Converse with Hoo.com Founder Wang Ruixi on His Six Years in Crypto from Miner Reseller to Wallet Operator
Friedcat (FC), the early prophet, evangelist of Bitcoin and the first person who brought mining ASICs to the world, has become the greatest mystery in Chinese crypto communities after his missing. This time, we were honored to invite FC’s close friend Wang Ruixi, to demonstrate his six-year experience in the crypto industry.
Like most people, Wang was driven into this space as Bitcoin skyrocketed and became more popular in 2013. He quit his job at Tsinghua Unisplendour, a state-owned enterprise and founded Bitcoin media ‘btcmini’.
(btcmini founder Wang Ruixi in an interview with CCTV)
As Friedcat miners and stock boomed in 2013, Wang saw the great opportunity and chose to join the FC team. As the mining business continued to expand, Wang became a miner operator
Later on, the cloud computing business rose in 2016. Wang followed the trend, acquired a cloud computing power hosting platform and established the Bitcoin mining pool ‘batpool’.
In 2017, as ICO got more popular, Wang also founded an ICO financial services platform icooo.com.
Wang is known as a “businessman” in Chinese crypto community as he can always find great business opportunities and launches blockchain-based productions rapidly.
At the end of 2017, Wang started his journey in developing Hoo.com wallet. At that time, crypto wallet has a rich profit model and became another important track in addition to crypto exchanges. However, the wallet market was dominated by forerunners including imToken and COBO. It seems that there is not much living space left for Hoo.com.
Nevertheless, Wang believes that the digital wallet will become the traffic gateway of the blockchain world and assert security is the cornerstone of the entire industry, Hoo.com is still competitive.
“Blockchain is an emerging industry. Every veteran held their positions until today may have similar experience like this. If you want to survive in this industry, you have to keep adjusting your business strategy according to work teams’ own conditions and market demands,” said Wang.
Life unpeel is quite important
When Wang was asked about the reason for choosing digital wallet business, he said that the mining model is quite monotonous, he prefers to devote to a blockchain product with more challenge.
“After Chinese authorities crackdown cryptocurrency trading and ICOs in September 2017, I decided to abandon all my other business and put my heart into Hoo.com. This is because of digital wallet the most typical vertical application in the current blockchain industry. Although crypto exchanges have monopolized most of the users, the digital wallet still has great potential in financing, lending, and other business. Once a large of users are gathered, the development prospect of wallet will be huge.”
Large-scale DApp application empowers the real economy
In 2018, EOS is one of the hottest blockchain projects. Wang took the opportunity and becomes a “RAM tycoon”. He indicated that,
“RAM is a scarce resource for the EOS ecosystem, as well as a basic resource that supports the operation of EOS account system DAPP. It is essential for EOS users and DAPP developers. Although the price of RAM drops a lot and lost much of its market value, it can be seen as an automatic market eliminating process to get rid of speculators.
I am still optimistic about RAM because its real use value has not been discovered yet. For the EOS ecosystem, the usage of RAM is quite broad and it takes time for the ecosystem to be more mature.
Furthermore, investment requires patience. I suggest that every investor may learn to invest for an extended period of time. Don’t follow the trend blindly.
There are many brilliant developers in the EOS ecosystem who are developing various DApp in the crypto winter. EOS has so many advantages, not only the RAM.”
Wang said that we are currently in a bear market. After Bitcoin and other cryptocurrencies skyrocketed in 2017, the crypto market needs to cool down and squeeze out the bubble. Good technology team with competitive products will survive. It is a good time for industrial insiders to conduct more R&D on the blockchain, focusing on the technology development instead of the token prices.
Wang believes that the large-scale application of DApp will be the future trend. The blockchain is now entering the 3.0, and DApp on the EOS blockchain can be a typical symbol. As a public chain, EOS blockchain support DApp from perspectives of security, expansibility, and TPS.
In addition to games, Wang considered that finance will be another application senior for DApp. The ultimate goal for a blockchain project is to empower the real economy.
“From this perspective, the enterprise-level trust fund is a new field with the greatest potential for the digital wallet, and that is what we are currently working on,” said Wang.
Public blockchain cloud service, core competitiveness of Hoo.com
At present, the digital asset market has been occupied by several wallet operators including imToken, COBO and Kcash. But Wang believes that the competition in the current digital wallet market is not limited to asset storage, the mortgage lending and financial service are also very important.
In recent years, as users are shifting to the mobile apps, user base becomes large with a higher cognitive level that provides a good basis for launching mobile wallet application business.
Wang demonstrated that: “We believe that the business model of exchange will become more professional, but to these non- HFT (high-frequency trading) users, they need ‘lighter’ products to meet their needs. Therefore, Hoo.com has offered the real-time exchange services.”
In addition, mortgage lending is also another business that meets the current market requirement. People are not willing to sell their cryptocurrencies in the bear market, the digital asset mortgage may meet their needs when they running out of money.
As the crypto financial market is not mature compared to the traditional finance, Hoo.com has launched micro-financial products for crypto investors. These products are so popular that always be sold out in seconds.
In the future, everyone will hold digital assets. People will treat blockchain assets as fiat money and seek professional financial service. Hoo.com’s crypto financial products will make it more competitive compared to its rivals.
Wang also emphasized that another core product of Hoo.com, the “Hoo Public Blockchain Cloud”.
Hoo.com is also eyeing the “trust fund” business. According to Wang, Hoo Public Blockchain Cloud is an enterprise-level digital asset management solution for organizations, exchanges, developers and wallet service providers, that may meet their needs in large fund management. Hoo Public Blockchain Cloud provides more than 100,000 kinds of digital currencies hosting services based on 30 main blockchains.
The main function of Hoo Public Blockchain Cloud is large fund custody and public blockchain services, which provide funds storage services and blockchain access to Business-end users.
Compare with other blockchain products, the Hoo Public Blockchain Cloud offers advanced public blockchain data service and cryptocurrency access service. It provides stable, high-speed, high concurrent low latency, complete blockchain node data query, and transaction broadcast service.
At present, the Hoo cloud supports 19 public blockchains including BTC, ETH, XRP, EOS, and LTC, and over 1,000 tokens based on Ethereum or EOS smart contracts. Other kinds of tokens and public blockchains will be revealed in the future.
Hoo Public Blockchain Cloud will provide developers with a standard API to enable a series of operations including wallets, digital asset top-up and withdrawal, data query and block push. The access process has also been optimized with detailed API documentation, and customized technical support services. Which enables the development system to access the public blockchain rapidly.
As a digital wallet operator, Hoo.com is also concerned about the safety issue. It uses 3 sets of systems to manage different financial modules. Hoo.com uses the remote backup and confusion encryption to securely store the private key and developed a set of industry-leading digital currency security storage management system based on the cold wallet billing system. In addition, Hoo.com has cooperated with Slow Mist technology to provide the top third-party security audits, to build security barriers.