In this interview, Han Lin, founder of Gate exchange, shared his entrepreneurial history, platform strategy evolution and industry insights with Wu said founder Colin. (Synopsis: The lawyer talks to Gate Pay: How does the exchange make payments? (Background supplement: ABS exclusive interview" gate CEO Han Lin: Fearless banks enter the encryption service, Taipei is particularly humane) Han Lin returned to China to start a business after graduating from Canada with a Ph.D. in optoelectronics, tried to buy 100 BTC in 2013 and was scammed out of losing $2,000, and almost completed all development work independently in the early one or two years after entrepreneurship; Although compliance has high short-term costs and low returns, it is necessary in the long run; are very interested in the Hong Kong market and are considering rearranging the application for relevant licences; is investing in related areas, such as chip companies that support ZK, to improve computing efficiency; The company's asset reserves are mainly BTC and Ethereum; Now there is no obvious cyclical law, and the trend this year is relatively optimistic; Most of the time is still spent on technology and products; The corporate culture is pragmatic and innovative, I hope everyone is more practical, not too impetuous, do not always think of taking shortcuts, corners to overtake. Canadian photoelectric doctor, was deceived when he first came into contact with BTC Colin: I remember that you were originally a master's degree from Shandong University, and your doctor was in Canada, what major did you study at that time? Han Lin: I studied electronics, I studied electronic science and technology as an undergraduate, and then I was sent to graduate school, and then I went to Canada to study for a doctorate in optoelectronics. Colin: Did you start your business after you got your Ph.D.? Han Lin: After graduating with a doctorate, he worked as a postdoctoral fellow in Canada for a year, and then returned to China to start a business. At that time, there were some research results that I felt could be applied to industry, so I set up a company to do photoelectric simulation software development, and later turned to high-performance computing. Colin: What made you enter the virtual asset industry? Have reports mentioned that you were lied to in the early days? Han Lin: When doing high-performance computing, you need to use a graphics card, and I found that many people use graphics cards to mine BTC, so I began to study BTCWhite Paper. Because of my technical background, I quickly understood the technical value of BTC and became personally interested. He was later scammed while trying to buy BTC on forums such as Bitcointalk, losing about $2,000. Colin: How much was more than 100 BTC at that time? Han Lin: The total price at that time was about 3,000 Canadian dollars (equivalent to more than 2,000 US dollars). From chip to exchange: the asset-heavy model is limited, and the trading platform is asset-light and autonomous and controllable Colin: You have a professional background in electronics, have you also participated in mining? Why didn't it continue to develop in the mining or chip space? Hanlin: I did work on chip design and Mining Rig. In 2013, we bought a batch of Avalon chips and tried the Mining Rig design, but then realized the problems of the chip industry: the asset-heavy model is limited by the supply chain, the procurement and production cycle is long, and the uncertainty is high. In contrast, the trading platform is an asset-light model, and all links (such as Wallet deployment, trading system, deposit and withdrawal functions) can be realized through software, with strong autonomy. Therefore, I turned my focus to the trading platform. Colin: When was the Gate trading platform launched? Hallin: Officially launched in April 2013. At that time, there were few global trading platforms, mainly in Taiwan, Japan (such as Mt. Gox) and Russia (such as BTC-e). There were very few teams in mainland China, and I remember only one in China. Colin: Why did Gate change its name in 2017? Is it related to regulatory policy? Han Lin: In 2013, domestic policies were relatively friendly, and CCTV reported on BTC payment scenarios (such as buying coffee and clothes). But as the BTC price rose from $20–30 at the beginning of the year to more than $1,000 at the end of the year, regulatory policies tightened, so we moved our entities overseas and began operating globally. Spot-first strategy: early bet on innovative assets, contract business conservatively promoted due to risk Colin: Gate is characterized by the Spot business, contract business is not the focus compared to other exchanges, how is the overall strategy considered? Han Lin: It has to do with the historical background. When I first built the trading platform, I personally preferred new technologies, so I launched a lot of innovative assets. For example, in 2013, we were the first to launch "DOGE" and other innovative varieties, when few platforms in the world were as radical as ours. This strategy has formed our cultural strengths – screening for quality assets with a keen eye, such as when we first launched Decentralized Finance projects (such as Uni) during the 2020 Decentralized Finance Summer, when most people didn't realize the value of such assets. The importance of Decentralized Finance assets is now a consensus, but we started promoting it early on. Last year, many out-of-the-loop projects (such as Meme coin such as Pepe) were also the first to be launched by us. As for the contract business, we have been conservative for a long time because of its high leverage risk and easy to trigger Get Liquidated. Although contracts are hedging tools and the requirements are clear, we take user safety more seriously. It wasn't until the recent surge in contract volume (now 5–6 times that of Spot) that we started to invest more. Coin Quality Controversy: Acknowledging the Difficulty of Screening, Strengthening Household Education and Risk Control System Colin: The number of coins on Gate is indeed a lot, but will a large number lead to uneven quality? The community sometimes questions that some projects may have "data disk" problems, what do you think? Hanlin: It's really hard to screen for high-quality assets, and almost no platform can completely solve this problem. We have always picked assets with a keen eye, for example, during the Decentralized Finance Summer, we quickly launched SushiSwap (SUSHI), while other platforms were relatively conservative. SUSHI rose from $1 to a dozen dollars in ten days after its launch, and then other big platforms followed. I admit that screening assets is a challenging task, but we have a trap risk control system to select quality projects as much as possible. At the same time, we cannot completely make decisions for users. Experienced users usually have their own judgment, and we encourage them to conduct an independent analysis to assess the prospects and risks of the project before investing. Therefore, we invest a lot of effort in user education to help users improve their discernment skills. Colin: In recent years, on-chain transactions have become increasingly competitive with centralized exchanges. In the past, platforms created a wealth effect through very early coin listings, but now this effect seems to have shifted to on-chain. In the face of this trend, how do you see and respond to this challenge? Han Lin: This question is very critical. Early users can indeed obtain wealth effects by selecting assets through centralized exchanges. But now, more assets are directly in on-chainissuance, with about 10,000 to 20,000 new tokens being created every day, totaling more than 15 million. While there are early opportunities for on-chain, it is very difficult for the average user to screen for quality assets. Veteran players can manage Wallet and protect assets on their own, but it is difficult for ordinary users to do so. In addition, the quality of on-chain assets is uneven, many projects disappear within hours, and screening costs are extremely high. That's why we've launched products like Memebox, set up innovation zones, and second-screened high-quality projects from on-chain assets. Compared with the coin standard of centralized exchange, Memebox's rules are slightly looser, but it will still exclude high-risk projects through technical means such as smart contract detection to ensure user safety. ...
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Wu Shuo Dialogue Gate founder Han Lin: Canadian optoelectronic doctor, one person writes code to start, why strategic adjustment?
In this interview, Han Lin, founder of Gate exchange, shared his entrepreneurial history, platform strategy evolution and industry insights with Wu said founder Colin. (Synopsis: The lawyer talks to Gate Pay: How does the exchange make payments? (Background supplement: ABS exclusive interview" gate CEO Han Lin: Fearless banks enter the encryption service, Taipei is particularly humane) Han Lin returned to China to start a business after graduating from Canada with a Ph.D. in optoelectronics, tried to buy 100 BTC in 2013 and was scammed out of losing $2,000, and almost completed all development work independently in the early one or two years after entrepreneurship; Although compliance has high short-term costs and low returns, it is necessary in the long run; are very interested in the Hong Kong market and are considering rearranging the application for relevant licences; is investing in related areas, such as chip companies that support ZK, to improve computing efficiency; The company's asset reserves are mainly BTC and Ethereum; Now there is no obvious cyclical law, and the trend this year is relatively optimistic; Most of the time is still spent on technology and products; The corporate culture is pragmatic and innovative, I hope everyone is more practical, not too impetuous, do not always think of taking shortcuts, corners to overtake. Canadian photoelectric doctor, was deceived when he first came into contact with BTC Colin: I remember that you were originally a master's degree from Shandong University, and your doctor was in Canada, what major did you study at that time? Han Lin: I studied electronics, I studied electronic science and technology as an undergraduate, and then I was sent to graduate school, and then I went to Canada to study for a doctorate in optoelectronics. Colin: Did you start your business after you got your Ph.D.? Han Lin: After graduating with a doctorate, he worked as a postdoctoral fellow in Canada for a year, and then returned to China to start a business. At that time, there were some research results that I felt could be applied to industry, so I set up a company to do photoelectric simulation software development, and later turned to high-performance computing. Colin: What made you enter the virtual asset industry? Have reports mentioned that you were lied to in the early days? Han Lin: When doing high-performance computing, you need to use a graphics card, and I found that many people use graphics cards to mine BTC, so I began to study BTCWhite Paper. Because of my technical background, I quickly understood the technical value of BTC and became personally interested. He was later scammed while trying to buy BTC on forums such as Bitcointalk, losing about $2,000. Colin: How much was more than 100 BTC at that time? Han Lin: The total price at that time was about 3,000 Canadian dollars (equivalent to more than 2,000 US dollars). From chip to exchange: the asset-heavy model is limited, and the trading platform is asset-light and autonomous and controllable Colin: You have a professional background in electronics, have you also participated in mining? Why didn't it continue to develop in the mining or chip space? Hanlin: I did work on chip design and Mining Rig. In 2013, we bought a batch of Avalon chips and tried the Mining Rig design, but then realized the problems of the chip industry: the asset-heavy model is limited by the supply chain, the procurement and production cycle is long, and the uncertainty is high. In contrast, the trading platform is an asset-light model, and all links (such as Wallet deployment, trading system, deposit and withdrawal functions) can be realized through software, with strong autonomy. Therefore, I turned my focus to the trading platform. Colin: When was the Gate trading platform launched? Hallin: Officially launched in April 2013. At that time, there were few global trading platforms, mainly in Taiwan, Japan (such as Mt. Gox) and Russia (such as BTC-e). There were very few teams in mainland China, and I remember only one in China. Colin: Why did Gate change its name in 2017? Is it related to regulatory policy? Han Lin: In 2013, domestic policies were relatively friendly, and CCTV reported on BTC payment scenarios (such as buying coffee and clothes). But as the BTC price rose from $20–30 at the beginning of the year to more than $1,000 at the end of the year, regulatory policies tightened, so we moved our entities overseas and began operating globally. Spot-first strategy: early bet on innovative assets, contract business conservatively promoted due to risk Colin: Gate is characterized by the Spot business, contract business is not the focus compared to other exchanges, how is the overall strategy considered? Han Lin: It has to do with the historical background. When I first built the trading platform, I personally preferred new technologies, so I launched a lot of innovative assets. For example, in 2013, we were the first to launch "DOGE" and other innovative varieties, when few platforms in the world were as radical as ours. This strategy has formed our cultural strengths – screening for quality assets with a keen eye, such as when we first launched Decentralized Finance projects (such as Uni) during the 2020 Decentralized Finance Summer, when most people didn't realize the value of such assets. The importance of Decentralized Finance assets is now a consensus, but we started promoting it early on. Last year, many out-of-the-loop projects (such as Meme coin such as Pepe) were also the first to be launched by us. As for the contract business, we have been conservative for a long time because of its high leverage risk and easy to trigger Get Liquidated. Although contracts are hedging tools and the requirements are clear, we take user safety more seriously. It wasn't until the recent surge in contract volume (now 5–6 times that of Spot) that we started to invest more. Coin Quality Controversy: Acknowledging the Difficulty of Screening, Strengthening Household Education and Risk Control System Colin: The number of coins on Gate is indeed a lot, but will a large number lead to uneven quality? The community sometimes questions that some projects may have "data disk" problems, what do you think? Hanlin: It's really hard to screen for high-quality assets, and almost no platform can completely solve this problem. We have always picked assets with a keen eye, for example, during the Decentralized Finance Summer, we quickly launched SushiSwap (SUSHI), while other platforms were relatively conservative. SUSHI rose from $1 to a dozen dollars in ten days after its launch, and then other big platforms followed. I admit that screening assets is a challenging task, but we have a trap risk control system to select quality projects as much as possible. At the same time, we cannot completely make decisions for users. Experienced users usually have their own judgment, and we encourage them to conduct an independent analysis to assess the prospects and risks of the project before investing. Therefore, we invest a lot of effort in user education to help users improve their discernment skills. Colin: In recent years, on-chain transactions have become increasingly competitive with centralized exchanges. In the past, platforms created a wealth effect through very early coin listings, but now this effect seems to have shifted to on-chain. In the face of this trend, how do you see and respond to this challenge? Han Lin: This question is very critical. Early users can indeed obtain wealth effects by selecting assets through centralized exchanges. But now, more assets are directly in on-chainissuance, with about 10,000 to 20,000 new tokens being created every day, totaling more than 15 million. While there are early opportunities for on-chain, it is very difficult for the average user to screen for quality assets. Veteran players can manage Wallet and protect assets on their own, but it is difficult for ordinary users to do so. In addition, the quality of on-chain assets is uneven, many projects disappear within hours, and screening costs are extremely high. That's why we've launched products like Memebox, set up innovation zones, and second-screened high-quality projects from on-chain assets. Compared with the coin standard of centralized exchange, Memebox's rules are slightly looser, but it will still exclude high-risk projects through technical means such as smart contract detection to ensure user safety. ...