SWEAT the Code, Not the Chains: Live Demo With Oleg Fomenko

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1. 0:09

   good to see you guys it's good to be here um yesterday evening when we met for drinks everyone was asking me if I was ready and I said no um because I wasn't because uh the slides were pulled together today but the good news is that the technology was worked on for a number of weeks and I've already run several demos and it is definitely working so this is probably the first time that Tech came before slides a quick recap if you don't know what we do and who we are we are

2. 0:47

   making the world more physically active so we are not web three negative guys we want it to be in web 3 but actually our heart and soul is to make the world more physic active and we believe that crypto is the best way to achieve that when we started in 2014 we inadvertently invented move to ear so this thing actually exists for a very very long time we had a first wave of competitors in 1516 that moves to went by the Doo's way

3. 1:23

   and you obviously know the second wave that killed the whole move to earn I idea in the minds of a lot of people because people think that it is a scam it's not but actually to move forward from where we are right now the movement economy is a lot better narrative we believe because move to earn is trivializing it and you'll see why I am saying this in few slides so how did we get to movement economy thinking we realize that there is a lot

4. 1:58

   of similarities between movement and attention both are valuable to you both are valuable to third parties that are prepared to pay for them and they vild scars and Humanity has managed to build a $7 trillion economy around attention that's called attention economy and the reason why I was saying that move to ER and is probably not really the best way of describing it is because $7 trillion

5. 2:29

   attention economy in world of crypto would have been called pay attention to earn and it would have been a tiny little segment somewhere and there would be you know kind of several dozen businesses trying to play that game this is already played out well actually there's another one that is very very big it's called work to earn and I think we're terribly familiar with that so

6. 2:54

   move to earn needs to change and we believe that it has to be called move into economy because if attention is $7 trillion holy why would movement economy be any smaller than that because it contributes Health it contributes you living longer it contributes to you being fitter healthare mental health absenteeism we just Ked off a very interesting project with a bunch of universities around the world to estimate the actual Financial value of

7. 3:27

   physical activity and within next 3 months we are going to start getting answers from these universities and all the estimates are pointing to a number that is significantly different than the way the world estimates movement economy right now and it is a massive paradigm shift and this is something that we need all of your help to push out so that we can escape from this really really nasty image that b to ear still has so what do we need to do well we need to unlash the

8. 4:01

   value of your movement and what is the value of your movement it's sweat the way sweat is designed it is captures your it captures your physical activity and because it's traded on open exchanges this is effectively the price that humani willing to pay for 5,000 steps roughly right now it is not a lot but it is also the situation that we would have faced if we were to talk about attention value 20 years ago if

9. 4:31

   somebody ask you how valuable your attention 20 years ago nobody would have been able to give an answer right now we know it precisely down to a scent and it is humongous and not trivial so movement economy benefits all there is a huge difference between the way attention economy is structured right now and how we structuring movement economy attention economy is structured for the benefit of big Tech you pay attention they take it from you they sell it to the highest beater they put

10. 5:05

    everything into their pocket and what you get in return is two gigs worth of storage on your Gmail that's pretty much it and the current value this is square root of nothing in comparison to value of your activity so it is really lopsided and we're not participating in the economy that we have created in movement economy because we are able to tokenize by verifying your physical activity you are the primary benefactor you are getting that value that makes

11. 5:40

    you move more and therefore you're going to create even more value and there is no one big tech company that is going to put it all in their pocket and decentralization and blockchain Tech is an enabler of that but where we are right now still has some some significant limitations and this takes me to chain abstraction we've been discussing not chain abstraction using these words but the concept of chain interaction with India for quite a long time already in

12. 6:13

    Vietnam we had a very long conversation about you know kind of how can we achieve this and I believe that is a fundamental enabler of us unlocking movement economy why well because our goal is to make the world more pH Al active not you know this half empty hole not Denver not one state but actually in the world and that means that we need to attract a lot of people that are never going to bother with all of these

13. 6:46

    complexities of moving from one chain to another those of you that have done it recently you know when you move from one chain to another you need to get an account fund the account breach your assets from one chain to another and then you are going to be able to become active chain abstraction is taking care of that and removes all of that complexity and hides it under just one or two clicks

14. 7:16

    so we think that and this is what Ilia was saying in our meeting in Lisbon on Friday that the best definition for chain obstruction is that there is no chain so as as from today it's not just a narrative it is actually a reality and thanks to Fat Anthony I don't know if he's here no and a bunch of guys on our side they managed to build an actual implementation and they have helped us to integrate BSC which now works simly with my near

15. 8:00

    wallet so let's start with something simple if I want to make a transfer to my account that is attached to sorry guys how to do with the demo and to speak obviously I wasn't developing technology you see I can't even put a mic on you know brilliant so let me switch to my phone so what I have now is the math wallet which is on BSC test net and I have some tbmb on it and

16. 9:07

    I want to send it to an account that is controlled by my near account and my near keys so in order to do that I open s wallet I go into my portfolio and miraculously I already have B andv token included into the interface and I would like to request the payment and this is my BB address I copy it I put it into my math wallet how much4 and I'm making ter and if I go back to sweat wallet and I go into my balance VOA it arrives

17. 10:02

    almost instantly so thank you so my near wallet is able to pull the information from B&B chain and show the New Balance now where it really really really matters most because you know seeing an account and seeing your um a um transfer coming in is relatively easy where the real magic is in me being able to make a transfer from this account to another B&B account using my near keys so let me just start

18. 10:40

    my transfer interface and I'm going to retrieve here my being the address of my math wallet unplugging it to my transfer interface and let's say um i' like to transfer 025 now what you see here is pretty incredible because not just that we're ready to send a transfer but we're also ready to pay for it using SWAT our native token so it's not just near gas fees but it is also going to pay for B&B

19. 11:24

    gas and this transaction is taking a we bit longer and I think gerat probably would be able to explain it better than me but under the hood it is five transactions that are happening simultaneously but because it's BNB it's not ethereum and it's one of the reasons why we started with the with this integration it is not going to take minutes and minutes and minutes last time I did it was about 25

20. 11:56

    seconds all right let's count y happy days but you know this is what our wallet is saying now let's go back to math wallet and check voila the transaction has arrived back so basically we've been talking about chain abstraction for a very long time thank you and it's been a narrative but actually it is very real right now we know that it's not just possible but it's already working and it's just a question of time to get it into a

21. 12:38

    production State I already had this morning conversation with B&B guys and they couldn't believe their eyes so this is definitely going to help to build a lot of bridges and a lot of different Partnerships and definitely extand the reach of us as an ecosystem and help our users to get exposure to a lot of other projects out there and attract their users to what we doing so thank you very much guys and you know welcome to the world of chain extraction

22. 13:19

    working