airdrop algoappstore-mobileappstorearrow-dropdownatomawc-bnbawc-erc20xlmknowledgeexploreracademyblogmembership assetsbtcdebiandogedownload_apk_androidethfacebook-headerfacebookfedorafooter-logo-atomicgithub-footergoogle-play--mobilelinkedin-blueltcmacosmsiteplaystoreratingreferraltelegram-headertelegrammtrust-pilottrxtwitter-bluetwitter-footertwitter-headerubuntuwiki-bluewinxrpxtzyoutube
Download
Download

Jun 16, 2020

8 min

398

0

398

8 min

AMA with CTO Bitfinex & Tether

On June 9th, our CEO Konstantin Gladych has conducted the AMA with Bitfinex CTO Paolo Ardoino based on the community’s questions from Twitter. If you are curious to find answers about Tether, UNUS Sed Leo, Bitfinex platform, and whether stablecoins are the future, check out the video and transcription with the most essential points here.


K: Tell us a bit about you, how you got involved in crypto, and how long you have been in this space?

P: My journey in crypto began with Bitcoin in 2012/2013. I started coding when I was really young and I’ve always been passionate about distributed computing and networks. That was the good part of my career before entering the crypto space then I formed my startup in London in June 2012/2013 and it was mainly financial. I was servicing hedge funds and I was dealing with the terrible infrastructure, it was really painful but at the same time, it was really amazing. I saw the Bitcoin whitepaper and decided to close the company and focus only on the Bitcoin and the crypto space. During my time in London, I met John Carlos and he invited me to collaborate with Bitfinex and connect with next-gen developers to improve their mission engine given my background in killable applications. That’s where I started and then I grew from there.


K: What’re the biggest technical questions or challenges you’re used to solving every day? As the exchange business is quite complicated, there’s community management, risk management, etc, tell us please what is the most complicated part of your job?

P: My main job is to code the machine engine, risk management procedures in the most efficient way. However, we ensure the machine engine is super scalable, it’s sharded. Even the mission drives and the local servers so it may possible to handle any load that we have now or what we foresee in the future. I’m really proud of what the team did there. So, really the biggest challenge is ensuring that when your users really need you, you are there for them.


K: So what’s your next product for Bitfinex as a very experienced platform for advanced traders and what’s your market strategy like maybe more trading options or something else in the future?

P: We created a product, it’s a social network inside Bitfinex and it’s really young. We launched it a month ago and it has generated thousands of users. Important that it’s not just a social network, it’s a way to replicate our professional and trusted experience 360 degrees. We are working to improve our lending platform with a couple of new features.


K: Can you share some insights about the use cases for Bitfinex’s Leo token and how you see the future of exchange tokens?

P: We have different types of use cases. The first one is used on the exchange for trading fees, margin funding fees. The second part that will start from this year from the next month is adding more utilities and not just have Leo being used as a currency. It’s more like making Leo the backbone of our social platform and market distribution plan. And we will soon add a protocol to create distributive data streams and distributed marketplaces and it’s not tied to any token. So the beauty of that protocol is that the token is agnostic but Bitfinex will show that as a business, our private company can leverage its own data, can leverage its own services.  


K: The use-cases for stablecoins are growing every day. What do you see in the future for stablecoins? Will they dominate internet payments rather than maybe, Bitcoin?

P: I think stablecoins offer an easy entry point for the average user. So, if I want to convince my father to enter the crypto space, it’s harder for me to explain how Bitcoin works and it’s easier for me to explain how a stablecoin works. Bitcoin is harder to explain because of the volatility and how it should grow in value and also maintain its value. So I think that stablecoins are lowering the entry barrier for a lot of people. In a few years, the use cases for the stablecoins will grow.


K: What do you think about the so-called decentralized stablecoins like DAI, MakerDAO, and some others. Is it really a competition to Tether or it’s just still in experiments. What do you think about it?

P: I think that they are really interesting projects that have a good future. Although I believe that a stablecoin has to be stable, and as the majority of the collateral they were having was in BTC or Ethereum, people risk getting liquidated. They need to start having centralized stablecoins like USDT to be part of their collateral.


K: Recently, you have issued Tether on Tron blockchain and I see it’s quite successful, the market is growing. Do you have plans for another blockchain?

P: We have a few other blockchains in the pipeline but it takes time to issue them because of the number of security investigations we do so it’s really hard. We require third-party audits of the code, we are required to be able to manage all the insurances so we have a pretty thorough assessment before the final launch of the blockchain but we are definitely looking at the biggest options like Stellar, Tezos.


K: I have recently seen that you listed Tether Gold, is it backed by gold? : )

P: The beauty of this is that if you have one and 30 ounces of gold and it means 400 certain federal tokens, you can actually redeem the Tether gold instead of a gold bar so we use the standard around five kilos and each gold bar has an ID.


K: I see. Thanks for the talk, Paolo!

We were glad to host Paolo Ardiono on Zoom. Thanks to the community for your questions!

Links:
Konstantin Gladych: https://twitter.com/gladkos.
Paolo Ardoino: https://twitter.com/paoloardoino.
Bitfinex: https://www.bitfinex.com/trading, https://twitter.com/bitfinex.
Tether: https://tether.to/, https://twitter.com/Tether_to.


Be always aware of our next AMAs and other projects with Atomic Wallet on Twitter, Telegram, Facebook, and Reddit, and see you soon.

Do you like the article?

Thank you for your opinion. You can leave your feedback or share this article.

leave a comment
Top Stories
Write a Comment

Even more features are coming

Thank you for downloading Atomic!

Your support helps us build a stronger and convenient platform. A lot of interesting features are coming soon!