Blockchain 101 with INCEIF

and a very good afternoon to our speaker mr harit kamaru the management of insaf brothers and sisters my name is fatim shavika one of the student representative council at insaf and i'd like to welcome all to our digital skills for future series blockchain 101 before i pass the mic to our speaker today a little bit on his profile mr haris camaro works on community and education at ediscan the leading ethereum block explorer and is the organizer of pthkl meetup group previously he led data analytics and launched a 5 million usd token sale at hello gold his prior experience includes great eastern life and bfm 89.9 sehareth graduated magna with a bachelor of science in natural science from the university of wisconsin-new class so without further ado over to you mr lee thank you father um again sorry come on hello everyone um so we're gonna do a blockchain 101 talk uh before we start just uh uh kind of uh give some heads up because we're doing it over zoom instead of in person uh usually i take in any questions at any point but here i will try to stop at various uh parts and then i'll see questions just so that it's easier sort of for me to answer each question there is a chat box i i think so you could um put your questions there otherwise you can raise your hand when i'm pausing and then you can ask your question there so without further ado so the title of today's talk is blockchain 101 into a rabbit hole of money decentralization and smart contracts so um let me see i'm trying to see if we can get everyone here can i get a show of hands uh there's a there's a raised hand uh icon on zoom uh how many of you actually have a crypto portfolio already whether it's bitcoin ethereum um any other cryptocurrency just to see how many people actually have started down this rabbit hole okay so i see a couple not that much all right cool so i'll try and make sure it's very very much uh layman friendly so even if you don't know anything never even touched an exchange uh you'll understand what i'm talking about um why it's uh i mentioned into a rabbit hole is because if you've ever seen or read alice in wonderland you know that alice falls down this rabbit hole into this crazy world full of magical things that don't make sense and that is actually the experience that a lot of people have had when they've started going down into this crypto and blockchain world like you will end up staying up till 2 a.m in the morning reading some blog posts or watching some youtube video on your phone or on your computer and if that happens to you don't feel too awkward because it's happened to a lot of us uh i like to joke that you can easily tell if someone's been like heavily in the crypto space by seeing if they have bags under their eyes because that indicates that they've been um in front of their phones and computers for for too long um yeah so uh fatin already gave you a background from me earlier uh so just a quick recap i work at itasca which is a malaysian company uh with a leading block explorer for the ethereum blockchain which i'll explain a little bit more about later i used to work at hello gold which is a fintech company and that that did a bunch of things related to the blockchain and i also run ethereum malaysia which is a meetup group that focuses on the technology and use cases of blockchains uh not so much on the making money or trading part uh we meet once a month right now because of mco it's done via zoom we actually have uh our next one on next thursday the 4th of march so if you're interested you can sign up and join it i'll share the link later an overview of what we'll be covering before we even talk about what blockchain is we cover some preamble uh some common words or misused words that people have uh basic ideas around money and decentralization some common features of blockchain 1.0 and then features of blockchain 2.0 and use cases and then some local companies and communities and finally so what why would any of this matter to you so yes so first of all uh the preamble the first thing i need to highlight is that there are these words that people use and they sometimes confuse these words with each other so it's always good to untangle uh these confusing words so we know what we're talking about with each uh phrase or word that we use so first of all is the difference between bitcoin and blockchain so bitcoin is a subset of the blockchain uh and the blockchain itself is a subset of what's called distributed ledger technology so an analogy i like to use is that there is transportation which can cover any kind of vehicle or method and then one subset of transportation is uh the car or the automobile and then one subset of a car is a toyota so you can think of bitcoin as if it's a toyota as it's a one brand or one type of a blockchain and blockchain itself is one type of a distributed ledger technology another term that people commonly uh kind of mix up is cryptocurrency and the word cryptocurrency itself is actually a bit um already not accurate because it's a subset of a larger thing called a crypto asset so crypto asset is just an asset that is cryptographically backed or backed by the security of cryptography and there are different types of these assets so there are the crypto tokens which you can think of as let's say if you had a school sports day and or maybe like a few years ago or a couple decades ago if you had a school sports day you'd have to like uh exchange your ringgit for these coupons or vouchers and these coupons are what you use to buy some food or play some game at the sports day stalls alternatively uh you can think of let's say if you were to go to some place like a uh genting casino uh when you go in and put your cash you get like a chip that you can use to play the various games there so token allows you to access a certain function or certain utility of a platform a crypto security is just a representation of a real world security whether it is something like gold or stocks or bonds uh it is represented in a cryptographic form uh in the form of a crypto asset and lastly is the cryptocurrency itself so cryptocurrency is just any crypto asset that is used as a currency and it's not the only type of asset there is uh bitcoin is a cryptocurrency but a lot of other things are not necessarily cryptocurrencies themselves another confusion that people get is that the word bitcoin itself is used um in two different ways so generally the capital b bitcoin refers to the platform or the network uh so you can think of it as the card i mentioned earlier it's what you need to be transported from one place to another whereas the small b bitcoin is the currency the unit uh that powers that technology so in this analogy um you need fuel to be able to drive your car because without fuel you'll be able to go anywhere and uh for malaysians maybe you can think of it as the capital b bitcoin is like the financial system of malaysia and the small b bitcoin is like the ringgit that we use uh to transact with each other uh it's also unfortunate that a lot of people kind of sometimes use small b bitcoin when they mean um the platform and sometimes they use the big b bitcoin when they mean the currency so if you understand that these two um different terms exist then from the context of the conversation or sentence you can figure out what someone is meaning when they say bitcoin next is about what money is and for those of you who went to university or took economics classes you already would have known these things called store value unit of account medium of exchange so i'm not going to delve too much into this you can go on wikipedia to just revise on this later but generally a store value is just something uh that the value uh can be sort of uh held over time it's not gonna appear uh after a few years or a few months a union of account is just the kind of number that you use so when we transact with each other in malaysia we use the rigate uh whereas someone in um the us would use something like the us dollar so it's easy for us to think of like you know what a nasi lemak is worth or a one liter of petrol is worth by having this shared unit of account a medium exchange is what we actually exchanged between different hands to be able to buy a product or a service more importantly for me is that what money is is that it has to be something that has a limited supply or in other words it's scarce and a bigger one is that money is just a representation of value money isn't the real physical item that we hold it's just this shared belief this this story that we tell each other within a common society so to paraphrase lord varys from the game of thrones value resides where men believe it resides it doesn't actually exist in the real physical world much like the most important things in life whether it be religion or love or politics there is no physical thing that represents these items it's just something that we have as a belief between each other within members of a society and you might reply to me at this point and just ask about how uh what about this uh paper notes of us dollar or the ringgit or the gold bars uh that we actually like exchange with each other or at least not itself money um these as i mentioned it's just a representation so money is just a representation of that value between each other and now that we're a lot more uh used to using using e-wallets we can all already see that this money is just a pixels on a screen it's just numbers there's no real item that is backing them and if you look at other societies that's not as common um if anyone has ever had the unfortunate experience of going to prison uh you'd know that in prison cigarettes are commonly used as money to transact with each other to buy things or get some services from your fellow cellmate if you were kids maybe 20 years ago around when i was a kid at least we would use trading cards to to transact with each other to buy someone's let's say toy or or or a lollipop and in many cultures around the world for hundreds or thousands of years ago would use things like seashells as their form of money and if you ask anyone today whether these things are money generally people will just say no these are like no they're not money at all but the point of it is that within their own local community at that time at that circumstance that is what they are using as money to transact with each other and to give more real world examples this is the bolivar the currency of venezuela so venezuela for those of you who don't know have had inflation of hyperinflation in the millions of percent for the last few years so much so that the citizens of venezuela would rather use this uh paper notes of bolivar as origami handbags or to draw cartoons on top of and by doing these things they actually get more value than using it as a way to pay each other because the bag they can actually use to carry things around and the drawings they can actually enjoy the creativity of the art to go back home even in malaysia we have an example of how money is it the real physical item for those of you who have grandmothers or great grandmothers who were around when the japanese military was occupying malaya they would be able to tell you about this thing called the duet pisang or banana money pisan comes from this the word comes from there being uh pictures of bananas drawn on the japanese government ten dollars and how it worked was that while the japanese military was occupying malaya the only form of money anyone could use to accept um as exchange is this uh do it be some you can't use um the say british currency or any other forms of currency you can only use this thing here now imagine if you were someone who lived at that time maybe you were your own banana farmer and every day you've gone to the market you sold some bananas uh people pay you this dude pisang and you take it back home with you to save for the future and imagine you've saved it under your bed you have like maybe a thousand dollars of this great pizza and then one day you wake up and you see that the japanese military has just uh left malaya they've lost the war and we've gone back home and while it's of a good experience for everyone uh you know we're getting sort of independence it's not that good of a news to you in the sense that now you have a thousand dollars worth of this money but no one will be willing to accept it for any transaction because no one in their right mind will say hey why would i want to take this japanese dollar because there's no more japanese military they've gone and left so in the space of one night your 1 000 worth of money that could have bought you let's say i don't know a thousand nasi lemak um suddenly uh in almost the blink of an eye you wake up and it cannot buy you anything at all so again the money isn't the physical item the paper the money is it's just this shared belief that we have with each other and as long as that belief holds true then it works but the moment it disappears as with the great pisang uh the that utility of that money will also uh be gone as well and a more modern example uh especially for people who are in my generation um so this is a sort of couple charts that are based on real uh data in the us so the left one shows you how uh the real world value of the us dollar has gone on has gone down over time so you can see um from even the 1970s uh to right now it's gone down by a few multiples already um and we can see this uh in our own lives with inflation uh you is not worth a lot more ringgit than it was um and that's a natural thing when you're using fiat or government-backed money because it's not backed by any physical item like a gold bar as well it's just backed by a belief in the government or the central bank and uh that they when they print a new supply of this money the value of that money gets lowered bit by bit every year and we don't notice this difference but um if you ask let's say if i ask my parents how much the cost of a house was in their time and and i checked myself the cost of the house now the prices have gone up by multiples uh way more than the inflation numbers that you'd see uh measured by some sort of uh consumer price index or cpi so that's a hidden form of inflation that a lot of people don't notice the right chart here the chart on the right here shows official numbers of the cpi consumer price index which tracks inflation and you can see that since 1970 uh when the u.

s government and subsequently almost all governments around the world switched uh their money from being backed by gold to just back by the central bank you can see how the inflation has gone up uh in sort of crazy numbers and it's not just inflation it's a lot of other metrics related to the economy as well you can check the link down there wtf happened in 1971.com where they show official numbers from the u.s government of how a lot of these metrics have gone up by a lot after we moved to fiat money and why do i mention all of these things uh it's because bitcoin itself was created uh in as a counter measure as a reaction to the sort of some would say irresponsible printing of money by central banks around the world uh so the first ever block of bitcoin had this message uh attached to it which was just quoting uh the headline from the times which is a popular newspaper in the uk chancellor on break of second bailout for banks so it was during the the peak of the last global financial crisis uh when this satoshi nakamoto this pseudonymous name uh created this thing called bitcoin uh because and you you will get this from a lot of people who are in the crypto or bitcoin space they will tell you uh bitcoin is a way to exit the system where um if you were to hold your fiat back money um the central bank um can keep printing more money or the big institutions can keep taking advantage of the system uh get a lot of profits and when a crisis happens get bailed out by banks [Music] which ultimately comes from the money of normal people uh like you and me so yeah so i i'll i'll touch a little bit about a little bit more about this later but uh just a bit of a background on money the key thing is that it's not a real physical item it's a shared belief that we have with each other so that's money the next thing to cover is decentralization and decentralization sounds like a lot of this kind of like jargon kind of word that doesn't make sense but it's actually very simple so if you uh any of you who are muslims here or who have friends who are muslim uh you'd know that the quran wasn't this book that fell from the sky magically out of nowhere it was a bunch or thousands of verses that were memorized in complete sort of content and in the correct order by thousands of people within the society at that time and it's kept on being continued to be memorized by by future generations such that today we have millions of people who memorize the quran in the exact same content and exact same order of verses anywhere around the world so even if back then when there were only thousands if i wanted to come in and i wanted to sort of hijack the quran and say that okay can we uh just add one verse in the middle there that people won't notice and it's just a small verse it just says um haris is handsome and i will pay uh you if you agree to kind of uh consider this verse added and if there were only two people that memorize the quran it would be a lot simple a lot simpler for me to do because i just have to find them and i'll pay them maybe a couple thousand bucks to bribe and it's very easy to coordinate but imagine if there were 10 or 100 or a thousand people then it becomes exponentially harder for me to do this because not only is the cost going to be higher and higher but also the coordination that i would need to execute is much much more difficult i need to be able to find a thousand uh people and convince them to accept my bribe all at the same or short amount of time um so to be able to convince everyone else that this verse is actually a real part of the entire quran so the more people they are the harder or exponentially harder it is to try and hijack the truth uh or the the accepted uh version uh by the community so decentralization just uh means that instead of relying on one entity or a small number of entities we are decentralizing we are breaking it apart to thousands or more members of the society so that we're not relying on just one person or group we are relying on a wider subset of the community another example uh that i like to give is of this thing called a wedding and uh weddings we like to think of as this happy event to celebrate um kind of a new husband and wife but there is also a more pragmatic reason for weddings having been sort of established within cultures or societies and this is because uh and why weddings have a lot of um um guests that come instead of having one wedding with just one imam one priest uh you have like 200 or 500 guests it's not just to celebrate but it's also to act as witnesses because let's say haris gets into a wedding and then one month later you see haris at a neighboring village going out with some woman that's not um his wife and being all romantic then you can act as a as a witness uh to let everybody else know in society that isn't behaving in the way that is best for society so it's a way to have this check and balance where if there was only one imam or priest then the likelihood that haris gets away with this in discretion is higher whereas if there are 500 people then the likelihood gets lower another modern example is the google sheet or google docs and anyone of you who've used microsoft word versus google docs you'll know the vast difference if you've ever done any group work for college or for for work you'll know that when you're doing microsoft word you have to save send it to someone else wait for it to sync and then the other person can add the input whereas with google docs you can do everything in real time and not be worried about writing over each other or having someone deleting your content this is possible because google has thousands of notes around the world thousands of servers that immediately update every time you type a single uh character and by doing so even if half of them go down the other half are still up so there's never this question of whether your version or someone else's version is the right one for this shared google doc compared to a microsoft word where it's all saved in your local computer uh until you send it to someone else and you can have multiple different versions so that's decentralization and if you understand these two things you essentially understand bitcoin already because bitcoin is just decentralized money uh if you understand this you understand bitcoin better than probably a huge majority of uh other human beings um even probably a lot more than um people some people who buy bitcoin um already because i know a bunch of people who buy bitcoin without actually understanding what it is and why does decentralized money matter uh because imagine you were a doctor in syria a few years ago you had a comfortable life you you were doing good work for your society and then suddenly bombs started to rain down and you had to run away from your home and all your wealth you can't carry with you um because you know you can't carry the syrian currency because it's not affected anywhere you can't carry your car or your house you could carry gold bars but that's very heavy and can be stolen and so you're a refugee you go to a new country and you start from scratch all that wealth that you had built over time uh is gone um now imagine if you had bitcoin you didn't have to carry any uh physical item and just carry your private key which i'll explain later uh and even if you are in some place halfway around the world uh when you get back to a computer you just enter back your private key and you can have access to this value that hasn't disappeared this value that exists on the internet and cannot be deflated by any government or company or a war that happens and that's just one example it might be an extreme example but there are a lot of these um situations that can exist and themselves just explain why having a decentralized money like bitcoin uh is an extremely powerful thing to have elaborate a little bit more about decentralized money if you think about how finance in the current modern world works unless you are exchanging cash in person you always need a trusted third party in between uh so for example if i want to send money to hisham unless i drive over to his house and give him that uh piece of paper there is no way for me to trust that i've managed to send it to him without having a third party like a bank that we both trust because even if i were to put it into a surat into a snail mail that gets sent to uh hisham might tell me that hey the letter never reached my house or i might tell him that hey i sent it to you even though i i never did and so you can never um know for sure unless you trust someone in the middle uh to execute it for you and that's what has been done by most 99.999 percent of transactions in the modern world and it works uh 99 of the time uh you have banks you have money changes and they do what they're expected to do but uh in some cases like in venezuela um like when a war happens uh these institutions break down and you can't rely on them anymore or even if when you are relying on them you are paying them a lot of money uh to do this service for you so for example if you wanna if you uh if you were a web designer in pakistan and you had a client in the us who wanted to pay you money for building a website for them you have to go through something like paypal who charge you three or four percent uh of uh the fee of the entire uh transaction so um and that's three or four percent that isn't saved by your client nor is it um rewarded to you for doing your work it's just going to this bank uh who is just whose job is just to be the trusted third party in between and we can see that banks and other financial institutions have made lots and lots of money just by playing this role in transactions now imagine if out of the bunch of us here today the say 40 of us we were to create a whatsapp group um of everyone involved here we could actually create our own form of money already uh all we have to do is have like a a small notebook like a buku limousine and every time a transaction happens we write this down on our notebook so for example uh fatin sends me 10 units of this money let's call it uh haris money um and uh every time uh someone wants to send or in this case fatim wants to send 10 then all of us we would check on this small notebook that we have we check if fatin has a balance of at least 10. if she does then we'll approve it and we'll say okay we'll uh deduct 10 from her account increase 10 in harris account and then confirm it on the whatsapp group and you know we can create like a chain and just say okay i approve and if it's not or fatim doesn't have enough uh doesn't have 10 units of this money then we will reject it and say the transaction doesn't go through so when 40 of us have approved then the transaction is considered done and even if there's no physical coin or paper that that changes hands uh according to our shared understanding of everyone's balances we agree that fatin has 10 units less and haris has 10 units more so that works but you can quickly see it doesn't make sense to rely on this because even with 40 people is going to take us forever just to execute one transaction right we have to like check whatsapp go to a book write with a with with our pen and one transaction might take like half an hour just to be uh accepted by everyone and if you scale that up to a thousand or a million users it becomes exponentially uh difficult that you know we have to spend uh our entire 24 7 just to approve transactions and not to be able to do anything else but imagine if instead of relying on ourselves as human beings we use computers or computing devices to do this fact checking for us and it might still sound a bit crazy but if you imagine how computers now can um you know stream netflix movies or play massively multiplayer online games updating this ledger of balances is actually a very very simple thing for it to do compared to all those other stuff and so you don't have to waste your time fact checking any transactions you can just rely on computers to do it for you and when i say computers uh strictly speaking here we're talking about open source code which means that the code that is running this software that's running this program is published online uh openly and publicly so there is no risk there is no concern of uh this code is hiding behind some wall somewhere that someone can manipulate or change the code is always exactly the same you open your computer and you have the same say 100 lines of code i open my computer and i have the exact same 100 lines of code and we can always um sort of fact check that see online or see our own computers to see that the code is exactly the way it's shown in public and if anyone wants to make any adjustments any additions to the code then we the individual users need to agree to accept uh this new version uh to run this in our software uh for it to be um to be run so there's no risk of someone like let's say facebook or amazon just quietly updating the software because you are running the software and you can choose to update the client or not uh and in this way the the system becomes trust minimized because you're not trusting any central company or repository of code you are just relying on yourself as someone who is running this computer or what's called a client node in the network so i'm going to take a brief pause here if anyone has any questions feel free to ask i see some raised hands um i'm just gonna unmute quick one of you so uh one furries do you have a question um okay if not i'm gonna um move on um okay i thought i saw another hand but it just got lowered uh so yeah so if no questions i'm gonna move on i hope no questions because explanation is clear and not because i've completely lost you um i i do have one comment here uh whether the slides can be shared uh i'll talk to insafe later on how we can do that for you okay moving on uh so um next is some features common to blockchain 1.

0 or bitcoin so the first thing is what's called a blog explorer uh so blog explorer is uh what etherscan does the company i vote for and before i touch on that the first thing to note is that blockchains are not anonymous so if you've ever heard in the news people talk about how you know if you're a criminal if you're a drug dealer then um these people use bitcoin to transact uh to do some money laundering if you are one such criminal i would caution you against uh using uh blockchains like bitcoin because they are in fact not anonymous at all and in some ways they are even more intrusive than the current financial system and let me explain so this is itascan a block explorer for ethereum but you'd see this a similar kind of interface for uh bitcoin as well when you go to block explorer and you enter a wallet address you can see the entire balance of that wallet on the top left here you can even see all of the transaction history of that wallet address who sent money to it who it sent money to when how much and if you know these details you can um make a lot of uh assumptions or a lot of um sort of guesses about a specific person or specific address the only saving grace you have is that this address uh all the way at the top left here is some randomized uh string of characters that you don't have the ability to create so there is no ic number no passport number that's tied to this address it's all just completely random so if you create a new address you will also see a completely random string of characters and so even if i know your name let's say i know hanif's name i wouldn't know what his address is just by knowing his name or his ic number but if i've ever made a transaction with hanif whether i've sent him bitcoin or he's sent me bitcoin now i know that that address that i received from is somehow related to hanif in some way and if it was an exchange that's licensed like you know where you need to verify your identity and give your ic details then i can very very for sure know that that address belongs to hanif and that's a lot of regulators a lot of police have been doing for the last few years they've been piecing together all these addresses and transactions to be able to trace uh whenever any hacks or any uh crime has been has been done and how the transactions have been um or how much how do the money have been uh transacted and this thing is there permanently so even if you're a criminal and you've done it today 20 years later 30 years later someone can trace all these transactions on the blockchain which is completely public and they can find you even if you've successfully been able to hide for the last 20 years an analogy i like to use for the blog explorer is if you imagine a library and in this library there is you walk up to the receptionist or librarian and you ask them i want to see the contents of this book on shelf 17b and the librarian will never stop you from showing the contents of that book there's no exclusive shelf or exclusive restricted area in the library as long as the book exists within that library the receptionist or librarian will never stop you from seeing the contents of that book important thing to note is that bitcoin is its own library and ethereum is its own library so any blockchain um is its own network and you can't go to let's say the bitcoin network to find out the details of some other blockchain because it's a separate network from each other so think of separate libraries next to each other next is what's called a blockchain wallet and the term wallet is a bit unfortunately named because when we say wallet we think of this uh thing that we carry around in our pockets uh you know we have some money inside some credit cards or whatever and we carry it along with us but a blockchain wallet is more accurately described as like a safety deposit box so if you can imagine a vault in a bank or like a safe vault somewhere where you have a key and when you open it you take out this cupboard and you see all the money or let's say your grandma's necklace that you've stored inside so this safety deposit box never goes around with you you just carry the key but the contents is always in that safety deposit box uh not in your pocket the only difference with this safety deposit box is that it's in the cloud uh in the internet so it's not a physical vault that exists somewhere it's just a string of code that exists uh within thousands of computers around the world um yeah so it's very important to understand that what people generally call wallets are more accurately described as a key to a safety deposit box instead of the wallet itself if you go back to the analogy of the library earlier a wallet is something where if you walk up to the receptionist and you say i want to move this book from shelf 17b to shelf 36a i don't want to just see the contents i want to move it around and when this happens the receptionist will ask you can you prove that you are the owner of shelf 17b if you can by showing your private key or private key for your wallet then the receptionist will listen to your instructions and move it around but if you cannot prove it then you will never be able to move the book from shelf 17b even if you have proven it and you've moved it now to 36a but a couple minutes later you're like oh um sorry i meant to send it to a different shelf not 36a even if that were to happen the receptionist will say okay the book is now in 36a uh unless you can prove that you own 36a i cannot move it around so the wallet becomes your sort of key to be able to tell this librarian to move the book around within the library so wallets are using this technology called public private key cryptography i won't go into the technical details but a quick way to understand it is if you can think of the public key as your mailbox or the address to your house where let's say you want to buy something from lazada you have to give them your address so that they know where to send the package whereas the private key is both the mailbox and the key to open your house's door and this is very important to understand so the private key is not just the key it's also the address to your house so if you ever accidentally give someone your private key it's as if you have given them uh the map uh a map with an x marks the spot uh and the key to your house door uh so that if they now have these two things even if they don't know anything about you they can drive over to your house take the key and open the door grab everything that's inside your tv your fridge whatever and move it into their own house and there's nothing you can do to stop them when this happens and this is very very important to understand that in the blockchain space you are your own security there's no bank negara there's no forget password page that can help you if you ever lose your private key or you have it stolen you lose access or you give someone else access to all of your wealth and this actually creates some sort of a lot of paranoia in in people uh because if you can imagine uh let's say you have a brother or a wife that you give your private key to uh and let's say um your wife or your spouse after five years you you get you guys get divorced then at that point they can when you're not happy with each other uh the other party can just take all of that wealth away from you and there's nothing you can do to stop them so yeah it makes a lot of people a lot more paranoid uh generally there are three types of wallets so the first simplest one is what's called the paper wallet this is because when you create this wallet you will be shown your public and private key as shown down here the idea is you should never save it in any digital format in your own computer or or even take a a a picture because if you've ever heard about these cases of like celebrity um like adult videos that get shared a lot of times it's not because these celebrities are intentionally sharing these adult adult videos to the public it's because they are doing it for their own private users but then they think they've deleted it from their computers they sent it to a repair shop and to repair people know that you can never really delete a file from a computer so they then recover that file and they share it outside so the same thing can happen to your private keys even if you've deleted it someone can recover that private key later and now they have access to all of your web so the idea is you should always print it on a piece of paper very backward technology based you laminate it and you store it in at least two different places they are very very secure for you because if one place uh let's say your house gets burned down at least you have another backup place that has your private key the second type of wallet is what's called a hardware wallet so this is secure and you can carry it around with you the paper wallet you never want to carry around because let's say you put it in your real physical wallet and it gets stolen then you know you are risking your entire wealth but with a hardware wallet uh it's a device uh commonly shaped like a pen drive and secured by a pin even if this device gets stolen from you um uh the thief cannot easily guess your pin so it will take them time uh to randomly guess to be able to break into your device and when that happens you can go back home find this 24 seat passphrase as shown in this picture you can enter that to any wallet software and you can get the same access to your wallet you can then move this out to a completely new address so that by the time the thief breaks into your device which will take very very long there's nothing there for them to steal so it combines the security as well as the convenience of being able to carry your wallet with you the third time a third kind and this is on in blockchain 2.0 is this thing called a web tree or smart wallet uh that's generally either a mobile app or um let's say an extension in your browser and with these you can do a lot of very sort of complex uh transactions from your computers so i'll explain a little bit more about these complex transactions later um under blockchain 2.0 okay so that's about wallets next um sorry i see a question here from daniel daniel's asking whether luna or binance are they considered wallets i actually will answer that uh right after this part about mining so hold on to that these are exchanges short answer is it's not wallets but i'll explain a little bit more later um so the next thing is about mining and a lot of people talk about mining and you might see in the news as well that you know people are making a lot of money they're cheating tnb for electricity so i'm not going to talk about how to make money from mining um you might make a lot you might not but i'm going to talk about the uh how it works and why it matters and in my opinion is actually the most beautiful part of the blockchain so first is before you can understand mining is to understand hash functions so a hash function is a mathematical function uh there are many different types where when you enter an input like in this case a cat or car and the function here is catch up to five six when you enter the lattice c80 you will get an output that is completely random um from your eyes like you you would never be able to guess by typing cat that you would get this very very long string and importantly even if someone else entered the letters cap halfway around the world if they use the same ketchup 256 function they will also get this exact same result and then if you change one character from t to r so from cat to car the result will also be completely different that you would never be able to guess from the first answer that you've only changed one character to get the second answer and there are some common characteristics like they all share the same number of characters and so on but i'm not going to go it too deep in the technical details but the idea is that it's a mathematical function that you can enter and input and you will always get the same output for the same input which is completely difficult to be able to guess one way i like to describe it is if you take back to your high school maths classes if you've done like exponentials let's say 7 to the power of 3 that's a lot easier to calculate compared to the cube root of 3 the cube root of 7 because it's just the way that the the function exists to do it one way is a lot easier than to do it the other way another analogy i like to give is think of a snowflake where snowflakes all snowflakes are apparently unique and none of them are the same with each other so a hash function allows you to let's say melt the snowflake and it becomes a puddle of water but to be able to reverse that function of melting uh to from that puddle of water you make it back into the unique snowflake that it was uh is extremely difficult so one side uh is a lot easier to do than the other side and okay this is maybe a little bit of topic but i just want to cover it very quickly uh in blockchains there are these things called the merkle tree which is basically just a hash of a hash and um so imagine uh if the the top part here are all transactions and we use uh colors to indicate um so so each uh square at the top is one transaction if you try to cheat by saying that okay instead of this green transaction i'm going to change it into a pink transaction by doing so you will change all of the uh hashes um for the next layer so for example instead of this kind of turquoise color you'll see a purple color and it the that difference uh travels down so because on the second layer it's already a different color when you go all down you'll also see a different color and so if you were trying to cheat me by by changing one transaction i can just very quickly look at the bottom square and see that hey the color somehow isn't uh what it's supposed to be uh it's not matching this kind of greyish color it's becoming this maroon color so i will quickly know that you've done something bad to the block of transactions and i will reject what you're suggesting to me so this merkle tree function uh hashing of hashes just allows you to be able to quickly verify whether something is uh correct or not without having to do the um enormous work of of computing the the mathematical functions that's being done so you can verify quickly even though uh to execute is a lot more difficult um so i'll mention a little bit about all the hashes stuff later but if you go back to the example i shared earlier about having this network of computers that we can use as our form of money um so even though they're you when we're using computers we're not taking up our time like you know you know opening up our notebook and writing these things down but uh we there is still a cost to us because when you run a computer you have to pay your electricity bills right so um you know to run the computer 24 7 you have to pay an an electricity bill of let's say a couple hundred ringgit and if the only people that are transacting in this network is uh as mentioned earlier fatin and hari you will very quickly um decide hey i'm paying a couple hundred bucks a month i'm not actually using this network uh only haris and fatin are um like getting any value from this network so then you will go like okay i'm just gonna shut this down uh when i make a transaction then i'll turn it back on and this is a horrible thing to do because if everybody does that and the only two computers that's on are haris and fatins then the two computers can can cheat the transactions they can you know make spend more money than each of them have uh or do a lot of hanky-panky stuff until and they won't get caught until all of these other people who had their computers turned off uh turn it back on and by that time they might have cheated uh people from a lot of value already so to tackle this problem satoshi nakamoto created this thing called mining where um there is a block of chains that get created and every time a block gets sort of created out of thin air along with that block comes some new bitcoin i guess created so the word mining comes from the idea of gold mines where you could be like mining uh like trying to break the earth trying to find gold until you randomly find um this this gold pieces and that gets added to the supply of gold in the world so um even though mining doesn't you know require you to use your your pickle and shovels the idea is that by running a computer that's connected to the network even if you're not making any transactions so only fatigue and haris are transacting with each other uh you are still incentivized to keep your computer running because um randomly by random chance your computer might be the lucky one to have mind a block and when you mine a block you get rewarded with new bitcoin uh and transaction fees that harish and fatin sent to each other so even if you're not transacting anything you are now potentially earning money by keeping your computer running so then um this idea of like turning off your computer uh doesn't exist because now you want to keep your computer on because you can make money uh so yeah so that is a very uh personally for me the most beautiful part of uh the bitcoin blockchain uh having this game theory of incentivizing people who otherwise would have no reason to keep the computer running but now they do because they can get uh the bitcoin block reward so i mentioned transaction fees um so generally you have to pay someone a fee when you're transacting on the blockchain uh typically people might say hey why yeah why do we have to pay this fee like in the real world i never have to pay fee to uh anyone if i use visa but in actual fact you actually do but the cost is usually born by the merchants uh and it's not the merchants are doing this for free they actually add that to the cost of whatever item that you're buying so you actually are paying a transaction fee in the real world even though you just don't notice it because it gets abstracted away from you so blockchains uh another cool thing with this game theory that satoshi created is the difficulty becomes adjusted so imagine a lot of us see that oh mining makes a lot of money so i'm gonna start a mine and everybody else is gonna start a mine um so even if there were a hundred computers uh you might let's say on average um solve this puzzle in a in say 10 minutes and then if there are a thousand computers then the chances of you solving the same puzzle uh would be much of someone solving the puzzle will be much higher and so uh it might take less than 10 minutes for this puzzle to be solved but satoshi did this thing where the difficulty becomes adjusted so the more uh miners there are uh the the difficulty of the puzzle becomes higher and higher or harder and harder such that on average you would expect one bitcoin block to be mined every 10 minutes uh and this is specific for bitcoin for other blockchains it might take a different amount of time so for example ethereum takes 15 seconds and other chains take different amounts of time as well i've skipped a little bit here so i mentioned the hash just now that the reverse function is much more difficult than the forward function so mining just basically involves having a hash where you are given let's say the answer instead of given the word cat you are giving that very long string and now you're supposed to uh reverse the answer from that long string into the words cat so the difficulty is much higher uh and so all of these computers that are mining are basically just guessing answers uh they're literally like like if you if you imagine like in a movie where a bank robber is trying to like get into a vault and they enter a device that just like randomly guesses um four digits until they find the right one so that's all that the miners are doing there's no like fancy stuff they are just like trial and error guessing until they get the right answer yeah so that's uh mining in short um this specifically refers to the consensus mechanism of proof of work uh there are other consensus consensus mechanisms out there um but yeah that's for a more advanced topic i think for for now we'll just focus on proof of work first there are other ones as well so um yeah one final note on mining the word blockchain itself comes from this idea of having a block of transactions where you group transactions together let's say 100 transactions you group them into a block and then that block gets mined by a computer and when it gets mined it gets added to a chain of other blocks so the word blockchain comes from this idea and if you want to hijack the content of one block that was maybe 100 blocks ago you then have to hijack every other block that came after it uh and in the case of bitcoin you have to do all of this within 10 minutes because after 10 minutes a new block gets created and so all of this hijacking effort that you tried you now have to redo it again because all of these blocks are kind of reliant on each other and so uh if you were to change the content here you will change the content of every subsequent block as well so that difficulty as with the quran example i gave earlier becomes exponentially harder the more blocks there are that you are trying to hijack so the next question after this uh people get excited and they think about how how do i buy crypto so commonly there are two ways to buy and you can buy over the counter basically if you know me you know i'm looking to sell some bitcoin then you can find me and we can arrange with each other or negotiate with each other but much more commonly people will use these things called exchanges and exchanges are just essentially marketplaces you know over uh human civilization we figured out that having a marketplace that is like a shelling point that where people come together um it's much more likely if you have let's say a loaf of bread that you will find someone else out there who has uh who wants to exchange your loaf of bread for a piece of chicken or between a few different people a few different transactions you can give your loaf of bread and get back a piece of chicken it's much more likely to happen when there is a marketplace where everybody congregates together so an exchange does something similar but only digital except that it's in the digital space there are commonly two main types of exchanges one is fiat to crypto and one is crypto to crypto so fiat to crypto is that where you use your ring gate or your us dollar generally these are licensed because you are using your country's fiat money in malaysia there are only three license exchanges right now uh luno synergy and tokenize there's a subset also a broker and marketplace where a broker you just give them the price that they quote to you whereas a marketplace is where you can put in a maker and take your order uh if you're familiar with uh the boosa stock exchange it works the same way and then uh there is the crypto to crypto exchange where uh because the fiat to crypto you can typically only transact the top five or ten cryptocurrencies but you can't buy this current cryptocurrency that is a this small one that nobody else has ever heard of um to do that you have to go to this crypto crypto exchange and use your uh let's say bitcoin or ethereum in exchange for that smaller currency the key thing that i want to cover when you talk about exchanges and to answer danielle's question earlier is that exchanges are not wallets these are very different things and in in in many ways an exchange is um the anti-thesis of what a blockchain is supposed to be about to give an analogy think of a money changer where uh you know you want to exchange let's say u.s dollar for ringgit and you walk up to the money changer and you give them 25 and they're supposed to give you back 100 ringgit but imagine a scenario where in this case you're like i don't want the hunter ringgit in my wallet i've done this exchange but i want you to keep whole of the huntering gate for me i trust you to to keep it for me and then you go back home and then the next day uh you hear the news you find out that oh this money changer has actually just been robbed or um got burned down or the owner like disappeared and ran away with the money um in that case even though you've exchanged your u.s dollar for ringgit um because you never took that rigate into your own wallet and you trusted the money changer when they ran away all your money is also now just gone uh and that's what commonly well and that's what can happen with exchanges because what you're doing is you are trusting the exchange to hold on to your crypto for you uh you have let's say one bitcoin you're telling them okay i trust you to uh secure my bitcoin for me uh i'm not gonna take that bitcoin and put it into my own blockchain wallet and then when the exchange gets hacked or they hack themselves then um your money is gone and a lot of the cases that you hear in the news about how bitcoin has been hacked um bitcoin itself has never been hacked no one's hacked the platform or the network of bitcoin what's happened is that they've hacked the wallet of the exchange uh for hundreds of millions of dollars for the bitcoin um because the exchange didn't take care of their private keys uh that um in a good way uh so if anyone talks about how that is hacking bitcoin it's the same as if we were saying that the ringgit has been hacked because a money changer uh has been robbed it doesn't make sense uh to make that statement and um the fact that you are trusting an exchange to hold on to your money for you is against the idea of blockchains of or against the idea of decentralization because the idea is that you don't have to trust anyone you just use your own wallet you trust you only yourself and your own uh best practices instead of trusting someone else so when these things happen you know a lot of people will say why not just use a bank why bother i use blockchains or cryptocurrency when you can trust um if you want to trust someone you might as well trust a bank that is fully licensed and have a big reputation to uphold okay i'm going to take another quick pause because i see some questions in the chat box uh feel free to raise your hand as well to unmute um okay so daniel already asked about the wallet uh one fairies asks what's the difference between proof of work and proof of stake uh there's a lot of difference here um and i know i don't know if i can answer without like taking up too much time from the uh topic um but again a quick answer would be uh proof of work is where uh you need to create you need um you need to to have this computing devices called miners uh to do the verification whereas when it comes to proof of stake you have to stake uh a certain amount of that particular cryptocurrency uh to um to do the verification um yeah that's not a very good answer but i think that's the answer i can give right now if there's time we can delve into this at the very end if we still have time um okay we have more questions andrew asks what's the difference between exchanges like binance and taxes like uni swap actually i will explain that a little bit later so um hold on a little bit um justin asks the wallets are not governed by passwords but a set of specified keys in the correct sequence um yes so a wallet is is secured essentially by the private key um you don't get to choose your private key it's created when you create with the wallet um yeah so it's well not governed like secured by that private key generally when people use a web tree wallet or a hardware wallet there is another layer on top where you put in like your pin number or password uh so in that sense there is a password to access the wallet but in actual fact like if you look at the bare details then it's only the private key there's no password or opinion as i mentioned earlier if you have the private key to a wallet then from the blockchain point of view you own that wallet it doesn't matter what the legal system or what your bank says as long as someone has a private key to a wallet but for all intents and purposes they own their wallet and which is why because exchanges will hold the private key to their wallets so even though they tell you that that crypto belongs to you um it's actually just yeah their word that you have to trust from the blockchain point of view the crypto belongs to their wallet that they hold the private keys to all right you're welcome justin okay so moving on i'm just checking my time okay uh uh we're gonna take a little bit uh gonna be a little bit over time so apologies uh for that people if if you need to rush off uh there's some uh there's going to be a recording as well so you can check this later uh moving on to blockchain 2.

0 and uh why what difference this makes so if blockchain 1.0 was about decentralized money uh blockchain 2.0 is about this thing called a smart contract and this is also another jargony kind of word but you can think of it very simply as um imagine a vending machine where someone from 100 years ago when they see this vending machine they might be like this is magic right because like there's no human being that is making any decisions when you give it five bucks the machine knows somehow that it's supposed to give you back three bucks and if you press coke it will give you a can of coca-cola like there's no human being there's there's no um it's magical because this machine somehow knows what to give you but if any of us here have done any basic programming or have even used something like microsoft excel we know that there are these things called an if function or conditional statements and all the vending machine is doing is that it's checking if the user enters five dollars then give them back three dollars and if they choose uh coca-cola then drop one can from the coca-cola shelf inside the machine it's actually pretty straightforward once you understand it and another like commonly hyped buzzword other than blockchain that people like to talk about is this internet of things and a common example given is of this smart refrigerator where if you have eggs in the fridge and it's running out because you've been using it then the smart fridge knows that okay the eggs are running out they will automatically make a transaction to a online grocery store to have eggs delivered to your house and all it's doing is it has a sensor that checks whether the egg holder is now becoming empty uh and once it reaches a certain threshold then it will make an order to the grocery store but the smart fridge and the vending machine both are relying on the centralized financial system that we're used to so there still needs to be a bank that everybody trusts to execute the transaction for you so the smart contract basically just combines this idea of the decentralized money where you don't have to trust any central party as well as that if if then function or conditional statements uh to create what's called a smart contract so bitcoin is limited and done on purpose um the the script or the code that runs bitcoin cannot do a lot of uh functions cannot be very programmable so um let's say if you had an employee and it's the end of the month and you want to pay them their salary it's hard um for okay for the purposes of this example we'll just say it cannot be done although it can be um on bitcoin it's hard to be able to program this so that the salary is paid automatically you actually have to go to your computer uh type in the instruction to send the salary to your employee which adds a bit of time a bit of work for you right whereas on something like ethereum you can code it such that if it's the end of the month and this person is still my employee they haven't done anything that is blacklisting them from getting any pay then i will use my smart contract to automatically pay them their salary like i don't have to go to my computer and type the instructions to pay so commonly one one way to look at this is to see the shift between our old mobile phones and to the smartphone uh when the iphone got created so with the old mobile phones any applications on there like some snake game or some simple camera um has to be created by the company that themselves so if you're sony ericsson you have to create those apps yourself whereas with the iphone uh with the app store apple doesn't have to create the apps themselves they open it up for any app developers in the world to create a game or some other app and they can leverage on the app store um to build all kinds of apps so when you are uh unlocking this kind of capability to program many different things um that shift is similar for from a non-smart contract blockchain to a blockchain with smart contracts um as if from an old mobile phone uh to a smartphone and another example also is if you can think of a calculator which essentially is a computer because you can compute certain calculations it's very good at what it does but it's very restricted you can't use your calculator to play a video or or play some game whereas a laptop you can use it for a lot of other things as well so that's commonly what's described as the difference between a smart contract and a blockchain without a smart contract for malaysians uh one example i like to give is this idea of a blockchain election where um in an election in malaysia um up until a few years ago we were always complaining that some blackout is happening i don't know if my vote for the blue party has been changed to the red party or otherwise because someone else might be like changing my vote behind the scenes even if this was done online i don't know if like the website admin somehow is changing my vote without me realizing it after i've casted my vote on the user interface of the website but if there was a blockchain with smart contracts then when i'm casting my vote the system can check that okay first haris is registered to vote he is above 21 he is in this particular constituency and very importantly harith has not voted yet in this election and only when these conditions are met then my vote is accepted and entered into the system and then if i want to go back home and double check that my vote isn't been hasn't been tampered i can check the blog explorer and i can see that okay my vote for the blue party is still with the blue party it hasn't been changed to the red one so i can be confident that the election has been done in a way that is transparent and that's just one theoretical use case i'll be very upfront that uh right now the technology hasn't really evolved yet because there's a lot of other considerations when it comes to elections so if you ever hear about blockchain elections take it with a pinch of salt uh as far as i know there hasn't been one full-fledged use case for this yet but it's just to give you an example and there are many many many things that you can use smart contracts for i'm just going to run through some of them because otherwise we're going to like take way more than they are at the time that we have but some uh ones that that we've already seen are for example the ico or initial coin offering the peak was in 2017 2018 uh a lot of people made a lot of money uh a lot of people also lost a lot of money uh i'm not going to talk about how you can make money from this thing and i'm going to be upfront that probably 99 that were created were scams and out of those probably 99 of them uh have or will probably fail but what i want to talk about is the use case it's unlocked because imagine that you wanted to invest in google or alibaba when they first started out unless you were a very rich and well connected person or venture capital fund in silicon valley or shanghai it would be very difficult for you to be able to buy stock in these two companies you can only do it until much much later when they're doing the ipo and by that time the value or has already gone up by a hundred or a thousand um x with icos you can kind of invest in a team of a project that potentially can be the google um of the the next century and you can do that without having to be very well connected um or extremely rich you can do that with even like a few dollars worth of investment and on the flip side if you had this idea to become the next google uh of the world you had this crazy idea that can change the world before this you would have to also be well connected uh and give up a lot of your equity to these venture capital funds to be able to get capital for your business and evaluation that may not be what you think uh it's worth but with icos you don't need to have these strong connections you just need um to create the code publish it online on post it on reddit or twitter and you theoretically have millions of people who can invest in your business from the get go without having to go through the whole vc uh fun route and i'm not saying this from a theoretical example like this was like i said 2018 like three years ago i have actual experience from using this technology to participate in icos or token sales and i also participated in what's called equity crowdfunding which is a completely licensed in malaysia and the experience is completely different where with icos i can send my ethereum and and and get the uh the token that i'm that i'm buying within minutes or seconds uh with equity crowdfunding i had to transfer to a maybank account online and in my case they actually told me one day later that by the time i transferred it was too late because they already maxed out their allocation and they would refund me and i had to wait and wait and wait and only a month later did they actually give back uh my refund to my bank account and if it wasn't because this particular platform was licensed by the malaysian regulators i would have been very concerned that they had run away with my money and it's not because they are doing it out of any bad faith but it's just because they are using this centralized infrastructure where they need uh human beings or people in finance teams to verify that this transaction was properly done and this is the amount that can be transacted or refunded so the difference is between the if then function and the human being that is checking it based on their own nine to five hours um so just to show you some numbers um these are some projects even now uh in 2020 and android 21 have have raised a lot of money for their projects using this ico function another example is what's called a dao or a decentralized autonomous organization the analogy that i like to give is imagine uber or grab in in our case and how they have been experimenting with these driverless cars and um the idea of driverless cars is that you know you enter a car there's no driver there um you just pay you're using your app and the car knows where to drive you to and drop you off the dao extends this idea to what if it wasn't just a driverless car but also a humanless company [Music] where um you know there's no employees there's no finance there's no hr all of these functions are done via smart contracts via pieces of code so that you enter the driverless car and you pay using your app the money directly goes to the smart contract instead of some finance team that's checking it and and using the smart contract it gets used to pay for let's say the car's maintenance uh and the car itself knows that after six months or ten thousand kilometers as tracked by its sensor it needs to automatically drive itself to a partnering maintenance workshop and then pay automatically from its smart contract address so this is very fantastical uh probably not going to happen in the next 10 years but the um it is possible to imagine this with smart contracts being around there are already uh dials that have been created uh a lot of them with financial use cases not so much something like transportation uh and and they've raised billions of dollars um and they're actually transacting billions of dollars uh using these dials there are not there's no company that's that's backing them uh it's just a bunch of smart contracts and an online community of users there's a whole industry called defy or decentralized finance and basically anything that you can see in the real world when it comes to finance it has already been replicated in the blockchain space whether it's insurance lending derivatives of funding uh payments all of this has already been done uh it's still in nascent uh stages but there are currently billions of dollars that are being transacted from people in let's say venezuela to people in korea um and then without any kind of banks without any like financial institutions that is trusted between these people i like to tell my friends who are in the traditional finance world that they probably within the next five to ten years their jobs might get completely disrupted because they already exist platforms that can give people loans without having to go to a bank and not just that the normal user like you and me can also become the lender like we now don't just need to participate as a customer that is only borrowing uh from the bank we can be the bank ourselves by using these platforms we can be the lender we can be the capital provider for insurance we can be the capital provider for an exchange market maker and we can earn fees from it uh from lending from uh market making all of this stuff we can already earn fees and a lot of us in the crypto space are already earning fees that typically are earned by uh the banks in the real world so yeah this is something that's probably going to completely disrupt finance in the next five to ten years and yeah if you're in that space and you're not keeping tabs on this then you might be in for a root surprise in a couple years time so to answer uh one of the questions earlier so one subset of d5 is what's called a decentralized exchange if you remember what i mentioned earlier about exchanges that you have to trust them to hold your money for you a decentralized exchange is one where it's completely run by smart contracts you never have to trust your crypto or let's say your ethereum to any human being or any company it's always in your own wallet and there is a smart contract that you give access to and only when a condition is met then it will take let's say my one eater from my wallet move it to someone else's wallet and then take someone else's token let's say uni let's say it's 10 uni and automatically transfer that to my wallet because it's done via smart contract which is open source that you never have to uh worry that someone is like somehow changing the code it's already published online and cannot be changed then you never have to worry that you know the money that you are um looking to exchange can be somehow hijacked or hacked away uh from you or or stolen from you so these advice exchanges are extremely powerful our uni swaps only existed for about a year plus and they are currently already having volumes that uh competes with the largest centralized exchanges in the world and like to be very detailed specific uni swap uh the example that i'm showing you is itself not just any kind of dex or decentralized exchange it's what's called an automated market maker so i mentioned earlier like i am actually making money right now from doing this thing because i'm providing the capital for the platform to automatically market make a market make just means um basically buying and selling to match people's orders and make the exchange a lot more liquid or a lot more uh competitive um so this is already done um unison is the probably the best example to give of a completely uh decentralized sort of financial service that you never have to trust any company or entity um to run it for you oh and one thing with unison one very good example i'd like to give is that so the unisop team is based in the u.s they've created their uni stop smart contracts and they have a unisop website so the us government actually told them to block any transactions done by iranians because the u.s doesn't like iran and so the team they blocked iran ips or basically iran computers from connecting to their website because they had to comply by their government but the smart contract itself the team has no control over the smart contract exists on the blockchain um and the team cannot stop anyone from using that smart contract and what's happened is that the community uh around the world then created their own uh mirrors of unisot website um like if you've ever done any torrents uh you'll know how this works like you have your pirate bay that exists in multiple different domains so a lot of people created these mirror copies of uni swap and with their copies they never block iranians from using so the iranians can go to this other website and use unisoc just like everybody else so even if the team itself wanted to block people they cannot do it and that's just an example of how you can have a decentralized financial infrastructure it cannot be censored or blocked by any company or government um i'm just gonna make sure i don't take too much time i'm gonna probably skip a couple stuff here but um so another part of defy is what's called a algorithmic stable coins uh so very popular one is called die it's a stable coin that so basically it's pegged to the us dollar and while other stable clients you have to trust that the company is holding the u.

s dollar somewhere in this case there is no trust in a company involved because for you to be able to create a die stable coin you have to over collateralize you have to have let's say ethereum uh lock it in a smart contract somewhere and then um let's say a hundred percent of your ethereum is locked and you can only uh mint um fifty percent of that ethereum's value uh into dying and then you can spend it around um the analogy is actually very similar to pajar gaday or pawn broking so if you have a gold bar or your grandma's gold necklace you can go bring it to the pawn broker and leave it in their hands and in exchange they'll give you a loan of money and the loan collateral is always over collateralized so if your gold is worth 200 bucks you can only get loan of let's say 100 bucks so that if you run away and never pay back your loan uh the pawn broker just takes your gold necklace and and sells it off uh somewhere else so uh the idea is very similar um with this die stable coin you are locking away your ethereum collateral and if the value of ethereum drops below a certain threshold then the platform will automatically liquidate uh your collateral so that you can never get access to your ethereum bank anymore it's already sold for the market um i'm gonna skip yield farming and liquidity if anyone's interested i can answer this right at the very end so that the people who have to leave can can leave first uh yeah this one skip as well there are many many other use cases not just in d5 so for example you can buy a domain where if a wallet is a completely randomized string you can buy a an address name like harith.eth using a smart contract and you can use this as a form of reputation as a form of identity in the blockchain space there's also online advertising so one uh project called brave uh if you've heard of them they they have a browser called a brave browser which works almost like chrome and in this case if you see ads on their browser they actually pay you their cryptocurrency or token called the b80 so this is actually from my own my own use i get bap from using their browser and being shown ads they are what's called non-fungible tokens which is actually very very hot right now where people can create digital art that is um can be proven in its authenticity so let's say your famous artist let's say banksy can create a piece of art that in digital format anyone can copy and paste but you can use the blockchain to show that this piece that you just bought from banksy is the actual original piece based on on the blockchain so you can have that kind of bragging rights that a physical piece of art gives you so that's just one example there are many many other use cases of nfps on unfundable tokens yeah another another case there were actually people in uh in the philippines who survived using an nft game as an income uh so they played the game uh using it for some nfts and they actually got rewarded uh with tokens for playing it and they actually lived off of that in the difficult uh covet times there's also community currencies there's one in kenya it's it's kind of a charity project run by this project called grassroots economics you can google them they run this sarafu coin food network where people in kenya use this community currency that's backed uh by a blockchain so that they can multiply the impact of any donations given separately there's also reddit which is one of the largest social media platforms in the world they have created their own community currencies that people can use and buy right now only two subreddits the slash cryptocurrency and r slash fortnite have their own community currencies you have personal tokens where people can raise money from others and pay them back as a bond with with an extra rate of return so the idea is this actually has already been done by an nba player he got people to give him money and he pays them back as from his future salary as and when the salary comes in and he also creates a relationship between him and his backers office i can also be applied for people who are applying to go to let's say expensive university and in the future pay off these funders from their future salary what's called an income share agreement uh this parametric insurance uh i'll skip this unless people ask me later but basically automatically insurance that pays off automatically uh without any claims having to be submitted uh this micro credit where like livestock like cows can be used as collateral because it's tracked by a combination of nfc technology and blockchain and other technologies uh so that farmers who typically don't have access to credit from banks can use their livestock as collateral uh to get credit um yeah then there's also some um kind of fancy economical stuff i can explain this also later and so the idea of ethereum is that it is decentralized applications where if you have an application on the app store on iphone you still need to rely on the apple company not to censor you or block you in ethereum you can create any app and no one in the world can stop you from building it or from using it it's also programmable money because you can do a lot more things with your money automatically compared to something like bitcoin and i like to say it's also unstoppable applications like with the unison example even the us government which is the most powerful government in the world cannot stop an iranian from using uni swap because of how it's done on the ethereum blockchain okay before i move on let me see if there's any more questions johan asks if failed icos have an obligation to refund the money raised so this is an interesting question from the blockchain point of view because the blockchain doesn't care like i say it just cares about who owns the private key to which wallet so as long as you hold the private key to a wallet that holds a specific token then you own it there's no there's no argument of refunds or whether someone is being scammed or whatever in the real world there is a legal there's laws to be followed and so this is why the ico market bubbled in 2017-18 but then crashed because the regulators uh uh securities regulators came in and stepped in and said that these are not allowed and so even if whatever you want to do on the blockchain you still exist in the real world i can still find you and find you or imprison you so you see a lot of people have stopped from doing this which is actually a good thing because the people who are doing this now are making sure that they follow whatever regulations that exist um but yeah uh the the obligation to refund is on the legal side of things uh between human beings not on the blockchain side of things between smart contract or wallet addresses uh so someone's asking me okay just thanking okay so uh you're welcome um murshid is asking earning indeed taking from me is it sharia compliant uh as i assume it is interest based um that depends um i think i'll mention sharia um actually i'll just machine it now i don't have an actual slide for it but since we're talking to inseph um sort of audience so uh in in sharia and i'm sure asif people can corroborate me here it's actually very simple everything is halal everything is allowed uh unless there is evidence against it uh so there's this maslah there's this um idea of um everything is is allowed until there is evidence that it's doing something that is not allowed so blockchains or cryptocurrencies are generally allowed um unless they are doing things they are wrong uh in islam so for example if they are if the crypto token is backed by let's say uh um harmful drugs or pornography uh then it is harmful and then it is uh illegal um when it comes to cryptocurrency then um the sharia also has a law on currency and if something is uh to be used as currency then you have to apply these things called the ribowi rules where to simplify it generally if it's trading uh like for like then it has to be of the same value and it cannot it has to be done at spot which means that uh a lot of scholars have said at t plus 0 where define it depends on what the thing uh the platform actually is so if it's a lending platform where the return comes from interest then um majority of of uh scholars will say interest clearly is wrong so you cannot profit from interest in a halal way very small minority i think will say that there's a difference between interest and use and usury but i'm not going to delve into that if for example the feed the earnings that you are getting is by market making so you are providing capital to an exchange and uh whenever people are making a buy or sell order you are just providing the capital so that the platform can match their buy and sell orders in that case i'm no scholar but i will say that that is completely halal because you are providing a service and you're actually risking your capital because there is a thing called impermanent loss which is a advanced topic i'll mention sometime some other time but there is a risk that you're facing with doing that um so and also that you're providing service so that should be a halal or shara compliant way of making money so this is some examples the short of it is it depends on the underlying asset or the underlying mechanism whether that mechanism or asset is itself shared compliant and i will say that i don't think a lot of islamic scholars at all are familiar with crypto much less defy so it's very difficult to get uh an answer from them because whatever answer they give may well be an ignorant answer uh in the sense of the technology uh so it's my hope that there are more of them that understand this technology better and i'm more than happy to share with them if you know any of them uh that we can come to a um answer that is as close to um um a knowledgeable answer as possible okay uh then uh yasir is asking scarcity is important to retain value what makes blockchain scars in general so um generally speaking it's not necessarily scarce like you could create your own uh blockchain today and you can have that supply uh function uh what i mentioned earlier uh inside the mining topic where satoshi created this uh a block reward that gets uh rewarded to every new uh to a miner whenever a new block gets mined so theoretically you could also create a blockchain and the reward that you give that you give to each new block is extremely high so just because something is a blockchain doesn't mean that it has necessarily a scarce supply or scarcer than your fiat money in bitcoin's case it's actually been uh coded in from the start that the total supply will only ever be 21 million and every four years there is a halving that happens where if um let's say that um currently one block gets um 10 bitcoin i can't remember the exact number but let's just say it's 10 bitcoin uh four years later automatically by the code that is already published is already open source the code will automatically cut that reward to from 10 to five so it's halving the new supply of bitcoin or the rate of new supply of bitcoin um so as long as the community as a whole agrees that the bitcoin code that we will run is only this code like if anyone else out there wants to create wants to add a new line in the bitcoin code that says the supply is now not half every four years um even if someone was was to to create that code they now have to convince all the thousands of computers around the world there are nodes to the bitcoin system to run his version of the code instead of the current uh canonical version so yeah it's it's like the quran trying to hijack the quran with a verse like unless i can convince everyone else to accept my version of the code no one else no one will use my version so the supply will always be what the current uh version of bitcoin uh is saying uh there's a more advanced topic here um where 31 million might not be feasible from a security point of view but i'm not going to delve into that but the idea is that the code is already published it's already open source so unless everyone within this community agrees to run a completely different set of code then it will always run that way and if that code already bakes in itself a scarcity element of a limited supply then it will by nature uh be scarce in supply i don't know if that answers the question exactly but i hope it helps there are other blockchains out there for example ethereum that doesn't have a fixed limited supply and their approach is minimum viable issuance where uh the the inflation theoretically could still be changed the community has never made a a social contract with each other to uh fix it in at a particular number uh but the the social contract is to uh agree to to have this supply be whatever is necessary to ensure that the blockchain is secure um so jesse is asking how can we access the code i think you can just google uh bitcoin core uh repo uh or github uh you'll be able to find it uh basically any client that runs bitcoin like if you wanted to run a bitcoin client or node on your computer um it will be running that code like if you if you download that client the the the website that that has the client somewhere will show the code that is running bitcoin because it's it's it's the exact same uh code uh okay there's a new question here lawrence is asking let's say you create a real life business we have that where customer can exchange product how to hide how much each of the customers have as it is in here so that's a good point um in the real world we might not want people to see everything we might not want to have full transparency and this is a standing um kind of topic uh there's no real fixed answer here it's up to you essentially uh so for example i used to work at hello gold and hello gold um was creating this permissioned blockchain uh where the idea is it's not a fully open blockchain that anyone in the world can see uh it's a blockchain that has a limited uh number of participants uh who can see the details so for example it's people like ben nagar like um like corporate partners and the idea is that hello goal can show the goal balances uh to this uh closed group of of uh participants so that they can verify that hello goal is it like adding a new kilogram of gold here or double spending some amount there um so that these uh corporates or these regulators can double check but the outside world the average person cannot see uh those uh details like you're mentioning with the block explorer like either scan so if some machine somewhere suddenly gets 10 000 ringgit or 100 000 ringgit um bequeath to them there's no risk that their neighbor can check her address and find out because that layer is abstracted away from the public so that's one solution generally called uh using a permission blockchain uh there are generally there are other solutions that's being worked on as well uh one is creating a privacy layer um so so people can't see which address says what at least in an easy way uh or creating like mixes um in in a specific blockchain or a mixer application but yeah those are some ideas and there's no real uh like right or wrong answer at this point um yeah i hope it helps so okay uh i think we're way past one one and a half hours already i'm just gonna very quickly run through uh the last couple sections so some local companies and communities so eater scan that i work at uh is a block explorer like i mentioned for ethereum blockchain uh we're the largest explorer in the world so i i'm saying this now but i would say this even if i wasn't working for it to scan and for a long time i was not it's it's a really cool thing where some small company in malaysia that nobody's heard of is the leading um service in the entire world with millions of users and similarly coin gecko also does the same thing so it's a um it's a what's generally called a a cryptocurrency data aggregator so uh the equivalent will be if you look at your brussel malaysia stocks uh if you have a website that shows all of the uh tickers all of the stock tickers with their prices and volumes and other data coin does that for uh cryptocurrencies i think they track something like 6000 plus cryptocurrencies around the world um and they are also used by by millions of people around the world uh another example is hello gold i mentioned a couple things like the permission blockchain uh that i mentioned just now and he also did a token sale a company called nero where worked with securities commission malaysia to create a poc a proof of concept of a blockchain network for our local um kind of stock broking system where currently there's a lot of third party uh individuals or entities and we're trying to and they were trying to decentralize all of that where you do have to rely on the entities but that was done a couple years ago i don't think uh there's been any news on that front for a while now uh block line uh headed by our current president of access malaysia it's a generally an education company they've done a lot of hackathons a lot of workshops for for students and people to learn how to program smart contracts and things like that there's also lux tag which is a company that does provenance so in short something like if you have a gucci bag and you want to prove that you have the the real gucci bag and not some china rip-off then the company can provide some sort of evidence on the blockchain and that's what lux tank shows uh then on the community side so there's ethereum malaysia which i run as i mentioned we focus on the technical and use cases of blockchains uh primarily ethereum but also others we meet once a month on the first thursday of the month um i also as part of that i also run things like this blockchain 101 workshop if there are any developers here we're doing a smart contract workshop actually this sunday um yeah so you can sign up to our meetup group and and get informed of any events that we're running mostly around ethereum and mostly around the technology itself uh there's also a bitcoin malaysia facebook group that has uh 50 more than 55 000 members uh and i think this is the largest single group that malaysia has in crypto uh this one it's open so a lot of people share memes share trading talk and stuff like that um and there's a lot of them so yeah you can share and meet other crypto people or traders um there's also a g1 group which is a highly curated group that has some of the biggest whales in malaysia the people who hold the most cryptocurrencies uh there's access malaysia which is a organization that's representing the local crypto space talking to banks talking to regulators make sure that we are well represented uh asia blockchain review has worked with some local universities and they run like a asia magazine on crypto blockchain embassy asia i think hasn't been very active the people behind them are also behind euroware they used to have members uh i guess if they're active then they they do still have members including uh corporates like maybank uh and some other corporations uh to explore use cases of blockchains um yeah so those are local companies and communities uh a note on culture and this is not just local but um as you go along in crypto you will find this cropping up in various circumstances uh and it's very like political um things tend to become very political in this space so i i just want to give you a note because i learned this from many years slowly uh so generally these are things to kind of like you can use to filter what you hear from someone else so the first thing are that there are shields so these are people who are shilling their own coin like let's say they have bitcoin they will obviously say bitcoin is the best thing in the world all these other cryptocurrencies out there are scams or useless uh or they are shilling their own scam coin somewhere so and whenever someone tells you that you know um this coin is the best you want to filter you want to understand whether it's because they hold that coin and it's in their incentive to say that that coin is the best they are bags uh short for bag holding uh is the best because if more people buy their coin their value goes up uh and if people buy some other coin that's not yes then that's like opportunity cost uh that's lost from those same people buying their coin and this is prevalent everywhere uh and it's almost a natural bias i think i might have it sometimes as well although i try to remind myself not to do this um but yeah it's a natural thing with humans when the incentives are in a particular direction and then the second and third is very related and this is a very fundamental part of crypto of blockchain where uh there is one camp that is saying that the blockchain can only be used for a very strict narrow use case so these are generally the bitcoiners the bitcoin maximalists even who will say every other cryptocurrency blockchain out there are useless or scams because blockchains can only be used for decentralized money you cannot use it for all the smart contract stuff you cannot use it for games or for identity because um the blockchain cannot scale to handle that in a way that still retains its decentralized trade like if it scales to cover all of that stuff then you will have to make some trade-offs and therefore it will become again centralized or censorable so these people will say that only hard money money that doesn't inflate itself is the only use case for blockchains and then on the extreme end of the scale uh the other end are the very experimental people the one who are the ones who are like saying oh you know you can use blockchain for everything blockchain for music for media for games for reputation so these people are saying that oh you know why why is restrict restricted to just money you know you can use it for anything in the world and the answer as often is the case probably lies somewhere in the middle no one can say at this point in a factual manner which camp is right or which um the kind of like part of the scale which point on the scale is is the the right way we can probably find out maybe in like 20 years time um and the way to look at it is um if you imagine a triangle it's a very simple shape uh and it's very limited in its surface area so if you keep purposely keep things very simple so for example bitcoin always uh you know tries to keep itself very simple not to add all this smart contract kind of functionality and stuff like that because if it's simple then you there's less space for you to monitor where uh in the in in the long string of code uh if it's shorter it's easier for you to check that there's no uh gaps or vulnerabilities for hackers to um to get in whereas if something is uh extremely experimental with all kinds of smart contracts that rely on each other then the shape becomes very complicated um i can't remember the name of this shape here but like it has a lot of um uh sort of a lot of different angles and the surface area is extremely large compared to a simple triangle where there might be some part somewhere that has a vulnerability that you're not aware of and and uh hackers can can find their way in and abuse your platform or your system and we've actually seen a lot of this in the past year like right now you probably see uh every couple every other week you'll hear like some millions of dollars lost due to some hacking of some d5 smart contract and that is partially explained by how these things are a lot more complex and when things are more complex the surface area for attack is also higher okay so uh this is a note on community and culture and lastly is the so what so why should any of this matter to you first thing is that it's uh very much a defining technology for our time uh people like to say that it's like the internet in the mid 90s people used to say that the internet might not amount to anything more than just a fax machine and now we see that it powers pretty much everything in life from social media to um e-commerce and so on so similarly with blockchain we might be at just the start of what is even possible with the blockchain there might be more and more things out there that we haven't even imagined can be done but uh on the flip side it might also be the case that this early technology doesn't live up to its potential that maybe there is some blocker that exists out there that let's say it cannot scale above a certain amount it cannot be like the visa that has 10 thousands of transactions a second and so then its uh use becomes a lot uh less meaningful nobody knows this for sure we probably only find this out down the road because of this it's also a extremely high risk investment um although with high risk also comes high reward um i like to say it's as if you were to buy a google stock in the mid 90s or before the dot-com bubble um and you know today you might have like a towel you might be a thousand times richer for buying that google stock but um whatever that you buy now may not be the google it may be the yahoo or the netscape of that time where maybe your multiple might not be as high as google and you might even have a loss because it might be a company that didn't make it past the dot-com bubble so whatever crypto you're buying now might not make it plus the current bubble that we're in so it's high risk and high reward generally the advice is never risk any more money than you can afford to lose and never ever ever even if you're not muslim take leverage because that is a recipe for disaster you might strike lucky but if you're not lucky you may well go into a very painful um that basically also importantly a lot of people here whether you're in university or you're working understand the impact that this technology has to your career if there is anything that your industry can be impacted by having trust minimized transactions between entities then your industry might well be impacted so i already mentioned finance and currently it's actively being disrupted by hundreds of projects around the world um and beyond that um this my call to action for you guys is to help the open source community grow the internet back in the 90s people were saying it might become this fractured um world where everything is behind a wall garden of uh like aol will have their own internet and yahoo will have their own internet and so on and it was only from the efforts of thousands of people or maybe even millions of people around the world to fight for a decentralized internet that everybody can have the same access to uh websites as everybody else that has resulted in the internet that we have today we can actually even already see that uh the internet is becoming more centralized so for example facebook is like trying to control more of the internet under their um their hands uh same with amazon google a bunch of these companies are becoming you know too big to fail uh and and that's something that people in the blockchain space want to fight against that we want the blockchain uh space to be open decentralized uh open source and not controlled by people like facebook which were already trying to do so um and other large corporations or entities so my call to action for you guys is a joint ethereum malaysia to meet up that group that i run we are taking everyone in no matter your level of expertise no matter your background we think we can all contribute to not just support blockchain as a community but also support the local malaysian space for those of you who have malaysians at least because we want to show that malaysians also have um can do meaningful um services or provide value it's not just eta scan and coin gecko that there can be a lot more that can be provided by us malaysians to the entire world and it's not just malaysians kind of brain draining out of the country um so yeah how we can do that i have a bunch of different ideas let's say you're a student you can come in and you can work on open source projects that is not making any revenue at least at first regardless of your background you can contribute and from that it would also actually help your own cv and portfolio you can add it to your own github account or your linkedin accounts and i can tell you as someone who is actively working in the space most companies don't care about your cv don't care about you having a degree or masters or whatever they care about your actual experience in this space and being able to show that you've done a project with other people and actually that project adds value to the world uh is the best way to get picked up by uh these kinds of companies a lot of them hire remotely and pay in u.s dollars if you want to turn these projects then into your own company the community can also can also help you there we can be some something like an incubator we have connections to a lot of the people in the space whether locally or internationally who could potentially be uh investors to you or connect you with with partners that can help uh we even have one of our community members who runs crypto jobs list which is one of the biggest websites for crypto jobs around the world and you can use that website to apply for jobs so that's what you get from like participating with with the local community um just to shill my own company and also coin gecko i like to say these are two of the best companies in malaysia if you want to be involved in the blockchain space so it's also value-add to the listeners but yeah there are all kinds of jobs um they are out there not just technical programming jobs but also others uh so if you're interested um you can take a screenshot of this uh slide uh for the edit scan one you can uh connect with me uh reach out to me i my my handle is haris k17 both on twitter and telegram um yeah so feel free to reach out to me for more uh for coin gecko you can go to their website here coingecko.com en slash careers and apply for for these jobs directly then to review before i end uh so we covered the preamble uh sort of sort of common words that are used uh concepts like money and decentralization we covered some features of blockchain 1.0 and some features and use cases of blockchain 2.

0 local companies and communities and the so what and if you can't remember anything else from this talk i would uh kind of just ask that you remember just these three things that blockchains are not anonymous that you are your own security and that exchanges are not wallets um if you can't remember anything else remember these things because they are extremely important for you not to lose your crypto um or things like that so this is just a very very brief uh 101 talk all the way over time there are a lot more things that we can cover uh so usually what else what i can also do is a hands-on workshop for you to set up your own blockchain wallet and try out some of these decentralized applications uh they are also used use cases to explore uh such as the ones i mentioned on the left and there are many many other concepts uh to understand um a lot of them i am probably not the best person to explain as well because they are a lot more advanced but yeah so this is just the the the start of your journey down the rabbit hole uh the the whole goes deeper and deeper uh almost endlessly um yeah so um finally last slide uh if you have any feedback on today's talk feel free to scan the qr code on the left or type in the url uh you will be sent to a google form you can just give your feedback i appreciate all feedback brutal honesty uh much appreciated and if you'd like to support me a little bit for giving this talk uh you can sign up for luno and use this um referral code if you buy i think 250 ringgit worth of bitcoin then we both get 25 ringgit um yeah so that's just a just a minor thing but otherwise that's that's pretty much it i think i'm a bit quite a bit over time uh but yeah it's a very big topic and it's very difficult to compress them uh into a few short minutes so yeah if you have any final questions um i'm just going to go to the chat box now actually there's quite a number of questions uh let me see um is there any uh social media platform or email that you can share for them to you know keep engaging with you and for the questions too uh sure i mean outside of this talk um [Music] i probably should have a slide for this but uh you can refer to this thing here on the bottom left uh you can go on twitter or telegram uh search for uh high risk k17 and you'll find me there and then just feel free to drop me any kind of message uh just make sure i don't miss out any questions uh johan here asked let's be this kind of open source projects that people can work on in spare time um you can reach out to me uh johan dm me and then depending on your uh like skill set or what you can do there might be things that you can work on on a part-time basis uh ali says thank you welcome uh lauren says this company created by dao be publicly listed uh that's a it's a good question that i don't think anyone has an any answer at this point uh it will probably depend on the regulatory conditions on the regulators in the specific jurisdiction for the ipo because the regulators i mean they are in charge right so for them to be in charge there has to be an entity that they can take action on and if there is no such entity then i'm pretty sure the regulators will not allow uh for an ipo to be done um if you're thinking of ipo in the sense of in the local stock market and so on uh but if you're thinking of like a completely decentralized way of buying um kind of shares or tokens that represent a project then it's already being done right now you can already buy things on uh decentralized exchanges like uni swap to buy tokens that are part of a dao um justin says uh mr max okay i i think you're referring to metamask um i'm not aware of a metamask meta max wallet uh but yeah so buying a cryptokitty guess price is high so actually that's uh that's true um and if we look through the the second last slide here so one major issue is scaling uh so the ethereum network right now is quite congested or very much congested uh so there are efforts it at scaling the infrastructure which hasn't been uh done yet and so um yeah so with all blockchains it's that's still a standing question and why i say it's a early technology that might not live up to its potential is if uh within the entire space we can't somehow figure out a way to scale the current blockchains that we have then we will run into this congestion issues and the gas prices will be high and it's high because it's very congested there are a lot of other people out there that are paying much more than your 1.6 liter and so um unless you can like bid more than them you can't get your transaction uh processed uh so uh fi where do i work now so as mentioned i work on ether scan um so it's a block explorer for ethereum um gas prices fluctuate but they are generally high some higher than item yes yeah so that's related to the previous question there's a lot of congestion um like if i'm not talking from an ethereum point of view there are other blockchains you can use but depending on what you want like what token you want to access are there other blockchains and they all make different trade-offs uh i don't have time to go through each one but there are other blockchains that are not as congested for example the binance smart chain avalanche matic x dye phantom heco yeah so there are many different blockchains out there other than just ethereum uh and so these are not nearly as congested and they also have smart contracts and and generally they will they have their own versions of the different d5 platforms so you can still use those if you want um yeah so fi mentions aol lawrence asks if there's trust wallet meta mask uh so so that the the so the question is um how is there a wallet that you can use to hide yourself from the public um so it's not a question of the wallet itself because the wallet is you can think of it as on the application layer uh it's a more a question of on the network layer or the blockchain layer so um so if you're using the ethereum layer the public permissionless ethereum blockchain then you can't hide because even if some wallet somewhere hides it someone else can it can just go to eat the scan and eater scan will show all of these details so there's nothing you can hide so there are privacy applications for example tornado cache uh where they mix uh transactions so you can't easily tell who sent something where uh so these are on top of ethereum but uh it's a mixer and you can google what mixes alla so it's not by itself a private layer and there are now there are other there are privacy blockchains private blockchains such as monero zcash zcoin where you can transact and and whatever wallet that people use cannot trace uh who said what uh but yeah so there's a different blockchain um generally i think they don't have smart contracts as well uh do they also pay in crypto tokens so if i i imagine you're asking about uh coin gekko and eta scan uh for eater scan i can say it's paid in ringgit but there are bonuses that are given out but generally also it's converted to ringgit that's just the way it is but i will say that you know if you look at either scan or coin gecko you probably have a front seat view on all the latest trends in the crypto space and you can probably like use your own money to make investments that are better informed than a lot of other people out there uh who share recorded session i believe we are recording it right now and uh we will definitely share it from the ethereum malaysia uh youtube channel um so if you sign up for the interim relation meetup group we can show you that and i probably should find that link and put it here uh dao on autonomous car achieve level five sorry lawrence i'm not sure what level five means so i can't answer that for now uh justin asked can i rewatch yes so we will get the recording and and and and put it on youtube champs says informative and fruitful thank you you're welcome um yeah yeah okay so uh insuff will also have it have the recordings as well cool i think we're uh quite a lot out of time so uh thanks everyone um for for listening in uh again i'm just gonna put this here if you have any feedback or if you want to like buy a bitcoin or you know um yeah so if you have any other questions i'm happy to answer one or two more uh if not thank you for for taking the time to listen and yeah we will get the recording and share it out cool yeah thanks uh okay so if there's no more questions alhamdulillah thank you all for participating with us today i believe we've gained so much input on that blockchain today we appreciate it hope that we can meet up again soon in the next stage of this program so dear participants stay tuned on the announcements about this program uh on insight website and with that sorry for for any inconveniences and the extra time we took thank you again for joining us today assalamualaikum and have a pleasant day ahead love bye you