Zhang Jian is a workaholic who has a deep belief in Bitcoin and can recite the entire white paper written by Satoshi Nakamoto.
Later, Zhang Jian returned to the cryptocurrency circle with FCoin, and its transaction mining mechanism immediately attracted market attention during the long bear market.
51% of FT is returned to users through transaction mining, and 80% of platform revenue is returned to FT holders. In addition, the invitation reward mechanism is added. The combination of the three reward mechanisms is like a thunderclap, which immediately caused a sensation in the market.
In less than two weeks, it quickly rose to become the world's largest trading platform, with a trading volume that exceeded the total trading volume of the second to seventh largest trading platforms, which is amazing. One month after its launch, FCoin's market value exceeded 36.2 billion, which is 1.5 times that of Binance and 2 times that of Huobi.
Amidst the lively scene of singing and dancing, undercurrents are surging.
A huge crisis is gathering energy beneath the calm surface, and everyone is blinded by the rapidly rising price of FT and the high dividends.
After a short period of hot market, FCoin platform coin FT fell from the highest point of 2.8 yuan to 1.12 yuan, a drop of more than 60%. FT holders began to question FCoin, and even the combined benefits of several incentive measures could not keep up with the speed of the currency price drop.
Faced with the rapid decline of FT, Zhang Jian launched his second killer weapon - currency reform.
FCoin launched its Growth Enterprise Market and listed 21 cryptocurrencies for the first time. It later announced the launch of a pilot zone for currency reform.
The first move of trading and mining has already broken the sky, and the second move is to play with currency reform. Zhang Jian has turned the entire currency circle upside down.
The currency reform announcement directly targets three types of projects:
(1) Tokenization transformation of large-scale Internet platforms
(2) Tokenization transformation of large-scale real industries
(3) Token economy innovation projects around the world, especially the Belt and Road Initiative’s global digital economy + token projects, as well as major innovation projects in the global infrastructure of the token economy.
Although it has raised the banner of currency reform and brought in two representatives of the token school, Yuan Dao and Meng Yan, its declared purpose is to create a new form of super-large token economy with blue-chip characteristics and establish value investment confidence in the new world of blockchain.
Unexpectedly, judging from the results, the currency reform for FCoin is not as profound as claimed.
The first public project of FCoin’s currency reform is Bizkey, which claims to create a usage scenario for offline retail payments of digital currency through smart blockchain POS machines and formulate future offline digital currency payment standards.
However, the first currency reform project to be launched on FCoin was not Bizkey, but QOS, which jumped the queue.
After a brief suspension after going online, QOS opened at the lower limit on the second day, and it was still at the lower limit on the third day. It then plummeted for four consecutive days, getting closer and closer to zero.
China Securities Journal published an article pointing out that QOS was suspected of illegal financing, and FCoin immediately issued an announcement on the temporary suspension of QOS.
As FT continued to fall, Zhang Jian launched a series of measures to try to restore the price of the currency and start a journey to protect the market. Later results proved that this series of derivatives not only failed to save FT from the water and fire, but also led to a series of plunges, price drops, and suspensions.
In the end, FCoin stopped the issuance of FT through a referendum. Zhang Jian slapped himself hard in the face, and the crazy trading and mining model came to an end.
The noise of currency reform gradually faded, Zhang Jian's hopes were dashed, and FCoin fell into internal and external troubles. At this time, FT had fallen 93% from its peak.
Due to the QOS stock price going below the issue price and the unclear connection between the project and the listed company OMA Electric Appliances, the China Securities Regulatory Commission named QOS as "suspected of illegal financing through token issuance", and FCoin withdrew from the domestic market under supervision.
An article titled "A Leek's Blood and Tear Accusation" once again put Zhang Jian and FCoin at the forefront. On the same day, FCoin announced the dissolution of its brand and marketing departments, and founder Zhang Jian announced his withdrawal from WeChat. The original office was also deserted.
Later, the FCoin official website reminded that it is not providing services to users in mainland China for the time being.
After suffering setbacks in the domestic market, Zhang Jian fled to Japan and left the mess of FCoin to his wife Li Yingying.
Li Yingying has never held any position in the FCoin team. She even said in a communication with the media that I am just a housewife, I am not professional, and I cannot represent FCoin. #美国大选如何影响加密产业？ #美降息25个基点预期升温 #BTC #ETH