In this episode of AMA, we are proud to host QUOINE VP of Engineering, Chinh Nguyen to address questions asked from community regarding the development and security of our platforms, self-service ICO platform development, or the engineering culture at QUOINE, hosted by Tammy Ha from Marketing team.

Part I: Personal introduction of Chinh Nguyen

Tammy: Could you speak a little bit about yourself?

Chinh: I studied in South Korea, and then I joined and worked at Samsung. I worked at Samsung for two years on enterprise and mobile application. So after two long years, I decided to have my own business, so I moved back to Vietnam. We opened a start-up for a year, and unfortunately, it did not go well. I met Mario at the end of 2016 and after hearing his vision I start working at QUOINE.

Tammy: what do you do exactly at QUOINE?

Chinh: At the beginning, we have a very small engineering team, and we are expanding a lot right now. I manage the engineering team in Vietnam. We got 15 people working here, and we work alongside with very talented people in Japan office.

Tammy: we have 90 employees across departments in total from all of the offices, and we want to double or triple the number of employees.

Part II: Questions asked from community

Can you give an update on the world book & Liquid development update? and whether we are on track with the development milestones?

Chinh: We are completely on track, part of Worldbook is actually being tested right now on production. What we are missing is the customization, so that we can optimize user experience. We are working with the QA (Quality Assurance) team to test it heavily. Once make it stable, we are going to have it release.

Is QASH going to surpass other coin’s transactions speed once the blockchain is completed? If so how many transactions per second can we expect?

Chinh: I cannot give you the exact answer because there are a lot of coins out there. For QASH blockchain, when we started QUOINE in 2014, Mario has this vision that we should have an exchange with transparent process. So it means every transaction should be reflected on the blockchain. We actually did that until 2015, and then we stopped doing that because the purpose of bitcoin blockchain is not built for that sort of purpose. From Mario’s vision, we want to have a blockchain that can replace traditional trading system, and that is why we want to have QASH blockchain. It will attain the high speed, so that it can replace the traditional trading platform, and many of the exchange because they have very high rate of transaction processing. Speed is not the priority but performance and security.

There are a lot of transactions that we need to process. We will definitely give you a benchmark on the speed of QASH

What changes are in place to improve the user experience on QRYPTOS, QUOINEX?

Chinh: We actually have so many right now. However, two things I want to emphasize, the first thing is withdrawal operations, we got a very secure cold wallet. We don’t have a fast processing time because we will not compromise anything to security. Security is our top one priority.

The second one would be our UI. We will be releasing a simplified version on the current dashboard. When we built the dashboard, it was more oriented towards professional traders. We got a lot of questions from new users asking questions about our dashboard, and we want to make it as user-friendly as possible.

(From Facebook) What is QUOINE’s technology stack? How do you handle a high volume of concurrent messages? Coinbase, for instance, has struggled to scale during periods of high demand.

Chinh: It is actually a very broad topic. API level, we are using Ruby-on-Rail. For matching engine level, we use C++. For other components, we use a language based on Erlang so they are highly reliable. We don’t use only one single technology, but combine those together.

Our API process is handling around 50000 requests per minute

Can you implement HOT WALLET for QUOINEX to QRYPTOS transfer? or Vise versa?

Chinh: we got a lot of questions from personal services about implementing the hot wallet. And the reason why people ask for that. We discussed a lot about that. Our solution is to increase the times of processes instead of implementing hot wallet because of the security. We want to maximize security for our customers’ assets.

Tammy: At the end of day, it is all about protecting your assets. And I think that should be first priority for every exchanges. Speed is one thing, but I think security surpass it all especially for companies like us who are pro-regulation.

Future blockchain will be centralized or not?

Chinh: Future block chain will be decentralized. Centralized blockchain would provide powerhouse like banks and financial institution the control. For blockchain to disrupt the financial world as it’s slated to do it has to stay decentralized and we want put the power to people.

Is Gibraltar GBX deal some sort of white label copy/paste of Quoine exchange software and if it is, whether you guys are planing to do something similar for Goldman Sachs and other big investment companies or some other crypto exchanges from other countries that are banned in their country (e.g. Huobi) or for some other crypto exchange that wants to become regulated and regulation is simply not possible yet in their country?

Chinh：It is not just a copy and paste, we also do customization based on their need. The underlying architecture is still powered by QUOINE.

The part 2 of the question can be addressed by the management team.

I am not approved yet on QRYPTOS, but what I heard is that UI is not easy to use. I browsed it and I like tabs (I will have better opinion once I start using it), but please listen to complains and add at least “max amount” button. Check what people like on Binance and other exchanges and provide that.

Chinh: First of all, thank you for the feedback. We have heard a lot about this issue about UI. We are doing our best to make it user-friendly. Many features are being developed. It is going to be much easier to use on the upcoming versions.

When would wrong token deposit address recovery be initiated? Is there a minimum value to be eligible for this operation? What is the fee for this operation?

Chinh: The first part is the only missing fund that we had before we release new policy. All the fund you tried to outlay. Most of them have the recovery. For deposit in bitcoin, It is going to be harder to recover. So we will try out best to recover all the funds. About two weeks ago, we announced a new policy regarding the missing fund transactions. You need to have at least $5000 worth of tokens to be eligible for the recovery process. As long as you are eligible, you can submit the request to our customer support team, and they will process the request.

When World book gets implemented and some transaction occurs on some connected exchanges and QUOINE, will that transaction appear on both sides as a trade? I mean, will both exchanges see spike in volume?

Chinh: For the first part, when Worldbook is in place, and you put in a trade, you will be able to see that trade on both exchanges.

Whether or not you are going to see spike in volume, it really depends on the size of the trade. Say you put in a very large order, it is going to be matched with several other exchanges and you are going to see volume across several other exchanges.

What is ICO self-service platform? Can token issuers list tokens fuss free just by submitting on the website?

Chinh: Many start-up companies have the needs to raise funds, and they can use our platform to do that. It is going to be the same as our QASH token sale. They are going to have the promotion period, and public sale. The process to list your token on QUOINE, is going to be really simple. There is a form where we ask for your information about the fund raising. We are going to look at the contract as well, and make ensure this is ERC20 complied then we are goning to help promote your token sale to our QUOINE community.

Can token holders lend QRYPTOS their tokens and let QRYPTOS market make? Token lenders share some profits and QRYPTOS gets more liquidity.

Chinh: As a matter of fact, we are doing this already. So basically, they send tokens to us and we market make on behalf of them. In exchange, QRYPTOS platform gets more liquidated, and we suddenly can consider providing this functionality to any user in the future.

What would be part of the Worldbook beta release? Would it be bridging only between QUOINEX and QRYPTOS?

Chinh: No. So the Worldbook is not just going to be QUOINEX and QRYPTOS. We are working with a lot of major exchanges, and it is going to be very liquidated.

What are your thoughts about QUOINE so far?

Chinh: It is a great company. I have worked with Samsung for two years, and it is a great company too. There are a lot of benefits, but the innovation goes really slow. However, at QUOINE, good ideas turn into reality very quickly. We value innovation more than anything, so this is the reason why I decided to work for QUOINE.