[REDACTED] 2024 | Skip the Hype Launching a Chain Without Breaking the Bank

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1. 0:00

   um so we're going to talk today about um skipping the hype how to launch your own chain without breaking a bank and uh uh there is one uh like one guy super knowledgeable said once to me that uh every founder who is ambitious enough is willing to launch his own chain and the reasons for these are vast so you can have your product that is more decent centralized because it is working on the blockchain you are able to build your own ecosystem and kind of lock users

2. 0:36

   inside of this ecosystem um behind the token that is working inside of this ecosystem you are getting new utilities you are expanding revenue streams inside of this chain you also able to customize not everybody want to buy eth in order to pay this e fees on an ordinary L2 right so there are lots of reasons for for it and every ambitious founder is willing to launch their chain this is the state of the

3. 1:06

   market at the moment and I don't think that is going to change anytime soon and moreover there are straightforward things that we see that are happening right Unis swap launched their own chain uh Kraken launched their own chain I'm not even talking about news one year ago when coinbase decided to launch their own chain right so this is these are the reasons fundamental reasons and this is actually what we see right now now all of these chains what

4. 1:36

   they are doing uh all of these projects they are choosing l2s as a solution to launch their own chains however these Solutions have a vast majority of problems that are connected with it and all of these problems are around the infrastructure for these chains so there is not a lot of the infrastructure that is available there which means that you need to build it from the ground up you need to pay upfront fees for integration

5. 2:06

   of indexers custodians oracles uh stable coin providers pay to centralize exchanges to uh to be able so that they they are able to users are able to deposit and withdraw tokens to your chain but besides the integration cost there is a high ongoing operational cost so it's not like onetime payment and then everything works you continuously need to support this infrastructure and then many people are starting to ask the questions but U hey

6. 2:38

   if you I'm I'm running an L2 I do have a centralized sequencer I actually have one machine that is ordering all of the transactions and yeah there is some kind of things especially in the future with the fraud proofs to inherit the whole security but right now actually there are no fraud proofs and uh on base everything is controlled by the coinbase and this is a centralized company in the US and who knows what is going to happen

7. 3:09

   when coinbase is going to be sued by SEC oh wait they are actually sued by SEC right here and right now right so there are questions about decentralization and uh all of these things are are kind of combining these problems around l2s and it's not only me who is saying that uh take a look at the crypto Twitter the people are annoyed by the l2s and by this cost unfortunately not

8. 3:40

   everyone were able to see this coming uh but that was pretty clear to us that l2s are going to result in millions in tens of millions of US dollars to be spent on every single chain in order to make it operational even before we're talking about the specific product that this chain wants to build it is clear by now that l2s are suboptimal Tech to launch in the chains they were introduced as a solution to the ethereum to scale but why the answer to the question

9. 4:20

   how to launch a chain is the same answer that is used for the question of how to scale a theorem and this can be fixed this can be fixed with the novel approach of actually answering these questions and delivering the solution that is is convenient and scalable and these are virtual chains so you can think of virtual chains or as a like a small um playgrounds that are created or like small name spaces that are created on top of the scalable blockchains you have

10. 4:59

    a scalable blockchain you create a smaller part of this blockchain you make it look like a chain and then here you go this is your chain and Tak into account that on the scalable blockchain there is all of this immense infrastructure current and future this infrastructure can be accessed and then these chains are becoming a part of the L1 ecosystem and they are able to have Network effects in between them and this is the this is the thing that

11. 5:34

    actually what we've built at Aurora and this is Aurora stack obviously virtual chains is is the common name for the thing and anyone else can build a virtual chain solution but Aurora cloud is the first implementation of this concept now on the contrary to l2's Virtual chains are given to you uh the whole decentralization that you able ble to get from l1s right so on near are 230 validators and all of them are validating your chain you're getting the

12. 6:07

    infrastructure it is super easy to deploy because it is only just one smart contract it takes several seconds to deploy a virtual chain um and it is already production ready with multiple virtual chains running on top of near and uh all of the like the the core reason why this is possible is because we actually do not need Scale near we do not need to answer the question how to scale an an L1 we can use the whole

13. 6:38

    scalability right away and near has all of these great properties that can be reused by anyone in the space and besides that near also has 7 million monthly active users that are already on boarded and all of these virtual chains and all the applications on top of new can enjoy this so I urge everyone to focus on products not infrastructure uh in order to to launch know launch their own chains right I'm building blockchain infrastructure for

14. 7:14

    nine years right now it is hard if you decide to build your own infrastructure the infrastructure should be your product if you if your product is not infrastructure don't build it just buy now the thing that you are able to get from Aurora cloud is everything that is packaged in the Aurora Cloud console right this is like an admin console for everybody and I'm going to skip really quick through the next set of slides but I'm just going to give you an impression

15. 7:47

    of what you're able to find in the Aurora Cloud console and later on if you want you can go to the auror cloud. def and check it out or watch through this presentation again to read the information on this so inside of this console in the nice user interface you're able to set up your chain through going through multiple steps you're able to Define your base token your gas token mechanics

16. 8:11

    um and select the permissions level on who is able to deploy smart contracts and who is able to transact on your chain you as I was saying you are getting the all of the support of the 230 validators that are running on near and with the night shade 2.0 this number is going to scale to th000 um uh for some use cases permissions are really important if you are willing to be uh in alignment with the compliance procedures you would like to keep uh only kyc for example set of people or a

17. 8:44

    set of um kind accredited investors being able to access your chain this is also something that can be said directly in the UI um the core piece the core Innovation for virtual chains is obviously an ability to to call other Primitives that are available on the L1 and this is done through what is called cross contract call as decay you would be able to learn directly from the cloud console

18. 9:10

    everything about it but there are also add-ons that you can use with a click off a button right the universal on and and offramp solution that is that can be deployed starting the first block of your own chain together with the most robust and the decentralized bridge that is working in crypto and the only bridge that is not hacked together with this taking into account that there is a native stable coins available on near with the um with

19. 9:44

    the stable coins to be listed on centralized exchanges these stable coins are available on your chain from the day one from the first block people are able to withdraw usdt on your chain from binance directly you're getting the gas abstraction you can set up different marketing initiatives around the cost of the transactions for particular targeted set of users and uh uh you're getting an oracle service right away you're getting

20. 10:15

    a block Explorer and together with near intense you're getting multi-chain defy as a commodity available from the first block so that's all of the cool things these are all of the things things that are already available and now I would like to just take a sneak peek in the future and to share with you what we're building right now and uh kind of what is the direction that we are going Aurora St has been built for 3 years

21. 10:46

    already or even three and a half and uh has lots stuff in there but we are continuing innovating and starting with our cor layer we are core developers in both near and auror systems and we're contributing heavily in both of them uh we are pushing forward the initiatives around native P keys support on the near protocol so it is easier for everyone in the world to to use blockchain without additional installation of specific wallets uh we are contributing into the

22. 11:17

    dynamic re sharting that Bowen has been talking about uh we are also working on the shed smart contract standard this is something that is required to even boost the uh the scalability of nework even more together with private token balances that are super important for the financial applications and obviously we are building the intent layer on the Aurora side we are working on on the

23. 11:41

    thing that is called replayer this is a tool that is going to help uh all of the l2s to migrate to this solution and uh uh also we're working on privacy change together with KERO while building the virtual chain SDK so that anyone is able able to uh provide virtual chains as a service to other companies who are willing to build it and in terms of the focus areas we have four of them infrastructure integration DX and

24. 12:11

    decentralization so on the infrastructure side uh like we're continuing to build different add-ons and moreover it is going to be an add-on marketplace where third parties are able to integrate their own solutions to be available for everybody who are launching their virtual chains uh besides that we are contributing in the Omni bridge that was mentioned by Kendall and Bowen uh and on the devx we are going to launch a public virtual

25. 12:41

    chain devet where anyone is able to interact with and uh we are going to introduce an AI dab Builder together with Chad near. and uh we are also preparing the update of the Aurora stock and economy and we are very focused on making uh the platform decentralized and the the whole protocol very decentralized so stay tuned for this update and um if you want to um if you want to check more information about

26. 13:12

    Aurora cloud and the virtual chain Concepts I urge you to go to the Aurora cloud. def uh using this QR code so thanks everyone for listening and I hope that if you know somebody who is willing to to launch their own chain you are able to share with them the information about other options rather than l2s uh how to do this thank you very much