Whiteboard Series with NEAR | Ep: 3 Jun Li from Ontology |

Captions as YouTube publishes them, usually machine-generated, so product and people names can be misheard.

1. 0:03

   hi everybody it's Alex and Ilya from near and we are continuing our whiteboarding series today was as Jim Lee from anthology do you want to talk a little bit about yourself and the ontology and yeah well I'm between actually is my family name it's maybe your Nesta so you can call me trendy as well and I'm a founder of ontology also his co-founder function unchanged earliest technical company in China

2. 0:32

   protein doctor company on China yeah I'm actually work for IT and the FinTech fields before the oncology Nanshan I'm working for the CFX China financial future exchange China's largest traditional financial exchange media designs a exchange system and something and five years ago I guess I case leading approach in some investigation team and I think okay it's a huge things in that time is not security things no one no broad chain

3. 1:01

   only no Bitcoin so I appeared on chain unchanged another copy co-founder is comfy it's the founder of new so with the other on chain to private technical service in China or globally and also we priority the public service polish yeah okay great so let's start super high level do you want to describe how pretty much ontology like model works from perspective of what's simple attack resistance consensus algorithm we can

4. 1:31

   expand from there yeah I can do a very brief architecture very brief introduction first is on today's come from multiple chin is not only one chance it's more chance which means they have different we have the public chamber here right public chain is in this chain we are using a consensus model called baby ft v BF t this one is the post plus vif the office verify both the functionality and PFT okay it says but it's channel work you still

5. 2:11

   have a we called and penis she knows what's up changes is this fun and different shampoos here is channel and the channel work they can use different consensus models we private is immobilized consensus models for example they can use okay I can use just very simple depose all those kind of things or just use PFT base like the DB ft or other delicate DP ft those concerns and they have a product house to impact each other the protocols

6. 2:44

   currently like him I changed assets of course and next protocol she is beta and the English way we want to also use do the transaction the transaction is not not only like Bitcoin transaction SS you can transaction means if you have a Bailey's process this one can do the step one this one can do this table - yes this kind of things yeah this is a basic architecture and for the

7. 3:17

   infrastructure parts this is our we can call them Prague change infrastructure yep in this part but ontology is actually two platform okay you said yeah this platform is above the infrastructure we call them is trust collaboration duration platform platform they include a lot of models many models include PID distance wise identity Mario's DD XF is disputed data exchange framework and the aunt scope let's go

8. 4:08

   sorry this is reputation reputation reputation system and also on the sign currently have more module coming understand its electronic the electronic contract and the signature service all those things which we do this platform is for for do real business real business yeah so this is all like smart contracts pretty much on top of it smart contracts and it was a space on a small contract but have it be motorized and be the flexible functionality those two

9. 4:41

   parts platform is so important to do that yeah so is this more just in any way like part of run time for the show like what runs on the blockchain or this is just a code that you can change kind of currency all your small you usually one time but of course you can use as a framework Beauty owner you know some privates the environment some enterprise level you moment action alright let's go deeper in this public chain circle okay

10. 5:14

    yeah one more highlights one things is for the scan bed he for public portion we are doing two things why is shutting mmm we just released our shoddy InDesign the shutting can support us party is supported networking network shuddhi mm-hm and transaction sharing you noise and more important state rest states hiding you can support a small contract this part is this surely another behind the edge we have a

11. 5:45

    dispute storage storage service dispute storage service and the state showing its this is if the layer one mm-hmm I'm a little too currently have a one layer two is station station it's it's a little bit alike plasma but I have another design and of course we have we are working for another stage to China protocol we're releasing next quarter okay all right yeah this is basic you okay yeah that's very good so when you see smart contract stage holding mmm so

12. 6:19

    let's say have cryptic eg smart quadrant yeah will the cryptic key keys so let's say I have cryptic edges and I have some distributed exchange so they can live on two different shards right but keep the key key as a contract will always live on a single short or the contract itself can be yeah living on multiple shots yeah they actually think it is a they have a message between the shots right the other shots we have a message between

13. 6:45

    the shots can can quickly share the message another they have a muk muk based the based verification serve a verification protocol they can use it every strata to to share to verify the status or right yes so that's how they would communicate yeah communicate but each of them would live on a single shard yeah yeah so like it's not like the creep the kick is the contract itself can be shorted into

14. 7:15

    multiple shots your main content can be shared for the date the data of the single contract a single contract yeah country's contracting different show yeah and welcome to I saw I check you can choose on to do the tile and the surely you can you can you can check your paper here okay yeah actually briefly checked it out okay for all right so well actually I'm really interested to start with this yes because I mean there's a lot of kind of

15. 7:46

    conversations on how to use via rafts for the for the consensus and I could really love to kind of give in dive in into that can you describe in a way like let's say from a one-note perspective what is validator node perspectives how how's the process of pretty much coming up as a consensus in the next block happening okay first of course have a the posts right and the Power Co can be a bit nodes or the Veritate note and why you so costs

16. 8:19

    you're supposed mechanism and are they is repetition Sam and is they have a you can select yeah they have a lot of Kennedy mm-hm Kennedy so candidates say hey I want to be a yeah um to be showing and the kind of the posts can be from yourself for the community other members contribute for you and this one and also you involve some contributory contribution contribution is based on the how stable your service priority in history or just country you have a and

17. 8:51

    then Europe becomes a short list may be country is around 40 yeah 40 notes around yes you know finally this is consensus no the group and then they have a through the vrf process they can use random variable random functionality to select the notes from the condense may be far too routine they can select to 10 10 notes every won't and the person's the use of ëif and then you can

18. 9:23

    use PFT to go to a finalized final confirm the transaction yeah so which we are Fi using is similar like divinity but yeah it's Emily use the similar exemption we have an implementation based man thank you so you're using like oh yeah yes they're less like treshold signature yeah yeah and so for treasurer all signatures these guys need to exchange like generate like separate set of keys for this group right yes yes and like when

19. 9:58

    is that done on a timeline like let's say you know this election happened yeah and then like the previous notes working and then just guys are generating how's that like how long does it take and Cantonese this a case currently every notes is we have it the five seconds mm-hmm they have a difference for four four four section handy for the book chocolate yeah can t the best of them yeah so you switch notes every fact or I

20. 10:30

    can regenerate every five seconds no this generates broke can be okay and that we can select notes from yes but for the candy pool and they were a pair weights maybe how having 100 yeah 100 120 K is aprox and we will have a change one person's intersection yeah maybe I won't less than one month I guess two weeks six okay so two weeks period yes this period like your next group has time to shutting have another shutting the

21. 11:10

    analysis called pvb ft and yes you can check your paper yes maybe okay interesting and then so let's say we have this ten nodes right how does everybody in the network know we just end nodes like or transactions are flooded across everybody yes countries cross everybody and they have a candy Teodoro know who is this wrong they were cuts information from that yeah and then okay so I mean I

22. 11:44

    would love to go deeper into shutting yeah the paper yeah I saw you guys doing the exponential charting right so yeah like in pretty much you have Iraqi hierarchy of shards carioca just like you have pretty much shards like have parent shards and they yeah this year's lecture book tree and the king gave you a status check and and also you have this charting the message between shouting can easily cuts information basically the trade route and a state

23. 12:16

    has sent it to do a verification accessory yeah can you explain anymore how exactly happening because so the main problem is charting is that if one shard is malicious right now that is their malicious they can tell everybody else that hey here's a state I have all of us have billion dollars now yeah like trust us yeah so how does everybody else verify that they have a root actually to be honest I'm not so very involved for those for the shadow to have another research team but they have a verified

24. 12:49

    just validate process all the messages the message can be verified by other shut our the shell does it do that okay yeah you can check it detail yeah cool all right so here I mean other interesting parts that what what is the like smart contract platformer using okay how does like run time integration okay actually we are can to say this as multiple as a small country platform why is called nvm nvm is we have a joint the

25. 13:32

    team car during the team group Technic King was Neil and we build a VM together we call them mbm mmm but I have a different implementation getting a VM is like the UVM but more light and more fun he met he and more coats more more patient coats we implemented school level and MDM and we have a lot of computers is you can choose the person right they can person we can convert to the code to be

26. 14:11

    memo code by code yeah and they can support country supported person and go Jess Java you can use all those language to build a smart contract persons IBM yeah another is called ontology Watson was currently seeing our testing it wasn't or some can support C and C++ and roast yeah this is standards but we use go to the ER implemented and country working another VM is coded with the structure is also passed on this structure have a new VM

27. 14:59

    we are doing that and finally all those kind of VN we can do integrated in one platform as me so you can use different McCallion get poorer your small contract you different to be able to do that interests you how I'm really interested how you guys doing Python conversion into yeah is we have a we have a program if you you have a fringe surpassing code and as a coda we're be compared with to convert become an by code usually for

28. 15:31

    bytecode you need like types and like for yeah optimal bytecode yeah we're done it by myself we actually we have a person comes yes we can convert this so not all of the Python will go to write you know like reflection doesn't work yeah yes yes we they have a specific just some products it can be a subset because you want you to keep some secret here and it's um yeah and same for JavaScript yeah yeah yeah we all have the comfort for the loose

29. 16:03

    language and it become the back host you can't do it for that yeah that's really interesting yeah and what's the performance like from perspective if I write the same program in Python and go how fast word run on different languages actually know some because the the convert is not doing online runtime it's actually before your deploy a small contract there is a converter have been done yeah so it's a

30. 16:29

    running performance for different languages similar this VM is permitted by go and how otps in Nintendo's Wii testing is country in a normal environment and the country is the ten key then are you having yeah 11 key yes but if they have a the networking the condition is not good maybe we're lower down to 7 k 7'k is around this TPS yeah yeah which mixing in what country is one minute you're 10 note is if you use

31. 17:13

    different shots Plus together it's not not a real GPS as you hear seeing a single network when is the be FTP if we not a PFT based the contest will be more quick because it can easily know lots of communication between notes you can yearly do to increase for example I only have the posts and we can really very high performance for that but normally PFT base that is quite good performance right now if we can reach this one yeah yeah I think this is

32. 17:45

    pretty interesting because so this is a folder nodes and the same sub Network I'm assuming was a good connection right because if you put them kind of in different places in the world yeah just the latest yes so if the network because for consensus process yeah the networking cost is high you see what in the cost actually you feel costly really they were below down to even lower more

33. 18:08

    yeah how many round trips does your consensus take like between so you have let's say ten nodes right yeah from like Wednesday you know elected through vrf until the block is published and broadcasted how many like communications between now it's happening a long dry round age 24 runs for round four round yeah okay yeah so this involves like this is at this moment whatever transactions they have they put much yeah yeah actually is a transaction you mean the wrong transaction is not

34. 18:45

    networking transaction is high cost yeah all the TPS exactly is so yeah nobody this one there because their transactions probably like what hundreds twenty bytes or something so that that's really like so the consensus maybe not so decentralized like bitcoin or theorem because but our strategies want to find some balance between performance and distance level yeah there's no magic if you want hard over there you have to central service again yeah yeah reduce

35. 19:16

    the number of nodes yeah yeah talk yeah sure yeah alright yeah that's super interesting so you also mentioned you have like dispute storage as part of your public chain yeah yeah yeah we were lunching yes quota to storage of course where you integrated the ipfs protocol as well and meaning functionality browsers and it's like we can dispute a storage can leak together with publication if you have a for example we do the disputed data exchange and for the public chain

36. 19:50

    the only recourse the transaction become a connector but the real data they can they can be stored to the this kind of option but the storage is just optional we also have a central storage waster security yeah make sure okay I have a crab whole mechana damn help you to control the data and protected data so it's like encrypted storage pretty much yeah yeah yeah another summation we have a trust collaboration platform they have

37. 20:19

    disputed data identity framework and dispute they have a even if you manage your own personal data a lot of data maybe is seeing different source in government Bank or your university you needed to manage that the owning can control that or link to that this is enough but some personal data is quite by yourself we have a functionality called okay call it a verifiable climb that means for example you can list send a message team rock chain I'm a Porsche

38. 20:58

    and technical experts and this clan can man you by yourself and your friends also can proof ok ok I agree with you yes means those kind of date package you can stop by yourself country by yourself you can use this entire storage ok I have a lots of the rare fiber cannot about me personal information as the discrete data storage but in protein you have some linkage address ok if you want to do know my technical skills you can be included in this link to invoke I can

39. 21:32

    I can - yeah yeah just hash and linkage or ID address data address in proxy but all those data managed by yourself since individuals is needed a dispute storage as well option to manager so so distributed storage is not sanctuary you're saying it's not sometimes you ready we have two storage okay why you centralized lauda base but we add a lot of security mechanism you can protect their data and capital functionality peasy yeah not is this

40. 22:07

    entire storage everyone know the key changes just like a PFS can manager match that and all notes can cut benefits for example they can use ong talkin to buy some storage space and all the notes also have a reputation ontology if you can be long-term and stable service provider you can charge more and you can reward more something and the people can use different option to menu their owner data yeah so if one

41. 22:37

    of those providers goes like that's something wrong yeah there's a lose just reputation as a user loser so part of their stake we have a part of stake busy but also you can provide a service with outer space but when people want to use this disputed storage you can choose okay this is high risk but low price is stable but maybe it's depending yeah we can give options to users and pretty much all these functionalities like on

42. 23:10

    one platform rate so it's available through all of the API yeah from user this is of course in the behind maybe several platform and many more use the user can use in one platform one process cool so shall we talk about boolean data selection sure so so the vrf choses like 10 15 people from a large set of yeah validator Scott how is that large set of all the daters constructed you mean how to select notes the very data notes from

43. 23:51

    that is musk as best just a mention is vif right whatever the question is how they the large set of notes is selected Oh the selector Raj yes it's have a macadam use POS yes they need a push stick piece here that's one things and now there is repetition repetition is just a million is Jalisco right the node can have this go it's best why is this table service they can private investor what's amazing history no mistake on no shutdown or

44. 24:23

    just cussing another is their contribution force for examples and those have a link to a lot of the apps we have a yeah this week we can link to another macadam call it at the App Store right the App Store is a real McKenzie is not only just a name marketing loccent marking name it's more likely a pea pistol that knows every the apps can link to some specific untidy the anti D maybe belong to the knows maybe belong to the individual that is kind of your

45. 24:54

    contribution for the whole ecosystem if the notes or individual you have a more contribution for example you link to turn the apps link to you link to you means some DMC developer you or you introduce the apps to the ontology and they pass on their transaction and you can cause a reputation school and even your your stake is less than the other notes you see a higher rank so this is

46. 25:19

    balance between reputation and just think yeah so a couple questions one is if what would prevent me from uploading a lot of Vogel's distributed applications and having my other accounts transact with them build up my reputation and they'll use that good question yet way you have this question because like a u.s. or also strong they actually no gas V this is everyone can think okay I can I can I can quickly make a lot of transaction by myself

47. 25:50

    I had a lot of cons but so we still have a guestroom I say so it is possible it just would be expensive yes if you do that your coasts where higher higher than your bath your benefits is not economically reasonable so you needed to do not necessary to do and so now let's say I was selected through the vrf yeah and someone submits a transaction so I need to submit the transaction to become to get into the pool of validators right like I need to the staking is a

48. 26:24

    transaction right yeah why as a validator who was selected to the RF you only have an incentive to censor your transaction because if I don't censor your transaction you get to the pool you use my chance of becoming a validator in the future right mm-hmm like why I as a validator not just censor your transaction out and not yes there was those kind of mechanism just selection validating notes the notes

49. 26:55

    every wand we were the VI for where you bugging for everyone to to select different notes to work together but as they have already in a shortlist in this part so they have a two stage to two cultures to become everyone final whether they think group yeah yeah and you're actually difficult to control using this pot yeah but you can try to to the final group for that yeah Oh what my question is so let's say I was already selected through the DRA

50. 27:27

    yeah right so I'm one of the 10 people creating a block and so these nine others with me yeah actually first questions so let's say staked and so I'm in this large pool of validators from whom from whom the RF is selecting right yeah they bigger this large pool yeah the less likely I am to be selected yeah your mind right you mean if the pool is very large you're difficult to be be what I'm saying is that it is in my

51. 28:01

    interest mmm not to make the pool larger right yeah so if someone is submitting as taking transaction it is in my best interest to pretend they don't see it hmm okay okay you mean that the ProTools your difficulty PPP select by yourself right there's a kind of mechanism is for example the short list right there were God benefits from for example the gas fee we are returned to the knows even less wrong you are not showing for the

52. 28:33

    validation and most you're not distracted for the validating of course you can do some signature and some things but you are not seeing the final reading notes you also can cut reward from gas become maybe your standby you are ready for that he also causes a benefit for that so this is not owning force you have a balance between that yeah yeah but do you like rent the models is it is it the case that might benefit from including someone is strictly bigger than the benefit of not including them you mean

53. 29:07

    out him to you including you increase something so is it the case that for me and you validator chosen by the DRF yeah it is more beneficial to include is taking transaction than to ignore the state yes we're a little bit higher but not means otherwise nautical square is yeah yeah okay and when when people are validating so let's say I was chosen by the vrf what will be what will be considered in which case will it be slashed so if I do double double signing that's a slash about behavior right yeah yeah what if I'm

54. 29:51

    just applying do you slap for being a flame we have some more each process is like the Fishman or ending protocol is if you do this kind of this kind of a double sign just the things your way impaired your stake as well yes because where's your evidence and your States will be PPP chocolate and a for the process of course you find some type of signed transaction this one will be skipped there were not speak finalized

55. 30:25

    well kick off another one maybe yes doubles hand it makes sense let's say no double signing I'm just completely applying yeah so I was chosen with a vrf it's my turn to be a validator and I'm completely apply yeah will it be slashed for being a flame hmm country notes we have a just a monitor for that but not automatically the wrong time to do yeah yeah so you don't update the reputation

56. 30:52

    if somebody's are fine today you mean you know right now if let's say one of the validators who was supposed to be valide yeah didn't show up yeah right did you update their reputation yes there will be they do it do some things this reputation also included just you mentioned you do some review on things the operational bit down but they do some stable things and the rotation

57. 31:15

    will be higher so this is reputation where you have on to school decided yes I have a formula to calculate that yeah yeah well it's a reputation like updated every block pretty much or almost every book I was almost liable for for just for validator straight or for everybody actually for this can be calculated for every ant ID anti D there can be a note yeah also can be an individual yeah but if you saying it gets updated every one or two blocks

58. 31:49

    yeah then we updates but the things is the repetition Moscow is candle of logic the logic a needn't be calculation every time and is thought through the proxy Brock can have the data we can do that and once you want to know which I this notation you can repair it yeah query the notice and the calculation may be off channel all this way yeah so like a node wouldn't do this calculation probe your some notes

59. 32:22

    do some not don't do some no today okay I private some reputation query service you can quickly and is a way to the logic calculation in their nose probably service to others but this not must have to do yeah that's it but you do need to do it when you do in selection of the validators that need to do because but that's a yes won t so miss just a minute maybe two week what we have so is to do a calculation and Senator and other other to every two weeks other notes

60. 32:53

    also a circular corporation is correct or not and a finalized selection for that yeah so so you pretty much you have a service that gives the answer but then everybody else can like fishermen inject yeah specially check because you're not you're got people just results calculated by yourself we can use the same your data calculator and the pass across the calculator again everyone can check and even other people not eating that just an individual our committee member they also can do the concrete by myself okay

61. 33:26

    this one is wrong who is not so higher yeah and they can figure out yeah and we'll just cert like is their way just like to punish pretty much the service that's provided yeah the wrong data yeah yeah if we're on data and is a we can figure it out and they have a proven evidence they are got some final how does that pretty much dispute will work you you mean yeah so let's say the

62. 33:49

    service you say it posted here here's the list right off of the pre-selected nose right yeah and like let's say a signature of the service mm-hmm now a like I'm just an individual you know I calculated it I'm saying hey this is different mm-hmm right so I have my different list yeah so how does this dispute will work all right you know you mean if they have a different it was a program formula or

63. 34:21

    the combination ways he's open and all the data input data is interaction they have a consensus confirmed we can everyone can use the formula easily to to calculation the result even our efficient team also an open and is more likely a community-based activity if from someone one and people are in the confirm easily calculation again yes yeah yeah so I understand that they can

64. 34:53

    do calculation but how house like after that say community confirm this was wrong how do like do you send the transaction saying this is wrong who signs that like who update who punishes yes that we have a the country wherever off chain process I say of jr. to do that but we're on us finally but it is selection where appears transaction to the all the currently comes of notes people know okay they were verified so let's say okay this was wrong everybody agreed yeah

65. 35:25

    yeah everybody people need to exchange something is there no tend to like final or how do you in put it back into blockchain yeah countries if the formula or some calculation approach speed up great people maybe upgrade to the notes an otherwise currently cousin knows where they will be Congress to the list and double-check confirm that they will have a consensus model for this one so once they get there for a transaction have a constants model for the new section for that but of course you still

66. 35:55

    can challenge you for that and but that way country use of chain process to do that yeah okay it's more like country yes van foundation will be the proposal and okay who is wrong you agree and knows anyone can be votes and most yes financial county is more power is yourself chan house this happened before have because all the data in broke chain in putting broke change this easy these two check well there's enough lag between people like

67. 36:33

    you everyone involve either where chocolate yeah yeah yeah because you know I mean pretty much the easiest path to double spend is like fixes put it myself here create a blog it's quite a challenge actually this broke changing those kind of decentralized governance process cannot do everything just control by technology you have to involve some incentive and even from some sometime

68. 36:57

    cases of chain process cool yeah so one more thing I wanted to discuss who was you mentioned that you have pretty much it's it's a web Michael you have a public chain and you have I'll call them private to it yeah and you have right now at least a way to exchange assets but you also want to add right yeah data and you have want to have like transactions at yeah sure yeah so how does this work right now and how you envision it working country you can build your your Knesset prochain is like

69. 37:37

    Venice portion network and use ontology framework you mentioned is the several things we can modernized when you build your own a public apology moralize this means for consensus more consensus process you can use different consensus no process for that another is storage you can use different database for example country we are using never DB or stock TP yeah they can use different choose different DB for their

70. 38:13

    storage as well and they can build their own confidence carbonates model communists carbonates water also included sorry included a talk and design if you examine and talk and design and mechanism you can you can do that and a beauty or owner finished version and the we have a protocol to exchange assessing your rock chair and told you for example when G you can also can be use the protocol to using

71. 38:46

    different sub functions so how does protocol work because let's say you know I say hey I moved Ong here and then I made more the first initiation protocol is it's a lot of details the best thing is based on the hot rock the hot dog you have a put stake in the main net yonder for Ong and you can issue another token on your mapping to Ong and in the metro energy and you a little bit of like the state's China but the bridge pretty much yeah it's kind of like you walk here or

72. 39:21

    ng yeah and your issue yeah yeah and this is one way another way is hostile but so this is slowly harsh rockers we can do okay they can transfer this one changed okay this one want to change energy they have a harsh look protocol they're not the issue and you're talking they can't do actually exchange it Ong or to their owner talking for examples on the BBC BCG this way and use the hot shock to do that but this product is

73. 39:55

    slow one mm-hm this is high-speed yeah it's constantly we are using the two protocols and for anyway we are country where design other more protocols change the data even just to mention the state by state collaboration yeah so even right now let's say just because this is like operated by me right yes I can just go start it up yeah you know my consensus is Ilya says yeah yeah and like in one and G and then I wanna pretty

74. 40:26

    much like public book shall not allow me to exit this more yeah but what about if it's like let's say it's some type of facet that is native by was my blockchain right so let's say I made a thing I created cryptic ETS on it right when it's on contract and now created him here right like there's nothing that's locked here so there's nothing to validate yeah well how does how would this work

75. 40:56

    you mean you just issue your owner talking yeah so is you my own let's say a nifty right yeah how does this blockchain will validate some properties of it so like let's say the decks here right like I want to list they're not the NFT is just the pass on your reputation you usually actually knows a stake for the oMG it's depend on your user is trustee oh you're talking not and another things is of course we have a detects you can need to check another

76. 41:28

    is the transaction currently they can share the validator group some rare data can supports multiple Bactria they also can okay your your leisure also in some data process as well and some some transaction or locked records they also can can log to the public chain pure entity and I see like more like yeah yeah you're like my protocol is a little bit of difference yeah but the basic idea will be similar I see yeah and then

77. 42:02

    but like the party plasma right is that you actually start from here and then you check out yeah we actually can create we want to be more flexible don't want to control too closely yes to do that because we have another important identities all those account based or address based is best of the untidy very important we want to control more account not for the SS actually no we want to okay you can open for your you can issue your own assess for the

78. 42:32

    support but the account always person untidy yeah you can check together yeah so on the other like you know on the storage level how do you enforce that like a count ID here and account ID here like it's the same space you know you mean storage yeah tape that's right yeah so let's say I mean there's a storage here right yeah which is like I'm not sure I can tidy like I want IDs is not a public here it is it's a new me untidy yeah untidy is probably it's a public key not

79. 43:07

    publicly not publicly they haven't have some convoys yeah yeah so this is a some type of string and then I have storage here as well as my a chain you said you pretty much want to control that here I mean this is just the one to do do a link is kind of a mapping for example we have anti D yeah that is not not a public key is for them some único aidid yeah and and you can link different count one count maybe is Ont orange account right another maybe your NFT

80. 43:41

    account I feel they working mapping together but for the Ont this is sincere our sub here when a generator account automatically mapping together justice yes sir let's mean avenging the future you can add okay my bank account my facebook account you can prove okay all those things is beyond to me but the conscience by yourself people don't know who leaked who but you can prove okay

81. 44:06

    all those accountable to me I can send in my evidence to you use some ID untidy to manage your all those kind of link yeah and this is done so like there's one key or set of keys attached to this you can have a multiple case under for example you have a you have a untidy in one it's all linked to your all different kind of digital assets yet another key is bank account but also you can merge merge yeah for example you to bank to apply some financial service we

82. 44:37

    can okay you you you're SS okay I have access as a bitcoin Ahava assessing bank I also have my degree in university I was hosted link to my untidy I can prove all those things is beyond so improving them this is for example you can link to a Bitcoin or another programmer traitor right yeah traitor currently you can link your Twitter account to the white help of your Twitter's you can issue a Twitter Pizza from my untidy a link with a

83. 45:07

    signature in your Twitter account and you put it account linked to their people to verify can easily okay yes Twitter have your tweeted and with your untidy with your signature okay I agree okay you you are the owner full yes account ok yes this way the other way so I got Bitcoin you can use the private key to sign some sign you want Heidi and her to evidence to approach in everyone hanging well ok

84. 45:32

    this is a contribution to you they can use public key addressability change yeah yeah you can link to all the things and so you said but like what's the relationship between on tidy and actual like cryptographic keys it one-to-one or one-to-many one-to-many want to make yeah untidy is more like a penis level it's like an account it's like no difference yes SSSs just digitize SSSs one candle

85. 46:00

    ID address is there any other parts yeah just want to highlights we have a lot of economic mechanism a design yeah why is you talking you're talking is quite important I want to check out request one why we think public key and token mechanism design McCarran is quite important because country for public watching people almost use focus on utility token you use guests to use transaction fee but it wasn't so why when you thought do talking o and key and OMG this one is guest right but I

86. 46:41

    want she is for for for comments or those things the token designs me okay we can use Ong for the utility to use that but the people want to support you the whole didn't he what a benefits they can get for example the English hi pick the serum have a million dollars one day the transaction fee but all faces benefit for many right things yeah yeah not not other holders actually the holder is supporting or founding you something the whole you talk and not only to involve you or use your

87. 47:14

    something also kind of benefits so we are design that is all the gas we used BP be hosting the ontology platform ontology platform we are returned to the ont holders but one thing we add is the holder need to involve the comments process they need to put a stakeholder do some contribution for that they were caught rate them and there will never be just apply will be fixed of the ante yeah just use us or assume we have a 5%

88. 47:49

    yes apply every year they will be fixed but Ong will be also this fixed number but they can be recycle the circling use used and to return to that that means so if you have more and more application and transaction every day you work out more and more Ong again again and again maybe as the servicing that means they can we can keep okay we don't need to increase the supply to incentives of the

89. 48:21

    people because they were they were impacted the investor before you hold it I to you okay you have more supplying and you impacted the price it's not of not fair we fixed amount and this can be circling and a time and time alright so that is designed for that so yeah well it's actually maybe a little bit discusses because so you have pretty much few different roles right you have people

90. 48:53

    who stake mm-hmm and who actually run nodes because they were selected and yeah and then you have just holders so the state thus takers take int right Cinco & Ken yeah yeah so the stake when T they run nodes so when you run no then you produce a block right you get the reward in or in tears yeah so how do not need not go to reward for volunteer they got to reward for Ong yum-yum Iran notarize yeah you've got to

91. 49:25

    reward for moments because all the transit small contract transaction is just your ng the OMG we are back to a poor home the reward to the stake and holder and runny nose they got reward for from ONC yeah okay so they receive when G yeah and and it automatically gets sold right which mean you just said it's recycled so it gets sold pretty much to get orion t-i out of it how does

92. 49:53

    it get recycled there's think amis for example is they have a one PDN yeah Angie yeah then won't be used there were not to be destroyed they will be retained who's a they can use it's not destroyed it you can sold it like Irish let's say I'm one of the note runners I received it it's not destroyed it's mine yeah how is get recycled now you can sauce to your cage okay we have price in second sold yeah on the secondary market yeah yeah sunk

93. 50:26

    in your market oh you can OTC directi to send it to others yeah but you're saying it gets recycled automatically right so let's say I'm issuing a transaction yeah and I'm paying 100 oh em gee yeah here's the validator note yeah and your and your an int holder I'm Owen today okay so I'm running a transaction here's a validator he staked yeah your own key holder yeah I'm paying 100 mg yeah who gives the 120 Hugh yeah he do the auntie hope you hit do the verity

94. 50:58

    notes they also put a stake abhi here if you only owe auntie holder result evolving consensus process governance process you are not a god benefit otherwise become security right yes it's not so great you haven't do a contribution for that but a currently currently that we also for the Ignatia the first first page of so and ong right they need a dispute mechanism to send out and as they can do the recycling again again there's a dispute yes for wendy holder everyone

95. 51:30

    no matter you're you're joining the kinds of snowed or not your work god when G released for the first nation yeah yeah if you have a tensor tanky and you work out for Ong every day right now they will learn to twenty years but like let's say let's say that he's taking validator mm-hm I usually the transaction and I spent one hundred oh em gee and let's say he doesn't want to sell it he wants to keep it do you spend it you know get your

96. 51:58

    cycles right yeah they have enough supply for this every day yeah gig nature in nature have a 1 billion ont yeah yes fixed price and a 1 billion Ong the first half 1 billion will release every day 20 whole directions so every day have a supply coming you can hold her you can hold its own excellent yeah but let's say I mean at the end people people just hold your Ong and don't sell right because zoom oblique if it's a fixed price no energy price will go up maybe maybe but every

97. 52:33

    day have a new supplier come up but this is like on only for a fixed time yeah but every day new some are coming and if okay everyone hold on G yeah but every day still have a release every day you have a new orange for how long it's 20 years will release 1 billion total you released yeah yes so in 20 years presumably you have people like yeah yes it's depends yeah but I was a different

98. 52:59

    from etherium inflating 5% every year you're also effectively inflating the means is if you are actually most for the investment part you'll normally new are you master one T Ong is your taste talking let's pause Ong is fixed and that is distributed on day one yeah you're not owning you hold it oh and he not owning get the 1 billion release for a moment see everything you can do

99. 53:25

    nothing go to the release every day and if ontology you consistent be very large average has a lot of transaction every day the used Ong will return to you if we were joining but one thing you needed to do is joining consensus process but what is it called to be used like when I use my 20 I as a transaction here use my Ong it is not really used it goes to the stake right yeah the ghost

100. 53:51

     who's a stake the aza they be using the English in the system and it written to a poor does it return to the pool like why would he get like why would I sell if my nose the validators I'll just keep it for now because it's fresh will not go down said only will go up presumably yeah yes for example country you have a note where denotes process and it was a guest free coming especially coming one guess won't you be used right the word

101. 54:23

     automatically send it to the order where there's no all the stake note so I'm not receiving one and I'm receiving like once or Jake they have for example one and they have a kind of disputed mechanism for all the whole takes takes notes they were have a formula yeah through to dispute okay for everybody in the worst rate or even the can not only for you the one we're happy maybe you've

102. 54:55

     got a little pond today the one he also goes to the pond today the one but maybe if he's ranked higher than you there were a period of par today door - so everyone shares a one oMG but what's the benefit of of signing works at all signing Brooks because if I'm signing a block but I'm getting as much she worked as everybody else who was not selected by the area why would they bother for example you you you put in a stick

103. 55:21

     you'll be the candidate put kind of Candida put can be no limitation can be silenced right yes they also cook workers benefits right but let's say I got into the candidate pool yeah and then they are ref selected yeah what is my motivation to actually show up online and create blocks why would I not just wait account great great question for Canada Pook maybe Soren sounds candy boots busier

104. 55:45

     they were cut 50% case right another Pro is be selected is we kind of maybe mean for example countries 50 they were also get another five if you you in this pool you are cut more so okay okay you want to stick more and build a high reputation and or in track to your commute remember vote for me I'm enjoying it yes sourcing but that is flexible almost the best one is like if you're and then from here right for

105. 56:17

     every block mhm you said ten is selected right yeah so here there's no difference right you are I don't if you produce the block or you look so pretty much like it's efficient to optimize for not being selected yeah you can if you're being select yes what you say if you've been a top 250 yes you can go to more benefits but you also have a higher cost you need a fine balance for example you need to speak more and learn the clerk's taking is not the cost cost is actually running

106. 56:48

     hardware just think also costs of steak have a lock to your be only crate here right is one thing another thing says you need a pity repetition you need to run a note the very stable and without a mistake or without shutting and also things even you let a community member but voting for you also cost you can either maintain your community and and involve more the app etc so you find a

107. 57:12

     balance got benefits it's kind of so this is why the mechanism design economic mechanic is so important we don't actually before I'm a ETH holder but see the price is not about the ecosystem for if there's some days they have a million dollars transaction fee in ETH all holders sure to get the benefit but snow is this is let's a stranger things yeah and what I don't like I like the fixed price on a fixed amount speakers supply I don't think every year have 5% is not make

108. 57:44

     sense who have power to generate another 5% and also it's not fair for the the earlier investor I hold it Hawking every year us if yet every year five percent supply coming it's not fair to me yeah well the point should be that people are mining right like if if you're just holding and not participating I mean it's the same like you're just saying if the hole didn't participate yeah right while you're holding not to

109. 58:10

     participate you're owning cots initial release there were not got other benefits yeah but the one things is why we think it's an sighs away the participating participation is very easy even you're not what's wrong knows you can selection knows and I vote for you I can share profits for you I even have it only have a 1000 antique I can vote I can put my steak to you and you do the

110. 58:33

     wrong running knows you're got benefits sure to me this is increasing kids so indeed if we have the same reputation for example or sorry we have the same steak but different reputation is this like split non equally right so having higher reputation when you have a higher rank you when you when your disputes yeah the gas higher rank we got more yeah okay so 10 people is who signs the book right yeah everyone is Terry's is Rhonda and

111. 59:04

     and BFT is run among 10 people yeah but isn't the probability of more than three people being malicious among 10 is pretty high no matter since this random select the 50 is the nose is be select by their stake by the reputation if they want to do run things the coaster is very high and it's difficult sometimes yes and also once if you have the option Fishman mechanism you also your stake we're being paired all the to the 15 there at least this millions or when TPP sticks

112. 59:42

     right if they do some single one and they may be impacted their own a benefits as well stake and reputation yeah they're pretty likely for to reputation means some notes link a lot of the apps to that they also have benefits for them so those 50 will not change very often right like like the top 10 whales are always going to be in top yeah but still have a change not how much change but some for example the last 10 will be changing quickly maybe week every two lately

113. 1:00:18

     exactly but then don't like isn't there is that so those 50 people you only a large percentage of them will know each other that that's sort of expected right like rich people in the same ecosystem they happen to know each other yeah like they can they do some weird monopoly stuff like trying to hold on on yeah I understand those we have a country we use the repetition also included a really QC who is back-end as adults you need people know for example

114. 1:00:52

     the secure capital or the horizontal team or some team you need to show your background we were not seeing our website as well people yes because you can how you people okay okay those people is is work together or try to manipulate or something yes all the KYC will be open and there's a community a lot is noticed by the community voting people okay I don't trust you I can vote again yeah so if those people decide to like let's say you know they agree on

115. 1:01:23

     authorize that was fan their sensor somebody like it's only the foundation that can actually like yep conjugate foundation can do some like monitor or some regulator to do it yes community it can pry yep community can private deserves evident yeah that's possible that's why we we involved a reputation let's the information back and the information more and more open everyone can monitors I don't know don't know that yeah but it isn't it an unnecessary complication why not run be here on 50

116. 1:02:12

     people every single thing maybe why is performances consideration is 50 years 15 notes PFT will be very slow it's definitely very slow it's so wait we try to find some parents for that but like if use to me the tender Myint even if you don't use any gossip network you even if they just communicate to each other directly it's 50/50 peers right on tandem in this to two round-trips effectively like that should be 0.6 seconds turn which is not purely

117. 1:02:48

     PFT they cut some runt is if we want to finish the whole fully the the PF PFT process which right he is 50 will be a little bit slow young country so we want to use vrf to select and fund balance why do you think tender milk is not BFG not sleepy ft new means is there's a 50 period she is more hired the net well I'm saying good tender mint algorithm tender meat is it EFT algorithm yeah two round-trips children - well technique with pbft also just takes two round

118. 1:03:27

     trips unless yeah yeah yeah change yeah and hopefully would kick your way of you 50 involve this country pieces we have a lot of frequency the use case but if we'd run to a see so we for example they they needed some higher frequency to do that and we want to keep select 10 and it keeps more usually P supports more - no see you next phase how often they produce blocks today it's it's flag sport sprites for means for example even no ending transaction there may be 5

119. 1:04:00

     seconds the processing coming every second region generally yeah so you can do instead you have four or five round trips no they mean the it Brock generation tea time is even know any transaction during a spirit is five second approach generation if you some transaction coming Wow to second its is generation yes sorry thing is just not producing lots of transactions you delaying blocks of these no transactions yes yeah yeah so it's dynamically it sounds to me like

120. 1:04:33

     pbft among 50 people so definitely finish on two seconds yes possible this is performance in not that purity is is being set by you not of course not limited by the performance not mean smoke performance cannot erase actually you can do every day and you can generate broke chain or broadcast well yes I saw first we want to keep a period so if you're generating every second that would be by the same people right they're not switching every second not switch every second but

121. 1:05:05

     sitting in some period profiles like countries they were to add one another round yeah yeah not every time it ship may be several wronged and misdirect yeah so so there's 50 people all of them pretty much drive via RAF and then they need to communicate to each other right yeah to select the ten like whoever has the highest select is the processes dots the unit director they needed committee each other but in use vif let the

122. 1:05:33

     communication you use around this is a thing problems it's not so complex and yeah yeah it's what you do to that yeah yeah now that we have a paper for the VRT if you're interesting you can check that as well yeah okay yeah yeah to be honest I'd and not know all details about it because we have a big team busy I'm trying my best to part to share my understanding maybe have some neighbor

123. 1:06:02

     some mistake maybe you can check the paper and it gave us more secure seeing and and recommendation sure yeah I think yeah viewers as well yeah the beste to deny everything yeah okay thank you