GOAT: A BTC-based Decentralized Financial Ecosystem - TOKEN2049 Singapore 2024

what is the goat Network all about you may think of the goat Network as let's call it the two big phases I'm going to talk today about phase one but our vision is to be an L2 for all L1 that's very short to remember it's a universal L2 for all the l1s which actually solve some of the problems of fragmentation in interruptibility and so on one of the things actually interest me in this project the most when I was working on is that being being a professor at the University of Toronto for many many years and running the blockchain part of it I was always feeling economics didn't play a big role while technology play a huge role and I'm my understanding is always technology and economics get to play together because we are in financial market and what I think this project going to be very very different from the other zillion l2s because I think what's going to happen we're going to have l2s every every every day for the next one year you're going to hear L2 L2 L2 L2 L2 L2 and the user will be singing and say what's differentiate this L2 from the others and rather than driving you through the slide and going one after the other after the other after the other I want to make you guys remember that the purpose of this L2 is to be secure and to deliver sustainable yield for everyone sustainable yield not short-term yield not running to show some air drops and wow that's fantastic and you lose all your money it means security and sustainable yield usually they don't come together why because the cost of security is high and if the cost of security is high What Remain to the user is nothing you may show that you have a lot of money in the beginning but it cannot sustain it for a long time and this is what this industry was suffering with for many many years this industry suffer from the hype of short-term win long-term losses and again let's start again from scratch from scratch I'm in this project we started this project it's almost like a combination of something two years ago and what we're doing right now it's the purpose is to be sustainable it means if you want to really think of one word that you go at home and start googling us is about the sustainability of the yield something reasonable but sustain but of course in the beginning maybe some kind of like but at the end this is the aim of this project and I'm going to hopefully convince you hopefully convince you because you usually need more rounds to convince people but I will hopefully convince you that to come up with a secure system it's too expensive to sustain without economic design and the majority of the l2s will actually cannot be able to be sustainable for a long time and that makes the cost higher revenue is what it is revenue Minus cost is actually what you distribute to the users and to the VCS and actually that's the problem we're trying to solve me I actually hold from going through the slide just so that I want anybody who want to just run away at least they they come out they they know what we're going to be talking about okay well who we are simply we a project out of the great City of Toronto and if you have never visited you welcome it's uh it's a project supported by the mittis foundation it's the same team that develop mittis in ethereum some of them actually comes with me and others to develop this goat Network oh it's here we have some supporters since day one and I think some of them are already listed here and our purpose and I think we have some of the team which is Mario is here if anybody want to talk about the growth strategy or anything can talk to Mario because I know nothing about the growth strategy I'm not good at it and I'm not going to be able to answer you as deeply as Mario can do it means our team you can think about it as three divisions and that's going to be important later I will explain it to you guys this is going to be a economic team a scientist team and a growth strategy team we have we have not these are not the only people we have in the team but these are some of the faces that actually can you have a trade-off and always in life how to make the picture a little bit bigger so that you look handsome and uh at the same time put in lot of them and I think that's a trade-off that we win we make Mario the most handsome One in the crypto and is here and then you can talk to him about the growth strategy after this is this is the project in a nutshell if you want to have one page to remember you basically if you have one page this is the page to remember and what is this all about this part here is the T if I was athletic this part here is the economics and the part on the top is the growth strategy how do we differentiate itself in this what are we really doing we have a zkm team which is the division of our business that develop ZK rollups if you really if you really not technical you know what if you're really not Technical and you don't want to bother yourself think of this is what derives security you wanted to be speaking to the L1 this is L2 this is L1 we are a center of excellence in delivering ZK rollup well I can say it or I can also prove it by showing you how we Faire against some of the leading Center of ZK rollup out there simply take two companies risk zero sp1 two of them are the leading places researching for developing ZK me we are better in terms of security and we are in but we we lose in terms of speed we lose in terms of cost but we gain in terms of speed it means we're not winning an all angle it's a tradeoff if you win speed you lose a little bit on cost if you lose on cost you lose little bit on security but what's the takeaway the takeaway is we are one of the center of excellence in developing rollups I can just stop here I can just say look let's stop here and I can tell you look what about we sell this one what about the business model become we're trying to develop a very secure cup to sell it to people but that's not our business plan our business plan is to say this is will not be enough in order to develop an economy on the top you need an economy that is actually sustainable and this is what I claim we have a big differentiator we are different but comparable to some of the leading institution when it come to ZK up but we are unique when it comes to what is how do we do this when it comes to economics this is this is I think this is going to be new for many people that comes to crypto world because no project that I'm know of at least in my limited amount of time I don't read everything but whatever I have managed to read for the last let's say since 2015 that I'm in the business whatever I managed to read as a researcher I have not seen projects that Focus mainly on 50 technology 50 economy I've seen 95 technology 5% on economics at the end that's my honest opinion about the industry what we try to bring in new is that we say simply like this like anybody here understand Revenue Minus cost equal profit what is the cost of security the cost of security is going to be too expensive for many to sustain it because it requires many players I just show you for the sake of argument when you going to have an L2 just for people to start having an idea even if you're not technical you don't know much about the topic just imagine now is not Alice sending to Bob it's many many players that needs to be exist sorry that exist in in order to make this transaction happen and what are the players you need Publishers you need executors you need sequencers you need provs all these players need to exist in order to deliver a security that is inherit in Bitcoin how do I do I ask you to be approver today I pay you no you don't want to be approver challenger no you don't want no I'm not not bringing anybody here just generally you ask people to be to be to be doing a job and either you open it to everybody and that's become a decentralized way and then people say well wait a second I'm not getting paid enough to challenge well I need to find somebody who challenge me what I'm trying to tell you generally will be that you have many stakeholders that need to be paid to do the job and that's the costly way of doing it that's the mistake of doing it in my humble View and this is what we've been working on for many many time is that you need a system that is designed to create incentive across all the players to be the the job because they think they're going to be a sequencer next time and they get paid not bore you with the details of it our expertise comes into design and economics which is the second layer that is actually robust enough to be sustainable it means really what I'm talking to you about is the cost if you say I'm going to deliver a security in this framework that inherit Bitcoin security I'm going to tell you we have two things that we actually very very unique at one is we have a zkp that is compared with the best but it's too costly you need an economic design to make this is operational and implementational there are around 100 L2 today on the market either they are centralized either they're not even coming with the security yet and what we think we can win which again there is always a Randomness in these things we're trying to win the game of Cheaper cost of security without Geo dies in the security mean we hope to be an L2 or an l199 9999 basically better little bit than an L2 means again in a nutshell I know it's a lot of noise and hopefully you guys can hear me you can think of us as phase one a Bitcoin Layer Two that is different in the way they design the rollups and that is different in the way they design their economy two words how it's a lot of details you can look at the beige paper it's an economic paper especially to show you how do you do the economy part you want to know the rollup there is a whole series of papers that discuss why we are good at what we are doing in terms of zkp but whatever I was telling you right now is the cost being cheaper and good and sustainable and fantastic but where the revenue come from if you have no fees you have no Revenue because at the end is revenue Minus cost is equal to what you make I only spend time to tell you we're very good at managing the cost without letting go the security but I have not told you yet at all how do but that's going to be the same for everybody else we have to have a growth strategy which uh this is too much detail and the growth strategy is we we already did this before it's not like it's our and and our and the previous project is still alive at some point it was number three in ethereum it's a mtis project it's still alive we know how to operate decentralized sequencers we know how to operate growth because we have done the growth strategy in mtis in the past it means this is not new to us to talk to new apps to incentivize to make sure but we're doing something different we didn't do in the past in fact two or three but today because of the time I only have one minute left I think I'm only can be speaking on one thing in the growth strategy is that we Define something we call proof of activeness which means if all of you are my users I'm going to define a score for you and you and you and you everybody who become a user start having a score of how active they are in the network and I want to make it rewarding for everybody anywhere they go in the network to be paid for what they do and that's just think about it as a Mileage Plus if you fly United but don't think of Goat as being united okay it's crap think of goat as being the Singapore Airline or or the Emirate Airline or something like that just to be clear but too bad I'm a Mileage Plus for years and I have to stick to my Star Alliance but anyway in a nutshell a solid security empowered by our specialized zkm division which is our division in the goat a unique economic structure and a growth strategy that we actually not learning from SC CR as a starting team we have already a successful thing in the past that we trying actually to to build on uh this is the flywheel skip all this skip all this zero SEC test net is coming this week main net is Q4 and uh and basically we will the token generation will be in January 2025 I thank you for your attention I really appreciate that you guys reach out to us for question check our website goat that have the white papers of goat zkm also check the white papers of the security don't trust me very far if it's too good to be true it may not be true please verify whatever I told you make sure to validate it send us their comments suggestion we're a team that are both researchers growth and Economist we would like to have any suggestion from the public and thank you very much for for listening to us appreciate