NEAR Native Crypto Wallet & Meta-Pool DAO

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1. 0:00

   that's awesome so that's like word like the protection using like this metapool could come into play for users right they essentially stake their tokens and then their tokens are sick yeah their new tokens and like their tokens get distributed to a bunch of different validators reducing the risk of like like the user like receiving no rewards right exactly never put you all your ex in a single basket

2. 0:27

   hi everyone it's dorian crutcher here with another episode of blockheads near community videos i'm here with lucio from nar wallets we're going to talk about his cool metapool project of course we have our editor with us also chad hello and yeah guys i'm really excited for this i say we just jump right in and get started um lucy i would like to introduce yourself and tell us a bit about you know like what you're working on like in terms of

3. 0:51

   your project okay i'm a coder i've been calling all my life but at some point i started to manage companies so i live in argentina i have a company let's say my nine to five company my day company and we provide some kind of erp for for the government sector it's something like sap or gta was but specifically for the government i've been doing that for for 20 years and it's uh it's lucrative but it's

4. 1:22

   really boring if you like so i last year i started being interested in i've been following crypto for a lot of years i i guess my my history is the history of a lot of people that is about to buy but never buy crypto i was about to buy one vehicle for 400 dollars in i don't know 2014 i think i don't know i never buy it so at some point you you say okay let's get into crypto because it is really working uh i was following bitcoin at the start i i never liked

5. 2:02

   proof of work because i i i saw that that it would be completely let's say unscalable there's too much to too much energy consumption so i was paying attention to the proof of stake change but i i i never bought bitcoin i never bought ethereum i thought that the deterioration will not work stupid me but but when the the third way came the survey for me is a proof of stake and i started to to check all the proof of stake chains and i decided that near was one of the

6. 2:40

   best ones let's say i i i like to load the the new technology so that was in august last year i jumped with two feet scene i started doing bounties and learning about near then i started this side company that is now wallet the first thing we did was uh the the chrome extension wallet the chrome extension wallet we started with that because i think it will be easy it's not easy to do chrome extensions okay that's for everyone looks easy but it will take you a lot of time uh

7. 3:18

   because nia didn't have one that that's the only reason the idea for vulnerability is to be to the near community what metamask is for a jerry right now the the wallet works it's fine but it has some ugly ui i call it the programmers ui we programmers can't do design i can't do good ui that's standard if you have a guy that is good at coding never give them the instruction to create a ui

8. 3:51

   so it works very sadly we are completely redesigning the the wallet and we are adding the a token transfer let's say net 141 transfer that is something that is so really needed in the engineer community on the other hand we i think we started that to test the wallet we started developing a contract that is a metapool the metapool what it does is do does some liquid staking and this is a really good

9. 4:24

   area because all the proof of stake chains have the same problem you need some kind of liquid stake in order to not wait two days to do a mistake or use your knee if you need to so i will let you ask because i can continue speaking but yeah i know i mean like no definitely like lots of good stuff there i mean like uh i think of a few questions yeah so um what okay so what in particular about like proof of stake like attracts you just to

10. 4:55

    like that that form of like you know of like blocks i think proof of work is is completely let's say unscalable there's too much energy consumption and proof of stake is like a solution product proof of work is version one but it's it worked it did what it needed to do to do but now we can use proof of stake and and it's it's way more let's say efficient service at least and then like that makes sense and then like so you start off with like uh working out with like bounties is that how you

11. 5:30

    essentially got involved with nir yeah yeah yeah i did some voting for for assembly script and then uh no no then then i then i started calling the the chrome extension wallet and and let's say learning and coding rust at the same time and then i got that that was great i got a grant from the narwhal foundation to complete the wallet the redesign we're doing for the wallet is with the with the grant for from the near foundation that's really cool so like and then like

12. 6:03

    so did so you did you like yourself like design like the narwhal like the um the extension the chrome extension or did you yeah the the version that is now uh online in the in the chrome workstar yes i i did it completely but i need help so with the in the design at least the the world were perfect i'm using the wallet myself for my my net account so it's 100 i i trust 100 on the code but the design is is ugly so

13. 6:35

    i i extended the team with a designer and another coder and then we are making it prettier and with the capacity to transfer never 141 to transfer tokens i usually ask this part at the end of video but like if uh like um would you want the community to get involved with like helping you out within your with the browser extension is that something like you know you'd love to put out to the community or is it not very easy yeah i have a lot of help

14. 7:06

    from the community with the metaphor that was easier yes and and i had some help with the with the with the chrome extension a lot of people test it in the network in our wallet discord and and send a lot of let's say back fixings to the in the scene in the discord itself we did some very good modifications based on on community feedback that was work another thing we are doing

15. 7:38

    that that's interesting since we are almost completing the meta pool and almost finished it with the wallet what we are going to do is we are going to add the possibility to the liquid is taking from the wallet directly oh wow mix mixing bowls that that i think will be a good thing to have yeah like let's get into um yeah definitely interested in like getting to um like the medpool and the liquid sticking actually i think when i definitely touched that point

16. 8:09

    um like okay so so for non-crypto native people like uh what's the process of staking what is it and why do they care and why should they be like why should they be interested in liquid staking okay okay okay and this and this is related to what we talk about proof of work versus proof of mistake in proof of stake the the the solution if you like to to not expanding so much energy so so much energy solving the the the

17. 8:42

    cryptographic puzzle to to get the next block is to have a stake when you have a stake what you say is okay i'm signing this this block i'm saying that all these transactions are okay nobody's double spending everything is correct and i'm putting my money to back up to back that up that is your stake is in in play for at least a week after you sign a transaction as a validator i mean you're a validator you say okay i guarantee that all these transactions are correct

18. 9:15

    and this is a and here is my money if somebody finds something wrong with my blog i can be slashed that is i can lose money because i'm not doing the the work properly that that's the key of proof of stake so when you have proof of stake you need to have the validators money locked you cannot be a validator for a few hours then remove all the money and the and get out of the system that's because

19. 9:44

    you maybe have let's say introduce a bad block or a boat or a block that has a double spending or some kind of attack and you get out and so nobody can punish you so no no nobody also can trust your latest your latest blocks because you are not in play so you you need to have your money locked for a number of epochs this is part of of proof of attack this is part of the architecture and that cannot be changed

20. 10:16

    let's say but from the point of view of the user if you want to take let's say delegate your your token you're near to a validator you suffer the same problem of waiting let's say you cannot put your money get some rewards and take it out easy no you need to wait because you are part now of the stake of the validator and the stake of the validator cannot be taken out immediately

21. 10:45

    so you need to wait then you have a problem because you are let's say you have some blocked near that you cannot use immediately you need to wait two days liquid is taking what it does is let's say it's uh simplify or solve that problem by using tokens you instead of uh you you stake near that that keeps the same but once you stake instead of your near being locked you get a token let's say you you take 100 and you get

22. 11:22

    100 estimate that that is the the token that represents your share of the bull that is already estate so once you have stinia as a user you can use the destiny in defy put it in refinance or some somewhere else you have a transable token that represents your stake so you are no longer locked your real near yes the they are locked because that needed for the proof of stake but on your side you can trade and translate

23. 11:54

    let's say sorry trade a mistake for example is taking a in a farm let's say you're in a defu project you can stake the estimate let's say the the tokens and represent your staking so the good thing of liquid is taking that it frees a lot of capital that is now blocked if people start to use liquid staking that capital will be free to play the file you take your tokens and then uh so what essentially happens if like a transaction is found to be like fraudulent right like um if uh since like the normal like

24. 12:29

    like you're saying like normal like process is like you know you stake tokens and like you find that like there's a monthly transaction on it then like you lose those tokens you state you put up you know for risk right um so what happens in this case you get to slash is it's not that all your tokens are lost you you you get like like a penalty for for for signing a back transaction or for being offline it depends that that's configurable

25. 12:52

    but it's not common the slashing and the penalties penalties need to be there to support proof of stake but it's not common that that somebody does that because it's a loose proposition you don't do that so in the case that this happened let's say for a it's not a intentional but it's an error and you get some slashing what happened is that you're talking this destiny are token that represents your share of the pool

26. 13:24

    instead of let's say been increasing its price every 12 hours every epoch you maybe get some epoch that has some slashing and instead instead of increasing 0.1 percent it increases 0.0003 for example because another good thing of liquid is taking is that let's say you you deposit one thousand and near into the metabolic contract the meta pool what we'll do it will distribute all your near between several validators so there's no way

27. 14:02

    that a single validator will affect you 100 if you don't use liquid extinction let's say and you put all your near in a single validator and that validator has a problem and gets slashed you are toasted let's say you you you bear the full uh impact of the of the penalty but if you use you use the little bit pool in order to really lose money it has let's say it's a very improbable event that let's say

28. 14:32

    10 or 15 validators are slashed that's something that that is almost impossible to cover if somebody gets slashed what you get is a little less rewards on the epoch so okay that's awesome so that's like word like the protection using like this metapool could come into play for users right they essentially stake their tokens and then their tokens are safe yeah their new tokens and their tokens get distributed to a bunch of different validators reducing the risk of like like the user

29. 15:05

    like receiving no rewards right exactly you you you listen to the first advice of investing is diversified never put you or your ex in a single basket metapool does that for you let's say instead of you let's say dividing your layer into several validators the the program is the the smart contract does that automatically that's cool um chad and if you had any questions that you want you have to ask um no he pretty much answered answer those uh that's cool that staking it

30. 15:39

    will basically it'll automatically diversify where your money is going which is uh that's a big one i feel like for people that are trying to get into this they they want to know that their money will be diversified and that it's not all just in one place and then if someone gets slashed they're screwed so that's cool yeah another good thing that there is a problem in here is that sometimes the the seed price

31. 16:04

    the seed prices how much near do you need to have in order to be able to sign transaction and get a reward the the deceased price sometimes increases a lot and let's say there's a validator that has 2.9 million years but in the next epoch the seed price will be 3 million years so maybe you have 200 people that are delayed that have delegated to that validator that will stop receiving rewards

32. 16:33

    because the the validator will be out let's say out price of the seat another good thing of of having liquid stake is that we can in that case let's say put a little more stake on the validators that are about to to follow the seed break cliff that's how i call it and that's good for the entire network because you you you know what to have you don't want to have all the state concentrated in a few validators

33. 17:04

    yeah big time that's awesome uh also the the foundation does that that that will be nice if people are listening if you have a validator and it's about to fall of the price cliff you you you need to come to contact the foundation that the foundation will let's say is take 100 000 200 000 year until you can get that amount from from the community i know it's definitely thank you for having putting that out that's a good

34. 17:37

    note too to like notify the community about and like um you i think so there's something i'm wondering here like so i i think we're really reading like metapool's like like near's like very first like stable coin um can you like go into like what that actually means and like yeah that's another project that's another project once then the metaphor is working and has some tbr has some near stack

35. 18:03

    that's another project let's start stable coins stable coins you have a lot of kind of stable coins you have for example on for example usdc and usct that are let's say backed up by real fiat dollars in a in an account or in a deposit or in a board in a bowl and then you have stablecoin that is like basis you don't have some vacuum for your stabilicon but you mint or burn let's say tokens until the the token stabilizes on one dollar most of them haven't worked

36. 18:45

    until now and you have a third kind of of stabilicon that is that the one that is backed by a collateral that's make your dao and die in in that stable coins let's say you put uh i don't know one thousand dollars in netter and you can borrow let's say 800 dollars in time so as long as as the edger is going up or or you have enough enough collateral to support that 800 dollar you borrowed there's no problem if something happens like what happens

37. 19:22

    two weeks ago everybody gets liquid because your your collateral is not enough to support the the amount you borrow the the stabilicon we are projecting to do that this is almost eighty percent uh complete the code is once you have estimated the advantages the advantage of estimate is that is some is a token that is that will always increase in price if you measure it in year because it represents is taken here and

38. 19:57

    every airbox you get a little reward so it's a token that always increases in price the idea is to use estimate as a collateral for a stablecoin so it's it's you have a little more protection for not being liquidated and there's another advantage if you do that in make a dow let's say you you put one thousand dollars in either and borrow 800 you still need to pay interest let's say you you pay four percent of five percent year a year over the 800 dollars you you borrow

39. 20:36

    with the the stable account we want to do that interest will be taken from reward let's say you you don't pay you earn a little less rewards only so that that's another thing that makes that make it make it more attractive if you like you don't need to pay every year you just get a little less rewards than normally cool um could you describe the flow of like uh the yes teen year yeah like uh so users so essentially um

40. 21:08

    they receive like like you know st near like upon staking into uh into like a medical right um yeah and then what happens after that like once they get this st near like what like what what can they use it for yeah and you can use it let's say for you can stake it in a pool in red finance for example or provide liquidity for another or another token you can trade it let's say you want to you need an ear or you need another token you need a

41. 21:40

    wrap btc for example then you can find somebody in in in refinance or you can trade it in a boolean refinance you can trade directly you're staking nia or some rap btc for example because you want rapidly to see for some reason if you don't have the the liquid staking you can't do that you need to a mistake wait two days and then wrap the near and then go and and do the trade if you need to do the trade now having estimates mean that you can do the trade now

42. 22:12

    oh yeah yeah yeah go on i'm sorry no no no no that's okay if let's say you dorian you are the first one to deposit in the in the middle i hope you will be the first one i hope so too youtube youtube youtube channel okay one thousand near each deposit there since you are the first this is the epoch seller of the contract you get one thousand s is estimated because it's one to one right now but once the epochs are passing and rewards

43. 22:45

    are start being collected your let's say one thousand estimate will be worth a little more instead instead of being worth one year it will be one point zero zero one one point zero zero three four and it was incrementing value so another good thing is that you can check how much uh have you earned of reward just by reading the price of estinia the moment you you need your nearback you have two mechanism you can go

44. 23:17

    and do a liquid and staking a liquid has taken means is like a swap you you you return the one thousand estimator and maybe you get one thousand one year back or there's another mechanism that allows you to do a what i call a delay that mistake that is similar to what you do if you estate directly that is you you return your one thousand uh estimate and maybe you get one thousand two near two days later instead of

45. 23:48

    paying or getting the near immediately you can choose to wait two days and get the full amount cool um that actually brings me to another question like uh because i'm curious like so um you you mentioned that like you're gonna be able to integrate this into the actual like browser extension right um and where else is it like used today um and like is it like it's like a smart contract that's like it mentioned various applications and like are there any applications are like using the metaphor right now or is

46. 24:20

    it launched right now no way we launched it on testnet okay a couple of months ago it's been tested a lot yeah right now i can send you the the link i think i sent you the link do you have it maybe i have the uh link to the uh to the description metapool um okay okay i i will send you later the link it's a it's a subdomain of null wallets and it's a it's deployed intestine so you have an

47. 24:50

    you have a ui to use the the metapool and you will have the same ui to do it on on main this is an application like it's similar to uh to a farm or to a swap in some case okay and i don't know yes another contract can use the the the metaphor but normally what other countries will do is to use estinir instead of another or another token let's say like rap near or or rapid any one of that you can use estimator in another country

48. 25:27

    okay it's cool so they can like use st to like purchase nft or like there's another just like mode of a currency entirely for their project yeah exactly that's that's idea that's a good idea and that's the tokens are the the main component of of lego defy once you got something tokenized you can use it the idea is you can use it everywhere that's so cool um and yeah like uh yeah i mean that's like super exciting like i think like one of the questions i love asking um just like uh everyone comes on here is like um when

49. 26:02

    it comes to like reaching kind of like the non-crypto community like people who are new to crypto and like educating them like um like how like i mean i i think i honestly i think that the browser extension's like a perfect way of like getting like people who are new to crypto on board because it's very like accessible um but like yeah i don't know what's your take on like reaching that non-crypto community and like getting them involved your

50. 26:25

    project there's something else where we are doing that is not ready yet and will not be ready what i'm telling to you about the wallet and about the meta pool we expect to launch it on mynet before the end of this month there's something else we are working on that is more long term so our idea is to for you to be able to transfer to an email to a telegram handle to a discord handle

51. 26:52

    to a twitter account and those are some tools that the the near team is providing mostly about him so we are trying to integrate that yeah great man great guy um so i we are intending to integrate that into the world i think that will be key to extend let's say to to bring in more people into the new community once you get tokens you will open the an account yet oh that'd be so cool i mean i'm really

52. 27:25

    actually yeah i'm actually interested in seeing like what the whole like integration looked like it'd just be like is it near wall integration with twitter with telegram uh it'd be super exciting it's not easy but but it's there it's possible um okay hey sorry i there's the zoom cutout kind of made me lose my lose my questions um uh let's see okay okay um yeah actually yeah we i feel like we hit like a lot of the questions i i usually love to ask um

53. 28:07

    yeah chad you have any um thing that you're curious about i think just for like did you already explain the the proof of stake chains for like non developers you you explained like what it what it's like to um diversify if they were to put into the to the pool um is there anything else you could explain for like just non-devs that want to get involved in this and and how they can like get involved

54. 28:39

    with it after they watch this um yeah just trying to bring more of those non-developers on on board and get them started and get you get them going yeah i think in that case that's another good thing of proof of stake because in in proof of work you let's say the the the good proposition was let's mean let's mine coins let's say that that that's where the money was if you like but at this point in in ethereum or in bitcoin

55. 29:12

    it's quite hard almost impossible to to mine some block because there's too much let's say hashing power around the good thing of proof of stake and that this goes to all non-developers is that works like a savings account you can put any small amount of any amount of money you want and you do participate of the reward proportionally to what you put you don't need to mine coins to get rewards

56. 29:41

    just delegate your your tokens into the state so it's like they're investing into the stake in a way yeah it's it's like you are buying a small share of a meaning validate that's what you're doing and it's all open and it's all secure there's nothing more secure than staking because the the entire entire chain is based on that there's no way you you you're gonna lose your tokens or you're gonna get let's say

57. 30:12

    it's not like uh like a centralized exchange where you can lose your tokens because some hack no once you take this is a perfectly is as secure as the as the network itself that that that's another good thing for staking that is way better than sending your tokens to a centralized exchange okay and then just say like what about rough numbers say if i wanted a steak today uh if i wanted to stake like say like

58. 30:42

    you're saying earlier like three thousand dollars in there and i wanted to get started i'm into it what how far apart are the epochs and kind of when could people if they invested today when could they kind of like see some uh i don't know like money or just like see some activity going on i i just opened near staking.com that's provided for for another member of the near community and the actual

59. 31:14

    apy is 11.21 that means that every year you get 11 on your tokens measured in year let's say if you put 1 000 year you get 110 at the end of the year 100 yeah more or less but that's measurably near if you buy near today and near goes let's say 40 dollars at the end of the year you will learn that 11 plus token increases so it's better it's better than a checking account your right is way better

60. 31:55

    because you you earn the yeah you you will make the coin yeah and really i i think we all can agree that like crypto and near especially is just not giving any financial advice but i mean it it seems like it's doing good if you if people pay attention to near and what all that we're building and what we're doing it's we're doing some pretty great things so i don't i don't see it uh

61. 32:20

    going down anytime soon but with the market with crypto and things things go up and down so that's you know normal but you know um everyone was working on great things yeah yeah i think nia has a lot of place to to go up yeah there's a lot of space to go up yeah polarity too like we're trying to bring people from ethereum on over bring you know all the hard work and different teams over and trying to make it work so yeah yeah i think near is is very well positioned

62. 32:51

    and to everyone what you have to do is not put in crypto any amount of money you are not capable of losing that's a great that's a great piece of advice yeah don't put money that that that you need that you're gonna use but you can put some money that you don't care if it goes out because it happens it happens all the time every time i buy one of the reasons why i'm developing instead of investing is because every time i buy something

63. 33:25

    it go down the next week so i i get tired of losing money and i'm working developing things so i know i think i feel like i have that um that same luck too like i call it the luck of the dorian or something like like ooh this looks shiny oh there it goes down bye dogecoin during the type we can create an inverse signal disc let's say we tell you what we are going to buy and you shorten that

64. 34:03

    oh my god he's my you use my luck for some good or yeah bad i don't know depends on your point of view of shorting um okay now this is perfect uh thank you so much for your time and like i want to ask again like israel that you would like the community to get more involved what you're working on and if so um how can the community get involved we have a discord and a wallet discord and

65. 34:29

    and in our wallet webpage and wallets.com there's a link for action if you're a developer i'm sorry for that but if you want to participate in the beta test there's a several links where you can go to github but you need to let's say be able to to to download a github rep on and to create a let's say an issue or something like that but if you go to the to the webpage and to the discord server there's a lot of beta

66. 35:02

    tests going on and you can try the the products before before they enter mainnet and we also have some kind of let's say beta tester leaderboard and we intend to provide governance token to to the people that help us developing the product so guys if you want to participate there's there's some rewards i don't know when i don't know how much those tokens are gonna be value that but there is only one oh it's actually really cool

67. 35:37

    i wonder where we're at cool um everyone we're gonna be putting all this information into the description so be sure to check that out uh and i hope you guys had a fun time watching and lucio thank you so much for your time we really appreciate it thank you guys it was great it was a pleasure yeah bye bye everybody take care boys you