[Gate.io Live Broadcast Recap] How can Cocos-BCX implement the possibility of NFT+DeFi+DApp?

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The following content has been translated to English from Chinese by Cocos-BCX.

At 19:30 on August 21st, Cocos-BCX founder Haozhi Chen, was invited as a guest at the Gate.io live broadcast to share “How can Cocos-BCX implement the possibility of NFT+DeFi+DApp?”. The following is a dialogue between Gate.io Jiuer and Cocos-BCX founder Mr. Haozhi Chen:

Gate.io Jiuer

Today I am very pleased to invite Cocos-BCX founder Mr.Haozhi Chen as a guest. Can you first introduce Cocos-BCX?

Cocos-BCX Founder Mr. Haozhi Chen:

Back in 2017 and 2018, many project white paper were more about writing ideals and goals, hoping to achieve a lofty goal and further bring about profound changes to the industry. This can be seen as the blockchain changing the world or life direction. The difference from these projects is that the Cocos-BCX project is based on a long-term user base. In this way, there are three major companies in the world making game tools and engines, Unreal, Unity and Cocos.

Unity, such as Passion Leads Army on mobile phones, PUBG, is like the Glory of Kings on mobile phones; currently many themed games on the market are developed by Unreal. The special thing about Cocos is that among the three engine companies, only Cocos is developed by the Chinese team. The representative products here include NetEase’s Onmyoji, many of Tencent’s like the King of Fighters, and the 3D game videos made by the very popular dark theme stand-alone Chinese team some time ago. This team has also developed very popular products at Cocos before.

Engine tools are more to provide developers with tools to design and build their own products. The goal of Cocos-BCX is to create more virtual assets in so many products. We hope to achieve ultimate freedom through the content of virtual assets’ transaction. This is a mission we clearly stated at the end of 2017-early 2018. Today I am very pleased to see the development of DeFi, whether it is from asset synthesis or NFT development, we are getting closer and closer to this mission. In short, it is to capitalize digital content and make these digital assets more convenient to create, trade, and use.

This digital manifestation can be seen from the Chinajoy event that has attracted much attention on July 31. On Chinajoy, the electronic ticket received by each user is the digital ticket generated by the NFT on the Cocos-BCX main chain. This ticket was received by more than 1.2 million users, and 200,000 to 300,000 users applied for Token and deposited it in the electronic wallet.

Gate.io Jiuer

This data above is actually very brilliant. So what progress has been made since the launch of the Cocos-BCX project?

Cocos-BCX Founder Mr. Haozhi Chen:

We captured very big market attention in 2018. The core of this enthusiasm is that at the end of 2017, CryptoKitties has very big expectations for blockchain games.

The overall development of Cocos-BCX can be viewed from several perspectives:

1. In terms of R&D progress, our public chain based on the DPoS protocol has successfully completed the development and launch, and this year we launched the Cocos-BCX MainNet token mapping.

2. Ecologically, our goal is to allow more developers to develop DAPP games on the Cocos-BCX main chain.

3. Support more ecological development, including some investment strategies in data statistics platforms, including China’s White Matrix, which is the world’s first to provide development interfaces for the Libra Facebook main chain. Meanwhile they provide ANT Group,Public banks including Cocos-BCX a contract writing interface. In the first half of the year, smart contracts were written more than 3 million times, and many data are quite popular. Chinese developers on DappRadar have developed thousands of DApp games, White Matrix million-level smart contract compilation, Cocos-BCX main chain and wallet 700,000-level user scale. From a very early market two years ago, it has developed into a brilliant performance and active users.

Gate.io Jiuer

DeFi is also very hot recently. How do you understand DeFi? Does Cocos-BCX have combinations of DeFi?

Cocos-BCX Founder Mr. Haozhi Chen:

The significance of DeFi is that it provides very robust support for the next wave of digital currency markets, including exchanges, asset generation, pledge, governance rights and Token redistribution transactions in smart contracts. We had an expectation two or three years ago that there will be full automation and DEX in the market. The DPOS 2.0 ETH in the market has not been upgraded yet, and there is still a high cost of Gas, including relatively large pressure and relatively obvious limitations for expansion.

Cocos-BCX is a public chain two years ago and has a relatively large advantage in performance. In the same situation, the performance of Cocos-BCX is more guaranteed. At the same time, ETH has a higher threshold for developers, but Cocos-BCX supports relatively simple technical languages ​​and is more friendly to contract developers in many places. In addition, Cocos-BCX actually supported the generation of NFT assets 2 years ago. It has its own BCX-NHAS-1808 non-homogeneous digital asset (NFT) standard, and it is integrated with EOS and ETH.

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. The second point is that Cocos-BCX attaches great importance to transaction attributes and supports atomic transactions to facilitate the circulation of NFTs. Cocos-BCX can easily generate anchored assets, which is already available.

On the other hand, there are a lot of content in the DeFi field that need to be developed, including 1. Stable currency system. 2. DEX trading, that is, a decentralized trading market is very important. 3. The core is the overseas development of the DeFi ecosystem. At present, more core projects have been launched. I believe you will see it soon.

Gate.io Jiuer

What do you think are the problems facing the public chain? What are the advantages of Cocos-BCX?

Cocos-BCX Founder Mr. Haozhi Chen:

In fact, China has been pushing alliance chains. In the overseas public chain system, only ETH is relatively healthy. In addition to the main chain and alliance chain, the major problem that everyone faces in the world is the lack of landing scenarios, security, data, cross-chain, and governance are really very few. But the advantage of Cocos-BCX today: the game industry is a comprehensive industry. Our traditional developers have developed 100,000-level games with 1.5 million Cocos tool and engine users worldwide. How to transform these into digital assets or the blockchain world is what we have been thinking about for the past two years.

DeFi has given the current chain environment a stimulant, and it looks like it will last longer than the previous round of bull market. Because this model can be said to make the market work healthier, this is a good opportunity. If you want to continue to win in this field, you need to continue not to deviate from the core goal. For us, it is the assetization of digital content, so that digital assets can be better created, traded and used.

The second advantage is that the Cocos-BCX project continues to promote and the team is very stable.

The third point is the development of the main chain ecosystem, wallet browser, and continued promotion of project research and development.

The most important point is that the project party is relatively rich in funds, which is currently not enough for Cocos-BCX.

Gate.io Jiuer

For Cocos-BCX, how to combine NFT and DeFi?

Cocos-BCX Founder Mr. Haozhi Chen:

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 liquidity mining, and then enter the governance currency into decentralized market transactions. There is an efficiency logic in this. Different DeFi forms mutual capital flow, so the size of the capital pool will become larger and larger. Including the scale of the DeFi fund pool that you see accounted for 2% of the entire market, and then increased by 5%, this is a very early stage.

There is no relatively independent DeFi ecosystem in China, and it is more on ETH. For China, it is difficult to fully understand DeFi and quickly participate. The Cocos-BCX main chain 1808 non-homogeneous protocol can generate assets. This is suitable for both inside and outside the game, and is similar to traditional tokens. 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.

Gate.io Jiuer

Can NFT help Cocos-BCX develop better?

Cocos-BCX Founder Mr. Haozhi Chen:

In this year’s “Legend of Deification” movie, the digital derivative authorization of characters in it can actually use NFT, and the digital version of the product can be ordered in a limited way, output and tradeable. In the traditional form, if it is a blind box, it can only be exchanged privately. But NFT can authorize and IP, and this can be obtained through certain limited conditions, and the application scenario is very good development and participation experience.

Gate.io Jiuer

Will big companies and film and television be required to participate in the node in the future?

Cocos-BCX Founder Mr. Haozhi Chen:

Cocos-BCX values ​​high-quality developers. Many of them are opinion leaders. There are many game developers in Tencent and NetEase. There are also many very powerful masters who are not in the enterprise. This combination can form virtual props based on the NFT formed by the blockchain, and virtual characters can also turn the props into loan transactions. If the pledge model is accepted by traditional game manufacturers, we are willing to provide mature support for some manufacturers in the first time system.

Gate.io Jiuer

Will the Cocos-BCX community take any action in the future?

Cocos-BCX Founder Mr. Haozhi Chen:

This year, overseas communities have become more and more active, because in the past two years, more of the focus has been on domestic communities. However, during the overseas pandemic, local developers in Arabia, Turkey, Russia, Eastern Europe and Southeast Asia signed up to become ecological partners. We are all very happy to have them.

Gate.io Jiuer

Could you please give a bit opinions on future plan as we are close to ending?

Cocos-BCX Founder Mr. Haozhi Chen:

The plan for the next 2 years has several aspects:

1. The market has upgraded the DeFi content system, and the next focus is the combination of DeFi and NFT pledges;

2. Expand the ecosystem by itself, such as the ecosystem of ecological partners, including exchanges, wallets, communicators, and evangelists;

3. Continuous development on the main chain, this is because DeFi is sustainable to market changes;

4. Launch more high-quality exchanges, etc.

Gate.io Jiuer

At the end,what do you want to say to our users ?

Cocos-BCX Founder Mr. Haozhi Chen:

The blockchain is very young, and the constant fresh blood has a lot of creativity, and it also requires more patience. I hope that more people will understand us. We will take advantage of the big opportunity to develop. Once we seize the opportunity, we will be full of firepower. Thank you for your support!

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

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