Hyperledger Foundation Hyperledger Global Forum 2020, 9 Mar 2020

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From YouTube: A Standardized Approach to Creating Digital Tokens - Paul DiMarzio, Marley Gray & Jonathan Levi

Description

A Standardized Approach to Creating Digital Tokens - Paul DiMarzio, Enterprise Ethereum Alliance; Marley Gray, Microsoft & Jonathan Levi, HACERA

Tokens are simply representations of things of real value. Although many physical tokens have been replaced by digital representations, such as the airline boarding pass on your smartphone, these digital representations are only that – representations. The true value of digital tokens comes with the ability to encode behaviors and rules directly into the tokens in order to greatly simplify, unify, and streamline their use. Hundreds of thousands of such tokens already exist on a variety of platforms.

Unfortunately there is no common language for defining the properties, behaviors, and control messages associated with tokens. Without a common means of defining and triggering token behavior, it is hard for anyone without a technical background – such as a business specialist or regulator – to truly understand the purpose of a token. And it is nearly impossible to write contracts that exchange tokens of different types produced by different development teams. This lack of standardization is stifling the advancement of digital tokens in the industry.

The Token Taxonomy Initiative is a member-led organization formed to develop a modular, industry-neutral, and technology-neutral Token Taxonomy Framework (TTF) that will set the standard for tokenizing anything of value. The TTF is being designed by a diverse set of individuals with both business and technical expertise based on their own real-world projects and requirements, and it will drive business-level interoperability between tokens by aligning the underlying technical interoperability across different networks and platforms.

In this session, the speakers will lay out the value of digital tokens and dive into a few examples of how the TTF can be used to simplify the design and implementation of new token classes.

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All right, everybody, I think we're gonna, get started right on time, because we got a lot.

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Of information to talk through- and you guys have all been here on time, so you get the benefit of.

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Seeing it all, everybody else has to go. Look at the recording, so hey! My name is paul dimarzio. I'm here.

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As part of the enterprise aetherium alliance and I'm the director of community there, I'm joined by.

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Two really bright folks, marley gray of microsoft and jonathan levy of has sarah and they act as the.

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Chair and co-chair of another organization called the token taxonomy initiative. I will explain the.

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Relationship and differences between the eea and the tta in just a few minutes, but be aware.

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This is not an etherium talk. This is a platform neutral talk about tokens that we're going to.

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Go through so I'm just gonna take five minutes to set the stage as to why we're here today and.

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Then let the the smart guys give you the details about the the actual technology and the standards.

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Behind it, but one thing I find time and time again and try to talk about tokens to folks is.

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Is there's a misconception of what a token is and it's usually grounded in the fact that or.

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The unfortunate fact that the first two tokens define you know bitcoin and ether, come from a.

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Cryptocurrency environment, you know one is a token that has an intrinsic value all and of itself and.

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That's it. The other is somewhat of a community based token, but still anytime. You want to talk.

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About tokens, people immediately call into their mind that this is a cryptocurrency space that.

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Is one part of it there's a lot more to it. So what I like to generally do is take a look at.

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Tokens today I mean we all know what a token is today without any thought of digitization. It's.

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Simply something that represents the value of something else right, so dollar bills represent.

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The ability to pay $1 worth of tax to the us government diplomas represent the fact that.

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You know you've gone through a rigorous course of education and you got that piece of paper. You got.

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Tickets, you got upc, you keesee codes, all kinds of stuff that represents something of value and some.

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Of these have been digitized in a certain sense today, but not in the context. We're going to talk.

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About yeah, if you've been flying, you probably used your your iphone or your your android phone. You.

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Know to have your ticket on it, but that's not the same discussion. That's really just taking.

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Something that has a tangent of physical value and turning into something electronic a very.

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Different story: when we're talking about digital tokens, we're talking about things that are they.

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Reside on a shared distributed ledger, so this is the concept of a multi-party agreement that is.

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Documented and shared on some sort of a form of a medium. It could be a blockchain in many cases,.

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It is a blockchain in other cases, it could be something else. Even simple databases can act as.

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The basis for a distributed ledger there cryptic laugh cryptographically secured so the owner is.

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Well known, the ability to spend is a one-time deal or to transfer as a one-time deal and the.

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Representation of what you can do with the token is based both on how the token is defined. How.

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It's been built, as well as the basis of the of the rules of the underlying ledger, all right, so this.

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Is something that I hope most of us do understand about tokens and the digitization of tokens so.

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Then the question is: what's the problem other than the fact that most people think this is totally.

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Crypto space, the real issue is that there's no standard language for defining tokens now coming.

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From the etherium world, whenever I you know, I raised this point. The first question I get asked.

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What erc a standard are you talking to here? Not the right question, all right, er c standards, you.

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Know, chain cohn standard standards and other and other platforms all have to do with how the token.

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Relates to the underlying structure, that's not the concern. What I'm talking about here is when.

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You're actually defining what are the behaviors of the token? What are the characteristics? What.

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Are the sorts of control messages that can be driven through some sort of a smart contract to.

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Actually make that token function or to reveal its value. These are the kinds of things that.

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We want a standard language for that. We do not have today, and that means that of the tens of.

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Thousands of tokens that are already out there in the field and that are being developed every.

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Day, people are doing them as one-offs they're, creating them new yeah. My tokens going to be fun.

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Let me let me write that out what that means. It's gonna be transferable. It's gonna have all these.

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Other characteristics, everybody does it one step at a time. This makes it extremely difficult for.

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Developers to get to get together and collaborate on some sort of an interoperability strategy for.

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These tokens, it also makes it very difficult to talk to the business people about what these.

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Tokens are supposed to do so, we're looking for a standard language for defining these things. We.

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Also want a standard way of controlling them and we want to get that blockchain influence.

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Out of the conversation we want to talk about the tokens for what they are. They represent the.

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Representations of something of value- and let's focus on that, so the thought here was to create.

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Something called a token taxonomy, if you think about it, all tokens are really compositions of.

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Pretty much the same things as I mentioned, there are behaviors, they were correct characteristics.

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There are control messages, many of these are already known and understood. New ones are.

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Coming up every day, but we do know that they are composite entities. All tokens will have a common.

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Set of these things, the way they differentiate themselves is how which ones they use, how they.

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Put them together and how they bring them to market. You know my directors sitting in the front.

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Here, ronnie's a musician and he likes the title. He thinks he's a musician and he likes to talk about.

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The fact that you know there are 12 notes in the musical language, but there are an infinite number.

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Of compositions, based on those notes and more being developed every day, and if you write up some.

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Music using these notes, then a lyricist can write lyrics to that song. You know a musician can then.

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Pick that up and understand how to play that song. Everybody understands the language of the notes.

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And can use them to build something new and unique right and that's what we're looking for. So we call.

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This thing a token taxonomy right- and this is what we're focusing on in this presentation today- how.

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Do we develop a platform neutral token taxonomy to take on this task, and this is where the token.

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Taxonomy taxonomy initiative came into play. It is an organization that was initially supported by.

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The eea and that's why I'm here today, because we initially saw the value this and because so many.

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Tokens are written in aetherium. We decided to go ahead and get this kicked off. However, I'll give.

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You a piece of information that nobody else knows, except for you guys in the room the tti has grown.

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To be big enough and substantial enough that within a week to two week, we'll say one week's.

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Time it's going to be set free, all right, it's going to become the token taxonomy consortium. It's.

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Going to be taken out of the auspices of the eea, it's going to have its own governing body and be.

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A standalone entity, so you know this stuff- is real. There's a lot of work behind it. It's very real and.

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The whole purpose of the of the initiative was to do exactly what I said to create a platform.

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Neutral taxonomy to have the right people together to make this happen and to put together this ttfn.

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Framework so before I turn it over to marley, I'm just going to want to leave you with one.

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Metaphor that I think, helps to understand. You know where the the ttfn runs and where it stops. You all.

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Know about baking, cakes now, maybe you've never baked the cake before yourself, but you know how.

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It's done right first step is to understand what the ingredients are. You, milk, flour, eggs, whatever.

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It is you pull those together. Think of these as artifacts that represent the behaviors and.

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Characteristics of the token there's a there's, a catalog of these things and you're gonna pick the.

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Ones that you need for the specific recipe, which is the second part that you're actually going to.

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Put together, the ttfn defines the artifacts that define that defines the artifacts that represent.

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The ingredients and the recipes so we're basically creating token specifications and we're stopping.

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There all right what you come out of this is a full-blown specification automatically generated.

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By the tool that developers can then go and code into the cake and the sand and the slice of the.

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Cake went too far all right so think of the cake, as basically being the the class of the token and.

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The slice is being the instance instance tantino. All right, I'm done talking instant instantiation.

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The class so with that think about that metaphor and now marley's going to come up and it's going.

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To take you through the details of the ttt of how it operates and how it works, so there we go thanks.

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All you guys hear me song, alright, so marley you haven't met me before so, let's talk about the ttfn.

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So ron looted to token tax how many frame workers under the cover- it's just just a.

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Github, repo that has a set of these artifacts and the artifacts are just essentially descriptions.

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Of ingredients so, just like we said you can have ingredients and the cake analogy: eggs, milk, sugar.

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And things like that before you start making a cake, you want to know what your ingredients.

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Are you don't want to start mixing things together if you're missing two or three key ingredient, you have to run to the store? So what do you need to do? Can you guys hear me.

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How about now still.

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There we go all right, so the artifacts were just essentially a set of files that we that you pull.

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Together now the thing with ingredients is you get a list of them, but you also didn't need to.

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Know how many eggs, how much milk you know how much flour? How long do you store whatever you.

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Do with cake batter what what temperature to put the oven on all of those things are not put in.

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The detail until you get all the ingredients together, so this is just the classic way. We.

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Create composition frameworks, so you have two parts of the token taxonomy. You have artifacts.

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And there I'll talk about them in a minute, and then you have what we call templates and.

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Templates are essentially recipes and they have two parts: they have an ingredients list and they.

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Have just a definition where you fill in how many eggs, how much flour that kind of stuff so.

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Let's talk about how you select these things all right, the first thing that you do is you.

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Pick up what we call a token base and tokens have this, this classification characteristics and I'll.

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Talk through these very quickly- and these aren't final- but these are the ones that we find to be.

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Most common, the first is, is you have a token type, whether it's fungible or non-functional.

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So hopefully most of you are familiar with these two concepts for fungible tokens are a lot like.

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Money or they are interchangeable within the same class, they have the same value, non fungible tokens.

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Do not have the same value with other tokens in the same class, so we have that there's the base.

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Type or we call the token type, then we have token units token unit is fractional whole or singleton.

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And there's some these: these can be a little bit confusing, but fractional tokens are dividable or.

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Divisible, meaning I can make change if I have a whole number one token and I need to have 0.35.

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Tokens that token is said to be divisible, whereas whole tokens are indivisible. I mean they can only.

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Be whole numbers, so certain tokens make no sense to have subdivided portions of that token and a.

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Singleton is sort of a unique definition where there's one and only one in the class. So you.

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Would create its wholly unique and I'll? Give you an example: a property, title and property titles in.

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The united states, if you're from the us they all look the same. You have a look at a property title.

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As a piece of paper and it's a specific format per state for the county that it's filed in they all.

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Look the same, but they all have different values. So you can put two property titles side by side.

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On the table and they look identical other than the fine print, the value comes from the actual.

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Address that that property title is anchored to right and depending on where that property is.

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And the size of that property, the value for that property title is wildly gonna differ.

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Between each other, those look identical. Those two property ties are in the same class, but they have.

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Different they're non fungible in the same class, a singleton is essentially, you can only have one.

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Property title: if it were a signal to properties, are there going to be one in the class? No more.

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And that's just a nuanced thing that sometimes shows up at implementation. Value types intrinsic.

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Meaning that the token has value on its own or reference so intrinsic or like cryptocurrencies.

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And then a reference is like a stable coin, so it actually references value somewhere else. The.

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Token itself doesn't represent the actual value representation type. We have common.

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And unique: let's see common tokens typically can share properties like the property title.

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A property title will have the same county and state and country, but they would share that. But.

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They would have all different values underneath, so you can have common representations, unique.

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Ones that means they can have their own unique values and they're not shared between any other.

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Tokens then we have this, do one. This is actually new for the framework called supply, and this is.

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Where you indicate whether it's fixed supply, if you have your token class capped, variable gated,.

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Or infinite we'll probably add variations on these, but those are the different to supply and then the.

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Template we have this notion of creating a single token or a hybrid token and hybrid token lets you.

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Model out more complex business use cases which we'll talk about in a minute once you've picked.

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Your classification, you sort of go through those, and these definitions, that you're seeing of the.

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Classification are mostly for educational purposes. When you look at the token taxonomy there's a lot.

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Of plain language: definitions for businesspeople; to read about what each of those classifications.

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Would be so that when you come up with a standard, you can look at the classification of a token and.

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Give it understanding of exactly what or for the most part, how this took them behave. These.

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Are just some syntaxes of that? You look at and the token taxonomy you have common and unique fungible.

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Where they, you see these formulas of these symbols, the token taxonomy has a standard formula. It's not.

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That complex and you look at these formulas that look like there's some wicked complex.

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Math is really not it's just to come composite or composition, but it does do validation against the.

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Syntax, so it's helpful in the backend when you're starting to build templates, but anyway, let's talk.

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About hybrids, real quick, I want you to find tokens whether they're fungible non functional. You can.

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Combine them in interesting ways. So, let's talk about, let's, let's assume that pick a band. Let's.

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Say look grateful dead, they would used to come to town, they would say for a whole week and you would.

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Buy a ticket for tuesday or tonight, yes tonight or tomorrow night, you would buy a ticket for the.

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Grateful dead concert for tomorrow, night they're here tonight. You can't show up for the grateful.

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Dead concert with that ticket for tonight or tomorrow night and give them for tonight's.

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Show but the the thing that that ticket does share is its non fungible parent, meaning it's.

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For a specific date, a specific, a specific time, but it shares the other value, so it has a non.

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Fungible parent with fungible children, because there could be millions of mommy thousands of.

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General admission tickets for a grateful dead concert, you might think they're millions people.

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There, depending on what you take at the grateful dead, concert, anywho it so that, let's just mirror.

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Out things like mortgage-backed securities, theater tickets, and things like that, where you can create.

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Hybrid definitions: once you have a base token type, you then differentiate togas based on their.

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Behaviors, so behavior is either restriction or a capability, so transferable, most capabilities.

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Will often have an opposite, so non-transferable and transferable divisible or indivisible some.

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Or just be mint able, so mint a bowl is the same as not necessarily the same as issuable but they'll.

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Have these different behaviors they're, usually described and they'll, have other aliases. So all.

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Artifacts can have aliases that have the same meeting in a different industry, so mental bowl.

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Might not make sense first, people that aren't in the cryptocurrency space, but if you give.

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It a different name like issuable, even though there's a separate issue, abul behavior, it's less.

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People get their head around. What a behavior does behaviors can have properties. This gets a little.

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Bit into the sort of programming definition, but essentially behavioral property is a property.

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Value that is calculated to be set or calculated to be read, so it's controlled by a behavior and.

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It's not just a static value. I'm sitting out there, here's a list of common behaviors. This.

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Is not complete, there's a whole bunch of these that have symbols as well. They're, just lowercase.

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Letters so you can see the palette of these, and these are added. We have a lot of these. These.

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Typically, you can think of behaviors, it's not necessarily token implementing a specific set.

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Of logic or implementing the behavior, but having the hooks to be cryptographically linked with a.

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Contract that actually performs that feature or that capability so like insurable, is a behavior.

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On a token, doesn't mean that the token is an insurance contract, but rather means that the.

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Asset itself can be cryptograph to link to the insurance contract somewhere else on a completely.

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Different ledger or wherever it is, but it'll have that cryptographically hooked into the insurable.

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Behavior behavior groups are just shortcuts, sometimes you'll see behaviors that go together.

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All the time building composition frameworks is a delicate balance of knowing when to stop.

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Decomposing things to where you could be complicit things so much they're, not quite usable, but if you.

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Decompose things like this is a the one we have in the the framework is called supply, control, supply.

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Control combines meant, burn and role support where there's a role defined called the mentors group or.

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The mentors role, that means you must be a member of the mentors role or group to be able to call.

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The mint function, those three things go together and we can create a is a way for you to create a.

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Template things that go together all the time and pre configure them as a mini recipe. If you.

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Will properties are going to talk a little bit about behavioral properties? Those are properties.

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That will call you to go through the behavior to set them or to get their value an on behavioral.

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Property, we like ask you sort of a setting their property, that you would set the value for once and.

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Then you just want query it, and you want to make sure that you know all tokens of this class have.

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This property, you can just inspect that token and you'll get the value for that you're expecting to.

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Get now you can still have in the programming language called them getters and setters, and.

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You can still have controls around the setting of those property values. The interesting thing.

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Here is, we can have properties nested within properties, so you can define complex structures.

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As what we call property set, it's pretty easy to do pretty straightforward, both behaviors and.

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Properties have something called invocations and invocations are just a fancy way of saying how do.

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I call this thing: how do I invoke the behavior or how do I get the value of that property and those.

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Are defined as those invocations then have control messages which are just high level descriptions of.

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A transfer request message and a transfer response message, mint request and a mint response. So it's.

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Call response, and it's not in programming language but they're, just called control messages in the.

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Framework, you define them and pretty easily just by defining a an invocation, give it a name put in.

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The parameters that you have to pass in slow, a transfer requires an amount and who you're.

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Transferring it to not not overly complex now, once you have all this, those are basically the the.

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Different types of artifacts, all those artifacts are classified or categorized in buckets and then.

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You go out and you want to compose a token, and you can pick from all those parts that are in.

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The framework and build your ingredient list first and then, once you build your ingredient.

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Lists you've got your formula up top and then you can build your definition and that, once you have a.

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Definition, you now have a token template and that could generate a specification from the definition.

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Itself, the specification is just a pdf or an open xml document that the tool generates for.

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You that you can hand to somebody and it has some thud factor. It looks like you, put a ton of work.

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Into it, when really didn't spit that much time on it, but underneath you have classes, that's where.

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You get to the implementation, so somebody goes and implements that and then the instance is the token.

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That you would have in your wallet or the balance would be instances of that. Let's see the formulas.

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This is what a template looks like. The ingredient list is display as a formula, so you have a this. Is.

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A fungible token that is divisible or indivisible. Sorry, the tildy is the opposite. So d is divisible.

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Or not, g is called delegate, so I can delegate supply control has meant to burn and roll support.

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And then it has a property called skew. So that essentially, is my formula now it doesn't tell.

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Me how many or who's a member of the roles of them interest, group or anything about that goes in the.

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Definition, that's in the formula. The definition is when you put that you plug the actual details.

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In they say, hey this thing is divisible by x, number of decimal places, or you know it. The.

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Role, support will, have you know these other roles that are being members of them, and then people can.

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Be members of those other roles and things like that, but that is the definition that creates the.

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Details, I sort of like your to pee, step by step from that we create the specification which again.

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Is just a document that tool generates for you and you can you build those and the interesting.

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Thing about those things almost sure what this looks like, but the definitions themselves are.

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Versioned, so you can publish those and it'll be a specific version that developers can go.

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Program against each artifact has a map or set of maps that can have references and links to source.

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Code, implementations, finished implementations or reference materials like regulatory guidance.

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As well so here's how this thing works. People say: ok, this is a bunch of noise. How does this.

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Thing actually work, so if we start out, we say well, these things basically put together a tool.

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Box for you and you can go out and and grab the different artifacts from the different pieces to.

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Build your token template. What does it look like in practice? This is just a sample visualization in.

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The github repo there's a the library out there has you, can, if you're, comfortable, editing, json.

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You can create artifacts yourself, you can modify them yourself right within the github interface.

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Or use something like visual studio code, but there's also a service in there that you can.

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Run the service and you can use it it uses at g, rpc has at your opc interface and it will serve.

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Up an object model for you and then you can build applications against the object model and it or.

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Provide crud sort of interfaces back and forth, so there's really no user interface specified. We do.

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Have a very rough web interface, we're gonna show you a couple of different ones: get ready show you.

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A mock-up again this is a mock-up. This is what it would look like. This doesn't exist, yet we do.

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Have prototypes, but this is what an example would be. You would start the token designer here you'll.

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See the visualisation of these pallets so in the upper left hand corner. Those are my token bases.

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Route, you know, say drag-and-drop a essential token base over when I drag and drop it over.

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It I'll put it on the design surface. If it has any dependencies, it will automatically pull those.

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Over so in this one we're creating a singleton, so it grabs a singleton behavior automatically.

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And puts it in there and then I could just drag and drop components on to my design surface now.

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This tool down in the lower left hand, corner you'll, see it's building a formula as you drag.

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And drop it if you try to dry something on like if trial drag divisible and then indivisible it.

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Won't let you do that it will be invalid, so we'll do real-time validation as you're. Designing your.

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Formula and you're tucking definition, so I can build out my token designer you can use this to.

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Create a whole new template and then you can save it in this case. We're creating a bill of.

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Lading, you can also use it to set the definition, so I can, as I'm going in, I can hover over it and.

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I can set the number of decimal places or I can set constraints on a property put, and here we have.

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A regular expression, validator to say, hey only characters of this type are allowed in this field.

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You can also use it for education. Somebody could pull up a template and pull it into this and hover.

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Over individual aspects and get information of each of the different components, whether.

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It's on the right-hand side of the screen or as a pop-up, so the the artifact implementation is again.

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In github, these are all just json artifacts that are serialized from protocol buffers. The protocol.

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Buffers can be served up, we get g rpc or you can edit the json directly if you're a developer and.

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You want to clone the repo, you can go hack at it and you can create your own artifact. If you make.

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A mistake, you start the service up. It'll. Tell you exactly what's wrong with your artifact like if.

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You don't have a unique id or something like that. It's pretty straightforward, but that's not good.

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Enough, we need more tools and we're building those we're going to show you some more here in a bit. I.

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Could show you the web one I can't on this laptop, but there are some tools that let you that the end.

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Result the end goal is to get this in front of as many business customers and business analyst types.

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Not programmers so they can have a design surface where they can understand and build tokens from a.

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Business perspective without having to understand the technical underpinnings, so we get a solid set.

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Of requirements from that we provide to developers, so the last bit is: where does the ttfn stop and.

B

Where do you start or if you're implementing code, the ttfn is just going to define the.

B

Artifacts the templates, the specification and then it maps to any of your resources. So if you.

B

Go out, you get an existing specification and you write, you know some bang-up solidity or you know.

B

A chain code, implementation and go for this- you know artifact or this complete template and you.

B

Want to advertise that you can put that right in the token taxonomy framework and and issue.

B

A pull request and that will be discoverable by any of the other people looking so somebody.

B

Models on a token that you just so happen to have written an implementation for they'll, be.

B

Able to discover you through this framework, so with that I'll hand it over to jonathan.

B

And he's going to give us a demo, it's gonna look just like this one. I showed earlier right.

C

Sorry about that first time I speak any conference here, hello, everybody yeah, I'm jonathan levi, I'm.

C

The ceo of a sarah I'm, the vice chair of the talking to economy initiative that is gonna, be.

C

Probably the talking taxonomy consortium and some of you had that a few months ago I became the vice.

C

Chair of this whole thing worried about, am I not busy enough and I am busy and with the so that.

C

Some people hated stealing to send invoices to and we don't have time, but I really think that.

C

This is a very important topic, which is why we're taking an active part in this. So let's talk about.

C

Portability and interoperability, and I think that this is one of the biggest issues that we have.

C

When we are talking about the adoption platform risk, how much you invest in something things are.

C

Moving can system talk to each other? Can people talk to each other? Can companies can enterprises.

C

Dock to each other, in a way that doesn't require so much coordination, because enterprises are not.

C

Really built to collaborate by nature, so we started this, so we actually medical. You know.

C

Me from the fabric days, right and in the farming days when I was working on 0.5 and 0.6 with gary.

C

And we were actually, I personally was worried that it's not gonna be like an ibm thing right.

C

And I wanted to walk a multi-cloud and the first demo I gave at coyne desk consensus. 2016 was how.

C

To connect fabric from google cloud to the ibm cloud and we actually spent a lot of time trying.

C

To make sure that things are interoperable and we had a same problem with so dis later on that.

C

We wanted to have it like in a platform agnostic way, but three years later we have a lot of cloud.

C

Support and a lot of erosion in the services we're partners with azure oracle, ibm and even amazon.

C

Even though they're working on 1.2 or fabric right now, it's possible to run a blockchain as.

C

A service in a multi-part fashion, the product we had at the time was we don't have a unified.

C

Interface so say: okay, let's just build an overlay network that allows a multi cloud deployment. This.

C

Was based on the hydrology fabric we released this thing. We started listing out projects and.

C

Giving them name and who integrated with the theory of naming services the ens and then who.

C

Created then oldest naming services for fabric and we actually walked a lot to kind of solve the.

C

Identity and privacy and we had some governance on top and yeah. That was great, so we thought we.

C

Had done, but we are not done because we needed to also share some logic. So some of you here.

C

Know that we partnered with digital asset a long time ago like a year ago, and we showed the first.

C

Damn-Well implementation of easter, the easter model, the cda model it was in london, synchronized.

C

Synchronous europe last year, and we showed how we can easily connect a demo smart contract or.

C

A demo app to fabric without changing fabric, so we have something called unbounded scale.

C

Which is the smart construction language and we thought? Okay, that's gonna be very easy. Now we.

C

Can easily run any smart content. You, like even the java chain code, even like I have some stuff.

C

In solidity, there's some projects that actually connect, and now I am kind of multi cloud multi.

C

Blockchain and I'm kind of almost logic agnostic, so are we there? I don't think so. The main problem.

C

That we have is actually all these stuff didn't work without a way to tokenize in a correct way.

C

So we didn't speak the same language, so he still did very well by defining year c 20, okay, but it.

C

Was not enough and any salvo cano near city, seven to one and then the other standard 40? No, there are.

C

So many like the privacy was and the security was etcetera, etcetera fabric is talking about.

C

Fabric talking for quite some time, the a lot of issues in terms of like keeping it generic enough.

C

To kind of be a financial services based kind of framework that also has supply chain with a lot.

C

Of identity, hash comité revealed scheme is a lot of so fabric is getting extended all the time and.

C

It's not so easy to kind of find the right token model that will work with everything and we were.

C

Thinking: okay, why don't we build a tool that actually is able to work with the standardised.

C

Form of defining a token that will work across the board, so let me try to show a live example.

C

Of what it looks like, but our questions, usually I speak too quickly. That's fine! It's the end of.

C

The day everybody's happy to him quickly, so we built a tool that allows us to actually create.

C

A token template is the text: okay, oh, why is it not showing me interesting? So let me I have to.

C

Create a presentation mode- maybe I am telling the first time presenting, I think, let me kill it.

C

So once again I don't know what you're gonna see now, oh we're back. So he was a framework.

C

That allows me to just go to my tokens. That's okay! I don't know if it's big enough not- and I can just.

C

Create a template- and it's something very similar to what molly showed you with the mock-up of a.

C

Designer and I can basically choose a base type of a token: it's gonna be a whole fungible fractional.

C

And I can try to go with the combinations that I allowed. Okay for what we support and it's actually.

C

Supposed to be very simple to basically come in and let's try to find, I don't know, let's do.

C

Let's do a function, let's do a whole non fungible talking to do that. Oh, I can actually do a unique.

C

Okay, let's do something a cache right, so I can just come in and once I've chosen the base type.

C

I can start at like adding some behaviors right, so I can say I want to be able to delegate it.

C

And I want to be able, and then everything is like relatively well explained in the form that I can.

C

Just have it well, I don't know if I can do daggett ball, that is not transferable, let's etc, and then I.

C

Can have this combination and I promise people on linkedin that I am going to call this thing.

C

Fab token, all right, so, let's call it a broken, but you're going to call it like fabulous token and.

C

Basically, I have the same thing is the form that you saw before, but it if you look at the actual.

C

Taxonomy definitions: it's not that difficult for us to have a unified kind of one-to-one velocity.

C

Between basically the representation of what are the properties and behaviors that I would.

C

Like to have, and to actually generate a token that later on, I can just go and just see that.

C

In general, you, the right one I can just go, and after the implementation and this this actually.

C

May be a bit complicated, but I'll talk about it. So while this is deploying I'm deploying it down to.

C

Unbounded and deploying it on a fabric network how many well he worked with them before one two, four.

C

Three yeah, that's it okay, so sure I want to smell, like I don't know, maybe like half a minute to.

C

Talk about digital, I said kind of, and the language that they open sourced, which is one of my favorite.

C

Languages for working with digital assets in the financial sector, world very functional, very easy.

C

To use instead of us worrying about, like you know, solidity is actually very flexible in terms of.

C

Like working with message, dots and the fabric is very easy because I have attribute value set that.

C

Mean is very simple when you want in our cases, we just look at the few settlement cases where it's.

C

Very, very simple for us to understand: what's going on, have the logic and then I can have versioning.

C

Of a contract of toki- and I can split it- it's a lot easier to do it in a functional way and.

C

We part of digital, I said long time ago, and this allows us to actually have an abstraction layer.

C

That sits on top of- let me just see if I can find it here, I supposed to be able to run a fabric if.

C

It was deployed it should be here. This is the previous demo. By the way, I hope you have token.

C

Here fabulous token: here you go so I actually now deployed app that actually used daniel.

C

For settlement working in a multi cloud form that actually conforms to the token taxonomy framework.

C

That we define and I'll just show like an example of what it looks like. I just deployed fabric like.

C

A minute ago, I have blocks transactions normal fabric world. This is actually running this time.

C

No offense guys on oracle blocks in platform. Last time I showed um well, it was on azure. We work with.

C

Ibm work with other kind of blocks in person, but it doesn't matter fabric today is generic enough.

C

For me to be able to work in a multi cloud fashion, just by using the fabric api, and we spend a lot of.

C

Time, try to make this thing very clear. Is the text clear to everybody? Is it too small is okay, okay, so.

C

I can just go bob alice and I have a wallet here with cash, and I have a wallet here with tokens.

C

And I can just create something called delivery versus payment and it's just a commitment that.

C

I'm gonna buy a hundred tokens for fifty bucks or I'll be able to move. This is an example of.

C

A bond trading up that we actually presented to a few companies recently and we're production izing.

C

It, but I can say I would like to have hundred us ds and my talking about, let's say 50 tokens and.

C

My token sinkhole is going to be fab and the issue in here- oh I see see now you know that it's a real.

C

Thing and then, basically I submit a proposal that is now written to a chain. This is a bit.

C

Complicated in terms of fineness, but basically I have like four steps. I basically create a proposal.

C

Submitted then the recipient can either accept or reject the proposal if they agree to agree or.

C

Agree to disagree. That's fine, but let's say they did agree. So I basically accept the offer or the.

C

Dvp and then basically I allocate here something and then I settle on the other side. Okay, so this.

C

Whole exchange actually worked on fabric, but without loss of generality we could have done.

C

It on all the things just that we have a product that runs on fabric, the dominant fabric, kind of.

C

Interface and it's very easy for us to guess just take a standard token, I didn't change.

C

A single line in the fabric code base to make it work what should be what was fabric to make.

C

Sure that we can basically have a full end-to-end kind of work with demo on fabric. But the idea is.

C

Once the healthy tokenization framework, this is just one example of how we did it on fabric. We.

C

Basically can generate that framework what the interfaces we support, what the properties that.

C

We want to have in the token taxonomy framework kind of form, and then we can at least talk the.

C

Same language, because if you look at what's the time, I have okay, a few minutes, so my main concern.

C

Today is that yeah we're making a lot of progress in blockchain right and we started with a single.

C

Thing that working for nodes and then we started adding more nodes. And then we headed the ability.

C

To add a node to a network, we have a theorem coming in now with a private, offering right.

C

There's the bezel and the permission offering and if you ask kind of my personal view, not just the.

C

Device share, but this is jonathan levy. I don't believe it. We are going to end up with one single.

C

Jane, I didn't believe that we are going to have it when we had only the only only bitcoin before.

C

We theorem, I didn't believe that the theorem is gonna, be the next or the last thing, and I.

C

Don't think that there's gonna be only one fabric network or maybe one version fabric.

C

In production right- and that's already the case- so I'm not telling you anything kind of new but.

C

Back in the day, it was new you know and when I started working on permission kind of changed.

C

Everybody like hey what happened to you used to be a cool guy, working on public chains, etc, etc.

C

Why are you going corporate again? Because I really believe that we need to have real users with real.

C

Applications with real assets on these chains and if you are not going to have real assets.

C

And you're not going to tokenize them think about it for a second. What are we not double spending.

C

Okay, so we all have to work a little bit harder at this at the beginning, and the last view is.

C

Well, actually, I think promising hard, but it was expected but promising, because many companies.

C

Now don't believe anymore that they should just have a lot of things in the data silo people are.

C

Talking about some public validation and people try to tokenize stuff in a way that they can move.

C

Across networks so take a step back. Imagine that I would buy a handset today and I'm going to connect.

C

To I know verizon or at&t, and every time I want to send bryce a message I need to know they make hair.

C

Of his handset, like what network is easy on, and I don't know if he's available right now, that's.

C

Not the system that we have today kind of in the sense of 24/7, I don't want to work 9:00 to 5:00.

C

And I have full audit ability and transparency, so all I need to do is to just have a component.

C

That basically builds stuff in a way that is not just platform agnostic as much in here, but.

C

Also, implementation agnostic. I would like to have accelerators in terms of like hardware, software.

C

Libraries tool sets networks platforms that you'll be able to work in a similar way and they just.

C

Have the same behavior so that we basically can align expectations right? I know what I'm getting.

C

I know under what conditions I'm approving stuff, I know what I'm not accepting, etc, etc.

C

So my message to everybody here is that actually we didn't want to just sit in a room or in a lab.

C

And to create a framework and just throw it on, you know over the fence to everybody, it's an ongoing.

C

And it's actually growing and we're getting a lot of good feedback, we're looking for problems, we're.

C

Looking for different tokens, different behaviors, more property sets, what weed is wrong? What needs.

C

Changing what is really keeping you up at night and how we can help last things I would say I.

C

Don't think this is gonna be the last version. This is version 1 0. I think we need to also now that.

C

You are in hydrologic global form. I would like most or all project maintainers and people that.

C

Are running kind of different frameworks to start thinking about how we can work together, because I.

C

Think that we are too fragmented right now and I'm not saying it just because I like fabric so.

C

Much because I spent so much on fabric, I just don't think that we have enough resources to.

C

Build so many fragmented systems, because we're just confusing the users and the client and the.

C

Ecosystems, questions. Thank you. Oh oh actually, I was just joking about the fabulous token because.

C

We had fab token and then we remove it, so I didn't want to call it fabric token, even.

C

Though it's running on fabric, actually there are few people here. The fabric we intend is that you.

C

Talk about it gary is one and a few other people. In addition to me, so I don't talk on the behalf.

C

Of the fabric project on my own right now, we should talk about it. The way there are plans.

C

To get fabric, I don't know if you talk in 2.1 or 2.2, so there is a big move now on how to design.

C

It token we just did something, and we did demo in this example, not just because we wanted to.

C

Promote demo right now, but because we wanted to have an abstraction layer that doesn't actually.

C

Sit on fabric, so I just wanted to use fabric for state, but not to have something that is super.

C

Embedded in fabric just to show like that, the big message here is: I can work in a standardized way.

C

Without baking in and hard-coding everything to the to the underlying network, that that's why I.

C

Did it, but we should talk about for talking with yeah, okay. So just one last point: we are really.

A

Over time, I'd like to break, if you want more information, go to token taxonomy org you'll be.

A

Able to find some documentation, some specs you'll be able to figure out and find out how to join.

A

The tti soon-to-be ttc and we have a little more information at the eea table up at the developers.

A

Center, so thanks marley, thanks jonathan I'm doing this work and thank you all bye. Everybody.