【AMA Review】Co-founder Richard Yang: “NFTs- from Flipping to True value”

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On September 15th, 2020, Cocos-BCX Co-founder Richard Yang, participated in China UK Blockchain Online Meeting “PG Connects Helsinki & Blockchain Gamer LIVE”, to discuss the “NFTs-from Flipping to True Value” roundtable discussion.

As a pioneer and one of the Top 50 Most Influential Companies in Global Blockchain Games ,Cocos-BCX,is introducing the project to the world.The meeting was full of success. With worldwide contributors sharing essential ideas and the new comprehensive understanding of NFT project has been widely broadcasted around the world. This is not just one step for Cocos-BCX to be well-known worldwide, it is also a good chance to bring everyone closer to the frontier world of blockchain. So,Let’s review Richard’s exciting speech:

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Richard Yang ,Cocos-BCX Co-founder

Good day, ladies and gentlemen.My name is Richard Yang, I am the Co-founder of Cocos-BCX! It’s an honor for me to be invited to participate in this conference held by BlockchainGamer.biz, and to discuss and communicate with everyone at present.

At the beginning of this year, 50 project parties including Cocos-BCX were selected as the “Top 50 Most Influential Companies in Global Blockchain Games 2020" at the Pocket Gamer Connects Summit held by BlockchainGamer.biz in London,we appreciate BlockchainGamer. biz’s recognition of Cocos-BCX.

Following, let’s formally enter the topic, first introduce the Cocos-BCX project to everyone:

1,Brief Introduction of Cocos-BCX

Cocos-BCX is a next-generation game digital economy platform. The goal of our platform is to create a complete multi-platform game environment, to provide blockchain game developers with convenience and perfection during the development process. At the same time, it also brings to blockchain game users a new game experience and game forms beyond the past. All assets obtained in the game will belong to the users.

In 2018, Binance Labs, OK Blockchain Capital, NEO Global Capital, and 500 Startups and other institutions led a $ 40 million investment. For more project details, please visit the Cocos-BCX official website.

2,BCX-NHAS-1808 standard

In August 2018, the Cocos-BCX team released the NHAS-1808 non-homogeneous digital asset standard. This standard not only implements the functions of the ERC series standards, but also allows players to freely shuttle between different game world views.

The biggest difference between the NHAS-1808 standard protocol and previous protocols is that it is not based on a certain public chain protocol, but is compatible with multiple mainstream public chains and standard protocols. For example, a typical application of ERC-721 “Crypto Kitties”, each of its data items is actually a special script in Ethereum and written in the contract, and finally to describe and realize visualization. In theory, these cats can achieve cross-chain, but because the “grammar” of different public chains is different, developers must do artificial “translation” between public chains.

Reducing the cost of cross-chain and cross-standard translation of game assets is one of the starting points for Cocos-BCX to develop the NHAS-1808 standard. The separation of contract logic and data and the freedom of asset data will naturally help the circulation of items. The independence of data allows NHAS-1808 to create an independent data domain for each game that the asset traverses. It has very strong practical benefits: the first is more suitable for cross-chain, and the second operation is more flexible and more adaptable to frequent ‘traversal’ scenarios.

3, Cocos-BCX landing action in NFT

At the 2020 ChinaJoy held in early August, for the first time, NFT tickets were used as an admission voucher for the online exhibition (ChinaJoy Plus). The NFT ticket is issued based on the BCX-NHAS-1808 standard and is supported by the Cocos-BCX team.In the end, more than 1.2 million copies were issued in the form of non-sale. ChinaJoy NFT tickets are a commemorative voucher provided by ChinaJoy Plus. In order to allow more users to understand and popularize the value of blockchain, we hope to let everyone know the blockchain through visual product forms.

Besides,Cocos-BCX NFT mall was officially launched, users can buy Cocos-BCX peripheral products such as T-shirts, hats using $COCOS. Meanwhile, we continue launching holiday-related NFT airdrops, improving brand awareness and user engagement.

4,The idea of ​​combining DeFi and NFT

In addition, the trendy hot DeFi has swept the entire cryptocurrency industry and has quickly become one of the most promising applications in the blockchain world to achieve rapid growth. The development of DeFi is a very short period compared with the evolution of blockchain technology and the evolution of consensus models. Many DeFi public chains use staking, lending, and then form field yarming, and then enter the governance currency into decentralized market transactions.

So, we envision whether DeFi and NFT can drive the further development of the game industry?

I think the core value of the combination of DeFi and NFT is whether to use NFT to generate more assets, especially in the use of DeFi, whether it is mortgage, loan, or pawn, it is very suitable for NFT assets.Cocos-BCX, as a complete decentralized network with complete transaction functions and product features, naturally has support for DeFi features, and with the support of atomic transaction features, it can achieve decentralized transactions of various digital assets including NFTs. The perfect financial asset coverage capability can be considered as an enhanced version of the decentralized transaction function of ordinary DeFi.

DeFi+NFT in DApps, including joint trading platforms, can form an independent cycle. What is currently lacking is the stable currency system and exchange mechanism, which are all under design.I hope everyone can pay more attention to our development in this area.

5, NFT Outlook

In 2020, we believe that NFT will be the most important development highlight on the path of combining blockchain technology with games and digital content assetization. Therefore, we will focus on promoting the application of NFT heterogeneous assets on Cocos-BCX in 2020. In China, we have already started cooperation with some ticket agencies. Globally, we also hope to reach cooperation with large-scale Internet platforms. Through the joint NFT exchange, game development CP, and our own technology, it is possible to make in-game item assets, ticket tokenization, and even asset chaining.

For more project details,please visit Cocos-BCX official website:www.cocosbcx.io

About Cocos-BCX

Next-Gen Digital Game Economy. Game engine, IDE and blockchain for decentralized game development. Website: cocosbcx.io

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