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On Monday, July 23, 2018, FCoin held an online media Q&A session with its founder, Mr. Zhang Jian replying some of the most popular questions about FCoin, a digital asset trading platform that was launched barely two months ago but has already become the most talked about phenomenon in the industry.
Some adjustments were made to the listing rules with the launch of FOne. The very first reason FCoin launched FOne is that FCoin wanted to solve the problems that were encountered when doing GPM, i.e there is a long list of projects waiting to be listed which is far beyond the capacity of the platform itself. Most importantly, FCoin encountered the problems of verifying its authenticity before launching FOne. Hence, in order to make the entire mechanism work better, the essence of FOne is to let FCoin certified organizations screen quality projects. Every certified organization has its own zone that has the right to list tokens and set its own listing rules. FCoin provides service and technical support to various certified organizations. This relationship will guarantee a healthy growth of FOne. As for the rights and responsibilities, these are vitally important as well. Since these trading zones are opened by certified organizations, they have the responsibility to guarantee the quality of its listing projects. FCoin retains the rights to review and verify the performance of these certified organizations. Further details will be released soon.
Mr. Zhang Jian said: “We really hope that good projects could stand out from this innovative mechanism and this will help motivate the entire industry.” Regarding the selection standards for the certified organizations, these are mainly mainstream token funds in the industry. Easy to get in but difficult to get out. First of all, these organizations need to have a certain reputation in the industry. “We welcome them to join us as our certified organizations in the beginning but more strict standards will be launched later.” He said. FCoin will soon announce the list of our second batch of certified organizations. The entire crypto industry is not yet mature and it’s currently a mix of everything. FCoin is trying to introduce step by step some mature models to break through the mess. We are on our way to a revolutionary future
As stated in the FCoin official announcement, token-reforming is not made by FOne. Token-reforming is in main Board C, right now FCoin has main Board A & B; the mature blockchain projects are in main board A, and emerging projects in board B, while the token-reforming projects are inboard C. FOne is the successor of the previous Innovation Zone on GPM with the aim to support startup projects. After upgrading of the overall positioning, GPM will focus on supporting the long-term projects while the startup projects will move to FOne. FOne will transfer the listing power to certified organizations in order to attract more quality projects to get in in the early stage. As a matter of fact, token-reforming is not all that easy.
FCoin will consider the project in a comprehensive manner, from the preparation, the qualification of the projects to the business model or the maturity of the business Situations(applications). There might be two ways of reforming, such as QOS, the one project that FCoin has been observing and providing the technical support. It has applied to get listed on main board C. QOS is a typical blockchain project with mature business applications and massive users, along with a solid preparation process. There are two biggest difficulties for reform. First is the whole design of token economy model – it means completely different things for different products or companies, even with different approaches, thus, quite challenging. Second is the overall interest arrangement. A mature product must face mature interest arrangement, including shareholder structure, existing resources and a way to solve these problems. It requires massive communication as well as knowledge and determination to get all these problems solved.