In an interview released in China last night, Jian Zhang, Founder of FCoin answered 10 challenging questions regarding his controversial business. Zhang is former CTO of Huobi and later in May this year launched FCoin Crypto Currency Trading Platform. Its innovative business model of “trans-fee mining” has made its trading volume excess the sum of the top exchange markets.
Zhang revealed in the interview that “the essence of FT (FCoin Token) is to use the idea of the token economy to make a change in the practice of production relations. Transform producer-consumer relationships, or change the relationship between service providers and users. Turn the two from the opposite side of the spectrum of interests into a unified relationship. This may be the first time in the history of mankind promoting the large-scale practice of evolving of the corporate system to the community system. The second core mechanism of FT is that it’s a perfect example of Tokenomics in the future, it can even be regarded as BTC 2.0. Unlike digital coins, FT, as a token, not only supports the profit-cycling-model but also the profit-return-model, which most other digital currencies can’t do. FT has a clearly-defined dividend distribution method, and that’s why I think FT is opening a new chapter of crypto economy. FT is also a portal to digital currency investment, because on FCoin we have only the best quality of coins, and as long as you hold FT you will be able to receive all types of coins traded on FCoin. It’s super easy even for starters without any knowledge.” He also mentioned in the interview that this novel model is to pay his tribute to Satoshi Nakamoto.
FCoin’s success can be tracked back to Zhang’s mindset. “I often tell people privately that without a public heart you will never succeed in public chain. You may garner some quick wins but it won’t be sustainable. Exchange center itself ends up becoming the most centric body in a blockchain system, vowing to decentralize. We are hurting our own credibility if we have too much inside trading or randomly harvest traders’ profit.”
Which FCoin’s action of including BNB on the platform earlier is also in accordance with this core value. “In my view the community approach is fundamentally different between FCoin and Binance. Our approach is that we are all members of a community, we are all part of an eco-system. We share the mission to strengthen the community and guard the profit of all members. Inclusiveness is the principle I abide by, we will never regard anyone as our competitor. What I truly want to see is a flourishing crypto economy.”