Coin Investors: Why has 0xDNX been delayed?
Ma Xia: First: it is related to market conditions. We hope to launch it in a bull market to avoid being coldly received. Secondly: our ongoing economic model reform involves a cross-chain bridge. If it is launched hastily, it will affect market efficiency when it is updated. Finally: our technical team delivered the code and conducted an audit in a timely manner. It is expected that 0xDNX will be launched at the Dubai launch conference.
CoinMiner: Many people think that there is no evidence that DYNEX actually works. There is no solid, understandable, tangible evidence that Dynex is working, what it does, how it does it, and so on. I think the team needs to do a better job of presenting this in a way that the public can understand and process.
Ma Xia: I think the meeting on October 14th was about addressing this issue. It’s all coming, but naturally it will take a little time (like any new disruptive technology). We are not selling dreams/fantasies, we are serious about doing things ourselves.
What you are referring to is "validation". We completely agree that validation accelerates adoption. However, when introducing something new, you need to get there. It takes time, convincing, effort, hard work, and perseverance to achieve. I can list 10 technologies right now, all of which were laughed at and now they are everywhere.
CoinMiner: I see, thank you. I hope this updated roadmap will not be the same as before. It would be better if the signed business contracts could be announced and the roadmap could be developed.
Maxia: It will be very different than before and probably very different than what people expect. Not to mention typical cryptocurrency style. It will be a rock-solid, correct plan about how we will eventually capture 25% of the quantum computing market, making us the market leader. Combined with other updates, people may better understand our journey and how each ecosystem member will benefit and create value - in a more graspable and transparent way.
Coin Citizen: The reality is how big a market size you can get.
Maxia: That's right. We have been working on a clear plan to achieve this goal. We haven't done enough in crypto. That's why we have hired people with expertise who help and advise us in the process of changing this. The first clear example is the launch of Quantum Apps, which you will see on October 14th.
Coin investors: A good project is useless if it is not hyped up.
Maxia: It is clear to us that the price behavior is not consistent with the company's values. That is why we are in the process of reforming the economic model, which will be announced on October 14.
Most cryptocurrency projects have no usable products, let alone generating revenue. How are prices determined? Usually through speculation, hype, and hope. However, in the end, value determines price. We focus on cases that can survive bull and bear cycles, they are best practices, and our models need to be adjusted accordingly.
After the economic model is adjusted, we can see the price rise regardless of whether there is big money to pull the market. Ethereum is a reference object, and its smart contract ecosystem supports its price.
DNX is a utility that comes with a built-in pull effect: the greater the computing workload and the more applications, the higher the price.
Coin Citizen: Can quantum computing be compared with smart contracts? The income from quantum computing is the selling of miners.
Ma Xia: The revenue from quantum computing may offset the miners' selling. But what if I told you that quantum computing will eventually become a commodity. This means that the cost of computing will eventually fall over time, just like all other commodities such as telephone or network data.
Overall usage will increase, but the revenue generated per minute will decrease. What if we decide to offer computing services at a heavily discounted rate just to win customers? The revenue will also be lower.
Therefore, I think we can agree that revenue is not a good indicator of upward traction, usage is. In other words, an economic model is needed:
(i) Linking the pull effect to actual usage;
(ii) ensuring positive price action by reducing supply and increasing demand;
(iii) removing all guesswork about subscriber numbers, subscriptions, etc. by building a model that is essentially completely transparent;
(iv) enables holders to fully participate in the project being built (basically like getting into Apple, Nvidia, or Google at the very beginning, or perhaps even owning a share of the general TV or smartphone market);
(v) reducing circulating supply and ensuring the sell/buy ratio is in our favor;
(vi) Ensure that every computing activity on the platform requires DNX – always;
(vii) Every ecosystem participant is fairly compensated;
(viii) Whatever we do, it must be sustainable in the medium to long term.
Coin Citizen: You think you are awesome, but actually no one plays with you anymore.
Masia: We can't press any magic button. Nor are we willing to rush into unsustainable changes. So we have set up an internal working group with consultants to address these issues systematically. The results of this process will be published on October 14. Here are the issues we think should be addressed.
Because we have a responsibility. Not only because we have one of the most powerful technologies, but also because of our customers, partners, and the entire community. Things need to be done properly and with the best effort. Dynex is not a meme coin you play with: commit, and if it doesn't work, do the next one. Dynex will continue to exist with a clear goal: to be the market leader in quantum computing.
We also need to make sure that everyone involved is rewarded accordingly, and we are on our way to that - it's not necessarily rewarded at the moment.
Am I saying we did it perfectly? Absolutely not. In the long run, we should have designed the token and economic model differently. We are constantly evolving, listening, and learning, and I firmly believe we are making the right adjustments.
Coin Investor: I suspect that Dynex is running fake tasks, and no one uses this platform. This is a scam project. The funds contributed by the Chinese community have fattened the project. The leeks should turn back from their mistakes.
Y3TI: Dynex is a community-driven project, and we thank you. Dynex is a project started by entrepreneurs whose poverty limits their imagination.
Ma Xia: You can imagine what this will bring by combining Dynex with real businesses, products and customers.
Finally: one thing is clear - we have a clear goal and we will communicate it. It is an ambitious goal, but it is achievable and we are committed to achieving it. As for the rest of the information, let's look forward to the Dubai meeting.
Miners: Are there plans to implement IPv6 support to mine Dynex from a pure IPv6 host without VPN/Proxy to an IPv4 network?
y3ti: IPv6 is a possibility, but don't forget that not all ISPs support IPv6 - it's been 20 years since IPv6 was adopted, but it's not fully adopted yet. But no one complained that IPv6 took 20+ years (1998) haha
What does Dynex need to do to get rid of the stigma of a "crypto" project in the eyes of ordinary enterprises? I tried to explain Dynex to my employer's director of data science, but when he realized I was talking about a crypto project, he looked at me with great disgust and said it had nothing to do with him and not to mention crypto in front of him. He seemed really interested in Dynex before the connection with cryptocurrencies appeared.
I work closely with data analytics, data transformation, and data science teams, and while they think the technology looks promising, the higher you go, the more CYA stuff there is. How do you convince senior management at a large company to trust a “crypto” company? Especially when middle managers start to realize they may lose their jobs. The way middle managers make decisions is based on poorly analyzed data, so it’s easy to draw wrong conclusions. For example: One of the first projects the data science team took on was to create a model to predict fraud. It went into production, but was ultimately shut down because it was too “accurate” and made it look like the fraud detection team could pack up and go because they missed quite a few serious cases that middle managers should now have spotted and acted on. Obviously, this situation had nothing to do with Dynex, but there are multiple systemic barriers to just getting real buy-in within an organization. In the last case, the egos of middle managers didn’t like looking bad because they had missed a lot before. Unfortunately, this attitude is all too common in large, established companies.
Y3TI: We had to learn a unique way to market this service (which is why our website is divided into Business and Blockchain). It wasn’t easy, but none of us expected it to be “easy”.
The customers who reject us can be divided into two categories: one is those who do not understand what quantum computing is, for example, someone wants to run Windows on Quantum; the other is what you said, who understand quantum computing but are worried about losing their jobs.
But I think a lot of people here seem to think it should be easy and expect results “now” or even “yesterday”. Miners need to recoup their capital expenditures in months, not years. If people think this way when starting a normal business, nothing will be successful. With Dynex trying to straddle these two worlds, it will be much harder and require a lot of extra effort to find the right way to meet these different needs.
Y3TI: The balance between business and cryptocurrency is not something that many cryptocurrency projects can do (perhaps only a few).
This is one of the hardest things to get right all the time because too much of one way and you’ll annoy the other and vice versa.
It’s important to listen to feedback, but making choices based on the business and blockchain isn’t always what the feedback really wants to do.
So you have every right to give us a lot of extra workload. Most of us work more than 12 hours a day (I work almost 16 hours a day). . . .
CoinMiner: I think small businesses and startups looking for an advantage should be more easily convinced, but CoinMiner will say that their endorsement doesn’t carry much weight.
Ma Xia: You provide very thoughtful reflections. There are other ways to address the stigma that crypto has for customers. For example, blockchain technology itself is considered very valuable in certain areas outside of crypto as we know it. Deutsche Bank recently announced that they have joined a group of major financial institutions to explore the use of blockchain technology. Crypto’s underlying on-chain ledger technology is becoming increasingly embedded in the “real” business world.
We have plans to strengthen Dynex's positioning using blockchain, which will be announced on October 14th. We will also make adjustments to Dynex's positioning to further support and prove Dynex technology. That being said, you also mentioned this in your comments, correlating DNX price to fair market value is something we spend a lot of time on, and you will find some of your ideas implemented in our upcoming presentations.
Looking at Dynex's customer pipeline and the contracts that have been signed, Dynex has more traction at this stage than most other companies we've seen given that we are bringing a new disruptive technology to the market.
Therefore, we need to go through the classic technology adoption life cycle, from innovators to early adopters, early majority, and late majority, until full adoption.
Your observation that low-hanging fruit are easier to win (because they are more likely to be innovators or early adopters) is absolutely correct. That is why we have assembled teams with long track records and networks of senior contacts, as this goes a long way in winning tier-one customers at this stage. While the technology adoption lifecycle is an endeavor, the potential upside is many times higher than in any other business, creating a rare opportunity for Dynex. It has the potential to become the Google, Apple, or Nvidia, for example.
