{"id":"VyDEqy7_pMg","title":"NEAR Without The Noise","description":"NEAR Without The Noise is a Community-Run Ecosystem initiative developed and supported by the NEAR Team and 4NTS Guild. 4NTS will host a 45min to 1 hour discussion with a person or project building on or involved in the NEAR Ecosystem. For the very first edition, we spoke to Peter Mitchell and Jasper Gooijer from Flux Protocol. \n\n0:00 What is this video series about?\n0:58 Introducing FLUX team\n1:55 A quick rundown on FLUX Protocol\n6:08 Deploying your open-market \n7:36 Comparison with Augur\n9:15 Two types of users on the Protocol\n9:38 FLUX use cases\n10:45 FLUX for developers\n11:24 Benefits\n12:45 What devs can build using the FLUX SDK\n14:55 What FLUX means for traditional finance\n17:12 Example of use case\n21:05 Business expansion and new verticals\n23:00 Got an idea? Contact Jasper on Telegram\n23:40 Incentive program for builders\n24:46 Why NEAR, instead of Polkadot, Solana, Cosmos\n28:10 Getting started with the Open Web Collective\n30:45 NEAR: great for devs\n32:50 FLUX short term\n33:40 FLUX medium-long term\n34:50 Liquidity\n40:36 Development timeline\n41:00 Launching a permissioned version\n42:42 Summary\n43:43 What prediction market would you bet on?\n46:35 Why did you choose NEAR?\n49:00 Important note to builders\n49:39 Oracle\n52:10 Outro\n\n\nFollow the latest from NEAR Protocol on, \n\nWebsite: https://nearprotocol.com/\nDiscord: https://near.ai/discord\nMedium: https://near.ai/medium\nTwitter: https://near.ai/twitter\nGitHub: https://near.ai/github\n\n#Blockchain #FutureIsNEAR #NEARWithoutTheNoise #nearprotocol","channel_name":"NEAR Protocol","published_at":"2020-10-27T00:00:00.000Z","thumbnail_url":"https://img.youtube.com/vi/VyDEqy7_pMg/hqdefault.jpg","transcript_text":"everyone all right i think we're live um can you guys hear me okay everyone we're we're here hi everyone uh so i guess as a general introduction this is the the beginning of the near without noise uh community talk series uh my name is ozymandias i'm head of ants guild and i'm gonna be leading this series with different projects in the near ecosystem to give them more exposure to the community and to give them time to share what makes their project special so today i have peter and jasper from flux protocol ceo peter mitchell and cto jasper and they will be going over for about 45 minutes the details of what makes fluffs unique in the crypto space kind of the vision of what they have in mind for the coming years and some of the cool uh developer tools and incentive structures they might have in place for interested community members so we're probably going to do a talk for uh 40 to 45 minutes and then after that talk we'll open it up to questions for everyone to uh ask uh directly to to these uh to these guys so i think to start um i think to start the best way to get going would just to hear a little bit from you you peter and also jasper feel free to add in more or less where the idea for flux started from and what the the the proposition of what is within the crypto space today yeah so thank you for having us on here super excited to be the first project on this um near without noise so to give a high level overview flux is basically um you know the infrastructure or you could say the plumbing for open financial markets so we basically provide all of the developer tools needed to build uh scalable um and sustainable business in crypto today um so jasper and i began on this journey by building the first app for derivatives on startups and that was on top of ethereum auger maker and xerox and while we were building this app we ran into a ton of different problems that we thought were going to really hold back sort of our growth in the long term and sort of our approach to actually being able to build this business out um so from there we basically set out to build you know the tools and the infrastructure that we thought were missing um in order to really bring flux as sort of a stripe for markets developers um and so that's kind of how we we got started in prediction markets um quick background before that um i started a company called everydap.com which is one of the first uh curation and um ranking uh sort of like app stores for decentralized apps so through that i learned a lot about different usability patterns with users and developers which really shaped sort of how we're now building flux out into the future um so that's just a very high level overview on flux where we came from myself and jasper maybe if you want to give a quick intro on yourself too oh and jasper's gone i think um did you just leave okay so a quick quick introduction on jasper um jasper's the cto of flux um so jasper got hit his start uh with his first startup working um with different basically facebook publishers um and created kind of a company around that oh and jasper's back i was just talking about your first startup with facebook publishers yeah basically i built a company building um dashboards for large facebook publishers so we were doing a bunch of data analytics and it wasn't super exciting but it was paying the bills and um what what sort of was something i took away from there that got me very excited about crypto was the fact that facebook made it harder and harder to build a sustainable business around their open data so around their api and uh they like to change the rules on the users of their of their apis which makes it super super hard to build a sustainable business because you have to not only acquire customers but you also have to try to keep alive and sort of work around these sort of restrictions that they place on their data and apis and that was just a yeah it wasn't very nice and one of the promises of crypto is of course that these gatekeepers are replaced by standardized rules that are guaranteed to always perform the same so that means that there's no possibility of changing the rules for your users which i thought was a very interesting premise which actually prompted me to make the jump into crypto so what i did is i uh called an old old employer who owns a large dutch web app development company and told them hey i want to do something with blockchain i'm not sure what yet and he said hey we got a bunch of people here that are interested in in blockchain in general would you be willing to sort of see if we can get something going and what ended up happening is that i let the blockchain team there of around six to seven people we work for large corporates like heineken for example and build out proof of concepts um which was cool but also didn't really move the needle as far as adoption went so i got bored there pretty quickly and started doing freelance jobs in the evening hours until i ended up getting a job for indirectly for the ethereum foundation working on plasma and scalability research which was really really cool and i learned a ton and during this period i met peter and we sort of took it from there and got going i think maybe you guys both bring some pretty considerable experience from the crypto space to to flux um if maybe i'm a near community member that doesn't really know what flux is at all doesn't isn't familiar with the concepts of open markets what what could you guys maybe give an overview of that and then also explain within crypto how flux fits in uh how is it different from existing projects and maybe if it fits in existing trends that are very popular now yeah so on a high level um basically what flux does is we provide um you know basically a platform for anyone to create a market on anything so whether you're a developer and you want to basically power open financial markets or your user that you know wants to create a market on something that doesn't have you know sort of a traditional or like centralized area they can create that you can basically come to flux and spin that market up so as an example uh let's say you're a developer living in let's say san francisco um and you want to create a you know insurance market on like uh weather quality so like air quality um then you know in a few lines of code you can connect your existing app to flux and launch that market and that platform um or you can clone our open source app and actually get that up and running in a few seconds um just adding your own logo or color scheme or whatever you want to do and then you're up and running so that's basically on a high level you know what flux is and what we we do for those who aren't familiar um and sort of you know just in general um you know flux you could say is is a prediction market protocol and that's what we're most um sort of widely known as in in the crypto space but we frame ourselves as an open market protocol which more closely resembles uh what we can power into the future um since there's a lot of different verticals that we can power which i'll dive down into a bit later in the talk um but that's just on a high level what we are for the people who are new to near new to crypto and don't really know exactly what we're up to um then if you compare that for the people who are in crypto to let's say an example like auger so one of the first protocols that built in ethereum um so because of the uh you know current issues with the ethereum scaling and cost per transactions um flux is approximately 15 to 30 000 times cheaper than auger with transaction fees um and in version one of flux we can actually resolve markets in 30 minutes for markets that have api data with finality and then for arbitrary markets we're able to resolve those in 24 hours with finality um so that's kind of like the the version one in the future we are working on other designs um to bring this uh sub basically sub five minutes for api data um and then you know provide instant resolutions uh resolutions with finality for on-chain data and so i think we can we can definitely push the envelope there as well but on a high level we're able to really speed up and make this process cheaper and more obtainable for users and then also for developers um we've also implemented a c-lob structure which is basically providing users with an open order book for trading along with an amm which is more optimized for long-tail markets that don't have a clear initial price discovery so this means that all the trading can happen uh on-chain with no need for any type of scaling solutions that are layer twos like for instance x-style or matic that that can kind of over-complicate the trading experience so so i think if i if i understand you correctly big picture flux is a protocol in which a developer an entrepreneur um an existing company that that interacts with futures markets in some sense can go on they can build their own market or they can create a market and then they can make predictions about future events using the tools and the technology that that you're building out exactly so there's there's two types of users or you could say are stakeholders that will interact with the protocol on the front-end side so you have the developer which will actually be building products on top of our infrastructure and then you have the user that then actually interacts with these markets um so for the developer they're able to basically create the front-end interface that a user will come to and then for the user they're able to actually create a market on anything and then be able to share that and have access to global liquidity um with these markets as well so um you know these can be things like uh for politics um or you know sports betting as kind of like two prediction market classic verticals but we also power things like synthetic markets on private companies you know niche insurance similar to like nexus mutual or open and more new verticals um like you know things on esports and stuff like that um so there's a lot of really creative use cases that are building right now um and uh so it powers a lot of these different types of verticals that are a little bit broader than just the prediction market envelope that we normally have yep okay um and jasper i think you as cto are doing a lot of work right now on the more uh technical development side of the protocol if i were a developer maybe in the near community or even in the ethereum community or just a general developer kind of surfing around during coronavirus looking for something fun to do what kind of tool or what kind of uh what's the proposition that flux can offer to developers to build really really good um you know foundations for markets or or tools to interact with markets yeah so uh basically our sort of flux exists of a couple building blocks today uh the base layer which is near then there's a layer on top of that which is the protocol itself the protocol itself will handle uh market resolution so making sure that markets pay out correctly it handles trading through a trading engine peter could you mute yourself for a second if you're moving around thank you all right yeah um uh so the trading engine which currently exists of a central limit order book like peter mentioned which is something that is unfortunately too expensive to run on ethereum as augur is proven um which makes and and because it's built on near it's actually super manageable so fees per trade are below 1 cent so this is something that you as a developer could easily cover for your users if you take a fee or um yeah for users it's not a not a huge uh commitment for for trading um so that's sort of like the the base layer this is the core of everything that we're doing then on top of that we've built a suite of tools that are used that are usable by developers to sort of build products on top of so we have an indexer which is basically a state machine because reading blockchain state is too expensive so basically we have a copy of like unchained state that's readable for for for developers and then on top of that we have sort of like that sort of like parallel to the protocol so if you have the protocol then you have the indexer and those are both like plugged into near and then on top of that we have the sdk which is a javascript sdk so that any web developer can interact with both of these things through one central point which would be this sdk which is like an interface to both the indexer and the protocol so just to give us an idea of developer interactions what kind of uh what kind of services or things do you imagine developers building on through the sdk kind of concretely yeah so there is uh different things that could be built there could be derivatives markets uh betting like sports betting and like political betting is a market that could be cannibalized pretty easily because the technology there is pretty legacy and outdated um then we also have the ability for oracle companies to sort of data data providers to build businesses around our product today and uh there's actually businesses building and i see that ethan chesson is actually in the chat who's building two products on top of flux one of them is uh weather derivatives in that could be used for like weather insurance and another one which is stake.tg which is a um a way of uh betting on esports which is fully automated which is really really really cool um so those are some examples of things that we're seeing today and then actually what's the most interesting part about flux is that betting on flux is sort of betting on developers because i think that the biggest sort of total dresser total addressable market for prediction markets in general hasn't been found yet and i think that um giving developers the tools to experiment and iterate quickly around use cases is going to be the quickest way to find the largest stem and find product market fit and i think that uh this is super exciting so i'm most exciting about what other people come up with but there are some pretty obvious use cases like for example derivatives or betting or something in that in that area okay so i guess on the one hand flux is this protocol in which there's a lot of new opportunity for developers to pioneer new solutions um possibly even new business models using data they can connect to the platform uh peter do you want to maybe explain a little bit i know you just wrote a blog detailing kind of how flux might interact better in from traditional finance could you maybe go a little bit around the more traditional entry point where we'll have we have developers building you know new solutions on the one hand on the other hand what can flux offer to uh traditional financial companies or mirrors of what traditional financial companies can build right now in a better way yeah so i mean um if you look i'm unmuted right yeah okay uh if you look at you know uh prediction markets and sort of their history um they're actually pretty wildly used in fortune 500 companies since the early 2000s actually um so some pretty famous examples of this was actually a study done by google where they actually use prediction markets to forecast their internal timelines um and also to use it to forecast their stock price um and they were able to actually do that with a 91 accuracy with their employees and so what they found from this sort of experiment was that um you know when their employees had some basically skin in the game with their markets they were able to much more accurately forecast their own timelines for products um and also more accurately forecast the stock price as well um and so this is kind of like one interesting example that you've been used by microsoft by amazon by ford and a lot of you know kind of like large more traditional companies um that's kind of like how they're they're used today one of the biggest problems that's been facing sort of prediction markets in general and sort of these open markets is that uh today there hasn't been actually a platform that can support this in a fully trustless way right so um what flux is basically creating is this permissionless plumbing um that where before you basically were always relying on something centralized to actually execute these trades so basically in the same way that the internet allows us to exchange messages peer-to-peer um flux is basically allowing people to exchange like uh financial um sort of skin-to-game peer-to-peer right so you're basically bundling a contract into basically data that can be sent anywhere in the world and you don't actually need to trust the other person on the other side um so it has a lot of different interesting applications in the long term for for larger more traditional companies and then i'll give an example um you know on a vertical um you know actually building on flux today um so this is weather decks um you know that jasper is uh you know just talking about so this is basically like a crowd source insurance you could say is one aspect of it which enables anyone from any corner of the world to basically create and offer these insurance contracts um and they can be underwritten by you know one individual or like a traditional company or even like a combination of all the above um and so in most cases in the beginning these will be like niche insurance markets so they'll be focused on like weather insurance contracts but they can always expand from there um so i'd like to give an example of this so um you know let's look at for instance like the wildfires that have been happening um in california um so let's give an example example that there's a woman named alice and she's going on vacation in san francisco um and she is going to be going there to go swimming and hiking and just basically spending time in nature um but recently she was flipping through the channels um you know going through the news and heard that there is a wildfire starting in northern california um that let's say is about 150 miles from her airbnb where she's planning on staying so what alice could go and do is basically create an insurance contract on the air quality of that zip code where she's staying on weather decks and let's believe she thinks that there's a 10 chance the air quality index will be um exceeding 101 151 points let's say um so putting it in the area where it becomes dangerous for people to be outside without a mask and to be you know basically doing everything that is the point of the trip which is swimming and hiking so she basically wants to be covered if this scenario becomes a reality because obviously airbnb doesn't cover um you know if you can't do the activities you're planning for your vacation right so um you know let's say alice goes to weather decks and she purchases the shares of the contract for let's say a hundred dollars um that's going to cover up to a thousand dollars in compensation uh if the air index exceeds 151 points during the next let's say uh three days during the trip um so a collection of individuals um and companies can then take the other side of this contract by putting in 900 um so then what happens if the air index exceeds 151 points in the next three days alice has paid out the coverage of 900 which covers the amount for the airbnb and if it doesn't surpass 151 points or 100 is basically paid out to the community and these companies as a premium for underwriting this short-term policy so this is kind of like a real world example of how this could work with weather decks as kind of like a point um which is something that doesn't exist in the market today um but it's definitely something that could be interesting and and could be grown into a decent and some some sort of ways a very big competitor um to to traditional uh existing insurance markets and then the second one is something that's near and dear to jasper in my heart which is this this concept of uh derivatives on on private companies and so you can expand on that and say you know a derivatives market for public and private companies and so basically what flux would allow is for any user to get exposure for the upside of a startup without having to lock into the underlying equity or token um and so an example would be going along on launch date of flux launching his phase three so us doing like a public mainnet or let's say like a total value block metric on top of flux without having access or having to purchase the underlying token of flux and so basically what this allows is a user to really laser focus on one specific metric for success that they would like to trade on of a company specifically and a second example of this would be a synthetic market on let's say um the production line of tesla and this market would trade on the output of the assembly line at the end of the quarter so this then allows traders to actually trade on a specific metric of growth in that publicly traded company so then with markets tracking many aspects of growth from one single company it actually creates like a super accurate health forecast of the currency of that company so more doubling down on like what google is trying to do in the very early days of their prediction market experiments and funny enough actually facebook launched an app called forecast recently which allows facebook users to actually forecast and crowdsource um decisions and kind of forecast from the election um for 2020. so that's kind of where we're seeing it start to slip back into the mainstream now i think to build on that jasper if you would be uh willing to maybe go a little bit into on top of weather decks what other solutions are starting to build on flux and then is there a specific type of person or people from certain industries that you and the business development team at flux are going to be interested in recruiting to kind of pioneer some of these first applications on the protocol yep for sure so um yeah so one thing that's also that one of the projects that we're working with that i find philosophically very very interesting is called idea markets and um what they are doing is they are creating a credibility index for news news outlets so basically they are allowing people to sort of quantify the credibility of let's say the new york times and through flux you could actually create futures markets on these credibility indexes so what you could do is you could go long or short on the credibility of the new york times based on your assumptions or private knowledge which i think is very interesting and would be a very very cool signal to sort of be able to um externalize to to to everybody so that's that's something i really like with super niche i i'm not sure if this is something that has the potential to go huge but but like philosophically i find it very very interesting um then something else that's very interesting is um let's think there there's people that are working on social betting markets which basically would be you can create a pool a market within friends on specific things that you find interesting and uh basically start betting on things that your group individually finds like interesting like if you're all into ufc you can create markets around ufc if you're all into the city council or whether a proposition comes through uh you could do that so that that's actually pretty interesting so that's called settle and then the unique developers that we're looking for to build more sort of verticals and use cases would be people that are either early in iteration or just have an idea and don't know and don't have the sort of power to execute yet that we could help sort of get to market because we are pretty early our product's pretty early and we would like to grow with these people and get like a ton of feedback and then product wise what i think would be very interesting to see more of is more insurance markets maybe around defy or specifically more crypto markets in general something i would really really enjoy seeing so if anybody has any ideas about that feel free to dm me on telegram at jasper dg and so i think maybe just to clarify for for pos near community members and potential developers the protocol is built in such a manner in which anyone can just start building on their own they can bring they can create a company on top of the protocol and uh they can build a very specific niche solution that they would then have you know ownership of their app over on top of flux um does flux offer any type of like incentive or support for people who might be interested in this kind of thing or is it kind of in the early days that's being worked out still uh yeah no uh we are working on a beta program uh we have a couple of people already in there but we are refining the terms of that as we speak so there is there is definitely some support from our end um and like full attention of course because there's not a ton of projects building on top of us right now as it will be in the future so right now you can really help shape flux as it will develop into the future that's that's a pretty good place to be i think because we've actually had that with nir we were one of the first protocols started building on near so we also kind of shaped the way that near has developed and has gone outward to developers so and maybe peter you could this this is a nice transition to maybe talk about that whole process i think as jasper mentioned were you guys were part of the open web collective um you guys are one of the fastest growing projects on near you're i will get into the development timeline of flex in a second but overall why did you guys choose near especially having come and worked a little bit before with ethereum and what was your overall experience in the ecosystem and where you see it going into the future as well yeah so for those that aren't familiar with us as a team we were actually like pretty ethereum maxi about two years ago while we were building uh in that ecosystem and um you know we were basically born and spawned out of ethereum right that was where our experience in crypto was so to jump to another layer one was actually a very hard decision that we made um and at the time uh nir wasn't even on test net right um so we had extremely high conviction in the team um which actually took you know a few rounds of iteration to really get that conviction um because we did a lot of different um you know sort of deep dives with a lot of layer one teams to find a home so we looked at solana we looked at flow we looked at polka dot we looked at cosmos um obviously not tron or eos or any of those but like you know the ones that were actually building um legitimate solutions and um you know from there really kind of like made the jump and so we said you know as founders um you know we're going to basically take this execution risk of building on a new layer one but we think that this bet is going to pay out in the long run so that's what we did we made that that bet on on near um and so yeah we basically built through the beta programs we were the first team in the beta program uh building actually the the first app and protocol on testnet um and then from there we actually were the first um protocol to launch on mainnet as well so that was a very exciting milestone to launch our phase one um back when near was actually like a permission state now it's obviously out of that permission state um and we're getting ready to actually announce something uh very soon over the next couple weeks that's exciting as well um so look look at our twitter and telegram for more announcements there uh but yeah we're really excited and uh we went through the owc program open web collective um for those that aren't familiar it's basically a program that near started um where they back founders um agnostically so not just founders building on near but founders building and crypto in general uh that are building open source tools that will bring web3 uh forward into the future and um yeah we had a great experience there um you know we were the first project to go through so it wasn't as um i would say uh like scheduled and or built out as it is now for the founders for this batch one which is great to see it really taking a better and more concrete form you could say um but yeah it was a great experience and um you know it what it did for us is it really helped us to focus on um you know traction adoption and really looking for different distribution channels to find these users and developers and so while we were in owc for two months um we ended up growing our testament app that we had launched about a year ago and we were able to actually grow that 40 week over week in terms of users um and then we were also able to achieve approximately i guess around 6 000 downloads of our sdk so we did a pretty good job basically growing spin those on test net so there's really no incentive for users or developers to interact with us at that point but we were still able to to learn a lot of valuable mental models so if you're a founder and you're listening or if this is going on twitter later in our telegram uh definitely check out owc it's a great uh great home if you're a new founder starting in crypto and just just to stay on that for for a little a little longer um could you maybe break down if i if you know say i'm an entrepreneur i'm looking to build a new project on the near ecosystem or any any blockchain for that matter more specifically is this something that you did remotely when you applied how long did the process take what were the kind of requirements to get in in the first place maybe a little bit more detail on that whole process for the people that might be looking on the outside and wondering if it's the right fit for them or if it's worth their their investment yeah so um i guess to start off to say uh like disclaimer um we did not have the same process that the other teams went through um just because we were so far along and um we were also basically there before the program was 100 built out but i can comment a bit unless things have changed so don't quote me on this but basically how owc works now is that um founders are basically invited into what is called um sort of the the the founders club you could say or collective where they basically have shared channels where um you know entrepreneurs are basically checking in and they are basically submitting you know weekly reports kind of on their progress in a very similar way to y combinator or or um you know like their their startup school um and then from there essentially uh the projects that are consistently you know basically uh applying and and really showing traction and basic commitment to the program uh then they're moved into a you know separate section of the program which is then the actual like cohort and in the cohort you're basically focused on one thing and that's traction adoption so the idea of owc is that you come there uh with an idea where you're you're basically showing early signs of product market fit um where you can then use owc and those sort of tools to really double down on that adoption attraction and really grow that pipeline in terms of your users or you know volume or whatever whatever your your sort of kpi is that you're going in there as a company um then from there uh you know nir is very well connected in the valley and also globally with investors um so they have a ton of investors in their network that are all you know actively watching the owc presentations and following the cohorts that are all interested in supporting and helping these uh founders by giving them you know their first seed funding sometimes sometimes even their precede funding and so it's a great way for an entrepreneur to also get connected with a lot of great uh investors that can really help you know these founders along in the process uh to grow their vision um so that's just a quick overview i i don't know 100 if that's exactly how it works now for the application process but i think there is kind of like a pool and then from that pool you're selected to join a cohort i think there's uh two cohorts per year and so i think jasper you mentioned before that when you when peter and yourself decided to build on the near blockchain within the near ecosystem you felt like it that gave you guys the opportunity to also help shape the development of the ecosystem as it was launching um could you maybe talk a little bit about your your interactions with the near team and kind of you feel like it's a close relationship there's support um on behalf of the near team four flux is like one of the first big projects launching but what do you see in the future on that front yeah no the nearest put a lot of emphasis on developer experience so that was something that was really a relief when coming from ethereum and it's sort of like the it's a large pro of uh not decentralized like centralized companies in the beginning because near was still building and this means that there's a single point of entry where you can ask all your questions and um they really had a good way of routing everybody to like the best place to to ask your questions and i think i think the the our relationship with nir is in in sometimes in some ways developed into friendships with some of the team members but like super super close in in in our develop in the ways that we yeah and the decisions that we made in is flux protocols today and some of the infrastructure of near has shaped for example we put a lot of emphasis on their the ethereum bridge um we put a lot of emphasis on being able to run in rust and having good smart contract infrastructure there tools the ways that unit tests work are also partly because of something that some of the input we provided and then i'm trying to provide sort of libraries and then sort of standardize things that exist on ethereum on near today as well and help sort of contribute to those like for example the erc20 variant that near has as a nap 20 which is called the nep21 token and that type stuff um so yeah i think i think that's that's about it and then yeah no and if you compare to ethereum the the experience is amazing um simply because of the yeah on hands depth support that you can have at any time and so i think peter we alluded to this before but as we said it's the early days for the near ecosystem it's the early days for the flux ecosystem as the as ceo and kind of the the captain of the of this protocol where do you see your where do you see the protocol developing in the short term the medium term in the long term um and then maybe some of the actual development details after that yeah for sure um so over the next six months um i'd love to see trading integration built into twitter um which we already started creating about six months ago by launching a bot that can create a market for many tweets um so i think that you know kind of playing into more viral staged markets is going to be really interesting to see um you know whether uh you're you're republican or democrat i think that the the world is in a very sort of precarious state right now in terms of coronavirus uh going around globally there's a lot of impacts that are going to be felt in the markets right now um you know around this election and so i think um prediction markets will find a very good home uh surrounding like social interaction and i think they'll go pretty hand in hand um so that's the the first thing in like the immediate uh sort of short term i think is interesting and then you know in the next three or five years i would love to see integrations um with products like twitch discord slack uh you know facebook and many other platforms and i think that what flux will basically become is this layer of um it near is like the internet layer we're kind of like an email protocol layer where we're like smtp and the applications building on top are like gmail yahoo mail and things like that and so what we want to basically become is this open source open source infrastructure that all markets in the future are running on and interacting with and we've really supplied this this sort of plumbing for this liquidity to move through um and so that's kind of the long-term vision of flux is to really open up prediction markets and their ability to not only provide you know structures like derivatives and options anywhere anywhere in the world um and anyone in the world um and then also you know allowing sort of the predictive power of prediction markets if you're not um familiar you can read a book like um super forecasting or um the wisdom of crowds which both talk about sort of the the real world sort of applications and aspects of prediction markets that are very interesting and we also wrote a primer on this and i think that the ant guild is as well did so definitely check out those links um but yeah i'd love to quickly touch on also sort of like what plays into our five-year sort of timeline where i see it which is you know the the series of incentive programs that we've designed to basically engage liquidity providers um across the stack so um we recently brought on victoria um on to fox for uh you know joining us the new head of our our business development and um she unfortunately couldn't be here today she was actually supposed to be on this event um but she she had uh her sister is basically having surgery so with kovic she had to take her to the hospital and all these things so she she was gonna do a call in from the the waiting room but uh i said hey we'll catch you on the next one um but uh so so we we miss you victoria if you're if you're watching but um next time um but she's been working very closely with liquidity providers um both in crypto and from an institutional perspective and so um you know she has a pretty extensive background in traditional finance um and so what we've been doing together is basically designing a three-tiered approach liquidity mining um so the first bucket is the short-term liquidity mining and this is where we're going into this area basically with like two mental models so the first one is that the program has to be designed with kpis for growth in mind um with set amounts of liquidity specified to different stakeholders of the network um so basically to different uh protocols and layer ones so like how are we gonna incentivize liquidity that exists in crypto today to basically join flux um and then the second mental model around short-term liquidity is that the majority of liquidity providers in the short term is what we call basically mercenary liquidity and these are stakeholders in d5 that are you know basically chasing yields and have no loyalty to the layer uh that they're actually providing liquidity to so they're basically chasing kind of the best option for them at the time um and so you know basically this program is going to be designed to lock up between 10 and 25 million dollars in liquidity um in short-term capital over the next six to 12 months it will mostly grow the taker side liquidity uh interest of the pro protocol the second bucket is basically midterm liquidity so basically moving past that initial mercenary capital and this is the midterm liquidity mining program that we basically are approaching also with two different mental models and the first mental model is that the program should incentivize larger amounts of liquidity to interact with flux and is designed to incentivize larger areas of taker side liquidity and this is by working with you know professional market makers that can basically attract more users from their current centralized options so think users coming in from like you know robin's hoods options or like betfair or predicted things like that um and so basically this liquidity in the initial in the midterm is designed to kick off the flywheel approach uh that we've designed um and so you know kind of an overview it works like this market makers are providing liquidity to markets um that are basically well-designed and have accurate price discovery this actually basically creates a higher quality maker side liquidity which will attract more users that wish to actually interact with this liquidity on flux and with markets that are only built on flux um and then from there this liquidity that attracts flux token holders that are interested in earning a percentage of open interest and um basically you know they earn this by resolving the market so within our oracle and so all during this process app developers are watching the flux ecosystem perform and flourish and as expected you know they want to basically participate in in continuing to fuel and grow that ecosystem so it attracts more high quality apps more great founders that want to build their own different verticals and niches and so basically this program is designed to lock up you know kind of the capital bucket from 25 million to 500 million over the next 12 to 24 months and the third bucket is a little bit longer out and that's going to be less defined for the immediate future um as we scale up our liquidity but it will be targeted to like large institutional providers um and will be designed to basically bring flux from 500 million in total value locked up to 10 billion in total value locked across our marketing mechanics um but for the time being we'll just be focusing on the short-term liquidity mining programs um and just basically laser focus on cracking the nut of prediction markets and really bringing in users at an accelerated pace which is something that you know you see today in poly market which is an app as an example that's built on another you know kind of like oracle which is the gnosis oracle that recently moved to two layer two um that's seeing some good amount of volume um but really nobody's cracked the nut and i would say that for us cracking another prediction markets is going after a milestone as an example like 10 million in liquidity of total value locked and until we get there we're kind of like in early days still um so that's kind of our mental models at getting you know these users and how we're looking at liquidity incentivizing the liquidity for sort of like the short midterm and long term of flux so just just to summarize that kind of uh shortly then there's going to be some pretty nice liquidity incentives in the next five to seven months for the original liquidity providers on the protocol and based on what you said about then the flux flywheel it it will operate more or less along the lines of as more liquidity is put onto the protocol there'll be more incentives not only for token holders but also developers to participate in kind of a virtu self reinforcing cycle exactly and that's that's what we don't see many times right so as an example with compound um as soon as the liquidity mining stops um the incentive stops but on flux um you really kind of like use the liquidity incentive to basically has gunpowder to launch this flywheel and then from there the flywheel continues as the ecosystem grows so the idea is to move past liquidity incentives where market makers can make enough money by providing liquidity that they don't need to rely on liquidity incentives to subsidize their liquidity process and sort of market making um you know to the actual markets themselves okay um so i think it's uh overall i think we could all agree it's a pretty exciting time in crypto or we're on the brink of some pretty exciting times in crypto especially relating to markets could you guys maybe go into a little bit about the development timeline of flux where we're at now if i've never heard of the protocol before is their main net what can when can we expect kind of the next stages in the next iterations and then what's the goal of when it'll be usable and i can go build my own market you know right now yep so uh we just went through our quan stem security review there were no huge vulnerability found but there is some optimization that can be done there which we expect to be done late this week early next week after that what we'll do is we'll launch a permissioned version of the protocol on top of near on mainnet which we will use for internal testing between us the near team and some investors and you guys of course um basically what we'll do there is we'll bridge over some stable coins from ethereum and start the internal testing once that's done we are going to go into a full shift to work on the oracle development so making sure that the resolution of the market so making sure that the payout is done correctly is sufficiently decentralized because how it works right now is anybody can provide the outcome of a certain question of a market and anybody can then come up and say hey this is wrong and if that's happened this is called dispute either peter or i is the person to sort of say hey uh what was the actual final outcome so it's actually pretty centralized the final arbitrator of each market is me and peter and we want to remove that as a potential vulnerability before we uh have a full full public launch and that is aimed to be done either late q4 2020 or early q1 2021 okay so a pretty pretty nice time to get involved in flux right now before before it becomes too popular too well known we could say yeah definitely it's time to build it's time to build okay so i think we're we're at about 42 minutes we'll go to questions in a second before we go to questions i kind of just wanted to do a general summary of more or less everything we've gone over quickly so that you know everyone can get a bite-sized understanding of of what flux offers so feel free to add into this but you know flux is an open market protocol for developers and entrepreneurs to build their own niche markets on top of um it's launching on the near blockchain there's a number of liquidity incentives uh the development timeline is quite stacked in into the long term but right now i guess where it stands is it's still in its early days and it's there's a lot of opportunity if you're if you're looking to get involved right now yep sure it's great very summarize it yeah awesome all right let's uh oh and i should actually add there's a good amount of information on flux on your medium page peter and then on the ants guild website so if people are interested in things like the token liquidity mining um you know some of the the big picture focus of flux there's a lot of great information there uh with that i think we can start looking at some of these questions yeah thank you could you could you also put the um the links for the forum guild um down in the the chat as well yeah sounds good okay uh yeah if you guys want to take the questions i think we have a couple down here feel free to just go for it yeah so go ahead yeah the first one is uh what prediction market would you personally bet on for both peter and i so i am not a huge degenerate better i do like trading in uh cryptocurrencies and stuff but if i would be if i like what i would use flux for myself would be to go long or short on probably indexes of private equity metrics which i think is very interesting and public equity metrics something else that i would like to do is i would like to go something else i'd like to do is go short on an index of traditional finance or not traditional finance sorry traditional um traditional news publishers which i think is also going to be pretty um lucrative and then uh something else yeah probably probably some esports and sports betting um i like ufc so i'll probably probably go long on khabib uh all right yeah um so for me i think i mirror a lot of the same things i'm not a huge uh better in the traditional sense i mean we're founders in crypto so obviously we like risk but uh you know we like uh risk with um you know outcomes that we can predict which is also you know tie into why we're building flux we want to predict the future um and so you know in general yeah definitely interested in you know markets around private companies uh so startups public companies i think those are super interesting um you know i'm a big fan of the esports uh markets i think that's really like an untapped area right where esports is growing um right now esports betting is like almost a 14 billion dollar market per year um but it's super inaccessible and and providers are charging fees from like 30 50 percent um and a lot of that blows back on the users and the teams that are providing the market so um i'd love to see that you know kind of democratized and opened and i think that um you know state.gg and artera are both two companies that are approaching that from different angles but are definitely going to um you know provide really cool value there um definitely interested in like niche insurance i think that's really cool um my my brother-in-law is actually originally from tanzania and i've seen a lot of different applications um you know to kind of roll that into into countries um where insurance products aren't really readily accessible and so i'm really excited about that as more of a vertical that'll be more philanthropic than betting um and so those are kind of the things i'm most excited about for the short to midterm but um i think there's going to be developers much smarter than jasper and i that will come up with even more creative and exciting ideas to build on flux so really excited to see what will happen uh into the future from there yep and then there was another question uh regarding why we chose near and i think i can touch on that pretty briefly so the largest competitors at the time for a next generation blockchain when we when we had to sort of choose a layer two layer a new layer one was either wait for ethereum 2.0 either try doing something on cosmos or polka dot and then there was like solana wasn't really wasn't really an option yet but i can go briefly over why i would never choose solana um but like uh nier is the only one of these protocols that actually resembles the way you build smart contracts on ethereum due to like dynamic sharding and near uh has infinite scale infinite linear scaling basically 200 times the amount of shards that are in life in a network which allows you to load balance your transactions across shards and basically scale infinitely which is really really yeah that's super super promising uh ethereum obviously is gonna launch ethereum 2.0 is going to be super super late near is basic near is sorry if 2.0 is near it's like the the tagline of course and i don't want to deal with parrot chain options on polka dots as a developer i just want to build my protocol make sure that it lives there make sure that it's um yeah that that it's guaranteed to be like doing its own thing and like not having to deal with making sure that there's like block space on like whatever power chain in the next years like i admit i wanted to be lifted living there immutably and then solana is a hacky way of faking skill almost by just using very very expensive infrastructure that basically uh prices out any regular validator or staker yeah and then on one last note that's like non-technical um like our team has been approached by almost every layer one in this space uh with you know large i won't go into numbers but like very large amounts to try to get us to move off of near and um you know jasper and i could have probably retired crypto very happily by now if we had taken one of those offers um but you know we're really looking for a home for our company into the future something that will really help uh you know bring prediction markets to scale and um you know we're not going to be inaugur 2.0 where the founders run away with the capital and never come back to the project um so you know just to clarify for any you know entrepreneurs that are out there um you know if a project's paying you like 500k a million et cetera to move to their layer one like think about why they're paying that to you and why why people aren't going there organically so i just want to leave that one last note on the near side and then i want to quickly touch on the um the oracle sorry i'm just was on the wrong chat thing so around the oracle um yeah so we do have information we do have like specs for the oracle we just haven't built the the full-fledged version because um we're focusing exclusively on the market mechanics to begin with so basically how the oracle will work is um basically validators will stake their tokens um each e-fuck and epoch is basically one day on the near protocol um from there these validators unless jasper was it was it now changed oh yeah so one day one block on one block one block okay one block okay so it was x but i know so so one block and then from there basically this creates a validator pool um this validator pool you can think of it kind of like signing up for the draft um and so you're basically signing up to be drafted to provide resolutions and what this does is it allows us to basically have a large pool of validators but then select the subset so what we actually do is we use near's randomness beacon to then define a subset of validators from that pool that then actually provide the resolutions to markets and this is a couple different benefits the first one is that no validator knows if when or what market they'll actually be resolving which means that it's much more secure because in protocols like auger today the market creator can also designate the resolver address and so normally the market creator i think we did a study i guess almost two years ago on security of auger and in over 51 of the times the market creator was also the market resolver so that works in the beginning when there's like seven users right now on augur but as you know augur may or if they scale um you know there'll be a lot of markets and it'll be much more easy to pass these resolutions when the market creator is also the resolver and then the second reason around that is it also allows us to speed up resolution time so because you can trust the validators you select more because they have no skin in the game of the market and they're making money by providing the correct resolution they only have something to lose they don't provide the right data they don't have anything to win uh over you know providing the wrong data so um that's how the the oracle will work in short there'll be two different tracks for api based data and and for arbitrary data there were a bit differently in terms of time mechanics so you know like i said earlier the the api based data will resolve in 30 minutes with finality arbitrary data will be in 24 hours of finality and these times will increase for the api data as we you know begin to refine that but that's basically the overall structure and how we're going to be building it for version one of flux yeah yep sounds good yeah just one thing i wanted to touch on is that randomness exponentially increases security so that's that's super super good and something that we're very very happy with uh that that near provides natively all right i think was that was that the last question that we were going to address i don't think there's anything more does anyone else have any questions i think that's it cool okay great well before before we close off real quick i just want to kind of do a a larger big picture overview of kind of this whole series and what it's going to be peter and jasper kick this off and we'll probably have them back on as well especially as things continue to develop with flux but the the big picture point here is that this is a community run initiative this is very much kind of the the near community's attempt to connect different components of the ecosystem and to kind of represent what's available if you're interested in contributing if you're interested in building if you're interested in getting involved in any way this series is for you so we're going to be continuing this series going forward and but the main thing i think to emphasize that now is really the time to get involved with nir before it's too well known this is these are the best days when it's when it's just getting launched when there's a lot of opportunity to build on flux to build on near don't hesitate to reach out or to get in touch with the near foundation or with ants guild and we'll do everything we can to get to get anyone you know set up and ready to start building or creatively using their skills to advance the ecosystem um so with that i guess i'd just like to say thank you peter and jasper for your time um we'll hopefully have more content coming out about flux in the coming weeks and definitely some exciting news as well with as the protocol continues to develop yeah sure yeah i just quickly wanted to thank the and skilled and near for putting it together and uh yeah this was great looking forward to watching the conversations yeah thank you so much for having us on it was great to be on and be the first sort of kickoff project to kick off this near without noise and um yeah always happy to come back on and uh you know chat about flux and i really love the the idea of the series to really cut through all the noise uh you know in our telegram chat it's a bit exhausting um because it's just like win moon win token win listing and um you know it's really great to talk about what we're doing behind the scenes and about what's happening with the company the tech and um you know our mental models for building flux into the future so thank you for having us on awesome all right with that we'll close guys so everyone have a great day and we'll see you next time all right","transcript_synced_at":"2026-11-04T04:23:50.324Z","segments":[{"start_seconds":14,"text":"everyone","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=14s"},{"start_seconds":26,"text":"all right i think we're live um can you guys hear me okay everyone we're we're here","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=26s"},{"start_seconds":33,"text":"hi everyone uh so i guess as a general introduction this is the the beginning of the near without noise","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=33s"},{"start_seconds":42,"text":"uh community talk series uh my name is ozymandias i'm head of ants guild and i'm gonna be leading this series with different projects in the near","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=42s"},{"start_seconds":50,"text":"ecosystem to give them more exposure to the community and to give them time to share what makes their project special so today","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=50s"},{"start_seconds":58,"text":"i have peter and jasper from flux protocol ceo peter mitchell and cto jasper and they will be going over for about 45","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=58s"},{"start_seconds":67,"text":"minutes the details of what makes fluffs unique in the crypto space kind of the vision of what they have in","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=67s"},{"start_seconds":74,"text":"mind for the coming years and some of the cool uh developer tools and incentive structures they might have in place for interested community members so we're","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=74s"},{"start_seconds":83,"text":"probably going to do a talk for uh 40 to 45 minutes and then after that talk we'll open it up to questions for everyone to","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=83s"},{"start_seconds":92,"text":"uh ask uh directly to to these uh to these guys so i think to start","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=92s"},{"start_seconds":98,"text":"um i think to start the best way to get going would just to hear a little bit from you you peter and also jasper feel free","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=98s"},{"start_seconds":107,"text":"to add in more or less where the idea for flux started from and what the the the proposition of what is within the crypto space today","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=107s"},{"start_seconds":115,"text":"yeah so thank you for having us on here super excited to be the first project on this um near without noise so to give a high level overview","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=115s"},{"start_seconds":124,"text":"flux is basically um you know the infrastructure or you could say the plumbing for open financial markets so we basically provide all of the developer tools","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=124s"},{"start_seconds":132,"text":"needed to build uh scalable um and sustainable business in crypto today um so jasper and i began on this journey by building the first app for","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=132s"},{"start_seconds":140,"text":"derivatives on startups and that was on top of ethereum auger maker and xerox and while we were building this app we ran into a ton of different problems","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=140s"},{"start_seconds":148,"text":"that we thought were going to really hold back sort of our growth in the long term and sort of our approach to actually being able to build this business out um so from there we basically set out to","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=148s"},{"start_seconds":156,"text":"build you know the tools and the infrastructure that we thought were missing um in order to really bring flux as sort of a stripe for markets developers","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=156s"},{"start_seconds":164,"text":"um and so that's kind of how we we got started in prediction markets um quick background before that um i started a company called everydap.com","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=164s"},{"start_seconds":172,"text":"which is one of the first uh curation and um ranking uh sort of like app stores for decentralized apps so through that i learned a lot about","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=172s"},{"start_seconds":179,"text":"different usability patterns with users and developers which really shaped sort of how we're now building flux out into the future um so that's just a very high level","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=179s"},{"start_seconds":187,"text":"overview on flux where we came from myself and jasper maybe if you want to give a quick intro on yourself too","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=187s"},{"start_seconds":194,"text":"oh and jasper's gone i think um did you just leave okay so a quick quick introduction on jasper um jasper's","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=194s"},{"start_seconds":201,"text":"the cto of flux um so jasper got hit his start uh with his first startup working um with different basically facebook","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=201s"},{"start_seconds":208,"text":"publishers um and created kind of a company around that oh and jasper's back i was just talking about your first startup with facebook publishers","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=208s"},{"start_seconds":216,"text":"yeah basically i built a company building um dashboards for large facebook publishers so we were doing a bunch of data","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=216s"},{"start_seconds":224,"text":"analytics and it wasn't super exciting but it was paying the bills and um what what sort of","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=224s"},{"start_seconds":233,"text":"was something i took away from there that got me very excited about crypto was the fact that facebook made it harder and harder to build a sustainable business around","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=233s"},{"start_seconds":241,"text":"their open data so around their api and uh they like to change the rules on the users","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=241s"},{"start_seconds":248,"text":"of their of their apis which makes it super super hard to build a sustainable business because you have to not only acquire customers but you also","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=248s"},{"start_seconds":257,"text":"have to try to keep alive and sort of work around these sort of restrictions that they place on their data and apis and that was just a yeah it wasn't very nice","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=257s"},{"start_seconds":266,"text":"and one of the promises of crypto is of course that these gatekeepers are replaced by","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=266s"},{"start_seconds":274,"text":"standardized rules that are guaranteed to always perform the same so that means that there's no possibility of changing the rules for your users","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=274s"},{"start_seconds":283,"text":"which i thought was a very interesting premise which actually prompted me to make the jump into crypto so what i did is i uh called an old old","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=283s"},{"start_seconds":292,"text":"employer who owns a large dutch web app development company and told them hey i want to do something with blockchain i'm not sure what yet and he said hey we got a bunch of people","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=292s"},{"start_seconds":300,"text":"here that are interested in in blockchain in general would you be willing to sort of see if we can get something going and what ended up happening is that i let the blockchain team there of around six","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=300s"},{"start_seconds":309,"text":"to seven people we work for large corporates like heineken for example and build out proof of concepts um which was cool but also didn't really","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=309s"},{"start_seconds":317,"text":"move the needle as far as adoption went so i got bored there pretty quickly and started doing freelance","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=317s"},{"start_seconds":324,"text":"jobs in the evening hours until i ended up getting a job for indirectly for the ethereum foundation working on plasma and scalability research","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=324s"},{"start_seconds":333,"text":"which was really really cool and i learned a ton and during this period i met peter and we sort of took it from there and got going","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=333s"},{"start_seconds":340,"text":"i think maybe you guys both bring some pretty considerable experience from the crypto space to to flux um if maybe i'm a near community","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=340s"},{"start_seconds":349,"text":"member that doesn't really know what flux is at all doesn't isn't familiar with the concepts of open markets what what could you guys maybe give an","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=349s"},{"start_seconds":357,"text":"overview of that and then also explain within crypto how flux fits in uh how is it different from existing projects and maybe if it fits in","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=357s"},{"start_seconds":364,"text":"existing trends that are very popular now yeah so on a high level um basically what flux","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=364s"},{"start_seconds":371,"text":"does is we provide um you know basically a platform for anyone to create a market on anything so whether you're a developer and you","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=371s"},{"start_seconds":378,"text":"want to basically power open financial markets or your user that you know wants to create a market on something that doesn't have you know sort of a","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=378s"},{"start_seconds":387,"text":"traditional or like centralized area they can create that you can basically come to flux and spin that market up so as an example uh let's say you're a developer living","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=387s"},{"start_seconds":394,"text":"in let's say san francisco um and you want to create a you know insurance market on like uh weather quality so like air quality","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=394s"},{"start_seconds":402,"text":"um then you know in a few lines of code you can connect your existing app to flux and launch that market and that platform um or you can clone our open source app","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=402s"},{"start_seconds":409,"text":"and actually get that up and running in a few seconds um just adding your own logo or color scheme or whatever you want to do and then you're up and running so that's basically on a high level you know what","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=409s"},{"start_seconds":418,"text":"flux is and what we we do for those who aren't familiar um and sort of you know just in general um you know flux you could say","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=418s"},{"start_seconds":426,"text":"is is a prediction market protocol and that's what we're most um sort of widely known as in in the crypto space but we frame ourselves as an open market","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=426s"},{"start_seconds":434,"text":"protocol which more closely resembles uh what we can power into the future um since there's a lot of different verticals that we can power which i'll","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=434s"},{"start_seconds":441,"text":"dive down into a bit later in the talk um but that's just on a high level what we are for the people who are new to near new to crypto and don't really know","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=441s"},{"start_seconds":448,"text":"exactly what we're up to um then if you compare that for the people who are in crypto to let's say an example like auger so one of the first protocols that built","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=448s"},{"start_seconds":456,"text":"in ethereum um so because of the uh you know current issues with the ethereum scaling and cost per transactions um flux is","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=456s"},{"start_seconds":463,"text":"approximately 15 to 30 000 times cheaper than auger with transaction fees um and in version one of flux we can actually resolve markets in 30 minutes","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=463s"},{"start_seconds":471,"text":"for markets that have api data with finality and then for arbitrary markets we're able to resolve those in 24 hours with finality","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=471s"},{"start_seconds":478,"text":"um so that's kind of like the the version one in the future we are working on other designs um to bring this uh sub basically sub","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=478s"},{"start_seconds":486,"text":"five minutes for api data um and then you know provide instant resolutions uh resolutions with finality for on-chain data and so i think we can we can","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=486s"},{"start_seconds":494,"text":"definitely push the envelope there as well but on a high level we're able to really speed up and make this process cheaper and more obtainable for users and then","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=494s"},{"start_seconds":502,"text":"also for developers um we've also implemented a c-lob structure which is basically providing users with an open order book for trading along with an amm","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=502s"},{"start_seconds":511,"text":"which is more optimized for long-tail markets that don't have a clear initial price discovery so this means that all the trading can happen uh on-chain with no need for any","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=511s"},{"start_seconds":519,"text":"type of scaling solutions that are layer twos like for instance x-style or matic that that can kind of over-complicate the trading experience","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=519s"},{"start_seconds":528,"text":"so so i think if i if i understand you correctly big picture flux is a protocol in which a developer an entrepreneur","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=528s"},{"start_seconds":537,"text":"um an existing company that that interacts with futures markets in some sense can go on they can build their own market or they can create a market and then they can","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=537s"},{"start_seconds":545,"text":"make predictions about future events using the tools and the technology that that you're building out exactly so there's there's two types of","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=545s"},{"start_seconds":553,"text":"users or you could say are stakeholders that will interact with the protocol on the front-end side so you have the developer which will actually be building products on top of our","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=553s"},{"start_seconds":561,"text":"infrastructure and then you have the user that then actually interacts with these markets um so for the developer they're able to basically create the front-end interface","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=561s"},{"start_seconds":569,"text":"that a user will come to and then for the user they're able to actually create a market on anything and then be able to share that and have access to global liquidity um","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=569s"},{"start_seconds":577,"text":"with these markets as well so um you know these can be things like uh for politics um or you know sports betting as kind of like two prediction market","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=577s"},{"start_seconds":585,"text":"classic verticals but we also power things like synthetic markets on private companies you know niche insurance similar to like nexus mutual or open","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=585s"},{"start_seconds":594,"text":"and more new verticals um like you know things on esports and stuff like that um so there's a lot of really creative use cases that are building right now","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=594s"},{"start_seconds":601,"text":"um and uh so it powers a lot of these different types of verticals that are a little bit broader than just the prediction market envelope that we normally have","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=601s"},{"start_seconds":609,"text":"yep okay um and jasper i think you as cto are doing a lot of work right now on the more","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=609s"},{"start_seconds":617,"text":"uh technical development side of the protocol if i were a developer maybe in the near community or even in the ethereum community or","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=617s"},{"start_seconds":625,"text":"just a general developer kind of surfing around during coronavirus looking for something fun to do what kind of tool or what kind of uh","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=625s"},{"start_seconds":634,"text":"what's the proposition that flux can offer to developers to build really really good um you know foundations for markets or","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=634s"},{"start_seconds":641,"text":"or tools to interact with markets yeah so uh basically our sort of flux exists of a couple building blocks today","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=641s"},{"start_seconds":650,"text":"uh the base layer which is near then there's a layer on top of that which is the protocol itself the protocol itself will handle uh","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=650s"},{"start_seconds":657,"text":"market resolution so making sure that markets pay out correctly it handles trading through a trading engine peter could you mute yourself for a second if you're","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=657s"},{"start_seconds":665,"text":"moving around thank you all right yeah","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=665s"},{"start_seconds":672,"text":"um uh so the trading engine which currently exists of a central limit order book like peter mentioned which is something that is","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=672s"},{"start_seconds":680,"text":"unfortunately too expensive to run on ethereum as augur is proven um which makes and and because it's built on near it's actually super","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=680s"},{"start_seconds":687,"text":"manageable so fees per trade are below 1 cent so this is something that you as a developer could easily cover for your users if you take a fee","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=687s"},{"start_seconds":695,"text":"or um yeah for users it's not a not a huge uh commitment for for trading um so that's sort of like the the base","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=695s"},{"start_seconds":703,"text":"layer this is the core of everything that we're doing then on top of that we've built a suite of tools that are used that are usable by developers to sort of","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=703s"},{"start_seconds":712,"text":"build products on top of so we have an indexer which is basically a state machine because reading blockchain state is too expensive so basically we have","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=712s"},{"start_seconds":719,"text":"a copy of like unchained state that's readable for for for developers and then on top of that we have","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=719s"},{"start_seconds":727,"text":"sort of like that sort of like parallel to the protocol so if you have the protocol then you have the indexer and those are both like plugged into near and then on top of that we have the","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=727s"},{"start_seconds":735,"text":"sdk which is a javascript sdk so that any web developer can interact with both of these things through one central point which would be","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=735s"},{"start_seconds":745,"text":"this sdk which is like an interface to both the indexer and the protocol so just to give us an idea of developer interactions","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=745s"},{"start_seconds":753,"text":"what kind of uh what kind of services or things do you imagine developers building on through the sdk","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=753s"},{"start_seconds":760,"text":"kind of concretely yeah so there is uh different things that could be built there could be derivatives markets uh betting like sports betting and like","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=760s"},{"start_seconds":769,"text":"political betting is a market that could be cannibalized pretty easily because the technology there is pretty legacy and outdated","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=769s"},{"start_seconds":775,"text":"um then we also have the ability for oracle companies to sort of data data providers to","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=775s"},{"start_seconds":782,"text":"build businesses around our product today and uh there's actually businesses building and i see that ethan chesson is actually in the chat who's building two products","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=782s"},{"start_seconds":791,"text":"on top of flux one of them is uh weather derivatives in that could be used for like weather insurance and another one which is stake.tg which","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=791s"},{"start_seconds":799,"text":"is a um a way of uh betting on esports which is fully automated which is really really really cool um","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=799s"},{"start_seconds":807,"text":"so those are some examples of things that we're seeing today and then actually what's the most interesting part about flux is that","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=807s"},{"start_seconds":814,"text":"betting on flux is sort of betting on developers because i think that the biggest sort of total dresser","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=814s"},{"start_seconds":821,"text":"total addressable market for prediction markets in general hasn't been found yet and i think that um giving developers","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=821s"},{"start_seconds":829,"text":"the tools to experiment and iterate quickly around use cases is going to be the quickest way to find the largest stem and find product market fit","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=829s"},{"start_seconds":837,"text":"and i think that uh this is super exciting so i'm most exciting about what other people come up with but there are some pretty obvious use","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=837s"},{"start_seconds":844,"text":"cases like for example derivatives or betting or something in that in that area okay so i guess on the one hand","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=844s"},{"start_seconds":853,"text":"flux is this protocol in which there's a lot of new opportunity for developers to pioneer new solutions um possibly even new business models","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=853s"},{"start_seconds":861,"text":"using data they can connect to the platform uh peter do you want to maybe explain a little bit i know you just wrote a blog","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=861s"},{"start_seconds":868,"text":"detailing kind of how flux might interact better in from traditional finance could you maybe go a little bit around the more","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=868s"},{"start_seconds":875,"text":"traditional entry point where we'll have we have developers building you know new solutions on the one hand on the other hand what can flux offer to","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=875s"},{"start_seconds":884,"text":"uh traditional financial companies or mirrors of what traditional financial companies can build right now in a better way","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=884s"},{"start_seconds":892,"text":"yeah so i mean um if you look i'm unmuted right yeah okay uh if you look at you know uh prediction markets and sort of their history um they're","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=892s"},{"start_seconds":901,"text":"actually pretty wildly used in fortune 500 companies since the early 2000s actually um so some pretty famous examples of this was actually a study done by","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=901s"},{"start_seconds":910,"text":"google where they actually use prediction markets to forecast their internal timelines um and also to use it to forecast their stock price","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=910s"},{"start_seconds":917,"text":"um and they were able to actually do that with a 91 accuracy with their employees and so what they found from this sort of experiment was that um you know","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=917s"},{"start_seconds":925,"text":"when their employees had some basically skin in the game with their markets they were able to much more accurately forecast their own timelines for products um and also more","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=925s"},{"start_seconds":933,"text":"accurately forecast the stock price as well um and so this is kind of like one interesting example that you've been used by microsoft by amazon by ford","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=933s"},{"start_seconds":942,"text":"and a lot of you know kind of like large more traditional companies um that's kind of like how they're they're used today one of the biggest problems that's been facing sort of","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=942s"},{"start_seconds":950,"text":"prediction markets in general and sort of these open markets is that uh today there hasn't been actually a platform that can support this","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=950s"},{"start_seconds":957,"text":"in a fully trustless way right so um what flux is basically creating is this permissionless plumbing um that where before you basically were","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=957s"},{"start_seconds":964,"text":"always relying on something centralized to actually execute these trades so basically in the same way that the internet allows us to exchange messages peer-to-peer","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=964s"},{"start_seconds":972,"text":"um flux is basically allowing people to exchange like uh financial um sort of skin-to-game peer-to-peer right so you're basically","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=972s"},{"start_seconds":979,"text":"bundling a contract into basically data that can be sent anywhere in the world and you don't actually need to trust the other person on the other side um so it has a lot of different","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=979s"},{"start_seconds":987,"text":"interesting applications in the long term for for larger more traditional companies and then i'll give an example um you know on a vertical um you know actually","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=987s"},{"start_seconds":995,"text":"building on flux today um so this is weather decks um you know that jasper is uh you know just talking about so this is basically like a crowd source","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=995s"},{"start_seconds":1003,"text":"insurance you could say is one aspect of it which enables anyone from any corner of the world to basically create and offer these insurance contracts um and they can be","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1003s"},{"start_seconds":1012,"text":"underwritten by you know one individual or like a traditional company or even like a combination of all the above um and so in most cases in the","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1012s"},{"start_seconds":1020,"text":"beginning these will be like niche insurance markets so they'll be focused on like weather insurance contracts but they can always expand from there um so i'd like to give an example of","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1020s"},{"start_seconds":1028,"text":"this so um you know let's look at for instance like the wildfires that have been happening um in california um so let's give an example example that","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1028s"},{"start_seconds":1036,"text":"there's a woman named alice and she's going on vacation in san francisco um and she is going to be going there to go swimming and hiking and just basically spending time in nature","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1036s"},{"start_seconds":1045,"text":"um but recently she was flipping through the channels um you know going through the news and heard that there is a wildfire starting in northern california","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1045s"},{"start_seconds":1053,"text":"um that let's say is about 150 miles from her airbnb where she's planning on staying so what alice could go and do is basically create an insurance contract on the air quality of that zip code","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1053s"},{"start_seconds":1061,"text":"where she's staying on weather decks and let's believe she thinks that there's a 10 chance the air quality index will be um exceeding 101","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1061s"},{"start_seconds":1069,"text":"151 points let's say um so putting it in the area where it becomes dangerous for people to be outside without a mask and to be you know basically doing","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1069s"},{"start_seconds":1078,"text":"everything that is the point of the trip which is swimming and hiking so she basically wants to be covered if this scenario becomes a reality because obviously airbnb doesn't cover um you","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1078s"},{"start_seconds":1085,"text":"know if you can't do the activities you're planning for your vacation right so um you know let's say alice goes to weather decks and she purchases the shares of the contract for let's say","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1085s"},{"start_seconds":1094,"text":"a hundred dollars um that's going to cover up to a thousand dollars in compensation uh if the air index exceeds 151 points during the next let's say","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1094s"},{"start_seconds":1102,"text":"uh three days during the trip um so a collection of individuals um and companies can then take the other side of this contract","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1102s"},{"start_seconds":1110,"text":"by putting in 900 um so then what happens if the air index exceeds 151 points in the next three days","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1110s"},{"start_seconds":1117,"text":"alice has paid out the coverage of 900 which covers the amount for the airbnb and if it doesn't surpass 151 points or 100","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1117s"},{"start_seconds":1125,"text":"is basically paid out to the community and these companies as a premium for underwriting this short-term policy so this is kind of like a real world example of how this could work with weather decks","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1125s"},{"start_seconds":1133,"text":"as kind of like a point um which is something that doesn't exist in the market today um but it's definitely something that could be interesting and and could be grown into","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1133s"},{"start_seconds":1141,"text":"a decent and some some sort of ways a very big competitor um to to traditional uh existing insurance","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1141s"},{"start_seconds":1149,"text":"markets and then the second one is something that's near and dear to jasper in my heart which is this this concept of uh derivatives on on","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1149s"},{"start_seconds":1156,"text":"private companies and so you can expand on that and say you know a derivatives market for public and private companies and so basically what flux would allow is","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1156s"},{"start_seconds":1164,"text":"for any user to get exposure for the upside of a startup without having to lock into the underlying equity or token um and so an example would be going along on","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1164s"},{"start_seconds":1173,"text":"launch date of flux launching his phase three so us doing like a public mainnet or let's say like a total value block metric on top of flux without having","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1173s"},{"start_seconds":1181,"text":"access or having to purchase the underlying token of flux and so basically what this allows is a user to really laser focus","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1181s"},{"start_seconds":1188,"text":"on one specific metric for success that they would like to trade on of a company specifically and a second example of this would be a synthetic market on let's say um","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1188s"},{"start_seconds":1196,"text":"the production line of tesla and this market would trade on the output of the assembly line at the end of the quarter so this then allows traders to actually trade on a specific metric of growth","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1196s"},{"start_seconds":1205,"text":"in that publicly traded company so then with markets tracking many aspects of growth from one single company it actually creates like a super accurate health forecast of the currency","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1205s"},{"start_seconds":1213,"text":"of that company so more doubling down on like what google is trying to do in the very early days of their prediction market experiments and funny enough actually facebook launched an app called forecast recently","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1213s"},{"start_seconds":1222,"text":"which allows facebook users to actually forecast and crowdsource um decisions and kind of forecast from the election um for 2020. so that's kind of","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1222s"},{"start_seconds":1230,"text":"where we're seeing it start to slip back into the mainstream now i think to build on that jasper if you would be","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1230s"},{"start_seconds":1238,"text":"uh willing to maybe go a little bit into on top of weather decks what other solutions are starting to build on flux and then","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1238s"},{"start_seconds":1246,"text":"is there a specific type of person or people from certain industries that you and the business development team at flux are going to be interested in","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1246s"},{"start_seconds":1254,"text":"recruiting to kind of pioneer some of these first applications on the protocol yep for sure so um yeah so","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1254s"},{"start_seconds":1263,"text":"one thing that's also that one of the projects that we're working with that i find philosophically very very interesting is called idea markets","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1263s"},{"start_seconds":1271,"text":"and um what they are doing is they are creating a credibility index for news news outlets so basically they are allowing people to","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1271s"},{"start_seconds":1280,"text":"sort of quantify the credibility of let's say the new york times and through flux you could actually create futures markets on these","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1280s"},{"start_seconds":1287,"text":"credibility indexes so what you could do is you could go long or short on the credibility of the new york times based on your assumptions or private knowledge which i think is","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1287s"},{"start_seconds":1295,"text":"very interesting and would be a very very cool signal to sort of be able to um externalize to to to everybody so that's that's something i really like","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1295s"},{"start_seconds":1303,"text":"with super niche i i'm not sure if this is something that has the potential to go huge but but like philosophically i find it very very","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1303s"},{"start_seconds":1311,"text":"interesting um then something else that's very interesting is um let's think there there's people","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1311s"},{"start_seconds":1319,"text":"that are working on social betting markets which basically would be you can create a pool a market within friends on specific things that you find","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1319s"},{"start_seconds":1326,"text":"interesting and uh basically start betting on things that your group individually finds like interesting like if you're all into ufc you can create","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1326s"},{"start_seconds":1335,"text":"markets around ufc if you're all into the city council or whether a proposition comes through uh you could do that so that that's actually pretty","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1335s"},{"start_seconds":1343,"text":"interesting so that's called settle and then the unique developers that we're looking for to build more sort of verticals and use cases would be","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1343s"},{"start_seconds":1352,"text":"people that are either early in iteration or just have an idea and don't know and don't have the sort of power to execute yet that we could help","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1352s"},{"start_seconds":1360,"text":"sort of get to market because we are pretty early our product's pretty early and we would like to grow with these people and get like a ton of feedback and then","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1360s"},{"start_seconds":1369,"text":"product wise what i think would be very interesting to see more of is more insurance markets maybe around defy or specifically more crypto markets in general something i","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1369s"},{"start_seconds":1377,"text":"would really really enjoy seeing so if anybody has any ideas about that feel free to dm me on telegram at jasper dg","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1377s"},{"start_seconds":1387,"text":"and so i think maybe just to clarify for for pos near community members and potential developers the protocol is built in such","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1387s"},{"start_seconds":1394,"text":"a manner in which anyone can just start building on their own they can bring they can create a company on top of the protocol and uh they can build a very","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1394s"},{"start_seconds":1403,"text":"specific niche solution that they would then have you know ownership of their app over on top of flux um does flux offer any type of like","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1403s"},{"start_seconds":1412,"text":"incentive or support for people who might be interested in this kind of thing or is it kind of in the early days that's being worked out still","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1412s"},{"start_seconds":1419,"text":"uh yeah no uh we are working on a beta program uh we have a couple of people already in there but we are refining the terms of","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1419s"},{"start_seconds":1427,"text":"that as we speak so there is there is definitely some support from our end um and like full attention of course because there's","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1427s"},{"start_seconds":1435,"text":"not a ton of projects building on top of us right now as it will be in the future so right now you can really help shape flux as it will","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1435s"},{"start_seconds":1443,"text":"develop into the future that's that's a pretty good place to be i think because we've actually had that with nir we were one of the first protocols started","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1443s"},{"start_seconds":1451,"text":"building on near so we also kind of shaped the way that near has developed and has gone outward to developers so and maybe peter you could this this is a","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1451s"},{"start_seconds":1460,"text":"nice transition to maybe talk about that whole process i think as jasper mentioned were you guys were part of the open web collective um you guys are one of the fastest","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1460s"},{"start_seconds":1469,"text":"growing projects on near you're i will get into the development timeline of flex in a second but overall why did you guys choose near especially","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1469s"},{"start_seconds":1476,"text":"having come and worked a little bit before with ethereum and what was your overall experience in the ecosystem and where you see it going into the future as well","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1476s"},{"start_seconds":1485,"text":"yeah so for those that aren't familiar with us as a team we were actually like pretty ethereum maxi about two years ago while we were building uh in that ecosystem","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1485s"},{"start_seconds":1493,"text":"and um you know we were basically born and spawned out of ethereum right that was where our experience in crypto was so to jump to another layer one was actually","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1493s"},{"start_seconds":1501,"text":"a very hard decision that we made um and at the time uh nir wasn't even on test net right um so we had extremely high conviction in the team","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1501s"},{"start_seconds":1509,"text":"um which actually took you know a few rounds of iteration to really get that conviction um because we did a lot of different um you know sort of deep dives with a lot","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1509s"},{"start_seconds":1517,"text":"of layer one teams to find a home so we looked at solana we looked at flow we looked at polka dot we looked at cosmos um obviously not tron or eos or any of those but like","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1517s"},{"start_seconds":1526,"text":"you know the ones that were actually building um legitimate solutions and um you know from there really kind of like made the jump and so we said you know as founders","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1526s"},{"start_seconds":1534,"text":"um you know we're going to basically take this execution risk of building on a new layer one but we think that this bet is going to pay out in the long run so that's what we did we made","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1534s"},{"start_seconds":1542,"text":"that that bet on on near um and so yeah we basically built through the beta programs we were the first team in the beta program uh building actually the the first app","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1542s"},{"start_seconds":1550,"text":"and protocol on testnet um and then from there we actually were the first um protocol to launch on mainnet as well so that was a very exciting","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1550s"},{"start_seconds":1557,"text":"milestone to launch our phase one um back when near was actually like a permission state now it's obviously out of that permission state um and we're getting ready to","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1557s"},{"start_seconds":1566,"text":"actually announce something uh very soon over the next couple weeks that's exciting as well um so look look at our twitter and","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1566s"},{"start_seconds":1573,"text":"telegram for more announcements there uh but yeah we're really excited and uh we went through the owc program open web collective um for those that aren't familiar it's","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1573s"},{"start_seconds":1581,"text":"basically a program that near started um where they back founders um agnostically so not just founders building on near but founders building and crypto in general","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1581s"},{"start_seconds":1589,"text":"uh that are building open source tools that will bring web3 uh forward into the future and um yeah we had a great experience there um you know we were the first project to go through","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1589s"},{"start_seconds":1598,"text":"so it wasn't as um i would say uh like scheduled and or built out as it is now for the founders for this batch one which is great to see it really taking","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1598s"},{"start_seconds":1606,"text":"a better and more concrete form you could say um but yeah it was a great experience and um you know it what it did for us is it really helped","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1606s"},{"start_seconds":1614,"text":"us to focus on um you know traction adoption and really looking for different distribution channels to find these users and developers and","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1614s"},{"start_seconds":1621,"text":"so while we were in owc for two months um we ended up growing our testament app that we had launched about a year ago and we were able to actually grow that","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1621s"},{"start_seconds":1629,"text":"40 week over week in terms of users um and then we were also able to achieve approximately i guess around 6 000 downloads of our sdk so we did a","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1629s"},{"start_seconds":1637,"text":"pretty good job basically growing spin those on test net so there's really no incentive for users or developers to interact with us at that point but we were still able to","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1637s"},{"start_seconds":1645,"text":"to learn a lot of valuable mental models so if you're a founder and you're listening or if this is going on twitter later in our telegram uh definitely check out owc it's a great","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1645s"},{"start_seconds":1654,"text":"uh great home if you're a new founder starting in crypto and just just to stay on that for for a little a little longer","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1654s"},{"start_seconds":1660,"text":"um could you maybe break down if i if you know say i'm an entrepreneur i'm looking to build a new project on the near ecosystem or any any","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1660s"},{"start_seconds":1669,"text":"blockchain for that matter more specifically is this something that you did remotely when you applied how long did the process take what were the kind of requirements to","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1669s"},{"start_seconds":1677,"text":"get in in the first place maybe a little bit more detail on that whole process for the people that might be looking on the outside and wondering if it's the right fit for them or if","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1677s"},{"start_seconds":1685,"text":"it's worth their their investment yeah so um i guess to start off to say uh like disclaimer um we did not have","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1685s"},{"start_seconds":1693,"text":"the same process that the other teams went through um just because we were so far along and um we were also basically there before the program was","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1693s"},{"start_seconds":1701,"text":"100 built out but i can comment a bit unless things have changed so don't quote me on this but basically how owc works now","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1701s"},{"start_seconds":1709,"text":"is that um founders are basically invited into what is called um sort of the the the founders club you could say or collective","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1709s"},{"start_seconds":1717,"text":"where they basically have shared channels where um you know entrepreneurs are basically checking in and they are basically submitting you know weekly reports kind of on their","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1717s"},{"start_seconds":1725,"text":"progress in a very similar way to y combinator or or um you know like their their startup school um and then from there essentially uh the projects that are consistently you","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1725s"},{"start_seconds":1734,"text":"know basically uh applying and and really showing traction and basic commitment to the program uh then they're moved into a","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1734s"},{"start_seconds":1741,"text":"you know separate section of the program which is then the actual like cohort and in the cohort you're basically focused on one thing and that's traction","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1741s"},{"start_seconds":1749,"text":"adoption so the idea of owc is that you come there uh with an idea where you're you're basically showing early signs of product market fit um where you can then","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1749s"},{"start_seconds":1757,"text":"use owc and those sort of tools to really double down on that adoption attraction and really grow that pipeline in terms of your users or you know","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1757s"},{"start_seconds":1766,"text":"volume or whatever whatever your your sort of kpi is that you're going in there as a company um then from there uh you know nir is very well connected","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1766s"},{"start_seconds":1774,"text":"in the valley and also globally with investors um so they have a ton of investors in their network that are all you know actively watching the owc presentations","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1774s"},{"start_seconds":1782,"text":"and following the cohorts that are all interested in supporting and helping these uh founders by giving them you know their first seed funding sometimes","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1782s"},{"start_seconds":1790,"text":"sometimes even their precede funding and so it's a great way for an entrepreneur to also get connected with a lot of great uh investors that can really help you know these","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1790s"},{"start_seconds":1797,"text":"founders along in the process uh to grow their vision um so that's just a quick overview i i don't know 100 if that's exactly how it works now for","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1797s"},{"start_seconds":1805,"text":"the application process but i think there is kind of like a pool and then from that pool you're selected to join a cohort i think there's uh two cohorts per year","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1805s"},{"start_seconds":1813,"text":"and so i think jasper you mentioned before that when you when peter and yourself decided to build on the near blockchain within the near ecosystem you felt like","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1813s"},{"start_seconds":1822,"text":"it that gave you guys the opportunity to also help shape the development of the ecosystem as it was launching um could you maybe talk a little bit","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1822s"},{"start_seconds":1830,"text":"about your your interactions with the near team and kind of you feel like it's a close relationship there's support um on behalf of the near team four flux","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1830s"},{"start_seconds":1838,"text":"is like one of the first big projects launching but what do you see in the future on that front yeah no the nearest put a lot of emphasis on developer experience","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1838s"},{"start_seconds":1847,"text":"so that was something that was really a relief when coming from ethereum and it's sort of like the it's a large","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1847s"},{"start_seconds":1854,"text":"pro of uh not decentralized like centralized companies in the beginning because near was still building","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1854s"},{"start_seconds":1862,"text":"and this means that there's a single point of entry where you can ask all your questions and um they really had a good way of","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1862s"},{"start_seconds":1870,"text":"routing everybody to like the best place to to ask your questions and i think i think the the our relationship with nir is in in","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1870s"},{"start_seconds":1878,"text":"sometimes in some ways developed into friendships with some of the team members but like super super close in in in our develop in the ways that we","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1878s"},{"start_seconds":1886,"text":"yeah and the decisions that we made in is flux protocols today and some of the infrastructure of near has shaped for example we put a","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1886s"},{"start_seconds":1894,"text":"lot of emphasis on their the ethereum bridge um we put a lot of emphasis on being able to run in rust and having good smart","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1894s"},{"start_seconds":1902,"text":"contract infrastructure there tools the ways that unit tests work are also partly because of something that some of","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1902s"},{"start_seconds":1910,"text":"the input we provided and then i'm trying to provide sort of libraries and then sort of","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1910s"},{"start_seconds":1917,"text":"standardize things that exist on ethereum on near today as well and help sort of contribute to those like for example the erc20","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1917s"},{"start_seconds":1924,"text":"variant that near has as a nap 20 which is called the nep21 token and that type stuff um so yeah i think i think that's that's about it and then yeah","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1924s"},{"start_seconds":1933,"text":"no and if you compare to ethereum the the experience is amazing um simply because of the yeah on hands depth support that you can","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1933s"},{"start_seconds":1941,"text":"have at any time and so i think peter we alluded to this before","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1941s"},{"start_seconds":1948,"text":"but as we said it's the early days for the near ecosystem it's the early days for the flux ecosystem as the as ceo and kind of the the","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1948s"},{"start_seconds":1956,"text":"captain of the of this protocol where do you see your where do you see the protocol developing in the short term the medium term in the","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1956s"},{"start_seconds":1964,"text":"long term um and then maybe some of the actual development details after that yeah for sure um so over the next six","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1964s"},{"start_seconds":1973,"text":"months um i'd love to see trading integration built into twitter um which we already started creating about six months ago by launching a bot","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1973s"},{"start_seconds":1981,"text":"that can create a market for many tweets um so i think that you know kind of playing into more viral staged markets is going to be really interesting to see um you know","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1981s"},{"start_seconds":1990,"text":"whether uh you're you're republican or democrat i think that the the world is in a very sort of precarious state right now in terms of coronavirus","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1990s"},{"start_seconds":1998,"text":"uh going around globally there's a lot of impacts that are going to be felt in the markets right now um you know around this election and so i think um","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=1998s"},{"start_seconds":2005,"text":"prediction markets will find a very good home uh surrounding like social interaction and i think they'll go pretty hand in hand um so that's the the first thing in like the immediate uh","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2005s"},{"start_seconds":2013,"text":"sort of short term i think is interesting and then you know in the next three or five years i would love to see integrations um with products like twitch discord slack","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2013s"},{"start_seconds":2022,"text":"uh you know facebook and many other platforms and i think that what flux will basically become is this layer of um it near is like the internet layer","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2022s"},{"start_seconds":2031,"text":"we're kind of like an email protocol layer where we're like smtp and the applications building on top are like gmail yahoo mail and things like that and so what we want","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2031s"},{"start_seconds":2040,"text":"to basically become is this open source open source infrastructure that all markets in the future are running on and interacting with","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2040s"},{"start_seconds":2047,"text":"and we've really supplied this this sort of plumbing for this liquidity to move through um and so that's kind of the long-term vision of flux is to really","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2047s"},{"start_seconds":2054,"text":"open up prediction markets and their ability to not only provide you know structures like derivatives and options anywhere anywhere in the world","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2054s"},{"start_seconds":2061,"text":"um and anyone in the world um and then also you know allowing sort of the predictive power of prediction markets if you're not um familiar you can read a book like um","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2061s"},{"start_seconds":2070,"text":"super forecasting or um the wisdom of crowds which both talk about sort of the the real world sort of applications and aspects of prediction markets that are very","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2070s"},{"start_seconds":2078,"text":"interesting and we also wrote a primer on this and i think that the ant guild is as well did so definitely check out those links um","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2078s"},{"start_seconds":2086,"text":"but yeah i'd love to quickly touch on also sort of like what plays into our five-year sort of timeline where i see it which is you know the the series of","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2086s"},{"start_seconds":2094,"text":"incentive programs that we've designed to basically engage liquidity providers um across the stack so um we recently brought on victoria um","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2094s"},{"start_seconds":2101,"text":"on to fox for uh you know joining us the new head of our our business development and um she unfortunately couldn't be here today she was actually supposed to be on this event","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2101s"},{"start_seconds":2109,"text":"um but she she had uh her sister is basically having surgery so with kovic she had to take her to the hospital and all these things so she she was gonna do","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2109s"},{"start_seconds":2118,"text":"a call in from the the waiting room but uh i said hey we'll catch you on the next one um but uh so so we we miss you victoria if","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2118s"},{"start_seconds":2125,"text":"you're if you're watching but um next time um but she's been working very closely with liquidity providers um both in crypto and from an institutional","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2125s"},{"start_seconds":2134,"text":"perspective and so um you know she has a pretty extensive background in traditional finance um and so what we've been doing together is basically designing a three-tiered","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2134s"},{"start_seconds":2142,"text":"approach liquidity mining um so the first bucket is the short-term liquidity mining and this is where we're going into this area basically with like two mental","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2142s"},{"start_seconds":2149,"text":"models so the first one is that the program has to be designed with kpis for growth in mind um with set amounts of liquidity specified to different stakeholders","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2149s"},{"start_seconds":2158,"text":"of the network um so basically to different uh protocols and layer ones so like how are we gonna incentivize liquidity that exists in crypto today to","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2158s"},{"start_seconds":2165,"text":"basically join flux um and then the second mental model around short-term liquidity is that the majority of liquidity providers in the short term is what we call basically mercenary","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2165s"},{"start_seconds":2174,"text":"liquidity and these are stakeholders in d5 that are you know basically chasing yields and have no loyalty to the layer uh that they're actually providing liquidity to","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2174s"},{"start_seconds":2182,"text":"so they're basically chasing kind of the best option for them at the time um and so you know basically this program is going to be designed to lock","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2182s"},{"start_seconds":2189,"text":"up between 10 and 25 million dollars in liquidity um in short-term capital over the next six to 12 months it will mostly grow the taker side","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2189s"},{"start_seconds":2196,"text":"liquidity uh interest of the pro protocol the second bucket is basically midterm liquidity so basically moving past that","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2196s"},{"start_seconds":2203,"text":"initial mercenary capital and this is the midterm liquidity mining program that we basically are approaching also with two different mental models and the first mental model is that the","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2203s"},{"start_seconds":2212,"text":"program should incentivize larger amounts of liquidity to interact with flux and is designed to incentivize larger areas of taker side liquidity and this is by working with you know","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2212s"},{"start_seconds":2220,"text":"professional market makers that can basically attract more users from their current centralized options so think users coming in from like you know robin's hoods options or like","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2220s"},{"start_seconds":2229,"text":"betfair or predicted things like that um and so basically this liquidity in the initial in the midterm is designed to kick off the flywheel","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2229s"},{"start_seconds":2236,"text":"approach uh that we've designed um and so you know kind of an overview it works like this market makers are providing liquidity to","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2236s"},{"start_seconds":2244,"text":"markets um that are basically well-designed and have accurate price discovery this actually basically creates a higher","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2244s"},{"start_seconds":2251,"text":"quality maker side liquidity which will attract more users that wish to actually interact with this liquidity on flux and with markets that are only built on","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2251s"},{"start_seconds":2259,"text":"flux um and then from there this liquidity that attracts flux token holders that are interested in earning a percentage of open interest and um basically you know they earn this","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2259s"},{"start_seconds":2268,"text":"by resolving the market so within our oracle and so all during this process app developers are watching the flux ecosystem perform and flourish","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2268s"},{"start_seconds":2276,"text":"and as expected you know they want to basically participate in in continuing to fuel and grow that ecosystem so it attracts more high quality apps more great","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2276s"},{"start_seconds":2285,"text":"founders that want to build their own different verticals and niches and so basically this program is designed to lock up you know kind of the capital bucket from","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2285s"},{"start_seconds":2292,"text":"25 million to 500 million over the next 12 to 24 months and the third bucket is a little bit longer out and that's going to be less defined for the immediate","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2292s"},{"start_seconds":2301,"text":"future um as we scale up our liquidity but it will be targeted to like large institutional providers um and will be designed to basically bring flux from 500 million","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2301s"},{"start_seconds":2310,"text":"in total value locked up to 10 billion in total value locked across our marketing mechanics um but for the time being we'll just be focusing on the short-term liquidity mining programs","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2310s"},{"start_seconds":2318,"text":"um and just basically laser focus on cracking the nut of prediction markets and really bringing in users at an accelerated pace which is something that you know you see today in","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2318s"},{"start_seconds":2326,"text":"poly market which is an app as an example that's built on another you know kind of like oracle which is the gnosis oracle that recently moved to two layer two um","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2326s"},{"start_seconds":2335,"text":"that's seeing some good amount of volume um but really nobody's cracked the nut and i would say that for us cracking another prediction markets is going after a milestone as an example like 10","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2335s"},{"start_seconds":2343,"text":"million in liquidity of total value locked and until we get there we're kind of like in early days still um so that's kind of our mental models at getting you know these users and how","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2343s"},{"start_seconds":2352,"text":"we're looking at liquidity incentivizing the liquidity for sort of like the short midterm and long term of flux so just just to summarize that kind of","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2352s"},{"start_seconds":2360,"text":"uh shortly then there's going to be some pretty nice liquidity incentives in the next five to seven months for the original","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2360s"},{"start_seconds":2367,"text":"liquidity providers on the protocol and based on what you said about then the flux flywheel it it will operate more or less along","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2367s"},{"start_seconds":2374,"text":"the lines of as more liquidity is put onto the protocol there'll be more incentives not only for token holders but also developers to participate","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2374s"},{"start_seconds":2382,"text":"in kind of a virtu self reinforcing cycle exactly and that's that's what we don't see many times right so as an example with compound","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2382s"},{"start_seconds":2390,"text":"um as soon as the liquidity mining stops um the incentive stops but on flux um you really kind of like use the liquidity incentive to","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2390s"},{"start_seconds":2397,"text":"basically has gunpowder to launch this flywheel and then from there the flywheel continues as the ecosystem grows so the idea is to move past liquidity","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2397s"},{"start_seconds":2405,"text":"incentives where market makers can make enough money by providing liquidity that they don't need to rely on liquidity incentives to subsidize","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2405s"},{"start_seconds":2412,"text":"their liquidity process and sort of market making um you know to the actual markets themselves","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2412s"},{"start_seconds":2418,"text":"okay um so i think it's uh overall i think we could all agree it's a pretty exciting time in crypto or we're on the brink of some pretty","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2418s"},{"start_seconds":2427,"text":"exciting times in crypto especially relating to markets could you guys maybe go into a little bit about the development timeline of flux where","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2427s"},{"start_seconds":2434,"text":"we're at now if i've never heard of the protocol before is their main net what can when can we expect kind of the next stages in the next iterations and then what's the goal","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2434s"},{"start_seconds":2443,"text":"of when it'll be usable and i can go build my own market you know right now yep so uh we just went through our quan stem security review","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2443s"},{"start_seconds":2452,"text":"there were no huge vulnerability found but there is some optimization that can be done there which we expect to be done late this week early next week after","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2452s"},{"start_seconds":2460,"text":"that what we'll do is we'll launch a permissioned version of the protocol on top of near on mainnet which we will use for internal testing between","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2460s"},{"start_seconds":2467,"text":"us the near team and some investors and you guys of course um basically what we'll do there is we'll bridge over some","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2467s"},{"start_seconds":2475,"text":"stable coins from ethereum and start the internal testing once that's done we are going to go into","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2475s"},{"start_seconds":2482,"text":"a full shift to work on the oracle development so making sure that the resolution of the market so making sure that the payout is done","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2482s"},{"start_seconds":2490,"text":"correctly is sufficiently decentralized because how it works right now is anybody can provide the outcome of a certain question of a","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2490s"},{"start_seconds":2498,"text":"market and anybody can then come up and say hey this is wrong and if that's happened this is called dispute","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2498s"},{"start_seconds":2506,"text":"either peter or i is the person to sort of say hey uh what was the actual final outcome so it's actually pretty centralized the final arbitrator","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2506s"},{"start_seconds":2514,"text":"of each market is me and peter and we want to remove that as a potential vulnerability before we uh have a full full public launch and","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2514s"},{"start_seconds":2523,"text":"that is aimed to be done either late q4 2020 or early q1 2021","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2523s"},{"start_seconds":2531,"text":"okay so a pretty pretty nice time to get involved in flux right now before before it becomes too popular too well known we could say","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2531s"},{"start_seconds":2539,"text":"yeah definitely it's time to build it's time to build okay so i think we're we're at about 42 minutes we'll go to questions in a","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2539s"},{"start_seconds":2546,"text":"second before we go to questions i kind of just wanted to do a general summary of more or less everything we've gone over quickly so that you know everyone can","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2546s"},{"start_seconds":2554,"text":"get a bite-sized understanding of of what flux offers so feel free to add into this but you know flux is an open market protocol","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2554s"},{"start_seconds":2562,"text":"for developers and entrepreneurs to build their own niche markets on top of um it's launching on the near blockchain","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2562s"},{"start_seconds":2570,"text":"there's a number of liquidity incentives uh the development timeline is quite stacked in into the long term but right now i guess where it stands is","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2570s"},{"start_seconds":2578,"text":"it's still in its early days and it's there's a lot of opportunity if you're if you're looking to get involved right now yep sure it's great very summarize it yeah","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2578s"},{"start_seconds":2586,"text":"awesome all right let's uh oh and i should actually add there's a good amount of information on flux on your medium page peter and","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2586s"},{"start_seconds":2594,"text":"then on the ants guild website so if people are interested in things like the token liquidity mining um you know some of the the big picture","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2594s"},{"start_seconds":2602,"text":"focus of flux there's a lot of great information there uh with that i think we can start looking at some of these questions yeah thank you could you could you also","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2602s"},{"start_seconds":2610,"text":"put the um the links for the forum guild um down in the the chat as well yeah sounds good okay uh yeah if you guys want to take the questions i think","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2610s"},{"start_seconds":2618,"text":"we have a couple down here feel free to just go for it yeah so go ahead yeah the first one is uh what prediction market would you personally bet on","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2618s"},{"start_seconds":2626,"text":"for both peter and i so i am not a huge degenerate better i do like","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2626s"},{"start_seconds":2634,"text":"trading in uh cryptocurrencies and stuff but if i would be if i like what i would use flux","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2634s"},{"start_seconds":2641,"text":"for myself would be to go long or short on probably indexes of private equity metrics","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2641s"},{"start_seconds":2649,"text":"which i think is very interesting and public equity metrics something else that i would like to do","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2649s"},{"start_seconds":2656,"text":"is i would like to go something else i'd like to do is go short on","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2656s"},{"start_seconds":2663,"text":"an index of traditional finance or not traditional finance sorry traditional um traditional news publishers","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2663s"},{"start_seconds":2670,"text":"which i think is also going to be pretty um lucrative","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2670s"},{"start_seconds":2677,"text":"and then uh something else yeah probably probably some esports and sports betting um i like ufc so i'll","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2677s"},{"start_seconds":2686,"text":"probably probably go long on khabib uh all right yeah um so for me i think i mirror a lot","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2686s"},{"start_seconds":2694,"text":"of the same things i'm not a huge uh better in the traditional sense i mean we're founders in crypto so obviously we like risk","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2694s"},{"start_seconds":2701,"text":"but uh you know we like uh risk with um you know outcomes that we can predict which is also you know tie into why we're building flux","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2701s"},{"start_seconds":2709,"text":"we want to predict the future um and so you know in general yeah definitely interested in you know markets around private companies","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2709s"},{"start_seconds":2716,"text":"uh so startups public companies i think those are super interesting um you know i'm a big fan of the esports uh markets i think that's really like an untapped","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2716s"},{"start_seconds":2725,"text":"area right where esports is growing um right now esports betting is like almost a 14 billion dollar market per year um but it's super inaccessible and and","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2725s"},{"start_seconds":2733,"text":"providers are charging fees from like 30 50 percent um and a lot of that blows back on the users and the teams that are providing the market so um i'd love to see that you know kind of","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2733s"},{"start_seconds":2741,"text":"democratized and opened and i think that um you know state.gg and artera are both two companies that are approaching that from different angles but are definitely","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2741s"},{"start_seconds":2749,"text":"going to um you know provide really cool value there um definitely interested in like niche insurance i think that's really cool um my my brother-in-law is actually","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2749s"},{"start_seconds":2758,"text":"originally from tanzania and i've seen a lot of different applications um you know to kind of roll that into into countries um where insurance","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2758s"},{"start_seconds":2765,"text":"products aren't really readily accessible and so i'm really excited about that as more of a vertical that'll be more philanthropic than","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2765s"},{"start_seconds":2774,"text":"betting um and so those are kind of the things i'm most excited about for the short to midterm but um i think there's going to be developers much smarter than jasper and","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2774s"},{"start_seconds":2782,"text":"i that will come up with even more creative and exciting ideas to build on flux so really excited to see what will happen uh into the future from there","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2782s"},{"start_seconds":2790,"text":"yep and then there was another question uh regarding why we chose near and i think i can touch on that pretty briefly so the largest competitors at the time","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2790s"},{"start_seconds":2799,"text":"for a next generation blockchain when we when we had to sort of choose a layer two layer a new layer one was either wait","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2799s"},{"start_seconds":2808,"text":"for ethereum 2.0 either try doing something on cosmos or polka dot and then there was like solana","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2808s"},{"start_seconds":2815,"text":"wasn't really wasn't really an option yet but i can go briefly over why i would never choose solana um but like uh","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2815s"},{"start_seconds":2823,"text":"nier is the only one of these protocols that actually resembles the way you build smart contracts on ethereum due to like dynamic sharding","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2823s"},{"start_seconds":2832,"text":"and near uh has infinite scale infinite linear scaling basically 200 times the amount of shards that are","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2832s"},{"start_seconds":2841,"text":"in life in a network which allows you to load balance your transactions across shards and basically scale infinitely which is really really yeah that's super","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2841s"},{"start_seconds":2850,"text":"super promising uh ethereum obviously is gonna launch ethereum 2.0 is going to be super super late near is basic near is","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2850s"},{"start_seconds":2858,"text":"sorry if 2.0 is near it's like the the tagline of course and i don't want to deal with","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2858s"},{"start_seconds":2866,"text":"parrot chain options on polka dots as a developer i just want to build my protocol make sure that it lives there make sure that it's","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2866s"},{"start_seconds":2874,"text":"um yeah that that it's guaranteed to be like doing its own thing and like not having to deal with","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2874s"},{"start_seconds":2881,"text":"making sure that there's like block space on like whatever power chain in the next years like i admit i wanted to be lifted living there immutably","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2881s"},{"start_seconds":2890,"text":"and then solana is a hacky way of faking skill almost by just","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2890s"},{"start_seconds":2897,"text":"using very very expensive infrastructure that basically uh prices out any regular validator or staker","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2897s"},{"start_seconds":2906,"text":"yeah and then on one last note that's like non-technical um like our team has been approached by almost every layer one in this space","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2906s"},{"start_seconds":2914,"text":"uh with you know large i won't go into numbers but like very large amounts to try to get us to move off of near and um you know jasper and i could have","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2914s"},{"start_seconds":2923,"text":"probably retired crypto very happily by now if we had taken one of those offers um but you know we're really looking for a home for our company into","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2923s"},{"start_seconds":2932,"text":"the future something that will really help uh you know bring prediction markets to scale and um you know we're not going to be inaugur 2.0 where the founders run away","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2932s"},{"start_seconds":2940,"text":"with the capital and never come back to the project um so you know just to clarify for any you know entrepreneurs that are out there um you know if a project's paying you like","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2940s"},{"start_seconds":2949,"text":"500k a million et cetera to move to their layer one like think about why they're paying that to you and why why people aren't going there organically","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2949s"},{"start_seconds":2957,"text":"so i just want to leave that one last note on the near side and then i want to quickly touch on the um the oracle sorry i'm just was on the wrong chat thing","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2957s"},{"start_seconds":2965,"text":"so around the oracle um yeah so we do have information we do have like specs for the oracle we just haven't built the the full-fledged version because um we're focusing","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2965s"},{"start_seconds":2973,"text":"exclusively on the market mechanics to begin with so basically how the oracle will work is um basically validators will stake their","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2973s"},{"start_seconds":2981,"text":"tokens um each e-fuck and epoch is basically one day on the near protocol um from there these validators unless","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2981s"},{"start_seconds":2988,"text":"jasper was it was it now changed oh yeah so one day one block on one block one block okay one block okay so it was x but i know so so one block and then from there","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2988s"},{"start_seconds":2997,"text":"basically this creates a validator pool um this validator pool you can think of it kind of like signing up for the draft um and so you're basically signing up to","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=2997s"},{"start_seconds":3005,"text":"be drafted to provide resolutions and what this does is it allows us to basically have a large pool of validators but then select the subset so what we","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3005s"},{"start_seconds":3012,"text":"actually do is we use near's randomness beacon to then define a subset of validators from that pool that then actually provide the resolutions to markets","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3012s"},{"start_seconds":3020,"text":"and this is a couple different benefits the first one is that no validator knows if when or what market they'll actually be resolving which means that it's much more secure","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3020s"},{"start_seconds":3029,"text":"because in protocols like auger today the market creator can also designate the resolver address and so normally the market creator i think we","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3029s"},{"start_seconds":3036,"text":"did a study i guess almost two years ago on security of auger and in over 51 of the times the market creator was also the market resolver so that works in the beginning when","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3036s"},{"start_seconds":3044,"text":"there's like seven users right now on augur but as you know augur may or if they scale um you know there'll be a lot of markets and it'll be much more easy to pass","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3044s"},{"start_seconds":3053,"text":"these resolutions when the market creator is also the resolver and then the second reason around that is it also allows us to speed up resolution time","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3053s"},{"start_seconds":3060,"text":"so because you can trust the validators you select more because they have no skin in the game of the market and they're making money by providing the correct resolution they only have something to lose they","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3060s"},{"start_seconds":3069,"text":"don't provide the right data they don't have anything to win uh over you know providing the wrong data so um that's how the the oracle will work in short there'll be two different tracks for api","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3069s"},{"start_seconds":3078,"text":"based data and and for arbitrary data there were a bit differently in terms of time mechanics so you know like i said earlier the the api based data will resolve in 30 minutes","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3078s"},{"start_seconds":3087,"text":"with finality arbitrary data will be in 24 hours of finality and these times will increase for the api data as we you know begin to refine that","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3087s"},{"start_seconds":3094,"text":"but that's basically the overall structure and how we're going to be building it for version one of flux yeah yep sounds good","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3094s"},{"start_seconds":3102,"text":"yeah just one thing i wanted to touch on is that randomness exponentially increases security so that's that's super super good and something that we're very very happy","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3102s"},{"start_seconds":3111,"text":"with uh that that near provides natively all right i think was that was that the","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3111s"},{"start_seconds":3119,"text":"last question that we were going to address i don't think there's anything more does anyone else have any questions i think that's it cool okay great well","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3119s"},{"start_seconds":3128,"text":"before before we close off real quick i just want to kind of do a a larger big picture overview of kind of this whole series and what it's going to be","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3128s"},{"start_seconds":3137,"text":"peter and jasper kick this off and we'll probably have them back on as well especially as things continue to develop with flux but the the big picture point","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3137s"},{"start_seconds":3144,"text":"here is that this is a community run initiative this is very much kind of the the near community's attempt to connect different components of the","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3144s"},{"start_seconds":3152,"text":"ecosystem and to kind of represent what's available if you're interested in contributing if you're interested in building if you're interested","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3152s"},{"start_seconds":3159,"text":"in getting involved in any way this series is for you so we're going to be continuing this series going forward","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3159s"},{"start_seconds":3166,"text":"and but the main thing i think to emphasize that now is really the time to get involved with nir before it's too well known this is these are the best days","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3166s"},{"start_seconds":3174,"text":"when it's when it's just getting launched when there's a lot of opportunity to build on flux to build on near don't hesitate to reach out or to get in touch with the near foundation","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3174s"},{"start_seconds":3183,"text":"or with ants guild and we'll do everything we can to get to get anyone you know set up and ready to start building or creatively using their skills to advance","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3183s"},{"start_seconds":3192,"text":"the ecosystem um so with that i guess i'd just like to say thank you peter and jasper for your time um we'll hopefully have more content","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3192s"},{"start_seconds":3200,"text":"coming out about flux in the coming weeks and definitely some exciting news as well with as the protocol continues to develop yeah","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3200s"},{"start_seconds":3208,"text":"sure yeah i just quickly wanted to thank the and skilled and near for putting it together and uh yeah this was great looking forward to watching","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3208s"},{"start_seconds":3216,"text":"the conversations yeah thank you so much for having us on it was great to be on and be the first sort of kickoff project to kick off this","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3216s"},{"start_seconds":3223,"text":"near without noise and um yeah always happy to come back on and uh you know chat about flux and i really love the the idea of the series to really cut","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3223s"},{"start_seconds":3231,"text":"through all the noise uh you know in our telegram chat it's a bit exhausting um because it's just like win moon win token win listing","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3231s"},{"start_seconds":3239,"text":"and um you know it's really great to talk about what we're doing behind the scenes and about what's happening with the company the tech and um you know our mental models for building flux into","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3239s"},{"start_seconds":3247,"text":"the future so thank you for having us on awesome all right with that we'll close guys so everyone have a great day and we'll see you next","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3247s"},{"start_seconds":3256,"text":"time all right","url":"https://www.youtube.com/watch?v=VyDEqy7_pMg&t=3256s"}],"youtube_url":"https://youtube.com/watch?v=VyDEqy7_pMg","url":"https://near-pedia.xyz/videos/VyDEqy7_pMg"}