🌟AMA Recap: BiKi x Hybrix!

ICYMI : We hosted an electrifying AMA with Joachim de Koning, Founder of Hybrix on 20th May 2020 on our mandarin WeChat channel. In the interview, we learnt a lot about the project’s features, their token’s utility and upcoming exciting news and milestones they hope to reach soon.

Below is the transcript as well as the insightful questions contributed by a live audience who were thrilled to meet the Founder!

BiKi

Hi everyone! We have with us today, Joachim de Koning , Founder of Hybrix, on an AMA focus session who will share more with us about the business and the HY token

Joachim @ Hybrix

Hi Everyone!

BiKi

Thank you for being with us here today, Joachim!

Here’s a brief introduction about the Hybrix Project:

The hybrix protocol makes it possible to constructively “hijack” ledger systems and use their combined powers to create truly cross-ledger asset transactions, with all the benefits of the underlying ecosystems.

This enables using the possibilities of any ledger’s technologies. For example: token transfers on Bitcoin, smart contracts on Ethereum, notary functions on NEM, and more. The underlying ecosystems in turn also benefit from hosting the hybrix protocol. Every hybrix transaction yields profit to these respective ecosystems by paying transaction fees to their network supporting miners and stakers.

Can you introduce yourself?

Joachim @ Hybrix

Hello, my name is Joachim, and I founded hybrix in 2011. In that time I was an avid cryptocurrency miner, and was experimenting a lot with early blockchain technology. Next to that I ran a business in computer security and development. We had clients in the journalism and security sector. It did not take long for me to start working on hybrix full-time, as this project has my passion. Aside from working, I also like to take walks in nature, and make music.

BiKi

That’s great to hear, Hybrix is such an exciting project! Can you share the story behind your Foundation, Internet of Coins, and the HY token?

Joachim @ Hybrix

The Internet of Coins foundation started when I saw the need for more user friendly tools in the blockchain landscape. First we built a multi-ledger wallet to the able to work with all the different cryptocurrencies on offer. While doing this we developed an extensive platform and toolkit which we named ‘hybrix’. And we saw that its potential was much larger than only providing wallet and API services. We thought it would be possible to create a token that can move across different blockchains, without needing exchanges. So we have set out on a mission to make this happen.

BiKi

I love how you’re tackling the issue of interoperability head on which is much needed in the industry! Can you share with us about the function of the HY token and its role in the network?

Joachim @ Hybrix

The HY token is to be the first token that can travel between blockchain systems. Its role in the network is to enable validators to support the network by getting fees from hybrix protocol transfers. It can also be used to move value from one chain to the other without intermediaries. This will become possible when we move it from the ERC-20 standard to the new hybrix protocol once it is out of testing.

BiKi

Why did you start the listing at Biki? (Asian Market)

Joachim @ Hybrix

Personally I have lived in Asia for over 8 years and partially grew up there. I am fond of the industrious and creative mindset I got to know there. We chose to list with Biki because of their forward-looking attitude. Their support of our project thus far has been great, and we see a valuable business partner in them.

BiKi

Thanks so much for the kind words, we’re really excited to have you onboard with us!

Will hybrix grow big and become valuable very fast?

Joachim @ Hybrix

We approach the market with a sense of realism. Building a good platform takes time, which is one of the reasons we have been working on hybrix for several years before deciding to list it publicly. When speaking of growth we desire quality before quantity. This means that we expect our growth not to explode overnight. We would rather see hybrix continue to evolve as it has been doing so far, focusing on regular, qualitative and stable growth.

BiKi

Can you share with us what are some key milestones achieved to date?

Joachim @ Hybrix

We have created a decentralized multi-chain platform that makes it easy to build new products on top. Two examples of this are the multi-chain wallet and a multi-chain block explorer. The code and system are completely open-source and put the power back into the hands of its users.

BiKi

How does the token relate to the other products that work on hybrix, like the wallet, API and explorer?

Joachim @ Hybrix

The HY token can be managed from the API, and used in the hybrix wallet or Internet of Coins wallet. On the explorer you will be able to follow where the token is being transacted and track it from chain to chain.

BiKi

What are some of the biggest challenges Hybrix has experienced so far, and how did you overcome them?

Joachim @ Hybrix

Our greatest challenge in the past years has been the fast moving technology in different blockchains. We had to make sure hybrix could continue to work with all of them. Also we noticed many open RPCs disappearing in the later years, and we saw this increased the need for an open system such as hybrix to avoid the blockchain landscape becoming a place only for large monopolies.

We overcame the challenges by making an advanced development pipeline that could enable quick updates to hybrix and at the same time keep it secure. Evidence of this is that our wallet system has never been hacked in all these years, although there were many attempts. We also created a decentralized temporal storage system to enable sharing data between computers without using expensive on-chain storage.

BiKi

Interoperable and secure! I really love that :) Where do you see hybrix in the near future, in 1 year and in 5 years?

Joachim @ Hybrix

In the near future we would like to see hybrix becoming more known in the world of cryptocurrency and digital ledgers. One year from now we want to have the hybrix protocol used to move value across ledgers without needing third parties. In five years we hope hybrix will be integrated into multiple large scale companies, the digital workflow of accounting firms, and the school curricula of several universities.

BiKi

What are some of the exciting updates that the community can look forward to in the coming months?

Joachim @ Hybrix

We will be developing the hybrix protocol itself to be able to beam transactions between chains. We will also be implementing new products on hybrix together with partner organizations. We cannot share all the details about these products due to the amount of competition, however, we are committed to our vision for an open financial ecosystem, and will make sure all developed products are in line with high ethical standards of open source, transparency and security.

BiKi

Thank you Joachim for answering all our questions in this AMA session! I believe that we all enjoyed learning more about Hybrix and HY is now listed live on our exchange!

Joachim, you can choose to pick some questions to answer.

Audience

Will the circulation of HY be held after passing through? Then PoS slowly increase circulation?

Joachim @ Hybrix

No, the circulation of HY happens with a validation mechanism in which large organizations pay fees for securing the network, while smaller organizations may use the network for free.
The current HY token is still ERC-20, which is the placeholder for the validation technology we are working on, since ERC-20 is Ethereum only, and we want to move HY across all ledgers.

Audience

When does HY plan to go to the mainnet? After all, going to the mainnet is the most basic route.

Joachim @ Hybrix

HY mainnet is under construction and has been for over a year. We expect to finish construction in the next 6 months and go live in that time.

Audience

Why didn’t HY use its own agreement first but take the erc20 first to quickly capture the market? This is not technically difficult to implement.

Joachim @ Hybrix

Critical question, and good to ask! We first held off going with an ERC-20 for over 4 months. However, we discovered we could reach more people when listed on the coin listing sites, like Coinmarketcap. This is basically free advertisement and made it more important for us to then launch with a placeholder. Added to that: Ethereum smart contracts are great, but not over all blockchains or ledgers. So we cannot make an ETH smart contract into the final product but will have to build it ourselves.

BiKi

Thank you very much for your patient answer! Very good!

Joachim @ Hybrix

Thanks to Biki for hosting this AMA!

BiKi

Thank you Joachim for being with us on our AMA focus session!

Also, Thank you all for tuning in and participating. Stay tuned for more HY news and be sure to join our LIVE Hybrix campaigns happening here — https://www.biki.cc/en_US/noticeInfo/2616

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Founded in 2018 and headquartered in Singapore, BiKi is a global cryptocurrency exchange that provides blockchain technology and digital asset trading services