Smart Token Labs EDCON Developers Conference, 17 Aug 2020

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From YouTube: EDCON 2020 Keynote | How to Fix the Horrendous Experience for DeFi New Users by Weiwu Zhang

Description

Weiwu Zhang, CTO of AlphaWallet, shared his insights on how to fix the horrendous experience for DeFi new users.

The talk was originally streamed on EDCON 2020 Day 0, August 9 EDT, 2020.

#Ethereum #DeFi #AMM #blockchain #conference #development #smartcontract

For more EDCON 2020 lineup and schedule: https://medium.com/ethplanet/edcon-2020-lineup-and-schedule-87961a4538db

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This is the talk for how to fix the horrendous experience for defy users.

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I've got a bitcoiner friend who is interested in this um brave new world of smart contract-based finance.

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He looks like this guy I'd liken, bitcoin to monetary technology, innovation and the theorem of financial technology innovation. I said to him: you already have the crypto money. Why don't you try crypto finance, and indeed I got him to try d5 one day. This is what he did. He deposited one if into his compound depth, and he instantly got 97.34 he's safe.

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He was so impressed. He said I heard getting reached quickly, but I didn't know it is this quickly? Well, this lack of clarity is embarrassing, but this is just one example of the problems. The other example is about trust.

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Another friend of mine uses mobile phone, banking and financial technology a lot he heard that blockchain is a trust machine.

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We decided to take him through the default experience to see how he would react. We observed he opened his computer download metamask for the first time and instantly. He sees a fox who is the new guardian of his financial assets, which made him super safe and trustworthy, and then we observed him creating an account then open the unit swap- and this is what he sees.

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What does this even mean? Wasn't blockchain supposed to be a trust machine?

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Wasn't it supposed to replace the banks? Why does it feel less secure than the banks?

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Today's financial technology users are used to use online banking and trading, which is already achieving a quite high level of trust and convenience?

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I know it because I worked in largest bank in australia on the blockchain architect role for a few years before starting alpha wallet, to address some of the design issues. We have seen public blockchain when it comes to serving users.

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I hadn't haven't introduced myself since, since the beginning of this slide, my name is, we would but that's not really important. We will come to our wallet and the technology we use called tokenscript, which are the really important takeaway for this talk.

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What I see is that user experience failed to address user expectation which is on par with what is provided by financial technology today thorough startups and banks, and it failed to use to provide interoperability, meaning that when you use a wallet, each step is still a little world of its own, and users doesn't have don't have the control over his assets on virus decentralized systems.

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Furthermore, it doesn't leverage the trust and security that could be provided by blockchain technology, and I see wallet playing an essential role in solving this problem.

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A wallet as a user agent has the means to protect its users and should leverage on that, because it has access to the blockchain directly and because this is the only thing the user have to protect them themselves.

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It's a protector of keys and this protector of entities. uh Sorry a user entity in terms of the anonymization.

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And it also serves as a content software so that the user, a user, can learn his portfolio and expenditure.

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However, for that prominent responsibility, a wallet must have some extraordinary capacities.

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First, a wallet must know what's going on.

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It must know, for example, that user sent a transaction and how that transaction might affect his multiple token balances.

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If the user raised a debt through a transaction, the wallet must know that now the user has a debt and there is interest to pay as well.

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So far, I don't know any wallet that knows how much that user has currently have, except when the user opens the corresponding app, which allowed him to raise that in the first place.

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Then what it needs to know how to securely construct transaction from simple transaction of sending ether to someone to complicated ones like authorizing access to a line of credit. Finally, it has to have the capacity to create.

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Usage-Centric user interface, for example, when the user is look using the wallet to check his activities, accounting activities, all of the accounting activities should happen together.

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It is not okay if the user have to go to individual apps to find their activities regarding to the token service. By that app, it's a little bit like.

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Instead of providing a browsing history in your browser, you have to go to ebay and amazon individually and see what products you have browsed d5, on the other hand, focuses on providing the token the financial services, the capability of d5 projects are provided through the tokens and the underlying smart contracts can be tremendously complicated.

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What we need is a technology that bridge the gap, the need, the the need to provide user with good experience on power with the current financial technology through understanding the token activities securely constructing transactions and protecting users from accessing bad websites to the underlying blockchain, which provides financial services through tokens.

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This middle layer is a technology that we have been working on for two years. It's called tokenscript and we first announced it in adcom last year.

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I'll walk you through a few examples and to show what is the difference with defy token, with token script applied.

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This is a screen a few screens I take. We use an alpha wallet and token script operating a using a aave token.

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This is a simple deposit flow where the user select, if token and choose to deposit it into a av project and obtain 10 years in return.

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Like certificate of deposit- and this balance keeps rising in the meanwhile observe that the user obtains a line of credit token, which is 7.5 eth. It reflected the fact that by depositing into aae, the user obtains a line of credit with maximum borrowing capacity of.

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7.5, I need to mention that this is done through the wallet, um not opening a dab or opening a web view with web components embedded in it, for example, the balance of 7.5 eth line of credit.

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This knowledge is available to the wallet where, if this is a debt or embedded web view, the wallet wouldn't understand the availability of this line of credit.

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In the second example, the user draws 300 and die from the line of credit as a result receives 300 die.

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This would affect the available balance in the line of credit which, through the help of token script, the wallet could do so because it understands what is going on.

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It would also affect the health factor which is calculated through a smart contract and fetched by the token script as the underlying event, the withdrawal, the draw 300 event, prompted such a change and the final slide. um We have the of repaying the debt. The user pays 300 die from the debt token and clear his debt again, the balance is calculated dynamically.

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This is the activity view where the users or the user can observe the events that occurred during this line of operation.

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Again, this is a holistic view of activities going on and the user doesn't need to enter individual depths to observe the activities related to that individual token.

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Token script is a technology mainly invented for providing a token layer so that business logic can be built on top of tokens. We've demonstrated how it would help if I wanted to improve the user experience, but it can help you to improve user experience. For your token and for your applications as well, much of the work is done through community.token community.tokenscript website, and there is a document website coming online, pretty soon expected to be available before this their edicom event.

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What I would suggest you to do is to download afterward and try it and walk through one of the guide and on how to create a very simple token script. For your token, thank you very much.