【Blockchain in SEA】 Blockchain Exchange Implemented AI Risk Control
【Blockchain in SEA】
36days ago

The full text is a total of 1726 words, expected to read 4 minutes.

Editors note: This AI also have a very high permission, it can stop any malicious activities and push notification to our internal communication channel without humans.


Time: 06/15  9:30(GMT+7)

Wechat group: BlockChain-in-SEA

Guest: Michael Phan, founder of CoinHe

Host: Andy Zheng, Beecast CEO



Andy Zheng: Good morning, everyone! I am Andy Zheng, CEO of Beecast.

Welcome to the leading blockchain community media [Beecast] and join us with 5000+ communities & 1000000+ Beecasters in [Blockchain in SEA] to discuss blockchain technology and industry development.

This is the phase 25,

Topic: Blockchain Exchange Implemented AI Risk Control

Guest: Michael Phan, CEO of CoinHe


Michael Phan worked as a data analyst at Google

He has engaged in risk analysis and risk modeling at Maritime Bank to establish a pre-screening and scoring model for risk management, and to process core banking data for mergers and acquisitions between Maritime Bank and Mekong Bank. He then worked as a prospecting specialist, during which he designed and developed a SME loan and exploration management system.

He was the chief IT architect of First Digital Finance Corporation and John Galt joint Ventures, and the chief technology officer of DropDeck Technologies JSC.

In May 2018, Michael Phan founded the CoinHe Digital Assets Exchange.


Andy Zheng: Mr. Michael Phan, you can introduce yourself. When did you first know about blockchain? What are your expectations for the development of the blockchain industry?

Michael Phan: I’m Michael Phan. I luckily graduated in both majors MBA and Master of Computer Sciences. I’m now with my Professor doing my Ph.D. in Big Data at STScI (Nasa). I previously worked for a Bank in Vietnam then worked for McKinSey Philippines. After that I’ve had time working for Google Singapore. By the time working for Google, I’m totally a freshman so I did not even have a chance of working on production project. I was assigned to do the research about many fundamental technology in 2010.

I myself love to research on security and hacking, so I found the bitcointalk forum and discussed with many hackers there. Bitcointalk is almost my another home then, I’ve spent a lot of time in a day talking with people there. By that time bitcoin and blockchain is still very new born (we used LR instead of BTC, old guys will know this). But the more time I’ve spent on blockchain, the more applicability I found.

Recently Ethereum and many other advanced blockchain networks were created and took seriously attention from communities and Govs. I think blockchain will be one of the most important inventions of the modern world because it solved the hardest part of the community: trust. The more world’s resource put in blockchain, the more advanced high technology application will be invented.


Andy Zheng: Could you please introduce what role CoinHe plays in the development of the blockchain industry and what contribution has it made to the development of the blockchain industry?

Michael Phan: CoinHe.io is a cryptocurrency exchange. Like a human body, activities need blood, blood flow through every cell, but blood needs a place to exchange oxygen. After a decade working on blockchain industry, doing a lot of blockchain projects I ended up with building an exchange for blockchain flows.

Many of my friends are blockchain project founders. They really need a reliable exchange for South Asia communities. So I stopped everything to put 200% my energy gathering all of the best developers I’ve ever worked with to build CoinHe. My main target is spending my team time on research, develop and adopt the newest, best technology. But CoinHe’s contributions which I proudly said is not from technology but from government regulations.

Our team had spent almost a year working with Singapore Government on issuing taxation regulations and KYC/AML regulation which is now widely used by many Singapore ICO projects. Also, we are currently working on contributing our platform as a template to issue the Sandbox License in Vietnam. There is not much exchange platform willing to open the whole platform and data for Gov like us. So the technology is important but the legal is also an important infrastructure for blockchain industry.


Andy Zheng: Could you please introduce the advantages of CoinHe as an innovative Digital Assets Trading Platform? Where is innovation reflected?

Michael Phan: Firstly, we just need to build a community, not only an exchanger. So we distribute 80% revenue of the exchange to the user who holding CHT (CoinHe Token). Besides, we don’t sell CHT or doing ICO, just distribute it via airdrop, bounty, trading mining. So basically we just freely give away our token at 0$. So we don’t owe the users.

Now CHT is $0.9-$1.2 so we are happy because we make some value to our users. Secondly, we also build a bank which helps you get ~9%/year interest of your coins. It means you don’t need to trade to get profit, if you just hold your coin, you also earn some profit. How can we make this? Is this a Hyip? No, we partnered with a bank and they willing to pay us the interest by holding our exchange cold wallet in their bank as an investment which we can withdraw any time.

Moreover, we also have a leaderboard and copy function which is ranking the traders by CoinHe Elo (https://CoinHe.io/leaderboard) and then user can copy the trading strategy of the best guy. This helps anyone can be a trader (as our slogan) without investing time to learn about trading, blockchain, coin, etc.


Andy Zheng: Regulatory issues have always been one of the most significant issues in the blockchain industry. What is the current attitude of the Vietnamese authorities towards the blockchain? How did you deal with it?

Michael Phan: As we are all seeing, Vietnam is very open now. They are currently seeking for advisors, experts to help them on blockchain regulations. Recently they announced that they are working on “Sandbox License” to quickly help the innovative project. That’s very supportive signal because many other countries waiting for changing the whole law/legal system to adopt the new high tech, but it will take many decades to change to law/legal system of a country. A “Sandbox License” would be the perfect solution to provide exclusive regulations for trialing and changing.

CoinHe.io is also a member of advisor council to help Vietnam Gov on technology stuffs. As said above, we are also fully open our platform and data to help Gov have a good sight on which is an exchanger is. I hope this would help pushing the regulation processing.


Andy Zheng: Now is a major turning point in the development of blockchain. What do you think is the focus of the next blockchain industry?

Michael Phan: In my opinion, cross chain, high speed transaction, multi chain, balancing between centralized and decentralized, applying the blockchain to real world problems are the most worthiness keywords of the blockchain industry in the next phase.


Andy Zheng: The cryptocurrency theft has always been a hidden danger for traders. In order to prevent such incidents from happening again, how does CoinHe establish a thorough risk control system?

Michael Phan: Yes. I’m a security researcher so Risk controlling is the most important part of CoinHe system.

We can not prevent theft 100%. But we can setup the protocol to decrease the lost when disaster happen. At CoinHe, we have three kinds of wallet.

● Hot wallets which store small amount of crypto. This will connected directly to CoinHe system to receive the crypto from users.

● Warm wallets also store small amount of crypto. This is a separate server, not connect to CoinHe system but still connected to the internet to serve the withdrawal requests.

● Cold wallets are a separate server is not connected to the internet. And those are multisigs wallets manage manually by our senior staff from financial team.

We also implement an AI into CoinHe system. This AI will analyze real time data from user trading/deposit/withdraw history and also filter the whole system activity data to address any issue and warning us before it happens. This AI also have a very high permission, it can stop any malicious activities and push notification to our internal communication channel without humans.


Andy Zheng: As a senior preacher in the blockchain field, you may have come into contact with a lot of people in the industry. Are there anyone you admire, and why? Beecast currently covers 250 cities in 15 countries, 5,000 community nodes, 1 million users , and hopes to invite more big names to [Blockchain in SEA] to share the blockchain knowledge, promoting the development of the industry. In the blockchain industry of SEA, if you introduces one or two guests to be interviewed, who would you recommend to Beecast to share?

Michael Phan: I would love to have Justin Sun here. He is not only best known for his key role in the TRON blockchain project but also appeared in the 30 Under 30 - Asia - Consumer Technology on Forbes. I believe that no one can negate his contribution to the success of TRON project as well as to promote the development of blockchain industry in Asia. His appearance will greatly inspire the community and share with them valuable information and knowledge. 



Andy Zheng: Next is the Free Q & A session. We also have collected some questions from audiences. If you have any question, please ask.


Q1: Mr. Michael, could you please introduce more about CoinHe's future development plan?

Michael Phan: We are about to introduce gaming platform, so user can use CHT to play games and 3rd parties can integrate their games into CoinHe. On this month we will start our trading fee mining, revenue redistribution, IEO platform. We also invent new platform IAO (initial Airdrop offering) to help blockchain project doing Airdrop directly on our Platform.


Q2: What is your opinion on the recent trend of Bitcoin?

Michael Phan: I think bitcoin would be not much stand for payment method but stand for a value storage method. So the price will keep increasing. Many more blockchain will replace bitcoin on payment and blockchain base platform to running Dapp.

This article is reproduced only, does not constitute an investment opinion


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