A Look at Bit Capital Vendor, the Intelligent Digital Asset Management Platform

BEIJING, March 29, 2018 /PRNewswire/ -- One of Bit Capital Vendor's funders, Wu Xing, recently was interviewed discussing BCV's vision, approach and what makes BCV unique in the blockchain community. Below is the interview with Ene Finance.

Recently I found out about BCV, a blockchain digital asset management project that's considered to be something of a prize by the investment community. Not long ago, it completed its angel round financing. I sat down to interview the founders of this project and hear them talk about what makes this project stand apart and where it came from.

Vision

From being a member of the early founding team of Happy Net to founding the IT Education Academy Youcai College, Wu Xing, the founder of BCV, has achieved quite a resume for himself.

When blockchains started to heat up, Wu Xing had his own questions: although the biggest features of blockchain technology are its traceability and irrevocability, how can you ensure that the first data recorded to the chain from the physical world is genuine?

"The rising trend of the digital asset industry is already obvious, especially when the arrival of tokenization makes it possible to develop a digital asset market of up to tens of trillions of dollars for the future. Banks, insurance, credit, primary markets, secondary markets, etc. that we can see now in the world of legal currency will all still be there in the future as well. The question is who will be doing it."

"Blockchain pursues disintermediation and transparency, while there are a number of actions involving reliance on humans, intermediary agents, information sources, and intransparency in the early stages of digital assets investment, which implies a great deal of risk, and the asset allocation in the later stages is still blank."

Approaches

In their white paper, BCV describes itself as comprised of SaaS, economic and financial specialists, providing chain evaluation and OMO chain services.

With technology building the engine and creating the ecosystem, there will be many third parties involved. Even just in those few words, it's easy to see the project's ambition.

This requires equal emphasis on both tools and services. "The reason why tools are used as an entry point is due to two considerations. First, people's current needs can be addressed quickly through them. Second, tools are both visible and tangible, which is helpful for boosting the public confidence in the project."

He briefly introduced two tools that had already been put online.

The first is Chain Radar, which can be simply understood as a circle of friends of the project, grabbing basic information, recording it in chronological order, and storing it. What other applications tend to do is grab prices, while in the case of BCV, it is information about a blockchain project. This part of BCV is free and open source.

The second tool is called Daifabao. Wu Xing said that while the automation of services such as payroll has been popularized, most tokens of the digital industry are still distributed manually.

As the digital asset industry grows, more companies will send tokens to employees as part of their salaries. From this point of view, achieving automatic currency distribution is obviously of significant value for improving efficiency.

Apart from providing users with tools of their own, BCV also provides services.

Asked how to protect the property of investors, Wu Xing said, "We are a custodian system. When a third party issues a fund, the account number will be stored in our escrow account. At the same time, assets will be stored separately for security and called only by using a restricted API."

Underlying Technology

In a nutshell, BCV is currently building its own asset management chain based on Ethereum and LISK. The DPOS consensus algorithm is used and the problems of compatibility, efficiency, and trust are solved through the sidechain plus mainchain solutions.

After evaluating every available technology, the project team chose the LISK platform, mainly because of the fact that LISK was a relatively mature technology that had already been launched. Wu Xing said that it did not rule out the possibility that with the ecology like EOS getting more mature there would be better solutions.

However, in Wu Xing's view, it's not enough just to rely on Copinism. "We will also work on the chain of asset management, strengthen the bottom infrastructure, and operate the asset management services on the chain, including our and third-party's tools. This is something that will lead our team forward as a whole in the future."

"What we need to cope with now is cross-chain exchange. As a tool developer for digital asset management, we hope to support exchanges in various currencies. There are several ways to exchange, and we are still evaluating it."

Communities

According to BCV, they have already established communities on websites such as Facebook, Twitter, QQ, and a Telegraph Group, over 200,000 have joined so far. They also held a Chinese New Year red envelope promotion in which more than 60,000 users participated.

According to regulations, when it comes to the services of the project, any important decisions will be made by the community, except the evaluation of the technology. BCV will gradually abolish internal-only reviews, editions, and the centralized operation management team. The owners of BCV can vote for the projects that are about to be presented as one of the participation nodes, and the weight of each vote will be measured by the number of BCV and other forms of community prestige.

Team

The team behind the BCV project has a total of eight core members. What is impressive is that all of the co-founders have stayed since the beginning of the project. This is due to the mutual trust of the founding team. As the sponsor behind BCV, Wu Xing said that the core members of their team had known each other more than five years.

Risks

From an objective perspective, whether the project can grow into a unicorn of the blockchain era is still to be determined by the handling of the following three issues:

First, breakthroughs in the primary technology. Although the project has an outstanding technical R&D team, with especially the core members including the founder of the project all from technical backgrounds, at this stage, BCV is still based on projects run on Ethereum or EOS, which means that the prospects for BCV are limited by the development of the public chain.

Second, the project algorithm. In the case of Chain Radar which has already been put online, the project team hopes to evaluate the mixed financing projects in the market through big data and establish a unique risk control model.

Third, the platform operation rules. Given that the project is still at the pre-launch stage, this is not a major issue yet. But still, the project team has tried to keep to a principle of fairness.

Judging from the current progress, BCV has the potential to become something outstanding. Whether it is the entrepreneurial experience accumulated by the founding team in the early years of the Internet 2.0 era, or the actual demand in the digital asset industry, or the strong support from investors, BCV appears to have strong prospects going forward.

For more information contact:

Shi Shuang
+86-186-1196-2545

SOURCE Bit Capital Vendor