Smart Token Labs Presentations & Workshops, 18 Feb 2021

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From YouTube: Crypto 2021: Workaround for Tackling high gas price

Description

Crypto 2021: Building cyber-native ventures ( DeFi & DAO) and Tackling gas price

Meetup:
https://www.meetup.com/en-AU/bitfwd/events/276264891/

Second Talk: Devcon's crypto-ticket's: Workaround for high gas price

🗣 Speakers: Victor Zhang, CEO @ AlphaWallet and Weiwu Zhang, CTO @ AlphaWallet www.AlphaWallet.com
https://twitter.com/AlphaWallet
https://twitter.com/Victor928
https://twitter.com/zhangweiwu

About our Sponsor:
AlphaWallet is the creator of one of the most popular open-source crypto wallet applications on iOS and Android. There are over 100 forks for AlphaWallet used by the blockchain community.

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Okay, all righty, thank you for coming in guys. um Let's uh start our meet up, so it's really good to see that um a lot of uh you have turned up today, despite being raiding and the weather not being great but yeah. It's really really good to see you all here. We have our two speakers here today.

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The very first speaker is daniel barr, who is the uh founder and chairman of bit forward community and with forward ventures he's looking at the next financial fintech innovation out there eyeing out for the uh next unicorn out there also promoting the equitable uh business models through open source systems, so we have daniel here um before I uh you know, give the mic over to daniel. uh Just a quick reminder, please check in and the um uh tablets that are over there um in the entrance door.

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You know please make sure that you are checked in, and I also have another registration form going out. You will have to fill in your details, but you know other than that feel free to have a couple of beers. That's over there, beer and wine, and we have pizza so help yourself um and without much of you over to you, daniel.

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So I guess like for the camera, it's better to move there right, yeah.

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And um you know we are streaming this event as well, so it would be great if we can.

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All right, let's see.

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Oh yeah, okay, let's hope it's all right all right thanks everyone for coming. It's like quite unusual to have in-person meetups, I'm like really bad, with social interactions, these days, not through zoom. So I really appreciate the in-person interactions.

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So um I guess in preparing for today's talk like um I wanted to bring back to roots a little bit of. Why are we even doing crypto?

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Why do we even care about doing the work that we're doing and then give a few examples of products that are already like live out in the wild, and you can use and basically play this cyber native game and personally in the last year or two most of my focus is on venture building and specifically dao's decentralized autonomous organizations and the kind of examples that are very popular now to apply those are decentralized finance defy.

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So we'll get into some examples and some um tools that I use today to get some insights that I hope that by sharing it will be valuable for other people in the audience and yeah also in the move from kind of web 2 to web 3. We're basically seeing how the move from being only in person like today to completely digital native social and mobile, is a huge trend that is accelerated with kovid and other stuff.

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So I guess yeah like quick background, as sunil uh gave a bit so in in my titles, I'm founder of bit forward hollow farmer so hold on guys dragon fruits. This is a recent addition to my resume.

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In the edmond hillary fellowship for impact entrepreneurship in new zealand and before doing crypto, I used to do um quantum, electronics and semiconductor engineering in israel and asia, and just as a matter of disclaimer and the warning that anything that we're talking about today is not an investment advice and if you want to buy some crypto related stuff, it's entirely your own um responsibility.

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But of course it's always a good time to get into crypto. So it's also your own responsibility not to get into it.

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So I guess like a bit of motivation for um cryptopreneurship life and something that personally, I draw a lot of inspiration from some of you know. A naval ravikant is a investor entrepreneur from silicon valley that has uh transitioned to focus entirely on crypto these past few years, but he also really cares about well-being and well-being is a principle that also for me, is very important, so something that I ask myself every day and I try to ask it to anyone that I work with as well.

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What do you want? What do I actually want and what is success to me? How do I look at success right?

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What am I good at to keep reflecting and iterating to improve, and where does my natural curiosity take me because passion is a little bit like money? It goes up and down, but curiosity is eventually what drives you forward to get through those ups and downs and continue on your successful path. So, if, um if you haven't had a chance to check the naval ravicant podcast or something, I highly recommend it, it's very um clear thinking and articulated on entrepreneurship, and quite a lot of it is um crypto related.

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So I guess one principle is that um in in doing entrepreneurship in general and crypto, definitely um more so the aim is to create a to bake, a bigger pie together, rather than try to find fight on uh yesterday's sandwich crumbs, and the idea here is basically positive. Some games instead of zero sum or negative sum right, there's all the things that we want to create together, that haven't yet like came into reality and now in doing entrepreneurship and crypto we're kind of birthing.

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This new technology, new realm of society, second, is that you keep learning and you'll find a way to contribute to either the industry and find your value, your unique, unique contribution um that only you can contribute. You don't have to always be just the best developer if you are the best developer good on you awesome, but actually like quite a lot of time. Nerds team also need someone to do community buildings. I want to do designs.

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I want to do operations and you can add a lot of value if you have empathy to work with the kickass nerds on those things that they're missing. So I highly encourage you to keep learning and find the way that you can contribute. Personally, it worked quite well for me um and the other thing is focus so if you've been in crypto for long enough, you probably heard many times.

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Why do I even need it? You know my bank works just fine or whatever other form of skepticism. This database is really slow and inefficient, um ignore crypto skeptics. This is like rule number one, just like no time to waste on on people like this, uh no offense. uh It's just kind of like in the late 90s. If someone tells you why do I need the internet?

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I have newspaper or whatever it is right, um so it's pretty much pretty much like where we're at today with crypto, it's just the early beginning and we're starting to see it. So I guess enough of the only motivational stuff and let's consider some of the things from the transition between where we are today with um web 2 transitioning to web3, so mobile ux is going to be one of the most important things for crypto, not only crypto, and some of the examples that we see from the world before crypto is wechat.

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So anyone here is not familiar with wechat. Everyone knows what is wechat so right now. I think that um it's the most end to end integrated app in the world.

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Personally, I think that it's the most impressive engineering effort for a single app, that is in itself like a standalone operating system and alan john john long he's um the creator of wechat he's um as visionary and inspirational as zuckerberg or steve jobs, or one of those and four of his product principles, which I highly encourage anyone here that is working in products and is thinking about how someone will end up using them. I highly encourage to read john shaw long.

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He writes really amazing, like he actually gives keynotes, but people write out of it really amazing material for specifically product managers. So his um four core product principles, user is your friend.

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So basically, this is a priority number one technology is for efficiency, so whatever it is that you do, you can optimize for engagement, which is nice games for potentially selling more ads, more time, eyeballs and stuff, but actually remember that the user is your friend, so the technology has to be efficient for your friend to get out of it.

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What they want, kpis are secondary, so often engineers or generally product teams get overly obsessed with kpis and wanting to hit them, which is great, but then remember that in the end of the day, you don't predict the market or the future. So you need to take those kpis as a secondary thing and actually like be empathic to what the user has to say and what the users actually want can be a little bit different than your original kpi.

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And, lastly, which is perhaps the most interesting one, is decentralized ecosystem. So it's a little bit interesting to hear from the creator of which at which is highly centralized, that the ecosystem needs to be decentralized, but when he goes in to explain what he means. So, if you know how which it works, you have a chance, or I think it's called the mini programs that are installed in wechat and right now.

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If you deploy like, if you design those mini programs, whether if you're like a couple of people working out of co-working space in hanjo or you're, a multi-million dollar business that just develops a mini program, you have the same opportunity to get exposure through wechat.

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So it means that basically, the user experience layer, which is the distribution here, is decentralized and this principle carries on to um to crypto products really really well, because in order to find what products you want to use, you're not going to have one app store that rules them all or something like that, you're actually going to have to find it through whatever information sources that you have, which sometimes might be different to what other people have- and I guess another another important thing in crypto- is we already know like in the normal internet?

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How critical is social media like it there's? I think pewdiepie has uh on youtube more viewers than um whether it was bbc or cnn, or something like that. So we already know that the power of social media is really important, but in crypto it's even more so because it's entirely digital native. So you basically have a situation where people in forums or discord, chats or or githubs getters whatever it is, they get access to good deals.

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They get access to products before they are known elsewhere and basically, everything accelerates much faster with this social media backbone on it, and you start also seeing transition to more crypto native social media right now. It's still in this transition, where sure we have some of those like signal or telegram that are semi um protected, or you at least choose what are the vulnerabilities that you're exposed to with each of them, um but eventually like we're, starting to see more and more transition to crypto social networks, so yeah. Some examples that I wanted to give.

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This is a project that I'm quite involved in the hedge, so dhedge is a good example for a social product in the decentralized finance space. Dhedge is a non-custodial synthetic asset management protocol. It's essentially a marketplace for hedge funds. So if traditionally to run a hedge fund, you would need to engage with lawyers and accountant and all kind of compliance and regulatory issues with dhedge protocol.

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You have the ability to deploy a fund or, of course it's called the pool and not a fund, because we want to make sure that we're not exposed to regulatory risks, but you can deploy a fund or you can contribute to a fund without having any intermediary or intermediary is a smart contract. The protocol and something that is really cool in that is the social experience.

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So you can see basically on the platform and I'll switch shortly to actually show the live product. You can see on the platform the leaderboard in that case, where people basically are trading.

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That's no, that's that's the right screen. I still didn't show the product yet yeah. So so, basically, you see the leaderboard, which is unlike traditional hedge fund, which are opaque, and you don't know what the managers are doing here. You basically see the track record, the performance, the historic trade and you can decide if you make a choice to contribute to that or- and you can like get inspired, learn by uh examples of really good fund managers and, let's, let's see if we can run through quickly yeah you can.

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You can explore, find find details here. You see their total returns. The entire experience is really um social and engaging in that, like you see, people come like alchemy fund is actually a pretty good fund. Oh, I don't invest with him, but apparently he's performing quite well. So if I want to, for example, share his track record or whatever um just like traditional social media right, we can do all those things and get all the data that is otherwise on chain showing his pool value.

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A recent recent asset that he's trading etc.

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um Yeah, let's get back to.

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Nothing present.

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All right so another example is sablia. Anyone knows about sable from before, so sabli is really really cool tool that um it's a very simple concept here. I just showed the my personal, sadly streams, so I have like one million wrapped btc being streamed to me, for I guess it's a bit small, but you can see the dates here is january, 2021 until january 2024, so um about a million wrapped bitcoins.

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Don't rob me afterwards if you know the value, you know the joke, it's actually not real value here um and then half a million usdc and the the cases that we see people using this for this is on a mobile phone. You can see it on a mobile wallet, whether it's a monthly salary that you would otherwise have an accountant that is or cfo or whoever it is. That takes care of your payroll or if you have um investors that are vesting for a period of time say three years.

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Investing schedule is quite common or a project budget that is going to run for now, a quarter or something like that, and you need to have like regular budget bonuses that are conditioned on milestones or in the future. Imagine a scenario where you don't pay airbnb by some intermediary. You basically like start stepping on the car. You stream money, you step off the car. You stop streaming money, so sablia is essentially streaming money.

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Just like you, you would use data you here, you'd use money as you use the application um and yeah just as a one example for uh for a real um stream, because my my fake streams are not exactly relevant here. I loaded um this is a real example from d head. So, as I said, um I'm working with dhedge and someone here has vested a quarter of their 3500 dht over one year and they haven't withdrawn it. Yet we can see basically whenever they would.

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This is a public like a public um protocol, so you can basically see everything that happens on it and yeah. That's that's! A real stream.

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And actually, let's show the show a little bit more the product just for context for how it works. So if I want to stream to someone, I basically sign up with my meta mask. So let's say that I'll sign up with.

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That's cool can pay someone.

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Wasting doesn't.

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So I can basically like set the the token I want to pay set. The amount set, the address save italic because he needs money, his welfare case, and I can set the time and start create the stream.

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So it used to be that uh crypto products used to be very, not user friendly, and you used to have to be like a power nerd like we would. It uses command line for everything, but it's no longer the case. You see that everything here is already up to standard with how normal products are. So that's, that's kind of like um just to reflect on the progress that we have made so far in the industry.

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uh Sometimes we take it for granted because uh we're in this a little bit of echo chamber, but I think for newcomers. The world is much easier today than it was a few years ago when we started playing another. Another area that I want to cover is daos, so who has participated in a dao before?

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Okay, all right. That's like a fair bit here, like about 30 of the population, very representative of the normal mainstream people. I think right so um something that uh everyone is familiar with coin market cap, for example, do you know that website?

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If you hold any token, you probably used it to check your uh number, go up or number go down and and be happy or sad. um So, with the kind of booming dao industry, we started having too many daos to be able to track, what's happening on them and then came this entrepreneur from israel that I've been working with for also the past year and said how about we start covering all of this data about daos, because it's much more complex data than tokens. It's not just number go up. Number go down. You have membership.

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You have different tiers of permissions. You have proposals, coalitions, it's basically like starting to track politics and governance of institutions on chain. So deep down is um really interesting effort. The team is uh com comprised of some product people, as well as a data scientist and researcher one of the lead researchers. There is a guy that used to organize all the internal microsoft data for their their teams, to understand um employee retention and all those kind of things, and he divided everything in deep down into three categories of products.

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Products for five second users, which is number go up, number go down what you go to cmc for um five minutes users, which is, if you are a dow member and you want to start understanding a little bit more about the activity of your specific, dow and I'll go through one example.

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Shortly then, you're, probably one of the five minutes or the five hours users, which is the analysts and researchers that take the data they export csvs and whatever they tweak it, and they basically do whatever it is that they need, and quite a lot of the people that make investment decisions are ending up doing a lot of this research and and this data is super, super valuable for them.

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So yeah. This is a screenshot I took from today. Actually, so you see that we're nearly one billion dollar in aum under the dows that are currently in uh deep down. This is the first version um insider information I can give you is that we're about to add more data to it that it would reach about 60 billion by end of um the next couple of months, so we're covering more and more data, and also the member account.

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So when we started deep dow less than a year ago, the member account was about 1 000, now only on the thousands are integrated here, we're at 60 thousand and with the d5 protocols that we're adding all the default is under governance.

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We're looking at more than one million addresses, so this again like from entrepreneurship or product perspective, when you start seeing this rate of growth, if you ignore it, it's at your peril, like basically there's so many opportunities here, that you really want to find a way to get a piece of that pie um yeah. This is this: is the kind of cmc view of deep down. You can see the the dow's ranking how many usd they have in their treasuries.

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What's the total in total out again still the five second users and when we're looking at the when we start looking at the inside of one of them, so, for example, d hedge, which I mentioned d hedge, is also a dow right. It's a d5 protocol that is run by a dao when, when we go inside, we can start seeing a little bit more granular information. So you see sure the overall assets under management totally in total out and stuff number of proposals. So 11 proposals, it's actually a quite low frequency activity.

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You can even get into the granularity of seeing what past what failed?

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Who are the people that voted on it?

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You can see the um I think decentralization score somewhere indices, all kind of indices for data scientists and democracy and governance, nerds, which I don't even know exactly what banjo f index is, but apparently a lot of a lot of governance, nerds really like to measure bunch of indexes for dows yeah. So this is a website that I highly recommend if you're into daos you'll learn a lot from here and much more data is going to be added to it shortly as well, and let's see how much do I have left yeah?

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I guess another example for a really cool dow is the lao anyone heard of the lao before it's a it's like a vc that is run by a dao. So essentially, there is no one gp and there is no kind of many lps. Everyone is a gp and an lp at once and they sign with their wallets and then they can decide. They can basically make proposals to invest in a deal or not to invest.

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They have all kind of discussions. I brought some deals to them. Some of them they invested some, they didn't it was really entertaining, and basically you can't see it without you being a part of that dao. So you once you'll be a member of the dao you'll sign up with your wallet you'll start seeing the deal flow you'll start seeing all the discussions that they have there all these kind of stuff governance details.

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Some of them private, I think some are everything- is private. Some things are more public. Some things are more private. uh I guess this pretty much. Like concludes the the talk we can. If we have a few minutes, we can watch something entertaining. Do we have a few minutes left?

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Okay. This is like really entertaining and motivational.

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Oh, I can't I can't, let's see.

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I say we're trillions of.

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The dollar has lost 99 of its value.

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There is great uncertainty about the future.

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Are strongly committed to using our tools to do whatever we can.

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For as long as it takes to provide some relief and stability to ensure that the recovery.

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All right, so thanks everyone. This is pretty much everything.

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And sunil over to.

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uh From streaming money to um showing that video, which is really really powerful right, uh the other day, someone was saying that 40 percentage of all the usd in circulation would be printed this year. So it's just mind-blowing uh what's happening in our world economy, and I think that you know you really made the point of everything being very social, especially considering what's happening with wall street beds and everything.

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So uh thanks again, daniel for the very insightful presentation, uh we'll take a quick uh 10 to 15 minutes break, uh we have more pizzas going on uh grab yourself a beer. Let's do some chit chats uh for people who wants to go to the toilet, it's right over there and we'll. um You know I'll start. The next session.

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Guys, give me a couple.

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So we used to see.

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Hi, I think it's great.

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How long have you been in today.

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I'm from singapore, I'm.

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Asking whether there's any singaporean.

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In your company or something I.

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Live in singapore for around four years four years- and we start.

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To convince everyone to move to like.

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There's several problems. The first thing is, singapore government is now. We don't really feel welcome, because it's very hard to get. For example, independent past independent.

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Difficult to apply an independent.

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Is it's hard to improve like a local tenant because most of the very kind of people we met they rather looking for like a mission or people, those are making foreign.

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Why, but also previously.

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When we decided to move, we saw there's a lot of cryptocurrency in singapore, but after we moved it's actually most of the company just left their cd marketeer community pr people in singapore and none of their.

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Brain development.

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There, for several years.

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Very much a very safe, very organized place and also also close to all the asia asia pacific places. It's like. Aha, austria is.

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I think people are more willing to read.

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Crypto education platform for robotics- that's just a future dream, there's still a lot of things that I need to learn before I get to that.

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Into in here to see, do you guys use the single things.

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But those data are also highly private, scientific.

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Those type of data should never be unchecked should never should never be. Unchecked should never be put on a blockchain, because once you put it on the blockchain, everything becomes public. Even you equip it. It's still public.

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uh So like the idea, for example, my friend, who is building a staff that they're trying to feel uh like a human like a career regimen system, but.

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Every data will be.

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Blockchain, so all the.

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You don't need you, don't need blockchain to secure the data and you just need a digital signature.

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To build some other super fund transaction record management.

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I don't know where the greatest idea from accounting, if the, if the information itself is not representing a tradable rise, then there will always be better technology than blockchain.

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Only only if the information is representing certain treatable lives, but ownership will need to be changed, then using blockchain makes sense. Otherwise, the traditional digital signature, playstation technologies, there are so many different technologies to achieve like nothing can be. Changed cannot be time for cannot be faked, there's already technology for achieving, but none of those technology can achieve avoid the double spending that is the that is the like. The key different differences because on blockchain is like a continuous timeline, so every every everything is involved, one by one. So that means that you cannot.

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That means that you cannot do like a double span. The same thing: you cannot change the order.

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So if, if your use case don't require this continuous, like a timeline, you put everything in a time, continuous timeout and not making any sense to use blockchain.

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So if you, if you're looking at all type of information, then only the information representing uh treatable rights really makes sense to put it on a public.

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All the other things can be linked with blockchain, but you don't have to pull those data to blockchain. For example, your personal information may definitely affect some of your iso, some of your transactions, so that means that it's all linked together. But uh but what you have? What you owe like you own one dollar, one bitcoin. Those things can be put on the blockchain but like who you are or your personal information. There is no making sense to put it down from approaching.

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Someone who regulate the foundation institution by putting all the transition for your bitcoin.

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So, basically, you cannot basically there's there's no privacy on the option. Everything on blockchain is public. So if anyone tell you, I'm going to use blockchain to to build a solution which is provide privacy to the people, then then you know.

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Maybe it cannot be linked with your real-life technology, but that doesn't mean everything on it is public.

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I can't remember what the name is. It is to have the abnormality like to be anonymous.

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Anonymous, yes, but that that is not privacy, that is all public. For example, if you have a one bitcoin address, then all the transactions happen with that address are all public.

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Earlier, like last year, this is the kidnapping story and then the people asking it's not asking for real money for ring, but rather he's asking the bitcoin. But if he's becoming strict, it's traceable that.

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Is that is because the the the enormous not not because of not because it's not physical, it's definitely hundred percent traceable. So that means all the transactions happen with this address can link to all the records back to 10 years ago, everything all there and as soon as they can identify something, maybe from your ip address or even if you use, if you transfer money to some central exchange where, where your data, kyc or anything, can be linked with your real world and.

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Which is the try to cut off the real word?.

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That means that you should never never expand any transaction with any centralized services. Then you can keep.

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Maybe a little bit about our wallet and like currently there's more than 200 forms and there's a more than 20 live mobile application, which is based.

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The powerful wallets and opens uh live in the market, and there are some millions of people using all kinds of alcoholics.

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Different bases using it for their own property.

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Hey guys so um shall we move on to our next uh speak? You know session for the day, yep. Thank you so yeah it looks like you know. The um uh the networks are coming in. You know, there's a lot of chit chat. You know it's really great. um So, let's move on to our next um uh next session. So today we'll be talking about how uh we can tackle gas prices, which is one of the uh you know biggest problems up there right. um You know, don't get excited.

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You know we are going into a more developer, oriented approach, but yeah you know it will give you some insights. Okay um uh before I start uh the chat, um you know I'll. uh Let the give the mic to victor uh to speak a couple of things about alpha wallet for people who are new and doesn't know about our. You know a company.

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Hi everyone- I I didn't prepare for this, because previously I didn't, I really didn't expect there will be uh such many people at hand, and I expect maybe it's all old face since today. There's many new faces, maybe it was to introduce alphaboli and our company stormberg. So we started from singapore at the late of at the end of 2017.

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The company name is called storm bird and now storm bird already be transformed into a venture studio. So under the adventure studio we have several different products. Alpha wall is one of the products. It's a fully open source, the ethereum based blockchain wallet, mobile application and currently there's more than 200 folks on the github. That means there is fully open source, even including the ui, so that and also it's under the mit list, any people anyone can use it for a private use case or public use case business use case.

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Everything is free, so you can use it for free. So that's why there's over 200 folks and also there's more than 20 live mobile applications in the market in apple app store and the google play store, which is basically based on alpha wallets code base and put together, there's millions of users globally using alphaboli for uh for their for doing for using the services which is built on the ethereum-based networks like ethereum, mainnet, xdy, poa or b10 binance, the smart chain and there's many other evm based network.

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So that is our forward and on the same time, we also develop working on a technology framework called the token script that is basically for doing tokenization, and that is also why there's many businesses love to use our solution together with alpha wallet to build their own mobile blockchain application for different kind of use cases, and in the past three years we have done like more than 30 different proof concepts from automobile industry.

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We did a car ownership token, together with a u.s based electronic car company called karma, and we did two times the immense blockchain-based events tickets.

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One is with very far back into 018 for the fifa world cup 50 uh tokenized 50, vip tickets, real tickets, we donate with the fifa official and also for the last year we actually about to launch the euro 2020 vip tickets, 20 000 vip tickets, but because the events got cancelled, but everything already live, you can even search for the tickets application in apple store, but because the events council, so it's no one- is using it and also there's many other uh pocs like a car entry door, entry, token and watcher token gift card and many other things, and for besides the alpha wallet and the token script, we also have several other projects, which is uh some of them is also fully owned by ourselves by storm bird, and some of them is like a partnership with other companies.

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There's one in australia. I think they are doing quite well. It's called call their website is coin.world, and that is the project carry on together with uh card. I think they they claim. They are the largest battle trade platform in the world and currently, and currently coin- is the signing up more than 1 000 merchant per month, more than 1000 new merchant per month.

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So in terms of this number, they are doing quite well and also we did one d5 project called the cofix and after within one month of launch the trading volume on that d5 project, because this is the soundtrack has changed. The trading volume on that d5 project is over one billion us dollar and there's only two trading pairs.

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So I consider that one is also as a good success and we are also going to move on with a new project where we have implied like alpha market of a trader and also some other projects, so that is who we are stumbling forward yeah. So I leave the mic to my co-founder cto.

B

Yes, uh thank you victor I'll, do a quick intro um to ravel's topic um yeah, uh so um how many of you are a normal uh users of um ethereum yep yep, we'll are gonna go through this question again, so I think that you know when I say that gas prices are one of the most heartbreaking things in the ethereum ecosystem.

B

Probably most of you can understand, let me show you how uh average gas prices have been going there and if you look at these spikes there right it's times when you know the network really gets congested and you can do barely anything on it. This was when crypto kitties happened. You know for the folks who had been in there and as we are coming in, you know we are seeing more of those spikes okay.

B

So that's the average price in uh gray for gas, and um let me- and this is the average gas price collected and if you're thinking, that in 2020 it's going really up, and if you are a miner, really good news for you, you have lot of opportunity to make more money, but for a consumer, this is the chart that we are looking up and then we are seeing all those gas prices uh going up compound.

B

It multiply it with this chart and that's where you get scenarios like these, where I paid 108 dollars for a failed transaction and oh man, you know being a small fish here. You know it's literally literally. I was crying on that day. So today one thing you know there are so many different. uh You know views on ethereum system out there. One thing that we can all agree is that gas prices are way too high.

B

Now what can we do to address uh gas prices right for a user? There's very little that you can do. One thing that you can do is to research. You know proactively to make sure that whatever gas price that you are putting into your transaction is the right amount. You know don't go blindly. What, by what mata must suggest you check out uh uh eighth gas station or gas now uh sites like that, to make sure that you know you are putting in the right amount of money for the right amount of transaction.

B

You know you might need a high speed transaction spend more money. If you can wait for some time, you know go for the uh less amount of money, but that requires some proactive uh management from your side. The second thing is to wait for the time when the gas prices go low and with the d5 taking over uh the ethereum ecosystem right now, we can see a pattern where, uh between eight uh seven to nine am sydney, time is the lowest. When you know we can make a transaction for simple transactions.

B

That's where you know you normally find the lowest amount of gas price, and the third thing which is more sophisticated is to use gas tokens. So there is t token from one inch. uh There is a you know, gas uh gas token, which is a solution which is fairly more complicated. If you are a developer, you can use it and burn these tokens at the end of your transaction to claim more gas back.

B

So you know it is something that users can do, but it's not again, you know accessible for all the users who would be you know using it through a mobile wallet and um not all dapps uh d5s. Allow you to do that as well. So then, it really comes back to the developers on. You know what we could do to create applications that use less gas fees and one of the promising um uh promising way ahead is to use the layer 2 scaling solutions.

B

So there is um x-die loop ring uh nia different protocols working on the same problem, but trying to reduce and scale the gas fee associated with it. But it's it will take a few time and gas. We are going to be with us for some time before all these technologies are going to be proved out, the other alternatives, that's what we are going to talk about today. So the other alternatives is to reduce the maintenance interaction. You don't have to put everything on blockchain.

B

There are ways to take out the transactions out of the main chain and leverage more use cases more computational. uh uh You know applications that leverage the same cryptographic, proofs and protocols, but you know, let's take it off chain and to speak more about that, I invite our cto and co-founder weibo zhang.

F

Thank you very much um uh before I. I think it's useless anyway,.

F

It doesn't really matter. We haven't talked very loudly.

D

No, we have live streams, otherwise online people aren't able to races.

F

Okay, so take care of um you know, but anyway, um so uh a few questions before I got started. I added this slide slide in last minute because I realized um we have a lot of new faces here. I wasn't expecting that, but that's very good news, so I just want to get uh understanding better understanding of um who am I talking to so uh please everybody who has at least one if at least some ease raise your hand.

F

If you don't raise your hand, I'm going to ask you why?

F

So please raise your hand if you have at least one if, okay, very briefly, can someone sell tell me why why I don't have youth, for example, this one yeah, maybe one year, maybe yeah a little bit well, I I haven't.

G

Acknowledged it for 25 years, but crypto is something.

F

Interested in and didn't come here very good, very good now I know who I'm talking to you just want to understand, what's going on here and if and you think something good good. So please those who have one earth keep your hands raised, please please and uh who, who those who have if but no other token you can put your hand down.

F

Okay, everybody has some other tokens too, so I'm going more and more extreme okay. In the beginning, it was like everybody. Now we have only a few uh who didn't participate, any d5 project yield farming or long or anything.

F

Those who didn't pretend participate. D5, please put your hands down. Everybody keep your hands up, so I see most people who have yet participated defy, and we are going more and more extreme. Okay, who love you believe in illuminati, and that kovid is not real, but a measurement to control the society.

F

Only one thank you very much. We are we're going to have a party after this okay. Thank you very much. So thank you very much now, I'm I know I'm who I'm talking to. I will try to speak um accordingly and um here what is a test station? So um blockchain was based on cryptography and the basics of cryptography.

F

Then one very basic use case of cryptography is cryptographic signature, which means someone creates a cryptographic signature to a test, something so, let's say. Typically, I create a cryptographic, signature testing that this message is created by me and no nobody else only me, and it has this characteristic called non-repudiation, meaning that if you create such a cryptographic signature, then you cannot say I didn't do that, and this is really really good for cryptocurrency.

F

Think about it. If you, if you can not deny you paid someone, let's say you write a message that I'm willing to pay you this, and this is the fact, then it's equivalent to money because you cannot repudiate. You cannot say that I didn't want to pay you because there was a cryptographic signature there. That's that's basically a testation.

F

However, it has had a problem, uh the double spending problem, meaning that you could have promised two people the same money. Therefore, the promise is nothing it's not reputed, and it's not uh not really non-repudiation promise, but um you promised twice your problem, but other people cannot hold it as money. That's why blockchain was created in first place. Blockchain was created to solve double spending problem, not to solve non-repudiation problem, which was solved even before blockchain through cryptographic attestation.

F

So once we have blockchain uh blockchain works by connecting multiple computers in the world by disinterested parties to evaluate whether or not your promise is singular, or you have promised twice that's how blockchain works. Blockchain works to prevent double spending, that's how it works. Now we look at the test station. That's the basic element of blockchain.

F

uh Can you have a good next slide now the gas is very expensive because you need to utilize computing resources through proof of work by outsourcing this to a lot of computers in the world to prove you didn't double promise, that's why the gas is so expensive.

F

But if you look at the transactions happening on the blockchain, not all of them requires.

F

Double spending prevention, not all of them. So one example that comes to my mind easily is usc 20 approval. If you don't haven't played with it. The idea is, you approve some third party to access your account as if you, as that, third party, is your account holder. That's a proverb access, and that is actually a pretty significant amount of blockchain transaction.

F

Is that the transaction is about approval. That approval doesn't require double spending check because it doesn't matter if you approve it 100 times a thousand times. If you approve your account to be accessed by other people once or 100 times doesn't matter, you cannot say the same to money.

F

If you approve the money to be spent by someone, actually you give money to someone. They can only give it once because your balance is reduced. But um if it's approval for somebody to spend your money, then that spending doesn't happen until that someone spend your money, so the approval doesn't have to be on the blockchain, but it's on blockchain and it's consuming guess. So the point is: some transactions is not. It does not require double spending, but is consuming blockchains double spending capacity.

F

Now, let's go to the um okay, come back sorry, so so one example of this. Actually, let's go to this page, so just pick up there. Okay, sorry! So uh one example of such um transaction, which doesn't require double spending. Prevention is devcon ticket.com.

F

If you haven't been there, it's the biggest blockchain event in the world. Everybody wants to go there because they want to know what's more important by what's important. What's going to conquer the world next year by observing you know the speeches there and the participants there, it's very important it don't it didn't happen in in last year, because kobe, but it's the most important thing in the blockchain world and um defcon has been working with us on creating blockchain tickets for their accessing their values and information.

F

The reason they work with us is because they cannot issue these tickets on the blockchain as tokens they want to because it serves purposes it serves. It helps them to provide ticket holders with the special access to smart contracts and it allows tickets to be traded in the future, but they cannot do so because one blockchain ticket that can't ticket is a few hundred dollars. One transaction is one hundred dollars that just doesn't make sense for them to make transactions usually tickets on blockchain, however, observe this case.

F

The fact that devcon issues a ticket is not something you want double spending double spend prevention that can be in the authority of this game. They can issue as many tickets as they want. If they have a better hotel, bigger venue, they can double the amount of people who can participate in the event.

F

So we are not really saying that okay devcon, you can only issue 300 tickets, and if you issue more than that, we are going to punish you. That's not the game rule that conquer issue tickets, that's that that's how it works. So as we work with them, uh borrowing our experience with fifa tickets and other projects. We realized- and we explained that the devil contact doesn't have to issue enough double time to kick.

F

It doesn't have to be on the blockchain, it can be a blockchain ticket, but it doesn't have to be issued on the blockchain. There's no guess involved. So what happens is devcon? Would you shoot tickets off chain by providing a test station which will be used in the future transactions that involves double count? Tickets, half of chain half option? This is the the way it works.

F

So what I achieved here is you don't have to read this process, it's complicated, but let's go through the the advantages. So what it does is by issuing blockchain tickets double count tickets off chain. It enables the holder of such a test stations to access uh websites that require stem count. Ticket holder such as, for example, discounted hotel booking because you've got ticket holder, get discount hotel booking or voting for the next um speaker, which doesn't have to be on the blockchain, because you don't it doesn't really matter.

F

If you vote twice or 100 times, the counting of the vote is where double spend. Double double uh spending is needed. The voting itself doesn't matter. You can vote as many times as you want. Only one will be counted and the claim and redeem is the process where you can get a um blockchain token on the smart contract which is used for if you want to transfer to someone and maybe games, just an idea put there okay. So let's go next.

F

The other example where we can leverage. um Oh by the way. If you go to devcon next.com, you are going to be using webcam tickets issued by our technology and it's not really surprising. The victory has been really uh modest. um We are actually the biggest open source volume in the world, I'm pretty confident about that, so so um send crypto using email. This is not a case where we can use uh attestation, but it's more complicated than devcon. So it takes a bit to explain, but not too complicated for for for us to understand.

F

After this this number of fears so um uh alice, I see he wants to start before alice. We we got this idea from paypal. People experience the explosion of growth um after they introduce the pay by email.

F

So when you pay by email, you pay someone and the other person will not have the money and you don't lose money. The other person will not have the money until they sign up with an email address, which we think is really helpful for bootstrapping blocks and stuff.

F

But we want to do it in a decentralized way, because people as a company they can, they can do everything they like uh in the blockchain space. We don't want to say that, okay, if ali sends money to bob by email address, bob has to be a customer first, we don't want to see that so it has to be decentralized.

F

So what do we do is alice sends a check which is a test station, signed by her saying that I'm willing to it's a promise to pay I'm willing to pay one ease to bob identified by this email address and bob is going to forget this email address it's important to notice that here alice doesn't know bob's ethereum address.

F

The entire idea is you're able to send money to someone without he even create a theme address and bob will create another ethereum address in order to redeem the money and a theorem address and bob goes to a email tester to get an email attestation. This is a decentralized component. Many people can play the role of email tester as long as they are trustworthy in verifying user's email address and once the bob gets an email attestation which attests that the bob's email address owner of the email address is also the owner of a ethereum address.

F

Bob is going to is able to redeem one if from ali's wallet, supposedly a contract, wireless wallet using the email attestation and the check. So um the beauty of this project of this idea is that alice doesn't know. Bob's email, ethereum address at least doesn't even require bob to have ethereum address to start with, and the entire amount of transaction is one before the uh before this product. Pro protocol, alias, has to know bob's email, ethereum address and send one transaction.

F

With this protocol protocol alice stilson bob used one redeem transaction where the money changed hand where double spending prevention is needed, but still one transaction. We don't really increase number of transactions, therefore, reducing guest costs, but providing the flexibility.

F

The entire protocol is available on github, but it didn't provide link you can you can get it from lecture and it's actually easy to search for it, because it's quite complex, but ultimately, after devcon, this will be the next product where we apply the testation technology.

F

I don't know what I'm going to talk about next, oh yes, of course, so identity. So that's another use case of a test station say some ico. Projects are very risky and only requires people to be a mature developer, or maybe a smart contract sells alcohol which requires you to prove you are more than 18 years. Old identity is attestation where the user can prove the transaction is started by someone who's more than six years, uh 18 years old or being sophisticated enough to invest in some property. Some investments.

F

um Governance is another example um where oh identity. That means uh when you transact with that entity, you pay one transaction fee, but when you acquire that identity attestation is off the chain where you don't pay any transaction fee governance same thing. If you vote for governance, only the tally of the vote requires double spending prevention.

F

The vote itself doesn't so what you could do is to vote off chain and then let some vote collector to collect this vote and do this under the governance token. That would be one transaction, but if you suspect that the vote collector might omit some vote, then that would require two transactions, but still a lot better than everybody, sending a transaction and spending one thousand one hundred dollars just to make a vote um off chain logic.

F

What is it about this about? Oh, yes, industrial, industrial, specific you can you can invent a lot of option logics if you look at how every industry works. So one example is, um let's say we use blockchain technology to control to solve the prescription, medicine problem.

F

So one aspect of the problem is doctors issue too many prescriptions, let's not solve that, because doctors are authorized to do that. You can only punish that afterwards, but the other thing is patients using redeem gets more prescription medicine than what is allowed by subscription.

F

So let's say doctors issue prescription, because there's no limit on how many prescriptions doctors can issue. That would be inhuman. If you limit how many prescriptions doctors can issue so because there's no limit on that, we don't need to do double spending prevention and doctors issue in prescription, but we need to do double spending prevention on patients, redeeming medicine, getting medicine through that prescription.

F

So what you'll see is he is in this very use case. Half of the logic is off chain, which is structures usually in prescription. Half of that should be go should go unchecked and that's uh some some uh transaction reduction mechanism, authorization, the authorization- let's say um just give example of usa 20 approval, but I can give you another example. Let's say I have a company clerk who is able to withdraw 200 per day from the company's account to buy office, supply and stuff.

F

um That can be an authorization, but when you authorize your clerk to do so, when you authorize that there's no need for double spending prevention, you can authorize your uh clerk to spend two thousand dollars 100 times a day. You can authorize it a thousand times a day. Doesn't change the authorization?

F

You author authorize her to do that, so she only needs so that doesn't have to go to the blockchain. You use a test station and when, when your clerk goes to the blockchain and do a transaction using that one, that's where blockchain is involved before that it can go off to and the privilege tokens privilege tokens. For example, if I a club membership, let's say: you're a american express user and you get discounts in discounting purchases.

F

Only the dis purchases happen on blockchain and the authorization that you are a club member doesn't have to be unchained. So this is a this is um what we provide to the community that how about instead of reducing transaction? We do that too. Like many people are working on that, we put a lot of logic off the chain until we really need blockchain and that's that's basically, the gist of it uh questions. um Thank you. Everybody.

F

If there's no questions either, I'm not making myself clear or you didn't have drink enough.

B

Any questions: anyone, um if that's not the case, if you think that you know you find this exciting, and you would like to be part of the initial test group to test out what we are doing for our devcon. Please scan the qr code and sign up. uh We are running more user tests. uh You know on devcon on d5 use cases and on um getting improving our wallet. So uh if.

G

B

Keen sign up, submit your email, we'll be back to you and you know we'll do more testing together, and it will be a great uh time to for you to know the technology what's happening and it would be great feedback for us so that we can improve the product together.

B

I think that's it guys. Thank you so much for showing up um really appreciate it. We'll have more events on the line and hope to see you again have a great night, and hopefully everybody has uh checked in uh out in the um you know in the lobby, and I believe that you know everybody have uh checked in on the paper. You know that's it for admin housekeeping, but otherwise have a great night. Thank you. So much for coming.

B

F

F

Sdk to make developers uh easiest with relative ease, because technology is not really invention. It has been very long time to make the sdk available so once that speaker is available, uh it's up to the depth and the.

C

F

Support it so once the step and wall is supported, a lot of transactions doesn't have to happen on blockchain, but uh we are really. You know. This group is a kind of evangelist group we're just taking things in advance. So there's no attestation using use cases, the first one is defcon and they haven't started selling tickets. So when you start sending it here, when you get the first step from ticket, that's the moment when you have.

A

A

A