person-to-person as far as possible. In addition, this is a complex system developed by more than 60 people in two years. It is also a fact that the community is short of manpower in the early stage, production capacity needs to be restored and the team needs to run in.
I guess some of you will be very worried or even disappointed when you receive the above information. As mentioned in <A letter to everyone>, transparency is a double-edged sword, and it is very difficult to be transparent at first. Because you have to take off all these disguises, there is no whitewashing data, nothing, just naked to each other. But the transparency itself, stick to it, keep going. In fact, in the future, he will produce great value one day in the future.
Fortunately, the Provisional Committee has experienced CTO resources of the exchange, so we can set up technical team quickly and the exchange is now going to dock. also there are a lot of skilled people in the community who are now joining us one after another. Our community is very rich in human resources, if we can always adhere to, be transparent and then transparent more. At the same time, we continue to release all the resources of the community, I think we will be able to counterattack successfully.
Let me tell you about my own experience with FCoin. In the earlier days, I was actually a big customer of Huobi. In fact, the Huobi community is more dependent on account managers to maintain, send us some projects information, some assets information etc. In fact, what we are talking about is basically that the which coin has risen, how many times,such a thing. Most people came to FCoin like me because of the news at the time that the trading volume of Fcoin exceeded that of all other exchanges. I was also curious when I came at that time, and then I came in. The model is also very interesting, however, when you join this community, you will find that it is very different from the community you have come into contact with before. You will feel a strong sense of participation and contribution. I am a continuous entrepreneur myself, and my company has more than 300 people. When a company has more than 300 people, you will deeply feel that human resources and efficiency can be a problem, as well as all kinds of problems will become the bottleneck of your development. I found a lot of inspiration in this community in the early days. I remember that once it might be a Fcoin revision of a function or something, and then the staff asked us who in the community could give some advice.
At that time, I may have signed up for this, and then I joined a group. I remember they sending out a lot of product-related prototypes at that time, and then I also made a lot of suggestions, and then it wasn't long before I remembered very clearly that I put forward some suggestions and they make it out. This actually shocked me a lot. Because you will find the bottleneck of human resources that I usually encounter at that moment can easily be solve through such way. Because there will be a lot of practitioners, and as far as I am concerned, I am much better than many people who can be recruited on the market, I have feelings for products are much better, it can be said that it is very difficult to recruit such peoples like me. But Fcoin used it for free in this way, which also triggered me to think at a deeper level. Is this approach? or is this model of the token-economy a revolutionary thing for the company of the future? and am I participating in a revolutionary experiment? I'm going to join FCoin, even as a shareholder or investor, I want to see if such direction can solve my own problems in the future. Step by step, you will find that you can get what you want in it, and you also get to know each other of many interesting people. Because the biggest difference between our community and other communities is that people actually talk more about the topic of co-building and the topic of creation. And this is not in all the other communities I'm involved in. In such a unique community, there is no second place in the whole crypto-currency circle. To this day, I firmly believe that if I had been on the right path and stuck to it, I would have been able to create miracles. When Zhang Jian released his <truth>, apart from letting me lose more than 10 million, my biggest feeling was: Not reconciled! If I try and failed because of some reason on this road, I'm willing to accept it, but because Zhang Jian's personal fails in this way, I can't accept it. I know in this community.
There are still many people like me. Today, our members of the Provisional Committee are willing to devote their time and experience to keep going in the direction we should have taken. I think we can stick to it together and keep going this way. The huge energy brought by community certification also has a lot of anti-phagocytic effects. No one has successful experience, no one. So I think the road behind this must be very difficult, not to mention that we were deeply hurt and it will take a long time to recover.
Let's get back to business. The next step for the community team now is to build a set independently and restore our system. If it is found that it doesn't work, then we will work to fill the gap. Whether the original team has any files or source code has not been delivered? Well, through such a process, to achieve the goal, and then the next step is to become familiar with the entire structure, including the source code. This includes doing a step-by-step security audit, and after these issues are clear, we will be able to do development. My ideal forecast about the schedule right now, is that I hope it can be done in two months. Then we will have the development capability at around third month, so that we can go for put online ASAP. However, because there will be some unexpected situations, as mentioned before, including manpower instability, or we still need to manpower expand.
I saw a lot of discussion about these 200 servers. Well, here I can give an analogy, that is, when we play video-games, we all know that some games just require low computer performance and may not need independent graphics cards to play. But some games may need very high-end graphics cards to run it smoothly. So products like exchange are actually a kind of products like this. So its consumption is actually higher than many of other Internet products.
talking about technical details, in fact, people who working on exchange all knows about it. That is, every crypto-currency, especially the main chain crypto-currency, needs a computer running as a node, and this node computer is actually a server. When you have a lot of main chain coins, including ERC20 coins, you need a lot of node computer running. Well, now FCoin actually has nearly 200 crypto-currencies. Although many ERC-20 can be merged, we still need a lot of node computers, and there are many in this case. Even if there is just one piece of coin in this currency, and even if no one to withdraw, the node has to be running. This can be compared to say, for example, there are many shopping malls right now, in case of coronavirus, even if there is no body in there, it has to open the store, and then they have to do reception work. There is no way to say these costs, because there is only one person today, so I can turn off all the electricity, or I can remove all the waiters.
Another problem that everyone is concerned about should be the $200000 payment to the original team. I am also going to negotiate with Zhang Jian, and I will announce it as soon as possible if any progress.
Q & A session:
Stone, on behalf of the 500 members WeChat group, asked a question: Will you ignore the community voice after got the source-code? and If restart is real, can you give an approximate schedule??
The core reason has also been mentioned just now, that is, the whole thing is unknown now. For example, the timing of the handover is unknown, because the current inclusion of these documents is not comprehensive. The second includes the time of security audit and the time of familiarity with the whole code, all of which are uncertain, so you are now asked to estimate an approximate time, which I have just given.
Fcoin Luo Does the FT fractal main-chain continue to proceed?
In future main-chain will be a good transparency support for us, because financial info is also merge to main-chain as follow-up.to make the whole transparency to the end.
Database was not deleted, why does it take three months to restore several systems?
Programmers could understand the problem of deleting libraries, also as developing a game and making such a complex system.
It is a professional issue, and it is not a matter of saying that we pat our heads and talk about it in a few days.
Can Zhang Jian's original team come back?
The hope is that these members of the Zhang Jian team can join the community team.
Make the best estimate, your technical team has taken over, can you ensure that the team can
Controlled? In case of this team or you don't care about it anymore, will us spend another millions even more to build a new team to take over?
Please believe in the power of the community, do not underestimate this community, this community has a lot of technology, and.
It's not like we're the only ones who can pick it up.
Feixue can't wait for the whole day, and people will be exhausted for keep waiting several months.
Kevin: we need to do not only technology-related things, but also many other things. there is always a time for capacity improvement needed. We could not just take over and run at full speed immediately. We need time to accelerating from zero to 100. And the new team needs to run-in, right?
Xiayubuchou now for muti-signs wallet. Does Zhang Jian have a key? Can funds be used without Zhang Jian?
Kevin :talked about Zhang Jian's only role just now, and you should have heard this, too.
Xiayubuchou can we make a progress report or communicate at least once every three days?
Kevin: will issue relevant technical weekly reports.
How can we ensure the interaction between the provisional committee and the community? Otherwise, no one will answer any questions.
Kevin: originally I was also one of the partners in this community and I took the initiative to lock up the position, and Zhang Jian did not communicate with us for a long time, and then I had a big concern about this. I also hate this, so I will try my best to communicate with you as much as possible in the future.
Zi Lao can we ask Zhang Jian to disclose his debt buyback plan, and can he centralize his work in the future to let the community know where the team is?
Kevin: will definitely urge him to make it.
Variant orange juice Google CAPTCHA lost, cannot log on to FCoin, how to solve?
Kevin: I have received a variety of questions related to the large number of users. But now we don't have much time to deal with it, and we are still dealing with more of this handover. it will be arranged to repair this matter for everyone step by step. Such as log in problem, failure of secondary verification.
Can FMex still withdraw half of it according to the announcement? How to deal with the previous contract held by FMex, and at what price? Can fmex be started in advance?
Even now it is too early to discuss this before it is restored. You can send it to our volunteers if any good proposal.
Restart must be set by schedule, people's mentality will change if procrastinate for a long time, and slowly the confidence will wear away.
This is contradictory, and assuming that Zhang Jian's <truth> is right, then we don't want to make the same mistake again.
Gnaw at the bone:
What needs to be done at the technical level in order to go online? And what do we have to do after we go online? Can you list a ToDo-list, to facilitate supervision?
The most important Todo has actually been announced. I remember that there are eight. And now the situation is the community team is doing this restore through his technical documentation. Then check to fill in the gaps and see if there are omissions in the code.
Can you set the operation plan first, and then find a cloud exchange to run at the same time as the technology transfer on going? And then switch to your own exchange after the handover is completed, just like eos issuing on eth firstly and then mapping later? This can shorten the restart time and consider whether my plan is feasible.
First of all, the wallet of the Cloud Exchange is also saved on cloud, and the core of the asset is not under control. Secondly, we will be involved deeply when we go online regarding unlocking debt and a large number of deep customization features, Cloud Exchange cannot meet our customization needs.
I thought we could restart it within a month.
Transparency is like this, it is very difficult at first, if I say a satisfactory time, and the initial FMEX launch.
To procrastinate later, which is better?
How do you spend money? how do we know? I ask to go to your company for audit on a regular basis, okay?
In the future, we will discuss the way of governance, how to be transparent, such as the community to set up independent financial observers.
But none of this can be achieved overnight.
Your provisional committee is all platform token holders, and you don't care about the users of the main currency at all, but restart it depend on the money of the main currency.
As mentioned in the letter, there are also large main currency holders, so they will still let everyone reduce their losses and bear the buyback FUSD . If it's all platform token. In particular, an investor in FMEX, Zhang Jian took 30 million USDT of private equity funds from these investors to buy back FT loopholes, can we just say, the rest of the money should be FMEX.
How can we rest assured that the key provisional committee does not have its real name?
This is a special period, which can be said to be a state of war. After excessive stability, I think it can be elected by referendum.
The representative, that is, the new social committee, will supervise the work of the executive team and participate in the multi-signature and holding of cold wallets.
Zhang Jian and Li Yingying repay the money:
But what if 15 members of the Provisional Committee run away at the same time?
It's impossible, the probability is too low, they are all elites in the industry, and their own companies run hundreds of millions of money once a year, and they won't just to split the money left.
You are too idealistic, restart like this; there is no support in the community, no one outside dare to trade, what is the meaning of your hard work?
Do it slowly, there will be a lot of people understand and support, not overnight, restart the program is simple, restart trust is difficult.
What if these 15 people colluded to empty the money under the pretext of restart and then use all their money to make up for the losses of the 15 of you? Then it will be all right to say that the restart failed?
Most of the people who can lose tens of millions of dollars have the ability to make money, and the cost of time is higher than that of doing thankless things. The reason why we restart, on the one hand, we really hope to recover the losses, and more importantly, such a good community and products went to such a dramatic end, we are not “Willingly”. Many investors in this community are not just care about trading.
Zhang Jian, turn around:
Like that said, it would be much easier to open a new exchange.
Because the community cannot be copied, the value of the community is much more valuable than a product and source code.
The fifteen people with the greatest losses are actually very easy to deal with. Send out their own locks or records of losses. I believe that no one will embarrass you again.
This is not difficult, but there will still be leverage to say it’s fake.
My account has always been in the community partnership, which can be confirmed by the community partner.
It costs money to restart. Can our funds guarantee the success of the restart? Have you ever thought of drawing investors to endorse a successful restart?
The <letter> also said that the organization is also a member of the community, and they have promised to support us, but now it is in a wartime situation.
How many institutions dare to come in now? If we can stabilize later, of course they will.
There must be at least one person or organization that everyone can find, plus 14 people who can report the number.
Now that organization is unwilling to come in at this time, it is not that the Provisional Committee is unwilling; of course the Provisional Committee is willing if any organization is willing to come to the platform, we warmly welcome, welcome to contact me.
After listening to this, it takes a long time to plan. Can you consider launching a tradable trial system as soon as possible, and then get familiar with the code and synchronize it? There are all community-based, whether some code modules can be open source, we can make contributions together to speed up the improvement of functions.
As I just said, speed and safety can't be done at the same time. If it is an Internet product, you can take small steps and run fast.
Iterate slowly, financial products are not good, involving user assets.
Have the loopholes in the mining algorithm been solved?
It will be thoroughly investigated, it all takes time, and no one can dare to use it if we put it online right now.
Recognize the winner:
Most likely Not, and the contamination will be checked step by step later.
It is best to have a plan of free choice, so that it is true communalization, and reconciled is not the key value of community. Even if only one dollar of assets left. For those who are willing to take risks, increasing the commitment of unearned rewards should not let people to take risks in vain.
It is certain that there will be a referendum before it can be restarted. But I have already explained the plan you just mentioned
As long as the tables of financial management and leverage are made public, fools will know whether they are profitable or in debt.
This is not imagination, digital currency is different from traditional finance, each currency has to correspond to three tables, hundreds of currencies on the platform, more than 30 main chain coins, in addition, financial statistics cannot be careless, and you must be very familiar with the platform before you can do it.
For those who do not want to participate in the restart, the Provisional Committee should return the platform on a pro rata basis according to their own wishes.
Jian misappropriated part of the withdrawal reserve, this part is not platform assets but platform generation, and users have the freedom to decide whether to restart or withdraw the investment. For those who want to restart the rest of the investment, additional incentives can be designed to compensate for the risks they take, such as equity in the platform after the restart. That's fair.
Combined with the current currency price, everyone did not remove the platform Token and Zhang Jian's debt at that time was calculated according to 35% pollution. If there is only 10% pollution or only less pollution is found, the current fund is only enough to pay 2%. First of all, the restart and compensation of this scheme do not meet everyone's minimum capital expectations, and secondly, even if it is finally restarted, can you ensure that everyone can abide by the gentleman's agreement?
The Provisional Committee is composed of 15 members of the Social Council, major holders of mainstream coins, large holders of platform token and ordinary retail investors elected by the original referendum in the community. The number of temporary committees is small, but they are all of industry elites, including investors with experience in mergers and acquisitions of listed companies, successive successful entrepreneurs, well-known fund investors in the industry, founders of overseas Internet companies, core members of exchange operations, founders of traditional futures industry, trading analysts, international quantitative fund technical experts, and so on.