{"id":"rLTSBLbePLU","title":"Block Zero Stage | Announcing Multichain Accounts on NEAR","description":"Announcing Multichain Accounts on NEAR, presented by David Millar of Durrant, at NEARCON 2023.\n\nThis talk will unpack NEAR's multichain offerings for developers, including the multichain FastAuth SDK – launching November 2023 – as well as chain signatures and some ideas for how developers can use them, hosting nodes, and getting involved with NEPs.\n\nJoin NEAR's community:\nWebsite: https://near.org/\nReddit:   / nearprotocol  \nDiscord: https://near.chat/\nMedium:   / nearprotocol  \nBlog: https://near.org/blog/\nTwitter:   / nearprotocol  \nGitHub: https://github.com/near  https://github.com/nearprotocol\nDev Docs: https://docs.near.org/\nCreate a wallet: https://wallet.near.org/create\nApps on NEAR: https://awesomenear.com/\nLearn to Build On NEAR: https://www.near.university/\nGrants & Funding: https://near.org/grants/\n#Blockchain #FutureisNEAR #NEAR #nearprotocol\n#nft #dao","channel_name":"NEAR Protocol","published_at":"2023-11-30T00:00:00.000Z","thumbnail_url":"https://img.youtube.com/vi/rLTSBLbePLU/hqdefault.jpg","transcript_text":"cool um next what NE next up we will be hearing from David on multichain accounts on near um and you'll we have a click over here yeah perfect so here we go hello everyone I'm uh David Madar and I'm here from the emerging Technologies team of pagoda thanks so much to the deob team for that really great talk I'm really looking forward to seeing um the Community Development grow sort of as much as it possibly can I'm here to talk to you today about multichain we have a view inside our team which is that users shouldn't have to know they're using a blockchain I'm not normally the type to quote Ronald Reagan but uh if you're explaining wining you're losing we found that you should only be talking to people about the benefits of blockchain and they should never know about the costs they should never know about how the thing works unless they're interested in how the thing works so most of our research is focused on hiding that from the user as much as we possibly can right now blockchain accounts are relatively immature generally users need to have um a sense of what a private key is they need to have a sense of how you need to store a private key they need to know what a uh seed phrase is um they also need to understand how they link between different chains these are all deeply complex and deeply nuanced things every time we onboard a user from a web web two to web 3 we have we have to explain these things we have to make them confident they're doing the right thing and we have to take them through the steps to get on boarded generally if you work in web 2 you'll know that about for about every step you make a user do you'll lose sort of 25 to 30% of users right now there's sort of eight to 10 steps involved in onboarding to a regular web3 application which is terrible generally the numbers we see in our industry for people losing their uh for users making it through to the end is between 1 and a half and 2% uh which is really really awful we try to address this this year we released a product called fastor and the aim of it was to obscure the cost of gas on our chain using something called meta transactions it was to use a standard way of having accounts which was email people are very used to typing their emails in to signin uh and we use Biometrics instead of passwords because it allow people to more securely store their identities without using passwords the problem with this is it only works on near so people still have to on board when they're using near chain they have to have some sort of concept of what near chain is and they have to have a real willingness to use it what's more we can't do application interoperability between any of the chains right now we're completely siloed our whole industry is smaller than a large American tech company yet you have to make every single ecosystem every time on every single chain it's mad so what we've been working on for the last couple of months is multi-chain accounts accounts are really the crown jewels of the near blockchain they're a not so understood feature but it's the one thing we can do which is better than almost anyone else every single n account has a full smart contract running on it you can do full key rotation you can uh Define arbitrary rules that give you arbitary amounts of control so for example someone could sign in with Google if you see an oo token you can give them a certain level of access but in order to withdraw more than a certain amount of near they need to take extra steps like using their Ledger device finding their private key all these kinds of things just having accounts and not having much else is not particularly useful so what we're trying to do is bring the best of the near blockchain to every other blockchain this is account aggregation what we do is we allow a near account to control any other account on any other chain this means that once you've created one crypto account you have every crypto account your near account can hold Bitcoin it can transact on bitcoin it can work as well and I'll show later better than any existing key storage technology it gives you greater utility with the ease of use that you'd expect from something like Fast off how does this work we created a technology called chain signatures chain signatures put a potentially unlimited number of private keys inside of every single smart contract in every single account on the near blockchain this means that you can have all the upsides of a near account you can hold a key inside your near account and then you can interact elsewhere using key derivation you can add an arbitrary string to any one of your private keys and securely generate a new key this means that you can have you could have one account that holds 10 million keys without any storage cost provid ided you can derive those keys correctly how does it look to developers we are adding a new host function to the a to the system this host function is called sign if your smart contract calls it any arbitrary payload can be signed the way it is signed is that we have an MPC Network now MPC is a really cool piece of technology effectively NPC when you use NPC you have a virtual machine with Secrets inside of it no many noes run this virtual machine together they run a computation over the secret but no individual one of these nodes has a secret what's more as the nodes change the keys remain the same so you could have over a period of time the nodes will come and go ship athesia sty and eventually you'll have a completely different set of nodes but your keys will be completely preserved this is particularly secure because the key is never assembled anywhere there's no no individual has any ability to misuse use your key outside of the protocol so we have accounts we have the ability to sign in and interact with a chain but we need more than that Faro only works because of something called Rel layers Rel layers are a technology which allows previously on near if your user wanted to use your application they had to pay in the native governance token for the gas of that application we saw the application developers were Lo were saving pennies worth of gas but losing dollars worth of users or literally orders of magnitudes difference in like the effect on cost of acquisition so what we did was we allowed sponsors to exist sponsors can selectively pay for people's near transactions when you pay when they pay for a near transaction they observe what it does they make a decision about whether or not they want to pay for it and the user has no ability to extract the funds in any other way so how do we bring this cross chain the current model is you have a near account that near account holds a key that key interacts with ethereum very simple the user still needs to top up eth and what's more he needs to have a concept of what chain he's using users should never have a concept of what chain they're using it is not relevant information I don't care whether a website is hosted on AWS or gcp I just want to use the application so what do we do we bring the sponsors back in the sponsor runs an on near chain application that on near chain application develops a series of rules of what can be done with the sponsors funds that the rule those rules control the key inside of the near account and that allow gives them the confidence to put ethereum in someone else's wallet without it getting immediately taken away these faucet attacks are very common and without protections against them you will get your faucets drained almost immediately you can start to see the power of this this solution now it's not just that you have a key but you have a key which is governed by a smart contract you can trust a smart contract to operate in a certain way without trusting the individual unlike with a regular program it's exactly the same with these Keys you can trust that the key will behave correctly at all times because is it is governed by a transparent smart contract that you can have some sort of say in business models we want to see when this comes out are people using things like sweat to pay for things across chains so provided you pay sweat to the sponsor they will sponsor your ethereum transactions this allows for people who have developed tokens on near to have new forms of tokenomics you can get paid by application developers to onboard your users onto their chain you have burn me mechanisms for your your token now you have real utility across chains so it's three forms of Revenue first all you get paid for the users secondly you get Burns and thirdly your users get more use out of the token so there's more demand for it this is clearly new and interesting economics for for our chain now I'm going to start to talk about what you can build on top of this chain these are things we haven't built yet and we may not be able to build and the beautiful thing about being in the near ecosystem is that we don't have to build everything everything we do is open source anyone can jump in I'm going to make the argument right now that there are four or five huge businesses you could build on top of this technology if you have the wherewithal and I would encourage any of you to have a serious think about doing this with these NPC nodes and the signatures we have the ability to do a very clever type of encryption this encryption allows any individual to have a encrypted communication with a smart contract deposit an encrypted payload on that smart contract and then have that content be re-encrypted and sent on to any arbitary third party you do not need to know these third parties up front so in this example this this rather old individual is writing a book he posts that book on chain and he says anyone who pays me 10 near will get a copy of this book these these customers pay those 10 those 10 near and will receive an encrypted copy of the book that they can decrypt using their own key this is an incredibly powerful tool this allows content creators for the first time to use decentralized systems to gate their content you can make a decentralized medium you can make decentralized podcasts you can make anything that requires any level of privacy messaging services incredibly simple you can make a version of WhatsApp that doesn't lose your messages when you change devices but remains wholly encrypted end to end furthermore there's very very interesting economic things that shake out of this one of the real problems on chains like ethereum is me or minor extractable value or maximal extraible value depending what you want to call it people miners can see transactions before they come in and take actions which extract value from those users what you can do in this situation is you can get every single user to send encrypted bids to your chain at a given point when the bid closes the chain will take all the encrypted bids and decrypt them and synchronously evaluate all of them this allows you to do things like Dutch auctions and generally do more efficient trading with lower slippage for the individuals involved this is something you can't do right now on any other chain and is you know sort of potentially a really useful thing on top of that you can have encrypted pools of transactions that control keys that interact with ethereum so you can have efficient cheap gas hidden transactions no me leading and then settling out on another chain which has higher levels of liquidity this means we can make the fastest most Capital efficient dexes on near without necessarily having the tvl required to do it the next very interesting technology and this is a pretty significant amount of work so if you're planning to do this I would say get some money first domains and websit front ends of smart contracts are the ugliest part of our industry we have this beautiful decentralized system where no one can tamper with any of the code running on half the application we have these sort of audited really thought about smart contracts on the back end but on the front end it's basically just a website and the person who runs that website can arbitrarily change the code on that website and cause it to take people's funds there's been over a billion dollars of funds taken out of people's accounts in various hacks in the generally ethereum ecosystem the reason is everything from swim uh Sim swaps to insiders to password leaks have led to hundreds of millions of dollars disappearing in individual hacks whole projects going underwater what's more it's difficult to trust front ends which makes you have to do terrible ux decisions that really push people away when you have the ability to sign something with a smart compy contract you can use a combination of DNS SEC and signed exchanges to prove that every single thing served off your domain is always approved by your smart contract that means you can use regular smart contract governance to decide what hashes of what assets can and can't be served at a given time this gives you transparency so you can be sure that the application being served is the correct one and as well as transparency it gives you the ability to vote for change changes in your application on a full stack rather than just the back end if you can make a secure smart contract you can make a secure front end and these Technologies are well supported you can upload these assets to Cloud flare and generally any Edge technology and serve them as quickly as You' serve anything else there's no need to bounce off a smart contract each time it's just there for the signature when you change assets this also allows an incredible level of censorship resistance because anyone can host your assets you can have an open field to allow any individual in any jurisdiction to host your assets and you know they'll be correct so you can allow them to use your domain incredibly safely I'm going to have to speed up a tiny bit because we've got far too many of these use cases um the next one is heterogeneous sharding a big part of near of uh the blockchain ecosystem is private blockchain shards private blockchain shards kind of suck right now they sort of do their own thing on the side they have their own little world they have our own little tokens and basically no one can really interact with them in any kind of meaningful way uh any other near Shard private or otherwise can sign transactions send a message from one Shard it can land on the other and they can respond and you can have a fully decentralized form of custody of these messages meaning that messaging on any other Shard is just as easy as messaging on The Shard you're currently on this allows for potentially Limitless scalability and various different properties of each Shard capabilities cap there is a small Cult of capabilities inside the blockchain ecosystem it's a very nuanced computer science system but if you can sign payloads you can attach a proof to message it saying I am who I say I am I represent this user I am holding a 100 near and if you have this thing you can take this and put it on and bring it back almost like a bear bond this allows for very quick very cheap cross-chain transactions key markets key markets are incredibly simple because you can govern keys by smart contracts you can deposit funds in a key be sure these keys are locked and then exchange keys for one another or alternatively you can have exchanges that do that hold things like Bitcoin and ethereum that run on near but you can withdraw by getting keys that have say 10 Bitcoin in each one of them you get control of that key you withdraw it to an address you like the look of it gets burnt finally let's talk about signer economics very very quickly traditionally in systems like this the downside is that if all the NPC nodes were to collude we' be in a situation where they could potentially use your key so what happens is they all need to stake generally when you stake you need the value locked needs to be less than the value staked we've come up with a new system tentatively called the rat protocol which allows people to do a form of quadratic staking what this does is for each node you have participating in the system you require uh the the the amount of stake each node requires is the square root of the amount of stake that needs to be there the reason is that any individual node that gets pulled into a into collusion can prove that people are asking them to collude this means that if people ask me to collude and they have three bit Bitcoin worth of stake and I have but only one Bitcoin worth of stake I can take their stake if they ask me to cude this means it's impossible to trust people when you're attempting to collude it's a very interesting problem because people say I am dishonest and I want to steal from people but you should trust me it makes it almost impossible for people to take from this system so what's the timeline end of this month we're going to have something out on testnet if you're thinking of building one of these things I've been talking about or anything else using this technology you should jump on that we're going to have documentation out we're going to have something working and we really want to get you building February if you're a capital allocator or you run a validator Noe we want to get you to the next level of validation which includes running these signatures you'll get higher rewards you will need a slightly higher stake but but it's going to be worth it finally March 31st we're opening this up to users it'll be on Main net people can use it people can start using the experiences people have built on top of this I genuinely believe that this is the most exciting feature to come out since launch I think it allows whole new business models and allows you to build things that were impossible to build on any other chain thank you so much for listening and let me know if you have any questions that was an amazing talk does anyone have any questions thank you so much DAV um amazing talk I love what you're building P I've been watching what you're doing for the past three years so speak up um so yeah I have two questions for you man sure first one explain please uh some of the main benefits that sponsors have when they pay uh user transa transaction fees and the second one um due to the fact that now with near uh protocol you're you're you're you're starting to focus on the multi-chain uh infrastructure for everyone let's say and it becomes Global potentially can become very Global thing right how do you essentially make um actions that are I'm talking about the front end on chain how do you make signless um uh every action because right now on near. org and near Horizon platform you still have to sign every action you make on the website so what are your thoughts on that too thank you so much so um I'll ask your second question first and then I may you may have to ask me your first question again because I will likely forgot no that why would you want to pay for things across different chains the reason is that first of all generally applications that are trying to bootstrap users on any chain would be happy to pay their users gas gas cost at the very start so likely you're if you are paying in sweat on this chain sweat will not actually be paying anything on the other end the application developer will likely be paying a large portion of the cost so the people are incentivized on the other chain side to take very low fees and effectively pay their own gas fees provided it's civil resistant um secondly it's ease of use uh if you if you are going around you have an application it's easier to get hold of one token rather than manage 40 different balances of 40 different chains so generally I believe even if n was taking even if the token issue was taking a 25% cut the ease of switching would be such that it most people would they'd be better off just using one token but we allow you to select the token you pay for things with so we just we make a decision you know if it's if you are doing something on ethereum and you have ethereum inside your account we will generally unless someone is willing to pay for you we would generally prefer that you use the ethereum then we'll look at sort of the next most expensive one and the next most expensive one the next most expensive one um the second part of your question was about signing on the front end you are completely correct so generally the signing process is relatively quick um on its own it takes currently about uh 240 milliseconds if the nodes are relatively close to each other so it's slightly less painful than what we currently have right now but you would have to go to around a consensus which is 0.7 seconds on on on top of the near blockchain on top of that so we're talking about roughly a 1 second interaction this is imperfect but when you look at the speed of other chains it's going to be a very very small part of the latency of the total action we believe there are some fast ones like salana but generally it's going to be relatively acceptable we think but imperfect we do not have the ability to do effectively limited access keys so what you could do is you could have uh a signature on chain that you receive and then do a key derivation on top of that using the sort of encrypted protocol I'd have to think about we maybe talk about it afterwards I'm I'm sorry I'm getting a bit into weeds yeah so thank you so much for the presentation uh to me all this sounds revolutionary and not only for near ecosystem but for other like ethereum or any other chain right thanks so much yeah and I also like da all the announcements that we got yesterday like to me it seems it is as promising for us as it is for other chains so my question is what are you guys doing in order to you know spread the word about all this amazing stuff to ethereum people right to say come here and do all this beautiful stuff thank you so in my opinion ethereum is very hard not to crack and it wouldn't be where I'd start right now what we're doing is we're going out and we're talking to as many other l1s as possible about Partnerships and we have had very very positive responses from some which I can't name right now um basically saying look we don't want to do what you do well you guys are fabulous at your Niche you know if you're a Bitcoin L2 you are the best at transferring Bitcoin you're the best at Bitcoin defi but we're pretty good at onboarding how about we you use us for onboarding and we'll use you for your sort of Bitcoin two things and I haven't come across an L1 yet that thinks that's a bad idea all of us realize we need to focus on what we're good at and I think we're going to really I hope we're going to see some really great Partnerships come out at the start of March because it shouldn't this is not just near this is a whole blockchain thing all right well thank you so much for having me thanks for listening","transcript_synced_at":"2026-11-03T06:11:55.253Z","segments":[{"start_seconds":0,"text":"cool um next what NE next up we will be hearing from David on multichain accounts on","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=0s"},{"start_seconds":8,"text":"near um and you'll we have a click over here yeah perfect so here we","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=8s"},{"start_seconds":24,"text":"go hello everyone I'm uh David Madar and I'm here from the emerging Technologies team of","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=24s"},{"start_seconds":31,"text":"pagoda thanks so much to the deob team for that really great talk I'm really looking forward to seeing um the Community Development grow sort of as","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=31s"},{"start_seconds":39,"text":"much as it possibly can I'm here to talk to you today about","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=39s"},{"start_seconds":48,"text":"multichain we have a view inside our team which is that users shouldn't have to know they're using a blockchain I'm","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=48s"},{"start_seconds":56,"text":"not normally the type to quote Ronald Reagan but uh if you're explaining wining you're losing we found that you should only be","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=56s"},{"start_seconds":63,"text":"talking to people about the benefits of blockchain and they should never know about the costs they should never know about how the thing works unless they're","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=63s"},{"start_seconds":71,"text":"interested in how the thing works so most of our research is focused on hiding that from the user as much as","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=71s"},{"start_seconds":79,"text":"we possibly can right now blockchain accounts are","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=79s"},{"start_seconds":90,"text":"relatively immature generally users need to have um a sense of what a private key is they need to","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=90s"},{"start_seconds":98,"text":"have a sense of how you need to store a private key they need to know what a uh seed phrase is um they also need to","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=98s"},{"start_seconds":107,"text":"understand how they link between different chains these are all deeply complex and deeply nuanced","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=107s"},{"start_seconds":115,"text":"things every time we onboard a user from a web web two to web 3 we have we have to explain these things we have to make them confident they're doing the right","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=115s"},{"start_seconds":123,"text":"thing and we have to take them through the steps to get on boarded generally if you work in web 2","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=123s"},{"start_seconds":130,"text":"you'll know that about for about every step you make a user do you'll lose sort of 25 to 30% of users right now there's","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=130s"},{"start_seconds":137,"text":"sort of eight to 10 steps involved in onboarding to a regular web3 application which is terrible generally the numbers","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=137s"},{"start_seconds":145,"text":"we see in our industry for people losing their uh for users making it through to the end is between 1 and a half and","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=145s"},{"start_seconds":152,"text":"2% uh which is really really awful we try to address this this year we released a product called","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=152s"},{"start_seconds":161,"text":"fastor and the aim of it was to obscure the cost of gas on our chain using something called meta","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=161s"},{"start_seconds":168,"text":"transactions it was to use a standard way of having accounts which was email people are very used to typing their emails in to","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=168s"},{"start_seconds":176,"text":"signin uh and we use Biometrics instead of passwords because it allow people to more securely store their identities","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=176s"},{"start_seconds":184,"text":"without using passwords the problem with this is it only works on near so people still have","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=184s"},{"start_seconds":192,"text":"to on board when they're using near chain they have to have some sort of concept of what near chain is and they have to have a real willingness to use","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=192s"},{"start_seconds":201,"text":"it what's more we can't do application interoperability between any of the chains right now we're completely siloed","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=201s"},{"start_seconds":209,"text":"our whole industry is smaller than a large American tech company yet you have to make every single ecosystem every","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=209s"},{"start_seconds":217,"text":"time on every single chain it's mad so what we've been working on for","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=217s"},{"start_seconds":224,"text":"the last couple of months is multi-chain accounts accounts are really the crown jewels of the near blockchain they're a","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=224s"},{"start_seconds":232,"text":"not so understood feature but it's the one thing we can do which is better than almost anyone else every single n","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=232s"},{"start_seconds":239,"text":"account has a full smart contract running on it you can do full key rotation you can uh Define arbitrary","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=239s"},{"start_seconds":248,"text":"rules that give you arbitary amounts of control so for example someone could sign in with Google if you see an oo token you can give them a certain level","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=248s"},{"start_seconds":256,"text":"of access but in order to withdraw more than a certain amount of near they need to take extra steps like using their Ledger device finding their private key","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=256s"},{"start_seconds":265,"text":"all these kinds of things just having accounts and not having much else is not particularly useful so what we're trying to do is","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=265s"},{"start_seconds":274,"text":"bring the best of the near blockchain to every other blockchain this is account","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=274s"},{"start_seconds":282,"text":"aggregation what we do is we allow a near account to control any other account on any other","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=282s"},{"start_seconds":290,"text":"chain this means that once you've created one crypto account you have every crypto account your near account can hold","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=290s"},{"start_seconds":299,"text":"Bitcoin it can transact on bitcoin it can work as well and I'll show later better than any existing key","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=299s"},{"start_seconds":308,"text":"storage technology it gives you greater utility with the ease of use that you'd expect from something like Fast","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=308s"},{"start_seconds":316,"text":"off how does this work we created a technology called chain signatures chain signatures put a","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=316s"},{"start_seconds":324,"text":"potentially unlimited number of private keys inside of every single smart contract in every single account on the near","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=324s"},{"start_seconds":333,"text":"blockchain this means that you can have all the upsides of a near account you can hold a key","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=333s"},{"start_seconds":340,"text":"inside your near account and then you can interact elsewhere using key derivation you can add an arbitrary string to any one of","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=340s"},{"start_seconds":349,"text":"your private keys and securely generate a new key this means that you can have you could have one account that holds 10","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=349s"},{"start_seconds":356,"text":"million keys without any storage cost provid ided you can derive those keys correctly how does it look to","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=356s"},{"start_seconds":364,"text":"developers we are adding a new host function to the a to the system this host function is called sign if your smart contract calls it any","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=364s"},{"start_seconds":373,"text":"arbitrary payload can be signed the way it is signed is that we have an MPC Network now MPC is a really cool piece of","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=373s"},{"start_seconds":382,"text":"technology effectively NPC when you use NPC you have a virtual machine with Secrets inside of it no many noes run","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=382s"},{"start_seconds":389,"text":"this virtual machine together they run a computation over the secret but no individual one of these nodes has a","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=389s"},{"start_seconds":396,"text":"secret what's more as the nodes change the keys remain the same so you could have over a period of time the nodes","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=396s"},{"start_seconds":403,"text":"will come and go ship athesia sty and eventually you'll have a completely different set of nodes but your keys will be completely preserved this is particularly secure","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=403s"},{"start_seconds":412,"text":"because the key is never assembled anywhere there's no no individual has any ability to misuse use your key","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=412s"},{"start_seconds":420,"text":"outside of the protocol so we have accounts we have the","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=420s"},{"start_seconds":428,"text":"ability to sign in and interact with a chain but we need more than that Faro only works because of something called Rel layers Rel layers are a technology","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=428s"},{"start_seconds":437,"text":"which allows previously on near if your user wanted to use your application they had to pay in the native governance","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=437s"},{"start_seconds":444,"text":"token for the gas of that application we saw the application developers were Lo were saving pennies","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=444s"},{"start_seconds":452,"text":"worth of gas but losing dollars worth of users or literally orders of magnitudes difference in like the effect on cost of","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=452s"},{"start_seconds":460,"text":"acquisition so what we did was we allowed sponsors to exist sponsors can selectively pay for people's near","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=460s"},{"start_seconds":469,"text":"transactions when you pay when they pay for a near transaction they observe what it does they make a decision about whether or not they want to pay for it","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=469s"},{"start_seconds":477,"text":"and the user has no ability to extract the funds in any other way so how do we bring this cross chain the current model is you have a","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=477s"},{"start_seconds":486,"text":"near account that near account holds a key that key interacts with ethereum very simple the user still needs to top up","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=486s"},{"start_seconds":494,"text":"eth and what's more he needs to have a concept of what chain he's using users should never have a concept of what chain they're using it is not relevant","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=494s"},{"start_seconds":501,"text":"information I don't care whether a website is hosted on AWS or gcp I just want to use the application so what do","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=501s"},{"start_seconds":508,"text":"we do we bring the sponsors back in the sponsor runs an on near chain application that on near chain","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=508s"},{"start_seconds":517,"text":"application develops a series of rules of what can be done with the sponsors funds that the rule those rules control","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=517s"},{"start_seconds":525,"text":"the key inside of the near account and that allow gives them the confidence to put ethereum in someone else's wallet without it getting immediately taken","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=525s"},{"start_seconds":533,"text":"away these faucet attacks are very common and without protections against them you will get your faucets drained almost immediately","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=533s"},{"start_seconds":540,"text":"you can start to see the power of this this solution now it's not just that you have a key but you have a key which is governed by a smart","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=540s"},{"start_seconds":549,"text":"contract you can trust a smart contract to operate in a certain way without trusting the individual unlike with a regular program it's exactly the same","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=549s"},{"start_seconds":556,"text":"with these Keys you can trust that the key will behave correctly at all times because is it is governed by a transparent smart contract that you can","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=556s"},{"start_seconds":563,"text":"have some sort of say in business models we want to see when this comes out are people using things","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=563s"},{"start_seconds":572,"text":"like sweat to pay for things across chains so provided you pay sweat to the sponsor they will sponsor your ethereum","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=572s"},{"start_seconds":580,"text":"transactions this allows for people who have developed tokens on near to have new forms of tokenomics you can get paid by","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=580s"},{"start_seconds":589,"text":"application developers to onboard your users onto their chain you have burn me mechanisms for your your token now you","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=589s"},{"start_seconds":596,"text":"have real utility across chains so it's three forms of Revenue first all you get paid for the users secondly you","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=596s"},{"start_seconds":603,"text":"get Burns and thirdly your users get more use out of the token so there's more demand for it this is clearly new","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=603s"},{"start_seconds":611,"text":"and interesting economics for for our chain now I'm going to start to talk","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=611s"},{"start_seconds":619,"text":"about what you can build on top of this chain these are things we haven't built yet and we may not be able to build and","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=619s"},{"start_seconds":626,"text":"the beautiful thing about being in the near ecosystem is that we don't have to build everything everything we do is open source anyone can jump in I'm going","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=626s"},{"start_seconds":634,"text":"to make the argument right now that there are four or five huge businesses you could build on top of this technology if you have the wherewithal","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=634s"},{"start_seconds":642,"text":"and I would encourage any of you to have a serious think about doing this with these NPC nodes and the signatures we have the ability to do a very clever","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=642s"},{"start_seconds":650,"text":"type of encryption this encryption allows any individual to have a encrypted communication with a smart contract","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=650s"},{"start_seconds":659,"text":"deposit an encrypted payload on that smart contract and then have that content be re-encrypted and sent on to","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=659s"},{"start_seconds":666,"text":"any arbitary third party you do not need to know these third parties up front so in this example this this rather old individual is writing a book he posts","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=666s"},{"start_seconds":675,"text":"that book on chain and he says anyone who pays me 10 near will get a copy of this book these these customers pay those 10 those 10 near and will receive","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=675s"},{"start_seconds":684,"text":"an encrypted copy of the book that they can decrypt using their own key this is an incredibly powerful","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=684s"},{"start_seconds":691,"text":"tool this allows content creators for the first time to use decentralized systems to gate their content you can","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=691s"},{"start_seconds":698,"text":"make a decentralized medium you can make decentralized podcasts you can make anything that requires any level of privacy messaging services incredibly","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=698s"},{"start_seconds":707,"text":"simple you can make a version of WhatsApp that doesn't lose your messages when you change devices but remains wholly encrypted end to","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=707s"},{"start_seconds":715,"text":"end furthermore there's very very interesting economic things that shake out of this one of the real problems on","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=715s"},{"start_seconds":723,"text":"chains like ethereum is me or minor extractable value or maximal extraible value depending what you want to call","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=723s"},{"start_seconds":731,"text":"it people miners can see transactions before they come in and take actions which extract value from those","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=731s"},{"start_seconds":738,"text":"users what you can do in this situation is you can get every single user to send encrypted bids to your chain at a given","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=738s"},{"start_seconds":746,"text":"point when the bid closes the chain will take all the encrypted bids and decrypt them and synchronously evaluate all of them this allows you to do things like","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=746s"},{"start_seconds":755,"text":"Dutch auctions and generally do more efficient trading with lower slippage for the individuals involved this is something you can't do","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=755s"},{"start_seconds":763,"text":"right now on any other chain and is you know sort of potentially a really useful thing on top of that you can have","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=763s"},{"start_seconds":770,"text":"encrypted pools of transactions that control keys that interact with ethereum so you can have efficient cheap gas","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=770s"},{"start_seconds":778,"text":"hidden transactions no me leading and then settling out on another chain which has higher levels of liquidity this","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=778s"},{"start_seconds":786,"text":"means we can make the fastest most Capital efficient dexes on near without necessarily having the tvl required to do","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=786s"},{"start_seconds":794,"text":"it the next very interesting technology and this is a pretty significant amount of work so if you're planning to do this I would say get some money","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=794s"},{"start_seconds":804,"text":"first domains and websit front ends of smart contracts are the ugliest part of our","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=804s"},{"start_seconds":812,"text":"industry we have this beautiful decentralized system where no one can tamper with any of the code running on half the application we have these sort","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=812s"},{"start_seconds":821,"text":"of audited really thought about smart contracts on the back end but on the front end it's basically just a website and the person who runs that website can","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=821s"},{"start_seconds":829,"text":"arbitrarily change the code on that website and cause it to take people's funds there's been over a billion","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=829s"},{"start_seconds":836,"text":"dollars of funds taken out of people's accounts in various hacks in the generally ethereum ecosystem the reason is everything from","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=836s"},{"start_seconds":846,"text":"swim uh Sim swaps to insiders to password leaks have led to hundreds of millions of dollars disappearing in","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=846s"},{"start_seconds":853,"text":"individual hacks whole projects going underwater what's more it's difficult to trust front ends which makes you have to do terrible ux decisions that really","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=853s"},{"start_seconds":861,"text":"push people away when you have the ability to sign something with a smart compy contract","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=861s"},{"start_seconds":869,"text":"you can use a combination of DNS SEC and signed exchanges to prove that every single thing served off your domain is","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=869s"},{"start_seconds":878,"text":"always approved by your smart contract that means you can use regular smart contract governance to decide what hashes of what assets can and can't be","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=878s"},{"start_seconds":885,"text":"served at a given time this gives you transparency so you can be sure that the application being","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=885s"},{"start_seconds":893,"text":"served is the correct one and as well as transparency it gives you the ability to vote for change changes in your application on a full stack rather than","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=893s"},{"start_seconds":901,"text":"just the back end if you can make a secure smart contract you can make a secure front end and these Technologies are well supported you can upload these assets to","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=901s"},{"start_seconds":910,"text":"Cloud flare and generally any Edge technology and serve them as quickly as You' serve anything else there's no need to bounce off a smart contract each time","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=910s"},{"start_seconds":918,"text":"it's just there for the signature when you change assets this also allows an incredible level of censorship resistance because anyone can host your","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=918s"},{"start_seconds":926,"text":"assets you can have an open field to allow any individual in any jurisdiction to host your assets and you know they'll be correct so you can allow them to use","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=926s"},{"start_seconds":934,"text":"your domain incredibly safely I'm going to have to speed up a tiny bit because we've got far too many of these use cases um the next one is","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=934s"},{"start_seconds":941,"text":"heterogeneous sharding a big part of near of uh the blockchain ecosystem is private blockchain shards private blockchain shards kind of suck right now","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=941s"},{"start_seconds":950,"text":"they sort of do their own thing on the side they have their own little world they have our own little tokens and basically no one can really interact with them in any kind of meaningful way","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=950s"},{"start_seconds":959,"text":"uh any other near Shard private or otherwise can sign transactions send a message from one Shard it can land on","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=959s"},{"start_seconds":967,"text":"the other and they can respond and you can have a fully decentralized form of custody of these messages meaning that","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=967s"},{"start_seconds":973,"text":"messaging on any other Shard is just as easy as messaging on The Shard you're currently on this allows for potentially Limitless scalability and various","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=973s"},{"start_seconds":983,"text":"different properties of each Shard capabilities cap there is a small Cult of capabilities inside the","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=983s"},{"start_seconds":990,"text":"blockchain ecosystem it's a very nuanced computer science system but if you can sign payloads you can attach a proof to message it saying I am who I say I am I","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=990s"},{"start_seconds":999,"text":"represent this user I am holding a 100 near and if you have this thing you can take this and put it on and bring it","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=999s"},{"start_seconds":1006,"text":"back almost like a bear bond this allows for very quick very cheap cross-chain transactions key markets key markets are","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1006s"},{"start_seconds":1014,"text":"incredibly simple because you can govern keys by smart contracts you can deposit funds in a key be sure these keys are","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1014s"},{"start_seconds":1021,"text":"locked and then exchange keys for one another or alternatively you can have exchanges that do that hold things like","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1021s"},{"start_seconds":1028,"text":"Bitcoin and ethereum that run on near but you can withdraw by getting keys that have say 10 Bitcoin in each one of","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1028s"},{"start_seconds":1035,"text":"them you get control of that key you withdraw it to an address you like the look of it gets burnt finally let's talk about signer","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1035s"},{"start_seconds":1044,"text":"economics very very quickly traditionally in systems like this the downside is that if all the NPC","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1044s"},{"start_seconds":1052,"text":"nodes were to collude we' be in a situation where they could potentially use your key so what happens is they all need to stake generally when you stake you need","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1052s"},{"start_seconds":1061,"text":"the value locked needs to be less than the value staked we've come up with a new system tentatively called the rat","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1061s"},{"start_seconds":1069,"text":"protocol which allows people to do a form of quadratic staking what this does is for each node you have participating","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1069s"},{"start_seconds":1077,"text":"in the system you require uh the the the amount of stake each node requires is the square","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1077s"},{"start_seconds":1085,"text":"root of the amount of stake that needs to be there the reason is that any individual node that gets pulled into a into collusion can prove that people are","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1085s"},{"start_seconds":1093,"text":"asking them to collude this means that if people ask me to collude and they have three bit","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1093s"},{"start_seconds":1102,"text":"Bitcoin worth of stake and I have but only one Bitcoin worth of stake I can take their stake if they ask me to cude this means it's impossible to trust","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1102s"},{"start_seconds":1109,"text":"people when you're attempting to collude it's a very interesting problem because people say I am dishonest and I want to steal from people but you should trust","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1109s"},{"start_seconds":1117,"text":"me it makes it almost impossible for people to take from this system so what's the","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1117s"},{"start_seconds":1125,"text":"timeline end of this month we're going to have something out on testnet if you're thinking of building one of these things I've been talking about or anything else using this technology you","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1125s"},{"start_seconds":1133,"text":"should jump on that we're going to have documentation out we're going to have something working and we really want to get you building February if you're a capital","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1133s"},{"start_seconds":1142,"text":"allocator or you run a validator Noe we want to get you to the next level of validation which includes running these","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1142s"},{"start_seconds":1150,"text":"signatures you'll get higher rewards you will need a slightly higher stake but but it's going to be worth it finally","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1150s"},{"start_seconds":1157,"text":"March 31st we're opening this up to users it'll be on Main net people can use it people can start using the experiences people have built on top of","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1157s"},{"start_seconds":1165,"text":"this I genuinely believe that this is the most exciting feature to come out since launch I think it allows whole new","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1165s"},{"start_seconds":1173,"text":"business models and allows you to build things that were impossible to build on any other chain thank you so much for listening","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1173s"},{"start_seconds":1180,"text":"and let me know if you have any","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1180s"},{"start_seconds":1192,"text":"questions that was an amazing talk does anyone have any questions","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1192s"},{"start_seconds":1200,"text":"thank you so much DAV um amazing talk I love what you're building P I've been watching what you're doing for the past","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1200s"},{"start_seconds":1206,"text":"three years so speak up um so yeah I have two questions for you man sure first one explain please uh some of the","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1206s"},{"start_seconds":1214,"text":"main benefits that sponsors have when they pay uh user transa transaction fees and the second one um due to the fact","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1214s"},{"start_seconds":1223,"text":"that now with near uh protocol you're you're you're you're starting to focus on the multi-chain uh infrastructure for","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1223s"},{"start_seconds":1231,"text":"everyone let's say and it becomes Global potentially can become very Global thing right how do you essentially make um","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1231s"},{"start_seconds":1240,"text":"actions that are I'm talking about the front end on chain how do you make signless um uh every action because","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1240s"},{"start_seconds":1248,"text":"right now on near. org and near Horizon platform you still have to sign every action you make on the website so what are your thoughts on that too thank you","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1248s"},{"start_seconds":1256,"text":"so much so um I'll ask your second question first and then I may you may have to ask me your first question again because I will likely forgot no that why","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1256s"},{"start_seconds":1264,"text":"would you want to pay for things across different chains the reason is that first of all generally applications that are trying","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1264s"},{"start_seconds":1271,"text":"to bootstrap users on any chain would be happy to pay their users gas gas cost at the very start so likely you're if you","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1271s"},{"start_seconds":1279,"text":"are paying in sweat on this chain sweat will not actually be paying anything on the other end the application developer will likely be paying a large portion of","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1279s"},{"start_seconds":1285,"text":"the cost so the people are incentivized on the other chain side to take very low fees and effectively pay their own gas","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1285s"},{"start_seconds":1293,"text":"fees provided it's civil resistant um secondly it's ease of use uh if you if you are going around you","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1293s"},{"start_seconds":1300,"text":"have an application it's easier to get hold of one token rather than manage 40 different balances of 40 different chains so generally I believe even if n","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1300s"},{"start_seconds":1309,"text":"was taking even if the token issue was taking a 25% cut the ease of switching would be such that it most people would","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1309s"},{"start_seconds":1317,"text":"they'd be better off just using one token but we allow you to select the token you pay for things with so we just we make a decision you know if it's if you are doing something on ethereum and","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1317s"},{"start_seconds":1326,"text":"you have ethereum inside your account we will generally unless someone is willing to pay for you we would generally prefer that you use the ethereum then we'll look at sort of the next most expensive","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1326s"},{"start_seconds":1334,"text":"one and the next most expensive one the next most expensive one um the second part of your question was about signing on the front end you are completely","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1334s"},{"start_seconds":1341,"text":"correct so generally the signing process is relatively quick um on its own it takes currently about uh 240 milliseconds if the nodes are","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1341s"},{"start_seconds":1350,"text":"relatively close to each other so it's slightly less painful than what we currently have right now but you would have to go to around a consensus which is 0.7 seconds on on on top of the near","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1350s"},{"start_seconds":1359,"text":"blockchain on top of that so we're talking about roughly a 1 second interaction this is imperfect but when you look at the speed of other chains it's going to be a very very small part","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1359s"},{"start_seconds":1367,"text":"of the latency of the total action we believe there are some fast ones like salana but generally it's going to be relatively acceptable we think but imperfect we do not have the ability to","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1367s"},{"start_seconds":1376,"text":"do effectively limited access keys so what you could do is you could have","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1376s"},{"start_seconds":1385,"text":"uh a signature on chain that you receive and then do a key derivation on top of that using the sort of encrypted protocol I'd have to think about we maybe talk about it afterwards I'm I'm","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1385s"},{"start_seconds":1393,"text":"sorry I'm getting a bit into weeds yeah so thank you so much for the","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1393s"},{"start_seconds":1402,"text":"presentation uh to me all this sounds revolutionary and not only for near ecosystem but for other like ethereum or","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1402s"},{"start_seconds":1409,"text":"any other chain right thanks so much yeah and I also like da all the announcements that we got yesterday like","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1409s"},{"start_seconds":1416,"text":"to me it seems it is as promising for us as it is for other chains so my question is what are you guys doing in order to","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1416s"},{"start_seconds":1425,"text":"you know spread the word about all this amazing stuff to ethereum people right to say come here and do all this","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1425s"},{"start_seconds":1431,"text":"beautiful stuff thank you so in my opinion ethereum is very hard not to crack and it wouldn't be where I'd start right now what we're doing is we're","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1431s"},{"start_seconds":1439,"text":"going out and we're talking to as many other l1s as possible about Partnerships and we have had very very positive responses from some which I can't name","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1439s"},{"start_seconds":1447,"text":"right now um basically saying look we don't want to do what you do well you guys are fabulous at your Niche you know","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1447s"},{"start_seconds":1455,"text":"if you're a Bitcoin L2 you are the best at transferring Bitcoin you're the best at Bitcoin defi but we're pretty good at onboarding how about we you use us for","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1455s"},{"start_seconds":1464,"text":"onboarding and we'll use you for your sort of Bitcoin two things and I haven't come across an L1 yet that thinks that's a bad","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1464s"},{"start_seconds":1472,"text":"idea all of us realize we need to focus on what we're good at and I think we're going to really I hope we're going to see some really great Partnerships come","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1472s"},{"start_seconds":1480,"text":"out at the start of March because it shouldn't this is not just near this is a whole blockchain","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1480s"},{"start_seconds":1489,"text":"thing all right well thank you so much for having me thanks for listening","url":"https://www.youtube.com/watch?v=rLTSBLbePLU&t=1489s"}],"youtube_url":"https://youtube.com/watch?v=rLTSBLbePLU","url":"https://near-pedia.xyz/videos/rLTSBLbePLU"}