The Big Reveal - Illia and Alex Unveil General Confidentiality

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1. 0:07

   Hey, what's up? How's it going, guys? Fine, Tyler. Welcome from India. Good to see you. What's up? I'm Tyler. I'm be hosting this uh stream today. So, um we can see chats too. So, if anyone wants to drop questions in the chat on X or on YouTube, just put them in the chat there and we can get have some time at the end to go through some questions.

2. 0:28

   But um we'll just take some time to do some quick intros if you'd like. So you gentlemen want to introduce yourselves. Sure. I'mia, co-founder of Near. Um really excited to be here and with Alex to talk about uh what we're enrolling today.

3. 0:44

   I'm Alex taking care of building near Intense and bringing all this technology to everybody. Awesome. And I'm Tyler. I do BD for Near Intense. I work with both these guys. Um so just starting off, what is Near Intense exactly? like going right back to the basics of what is the actual intense product? What does it do?

4. 1:04

   No, no. We're going to check with how IA understands what neurodyens is. Um I mean at the highest level it's really transitioning from transactional operations right where you want to like call some smart contract transfer some tokens or even do something in traditional finance or traditional commerce to describing an outcome. you really say, "Hey, I want I don't know 10,000 tons of steel or I want, you know, a building on Mars or I want some Bitcoin." And uh instead of

5. 1:42

   prescribing how it's done, you um asking our network of uh solvers who will then come back and say, "Hey, yeah, I'll cost you a little bit of money, you know, maybe a few few uh uh Ethereums for Bitcoin, maybe a few trillion to get to Mars." Um but effectively this is a transition from kind of we can call it like imperative execution to this intent b intentbased outcome execution. And so

6. 2:16

   obviously intent started in the cryptoland because it's easy to verify it's easy to confirm and it's kind of bounded. But as we are kind of being exploring agent marketplace, we're expanding those intents to be broader supporting digital work, digital goods and then physical goods over time as well. I also would like to add here is that what we're building with intense is the you can think of it as a universal liquidity layer um for everybody uh uh a solution that allows you to transfer any

7. 2:50

   value in between any different types of assets and yes indeed at the moment it is crypto but very very soon you're going to see connection with the real world um uh with fiat and um other uh other like values uh that uh that are outside of the monetary values. So let's see how these things are going to evolve. But in general, we're trying to build a much better financial system uh

8. 3:16

   where people are in they are able to hold their custody of the funds instead of relying on third parties to hold this custody. Yeah. And in a chain abstracted way, right, where uh you know the actual underlying chains don't matter as much and you just have this universal liquidity infrastructure. So you can go between any chain, any other chain, assets that are on those chains. um you know, tradi, defi, everything. So, I

9. 3:41

   guess one big part of that that's been, you know, kind of shaking out over the last couple months is confidentiality. So, want to give you guys just like a minute to talk about, you know, why is confidentiality important and then, you know, we can go into the rest from there.

10. 3:56

    So, um if you would take a look at the traditional financial systems, the way how you are interacting with them is uh is preserving your confidentiality. uh when you're going to a coffee shop and buying a coffee, nobody knows how much money you own or what type of transactions you have been doing before.

11. 4:15

    Uh crypto was evolving with a different approach in mind. That was not necessarily uh a base core thing that needed to be achieved. uh so the transparency uh but rather it was the means of achieving this uh decentralization and self-custodiality of the assets. So when Satoshi designed the first blockchain this was just a tool an ability to see all of the transaction was just a tool

12. 4:45

    to make sure that everybody are able to verify the transactions. uh now what but however unfortunately it brought to us this problem that everybody are seeing everything that is happening on the blockchain people are able to uh target your position copy trade uh they are able to do lots of harm from analyzing the uh the blockchain they are able everybody now knows that Charles

13. 5:10

    Hoskinson has sold some of his add tokens right uh you know that's that's very unusual for the the way how things are working in the traditional finance and this is also very scary. This hinders the adoption of crypto. That's why move towards the proper compliant uh um uh privacy or confidentiality uh is a must have if we are willing to achieve the next wave of adoption the next the next growth the next x10 or

14. 5:41

    xund of the adoption of crypto. So we need to bring back this normality of the confidentiality of the traditional financial system into the blockchain and the time for this is now just because we have already enough tools developed and enough infrastructure that can support this.

15. 6:01

    Yeah. I mean just to add right there was no way to do this when kind of Bitcoin started and that's why the only way for blockchains to work was to make sure everybody can validate everything. But now we do have you know combination of NPCT zk to really build something that is um kind of delivers on privacy and confidentiality instead of uh making sure that kind of everybody validates everything in public.

16. 6:30

    Yeah. And and even infamously Satoshi posted on you know Bitcoin talk back in the day around how they would implement you know ZK proofs if it was even possible. So like it was definitely thought about from the early days and just wasn't even feasible until uh you know much more recently. So like how does that relate to near intense? I know like over the past couple months we've shipped a lot of features involving confidentiality. So where does it stand

17. 6:54

    right now as it intersects with near intense? Yeah. I mean the first launch right at Neocon was kind of launching the confidential shard and I think one important really aspect to highlight is the way confidentiality works on near is not just kind of pure asset or payments.

18. 7:17

    It's a full smart contract capability which means we can keep adding more uh abilities to it. But the first one was you know actually running intense inside it being able to do trading and over kind of past um I guess couple months launched both withdrawal and deposits right and so now you can you know in your near.com account you can say hey be in confidential mode right simple uh switch and you can click deposit it will generate you a one-time deposit address

19. 7:52

    for the chain you want to deposit from and they'll get arrive directly to your Cesh bounce and same when you withdraw you can go and withdraw directly from central balance to any other chain that's supported and so you can actually live in a fully confidential way right in that uh confidential mode and effectively store all your balance there trade there and as more features launching uh enjoy them there where nobody will see how much money you have what assets you positioned in and uh

20. 8:25

    when you was withdrawing and depositing as well, not being able to correlate that. Yeah. So, for the past couple months, it's just been on near.com, right? All the confidentiality has just been like kind of dog fooded on near.com. That's our premier interface for everything near Intense, right? So you can, you know, deposit anything confidentially, Bitcoin, ETH, stable coins, USDC, USDT,

21. 8:49

    uh, near anything, uh, that Near Intent supports, you can go on near.com and deposit it. So, uh, into your confidential balance, right, which I think has been really nice. So, um, yeah, how's how's like the how have you seen the adoption been going on near.com? Um, and like any kind of feedback you guys have gotten on just like the general like confidential intents adoption specifically.

22. 9:12

    So we do see uh quite a lot of adoption. We were not anticipating this. We were thinking that the confidentiality is just a um like a nice cherry on top feature on the side and then people are not thinking about it. But the reality actually brought us the very uncommon result and the result is that people actually do care about confidentiality.

23. 9:40

    people do want to have confidentiality and actually we were testing on near.com with confidential swaps uh having higher fees than the non-confidential swaps and uh uh people are willing to pay more just in order to have their confidentiality and make sure that nobody sees what they're doing.

24. 10:07

    around 50% of all of the transaction volume that is served through neo.com is now served through the confidential on dense more than 30 million uh US dollars are located into the confidential or like privacy pool at the moment and the chart here is growing uh and disregarding the current downturn in the market uh which is amazing which means that if we if the market would stay at the same level then we probably would see even higher higher values. I remind

25. 10:39

    everybody that confidential intents is the first time when the confidentiality features that are provided for different chains and different protocols are now getting a network effect in between these assets being pulled together. So the confidential pools for nearance is not uh the these are not disjointed pools. So uh when you're trading ETH, you are not trying to hide this ETH among only ETH that is there, but instead all of the crypto are deposited into one big uh confidential uh intense

26. 11:13

    pool in this private chart that is launched. Uh which means that the uh privacy aspects are enhancing each other. In fact, we do have some tokens that are supported on near.com that now have privacy pool that is bigger than their market cap, which is a pretty big problem. It's kind of it's it doesn't make lots of sense, but in fact, that that's it. ETH uh private ETH on confidential intents is enhancing

27. 11:46

    private soul which enhances private bitcoin which enhances private Zcash which is different net shielded Zcash and all of it obviously enhancing the confidential near token that you are able to trade there. This is an amazing uh uh amazing feature an amazing network effect that we are getting here. Um and uh this just makes lots of sense and um yeah just super happy about it.

28. 12:14

    [snorts] Yeah, I mean it's the only place where you can really have a confidential pool that's onchain, self-custody, decentralized and also can give you privacy on Bitcoin, stable coin. Like those are like some of the biggest like assets just period out there. And there's a lot of like EVM only solutions for just stable coins or just Bitcoin native solutions like Real Gunn or uh

29. 12:38

    you know like there are um solutions just for individual assets but this is the first time that you're seeing something really come together that's just like a really all-in-one um you know confidentiality solution for for everything especially the assets that people really care about um and want to transact with and just make it easier to actually like use crypto in a more practical way and um yeah give yourself more privacy but without giving up the

30. 13:01

    custody of your coins. So, um I can step out of the way if you guys want if you guys want to talk about you know where uh confidentiality is going with um with near intense like what's what's coming next like what what do you guys want to uh reveal here?

31. 13:17

    Yeah, probably wants to reveal what we're launching. Yeah. So I mean excited to reveal that we effectively opening up ability for anyone now to use and build on confidential intents. And I think we started with near.com because it was kind of controlled environment. We wanted to make sure that we know how people going to use it. We going to test everything out. There was also just some of the functionality was initially missing that we were adding.

32. 13:45

    And now there's an API for anyone that can go and build it in your own application. You can use it in two different ways effectively. One is you effectively can be another wallet application that has access to the near intense account and uh kind of transact from there inside the content shark or kind of oneclick swap API that everybody's already used to where you can um trade through uh the confidential chart and transact

33. 14:24

    um from any chain to chain. Importantly, the confidentiality there is not as broad and it's more breaking the path between the users. Uh but it's kind of opening up uh to everyone this functionality and our goal is really to get everything confidential. So like the goal is there shouldn't be a tole it just because the everything is by default confidential. Um and so we're working toward that goal by opening up this now.

34. 14:55

    Um yes, the important thing just to to kind of how to put it on the on the shelves in your brain is that the confidential technology now is available for B2B users as a piece of infrastructure that other providers can use. You know that many uh wallets have integrated near intents. Now they they at the moment they have only the uh the public swaps available. These are traceable and people who want to dig into the the flow of funds are able to see this. Uh we're opening up the

35. 15:28

    confidential solution for uh B2B integrations. So now any integrator any wallet can have the swapping use case that is confidential. they can have the transfers of the assets that can can be confidential as well. And pretty soon there will be more and more features that are added as confidential modes including yield, including per including many additional ones. This quarter is left, right, and center about confidentiality. We're bringing back

36. 16:00

    normality to the D5 are live. Uh, so yeah, so B2B partners can start accessing confidential intent. So that should be shipping out to all of our B2B partners very soon and then hopefully very soon live by default because I think uh just having it live by default just enhances the privacy of everyone that's using the system. Like when when there's when all the values at rest there's not very much privacy but when there's a lot of activity you know

37. 16:29

    coming in and out which just gets compounded by the network effects of just the near intense protocol itself. um it should become you know a very very private uh system even when you're coming right in and right out of the confidential solution like you would in like a self- custody while like a trust wallet for example yeah and yeah push push your wallet to um bring all your assets to confidentiality that's the that's ask well I mean I think all all of you as users can

38. 16:58

    actually be more demanding that confidentiality is the new normal and instead Instead of trying to kind of pick it here and there, I think the whole space needs to move to confidential by default. And so Near is offering technologies to actually now enable this at scale.

39. 17:20

    Yeah. So about the two different ways to integrate um confidential intents. So there's kind of what near.com is which is okay you deposit onto the confidential shard you hold the balance on the confidential shard and then there's um you know more like what the self-custody wallets will be probably doing in the future like Alex do you want to talk about the like the different ways that the confidentiality can work and like you know practically

40. 17:44

    like how it's going to be used yeah so indeed what what you're saying is like the near the the intense protocol is the place where People need to deposit funds then they can swap them or move them and hold them for some period of time and then they need to withdraw. You can think of of near intense as a decentralized version of a centralized exchange. And uh um from that standpoint it means that for some use cases when user wants to convert uh for example on his hardware wallet the

41. 18:19

    bitcoin that he holds into ETH that he holds inside of this hardware wallet. What he needs to do is to deposit, swap and with withdraw the funds. the confidentiality within this uh set of transaction. Even though if the swapping is happening from inside of the confidential uh chart inside of the private chart, this confidentiality is limited and the uh there is no single transaction you know that that people can see that this is happening and that

42. 18:53

    the swap is happening. People will not be able to see the actual swap happening because it's happening inside of the private chart. However, Bitcoin is public. Ethereum is public, which means that people are that sufficiently smart investigators are going to see that there is because of some reason $1 million getting inside of the system in Bitcoin. And then just a couple of like

43. 19:16

    just whatever 20 seconds later, there is approximately $1 million worth of ETH that is going outside of the system. So what I'm talking about here is that these things are correlated. So this correlation attacks and meta metadata analysis attacks they are absolutely the same for all of the confidentiality primitives. Uh and uh if this is the way how the solution is integrated near

44. 19:47

    intense then there is only limited confidentiality that is provided. The true way how uh how the the good confidentiality can be achieved uh and uh the the meta data analysis can can get decreased is by separating the uh the different steps of this process. So the best possible way is to make sure that the crypto that that you hold is held inside of the confidential intense and uh you are performing actions that you would like to perform with this confidential crypto and uh uh

45. 20:29

    and that's the that's the way how how this should happen and uh I would like to address one particular question here uh that that some of the people are asking in comments and yes we do see the comments. So thank you very much everybody for commenting and asking the questions. Um uh the the straightforward question here is that uh oh my god so like all of the bad guys can now deposit

46. 20:55

    funds inside of the confidential intents. What are we going to do about it? And uh the answer here is that uh well first of all we have the KYT and compliance systems uh uh which are united into one security focused and compliance focused solution that is called shield. It is integrated. So we're trying and we're doing our best.

47. 21:17

    We're working with uh all of the biggest teams in the space to make sure that uh the black liquidity is not getting inside of the system. uh uh just for your information near Intense is processing more than 50% of the monetizable crosschain trading volume.

48. 21:35

    Uh in many cases we are providing better prices than single chain extremely deep markets that are available on Ethereum including for the markets in between ETH and USDT. I was checking today for example and like if you're swapping half a million US dollars it's better not to swap it on unis swap. I'm sorry. Near intense is able to provide you better prices here.

49. 21:55

    I think you even use the GSDC sometimes too. Oh yeah. Yeah. Yeah. Yeah. Yeah. So like a bunch of pairs on Ethereum is better to use near intense to stay on Ethereum. Exactly. Exactly. So the first thing is that there is a protection uh uh against the the black equity getting in.

50. 22:12

    However, all of the compliance tools, all of the parties that we're that we are in partnership with, they can miss this then and there might be cases when the black liquidity is coming inside. The thing here is that there is a compliance council that is able to reveal the transaction history and in case there is a uh uh the request from the law enforcement. Uh then the compliance council can vote for repeating the these pieces of the information which from my point of view is the proper way how to manage things.

51. 22:45

    Freedom doesn't mean impunity. when the freedom of one person uh the freedom of one person ends at the moment when the freedom of the other person starts right um uh and from that standpoint we do not want bad actors to cause harms to our users that's why we are protecting them by building the systems uh with a proper architecture and making sure that in the long term these systems are able to defend themselves and are able to manage

52. 23:14

    uh manage the this this this f near intense is not for criminals. H and if you're trying to to trick the system, uh I'm sorry, you're going to fail. We don't want to work with you. Um and you are not the welcome guest on our platform.

53. 23:31

    Yeah. The goal very much to continue growing usage, not just retail to businesses as well. And this is a key to enable everyone to on board is that this is not for criminals. This is for real business. It's for real people doing real life. and privacy is really the kind of the default, right? It's like one of the actual UN basic uh fundamental rights. uh so it's not like I mean there's been debate like obviously been this debate in US before it's been overturned already and kind of decided but you know to reinforce this

54. 24:05

    right this is a basic principle and uh for everyone to actually be able to use this for day-to-day right this is a mass adoption enabler uh for everyone to use kind of blockchain and we believe this is a better system across the board right and so we making sure it works it works correctly it prevents malicious and kind of uh uh improper actors and at the same time enables everyone who are using this for their day-to-day, for their businesses, for their uh

55. 24:35

    operations to benefit from, you know, not being spied on by the rest of the world, right? And and it really protects the the normal users of the system, right? like th those kinds of guardrails they like if if you were going into a system where black liquidity is going in and out like you're you're also at risk using that system because you might be flagged somewhere else. It's all like all those funds are tied together, right? So having a confidential system

56. 25:01

    that's also has this like practical compliance on top of it really just protects the regular people who just want it for everyday um everyday privacy. Um so like something that's not linked to like you know OFAC or um you know like very high-risk activity on chain right so um it just makes it safer for the every average like everyday average person to use this kind of solution and actually like spend their

57. 25:25

    crypto in real life without worrying about revealing their balances or you know taking out a loan and you know like doing the things that you know everyday people actually want to do and what the technology enables without like the black liquidity risk. Sorry Alex you can go. Uh yeah what I wanted to say is that the this architecture is not only to fight this improper use but also to enhance the use uh of the u um of the

58. 25:51

    confidential tools for people who really want to use them. Uh and uh this feature that we're talking about which is the selective disclosures is something that is extremely helpful for businesses to be able to selectively disclose or the transactions that they have been performing in case they're going through some audits or they would like to prove the origin of the funds to the centralized entities that they are

59. 26:16

    interacting with. uh these because of all of the uh you know development regulations in all the countries around crypto uh these regulations are mostly focused on making sure that the source of funds is is legal. Uh so you need to provide the history of this thing and uh the question with the confidential systems is how can you prove it right um you need to have a way the thing here is that with our setup you also can do it by yourself so you don't need to go to

60. 26:46

    compliance council for this you can just click a button reveal the the set of the transactions you can give the transactions that you have uh to your tax advisors they are able to fill in the the tax uh report for you uh you know and all of this stuff. This is a great feature that helps u everybody to live their lives the same way how you're able to get all of the same information

61. 27:09

    from the traditional banking sector. And this is once again this is normal and uh that's that was one of the core considerations for building out the system in this manner. Cool. I mean, so um just like moving ahead real quick, um we've done over 22 billion of volume in the past, you know, year and a half since you near Intense has really been like chipped in in the marketplace. Where do you think that goes from here now that you know

62. 27:40

    confidentiality is going to be the default? So, um do you think that helps certain actors adopt Near intents uh more easily? like who do you think that um helps enable and bring them onchain and using uh near intense and just like you know bolstering the uh the liquidity solution that we have going on here. Uh sorry I don't know why you guys are giggling but yeah we're reading the comments.

63. 28:08

    It's hard it's hard to keep the straight face while reading the comments. So if if anyone watching and not reading the comments yeah that that's why why why we're smiling. So I I [clears throat] think that there's like a few different dimensions here, right? One is obviously what we've seen on near.com is people were transitioning to confidential mode more and more over the past couple of months especially as it was easy and

64. 28:33

    easier to use, right? like the first version you needed to manually go back and forth and there was like some some of the kind of technical complexity but now that it's kind of very smooth you can be fully confidential in and out uh and there's more features are launching we've seen yeah over 42% of kind of volume transitioning there more and more assets are coming there it's really was interesting to see Bitcoin starting to like grow as well kind of you know

65. 28:58

    Bitcoin users like hey actually we want our Bitcoin to be confidential while keeping bitcoin right and so the the kind of the number of bitcoins in confidential shard has been growing I think this will continue now few things right now with this B2B enabling more volume so we expect a lot more volume also starting to flow through this up to actually we want to flip all the volume there again the goal is to get this to be the default uh and then people can

66. 29:29

    just reveal the publicly whatever they need to instead instead of everything being uh plastered. And then as well as kind of this wallet mode, we expect some key partners to actually start using that because this offers a unique way of unique way of actually um building applications and building wallets now, right? They can offer confidentiality out of the gate without needing to build a lot of infrastructure, right? It's a

67. 30:00

    pretty simple API really and you get like a full wallet capabilities with more and more functionality coming again. Uh Alex mentioned yield per there's more things like that coming and so you can offer all of that out of the box. So I think we'll see more and more growth of assets and of volume through this as well as I mean really excited for this features because they're actually expanding capabilities and kind of expanding the types of intents that

68. 30:31

    you could actually do on near and and through our partners. So I would just like to add here is that the confidentiality is something that we know that our partners the businesses they want to have it. They want to hide the fees that they are putting in. They make would like to make sure that the competitors don't see what they're doing. They would like to make sure that the competitors don't know who

69. 31:00

    are their customers. You know all of that stuff. For businesses, the confidentiality is extremely important. Um, and from that standpoint, I do believe that a step in this direction is definitely a step towards the business uh to towards businesses adopting the technology more and more. Um and obviously for people who are thinking about their privacy, who are thinking about uh being a sovereign individual uh this is definitely an a massive change

70. 31:34

    in how they are operating uh and what services they are consuming um uh in their lives. So yeah, my bet would be more businesses are going to start using near intense and with businesses comes scale. uh we are at the moment again closing more than half of the volume of the of the retail market. Uh there are some people who have been trying to launch proto versions uh of the confidential intents uh which are mimicking the actual confidentiality but

71. 32:06

    instead they're building just being just like swaps on couple of centralized exchanges that's not quite non-custodial setup. Um but uh but instead uh instead this is we are willing to work with all of the providers to give them tools the proper tools proper designed infrastructure so that they are able to use them and then there is a proper solution uh that is back in their distribution and their user bases and provides to them uh the proper solution

72. 32:36

    here. Um uh that's why uh as always uh with near we are not playing against anybody. We're trying to build infrastructure that actually unites blockchains and makes them together because when you are able to unite um the different ecosystems together, you're able to get the networks effect.

73. 32:55

    So let's work all together and uh uh and use the same infrastructure that can empower all of this stuff. transfers within the confidential shard, deposits and withdrawals from confidential shards are free and they intended to stay free forever just because we understand that this is not the thing that is monetizable just because on the public blockchains the transfers and like and moves uh are also free like that's it.

74. 33:25

    It doesn't make sense to you know to to have the fees there. Uh that's why uh it is free for use to everybody. Do it. Use your own fees. Set up your own fees on your front ends uh and just use this infrastructure that is available for you starting today.

75. 33:45

    Yeah. So how do you actually see businesses starting to use uh near intense? Like what kind of use cases do you think is uh like the most important or will gain the most adoption? Right? like I think payments and stable coins is probably a big sector that comes to mind and something that's really been just growing a lot uh lately and I think has a lot of growth ahead of it as well.

76. 34:06

    But um I'm wondering you know what your thoughts are on that but then any other potential use cases besides just the obvious which is just swaps. Um you touched on you know some DeFi like lending borrowing a little bit but um you what do you think like the biggest drivers of like institutional adoption of confidential intents would be? Yeah, I think overall the I mean this is something that even

77. 34:28

    we as as Near foundation been waiting for which is like you know start with payroll and payments and kind of a lot of this right now you're either doing in fiat or you're kind of taking a pretty big sacrifice in visibility if you're doing it on chain. And so, you know, if you're paying paying invoices, etc., like all of that information, staying on chain is extremely kind of disadvantageous when you're actually speaking about real businesses. And so,

78. 35:00

    effectively, payments, payroll, invoicing, those are kind of key business use cases. Then, indeed, yield, treasury management, right? Again, if somebody is holding a number of different assets and they want to do different operations with them right now, it's super complicated. You know, maybe you you sitting across like three different pieces of software to do this.

79. 35:24

    uh then you need to go and like figure out how to do accounting and all of that still keeps p like on one side everybody else knows you're doing this on the other side you doing actually consolidated accounting is pain in the ass because right you have like no safe on one side you know squat on the other side some bitcoin multi on third side right so all of these are now coming together and really becoming a really

80. 35:48

    easy way while all of this is confidential right nobody sees how many salaries how much salaries you paid how much you know different people received what is the invoice like last invoice you paid and I think that's a massive advantage uh to move into crypto now for uh both crypto businesses who've been kind of straddling this up to now and real businesses who actually need to move between for example different

81. 36:14

    currencies right if I'm sitting in you know Europe and I want to pay something in dollars right now my only option is whatever the bank gives me Right. Well, those rates usually are not that great on chain. You actually can get a way like potentially better rates. And now with good integrations of euro and dollars in at least few different u kind of banks and and uh financial services, you can actually get one to one on stable coins, right? So you can get low effects rate and one to one on stable

82. 36:46

    coins. And so again, this is just like helps continue expanding this network effects of of the whole system. What do you what do you think, Alex? What do you think the biggest uh like B2B drivers will be? Like, do you think it's it's payments or um like what what are you looking forward to the most as far as like B2B adoption of private intents?

83. 37:09

    We do know several teams who are building payments protocols and integrating confidential intents right now in in the payments protocols. So, it just totally makes sense. So this is a very straightforward uh extension of the existing payment rails. Uh they're just making sure that the merchants are onboarded into the confidential intense and uh the payments are lending inside of the confidential shards from from

84. 37:33

    which the the the merchants are withdrawing from time to time uh to whatever venue they would like to to get money into. So this is one thing. The second thing is that u there is a number of uh of crypto founders that I that I that I'm connected with who are sending me just um telegram messages they're saying hey Alex I love the thing that that you're doing using uh confidential intents to pay the salaries to do the payroll [clears throat] amazing right so

85. 38:07

    the payroll is a very very straightforward thing to do especially when you have a payment to any network that the person wants to to get, right? You're holding your balance inside of confidential intents and you can use the what we call the universal send and the you can send to any address on any of the supported networks. Uh you can send it inside of the in near intense and near.com or you can send it to a bitcoin address or the salana address or or stellar address or Cardano address.

86. 38:39

    Right? So that's it. It just works the same way how I'm able to send money to the US bank or Lithuanian bank or Portuguese bank or or anywhere else right somehow the banks are managing the infrastructure underneath this thing whether it is swift sappa or you know direct debit whatever something there are lots of different terms out there that I'm semi aware of uh but somehow things are working the reason for this is that this is the philosophical

87. 39:09

    approach of building the system. I'm expressing my intent. I'm given a address which is an IBAN or you know something and uh and then the money just magically get there right that's exactly the thing that that that we have here right so so yeah payments use case is a very straightforward one um uh but also you know more specialized like like payroll uh I do believe that there will be a big shift in how people are thinking about the the different yield

88. 39:40

    so an ability to have your yield confidential uh extremely important for large funds or like fund-like organizations like DATs or foundations, people who need to manage their portfolio. Now, suddenly they would be able to manage their portfolio confidentially. Nobody will see when they are starting the accumulation. Nobody will see when they're going to liquidate their positions. This is an amazing opportunity and here is a oneliner pitch

89. 40:14

    to foundations. You guys probably have invested in lots of projects. Most of them you are thinking how to get rid of the tokens off uh just because you cannot and everybody knows your accounts. You cannot do this. You now have near.com. Come there, sell off all of your shitcoins, buy some here.

90. 40:34

    And uh yeah, everything here is not a financial advice obviously and this is like a joking joke and pitch, but the essence of it stays the same. Uh many in the public space uh many different use cases and many different very normal things are not allowed. uh and we are getting back normality again uh to the uh DeFi space.

91. 41:04

    Yeah. And um one thing I just want to touch on again that you mentioned was being able to send like to any chain, right? Like you can have a you can have your USDC balance on your confidential shard and you can send it to ETH mainet.

92. 41:18

    You could send it to Bass. you could swap it to USDT and send it on, you know, like on Tron or anything. Um, one super underrated feature is just being able to sign on your confidential shard from any of your uh L1 accounts. So, like you can sign from your from your Tron wallet, you can sign a confidential um transaction from there or from your ETH wallet or from your Bitcoin wallet,

93. 41:41

    which is kind of used on your.com. Um, but it's, you know, it's not super obvious to a lot of people that, um, it's just so easy to plug into your existing infrastructure of like, hey, I'm already just signing Ethereum transactions. How do I, you know, get, uh, set up with confidential shard?

94. 41:57

    Like, you can still do all that with your current signer setup, even though you're interacting on near chain or are um, you know, account abstraction framework just lets you sign that confidential transaction from your current signer setup. So there's really no extra lift in in adding um most of this stuff. Um so if you guys want to jump into real quick just like how the actual like integration works. Um what do you like what do what's actually

95. 42:22

    needed to do some kind of you know conf confidential intents integration and you know where to find the docs APIs if you're builder in this space like how are you actually going to get um onto uh confidential intents? Yeah, I mean I was actually sharing on a Twitter chat the link to the docs. It's really just a single parameter in the API for one click swap and uh you going to the confidential shard and then uh

96. 42:49

    there's kind of couple more flags if you want to effectively deposit into a address that's uh confidential and manage it from there. Yeah. So it is extremely simple. uh it is going to take approximately five minutes of the time of your AI agent to integrate near intents as well as confidential neur intense into your application. And a very important thing for everybody to understand is that uh if you're a builder uh integration of the near intents brings an additional revenue stream for you.

97. 43:25

    This is an additional feature that is added to your front end and uh in case you have the distribution, in case you have the users, you're able to monetize it uh because you're able to set up a c custom fees on top of uh on top of this this solution. And um the funny thing is that these fees are going to be confidential too. So your users are not going to see how much you're charging them as well as your competitors. Um and that's the first time when the industry

98. 43:56

    is working like that as you know noble traditional businesses. Uh so uh don't miss this opportunity to get an additional revenue model. We have partners that uh have been collecting quite a lot of the fees. Our biggest distribution partner uh has been has collected more than 20 million US dollars in the fees which they also shared with their own partners. Uh but the opportunity here is real. Uh uh that's the from from everything that I

99. 44:27

    know uh the swapping fees um which are which are uh allocated to the wallets is the main source of revenue for these wallets. So if you are building some kind of application and you have distribution, you have users that are working there, um integrating Neo intense directly into this distribution channel to allowing people to confidentially transfer uh value. Uh this is a a a great opportunity for you

100. 45:00

     to earn revenue and to actually monetize your business. uh the important uh topic here to raise also there are some I see that some people are commenting about 50/50 split indeed with the public uh swaps we have had this model when there is a 50/50 split with partners uh we were listening to the feedback and we understood that though we felt that this is a fair approach how to do this but sometimes

101. 45:28

     this thing is not working very well so instead of doing this the business model for confidential intent is different um and the protocol is determining the the fee depending on all of the parameters of the swap. We have a smart system that is that is working in um in the back end um that is determining this fee and uh uh and then the distribution channel is able to set fees on top of it and then 100% of these fees are going back to the

102. 46:00

     distribution channel. This is a simplification of the model. you don't need to think about it. Uh and uh uh it's uh yeah, this fee that you set up is the money that you're getting, right? So yeah, I remind everyone that the money that you're getting uh the fee that you're getting is used to buy back NER from the market and you're receiving NER tokens uh which you are free to use since the since since this is your money and then you can do whatever you want to

103. 46:27

     do like Hodel or you can use it for yield and for example you can st the stake near right and then earn additional money in soon in confidential. Soon in confidential. Yeah, you can already st it on near.com and soon you'll be able to stake it from confidential chart as well.

104. 46:50

     Yeah, that's awesome. Uh yeah, it's super cool that you can access all that from confidentiality as well. So you can just like you can hold your balance on.com or when some of our other B2B partners, you should be able to hold it there too or and then just stake it confidentially and you know no one can see when you unstake it, sell, buy more, do whatever. um it's not really anyone else's business, which is just the way that it should have been from day one.

105. 47:13

     So, I'm glad we like finally got here. It's awesome. And as far as like the revenue opportunity, like I mean our biggest um you know, like our biggest north star is just we want to make our partners as much revenue as possible from uh from these integrations like making, you know, this kind of uh system really seamless and easy for them to use and really easy to monetize, but then also useful for their users, right? um like being able to move users crosschain

106. 47:40

     and access confidentiality features is super valuable. So we want to provide as much value towards like all the near intense users and then all of our B2B partners as well. So um it's really just about creating value for everybody um all around especially like our partners and users. Um and yeah, $28 million of fees generated from some of our top um integrators there. There's definitely I mean it's the proven way to monetize in

107. 48:04

     in crypto right is just uh monetizing swaps especially if you're like a a like a multi-chain protocol but you know with given near intense is um like account abstraction like you can really you can use near near intense even if you're just a single chain um zap especially with confidentiality is super interesting.

108. 48:27

     So, um, yeah. What is there anything else you guys wanted to touch on with, uh, confidential intents? I mean, we went through the big announcement. B2B intents is live and rolling out with our partners right now. Everything's going to be confidential by default, you know, down the road. Um, but we're starting the actual roll out of confidential intents with our B2B partners. What else do you guys want to talk about?

109. 48:51

     uh I mean one one thing worth mentioning uh if you haven't seen is Aurora connect uh because this also brings to other existing applications which are not on near ability to effectively be like near.com meaning you can connect with any wallet from any other chain and get assets from it and obviously our connect will get confidential intense integration uh through this release as well and so it's a really cool way as well to kind of showcase this idea of chain abstraction, right? That it doesn't matter where your

110. 49:26

     wallet is. It doesn't matter where the app is. Near really connects all of the things in a kind of universal way and Aurora connect really created like a a great product to uh link those things together. Yeah, exactly. You can think of it if you're a builder of a DAP on a particular chain and you feel that you're limited with the users on that chain with the wallets that support this chain and this is your market where

111. 49:53

     you're operating user or connect that is built on top of near intense uh that wraps it into a nice usable solution to get integrated into your front end. So now it expands your total addressable market to the whole crypto users. Um, amazing technology. Check in with Aurora and uh and figure out how to do this.

112. 50:14

     Uh, the integration is is seamless and u yeah grateful for for the guys working with us. Yeah. And then the other aspect of this is obviously as this being enabled for businesses uh the whole goal is also to on board businesses to start using confidential intents and so I don't know if you want to tease the so when we're talking for business it means not only that our infrastructure

113. 50:43

     starts to be available for B2B use cases and which is going to be also news for our marketing Um so sorry about sorry guys about that but we cannot just uh not alphaix something but we actually are going to have a front end that is going to be usable for the organizations. Uh stay tuned about this one. Um uh it is going to be but a little bit more distant future but still this year. Um and uh

114. 51:14

     yeah that is going to be a very important thing and like a big shift for how the organizations are able to manage their um uh treasuries positions um and so on. So uh yeah if you're running an organization and used to use some old infrastructure for self custody of the funds um we will have an we will have an alternative for you um just around the corner.

115. 51:42

     It's awesome. Well, um, thanks so much for coming on, guys. We can just like do a quick wrap up. Uh, we can do just a summary of everything that happened here. So, uh, real quick, we have over 22 billion in volume since day one of Near Intense. Uh, a couple months ago, we first shipped uh, confidential intense, which is live on near.com right now. You could try it out. shield your Bitcoin, shield your USDC, your Tether,

116. 52:06

     uh, and then go crosschain like 30 something chains, uh, over 150 assets and growing every day. Uh, RWA's, yield, perks for non- US users. Um, you can access all that near.com and all that's coming to our B2B partners starting right now. So, especially confidential intents is our um, big push right now.

117. 52:28

     So, we're shipping out confidential intents to all of our B2B partners. All of our swappers and all the self- custody wallets that are using Near intents right now can access the uh confidential intents and get access to our uh you know confidentiality features that that come with that real onchain privacy. Uh so if you build any kind of uh you know single chain or crosschain application, multi-chain application, um you know go to intents.ne.org And that's where you could find uh like all the

118. 52:55

     best resources to integrate uh near your intents and uh especially confidential intents. So thanks for thanks so much for coming on guys. U if there's anything else you want to say, I'll give you uh give you a minute or two to go into it. But just uh waiting for lots of great songs on near FM about 825. Let's figure out what this then is.

119. 53:20

     Yeah. And I mean I think like just I think it's exciting near intense team keeps pushing what's possible and keeps kind of bringing this functionality across not just near but all of the ecosystem. I think one way to think [snorts] about this is that now you know the near ecosystem is not just whatever folks building on near blockchain but now all this business is building on near intense and near AI right so like we have a whole broad ecosystem that we're bringing together uh in web 3 and

120. 53:52

     starting to also bring some of the more traditional kind of web two businesses as well so I think generally the growth of near is really on a trajectory beyond what kind of tradition traditionally people think of layer ones and so really excited to kind of see this announcement and we have more more really cool things coming in next weeks.

121. 54:15

     Uh the very last thing I would like to give a shout out to uh lots of people who have been building the technology haven't sleepless nights um and uh you can only guess how much of the work is on the team uh on the multiple teams who are building near intense stack. Um so big shout out to the team uh there uh you're doing amazing and uh as you know I always want more ship so let's continue working and let's bring the great infrastructure for everyone and because everyone deserves it

122. 54:49

     awesome team shipping hard thanks so much guys thanks for coming on great to see you all and thanks everyone in the comments YouTube and and onx can see all the comments here appreciate all the interaction this is awesome [snorts]