How to decentralize without going insane, a tale of one former CEO with Elena Sinelnikova

gonna work today technology wise so let me just test it okay it's working hello everyone my name is Elena cinel nikova I am decentralization coordinator of the metis ecosystem I am a former CEO as I am one of the co-founders of metis and since we decentralized we don't have Co anymore we don't have any essential control and this is what this talk is about and how we did it my background I am also a co-founder of cryptacheeks and my co-founders sitting here actually as well the co-founder of cryptic chicks Natalia we had the decentralized community for a while already encrypted chicks and that is what we did with metis was a little bit different before I start on how we decentralized why we decentralized and why I believe in the decentralization in my opinion decentralization brings us the options the options to choose how to leave how to work how to do our business and how to do it in the collaborative environment without you know any big brother watching over us or telling us what to do so this is just we're giving people the choice decentralization is not for everyone it's for those who wants to have this choice midi's ecosystem started as the layer 2 and that's how we started the technology project of scale in ethereum and we were really successful in that because our fees right now lowest in the in the industry it's only one cent per transaction on ethereum which is about right now is 200 times less than ethereum and then layer 1 fees uh and we started growing our ecosystem growing the of course the the consistent Partners uh the projects uh the tvl tvl which is total value lock that's all the money that people bring into the ecosystem and lock them in there but what really the concept of midis from the very beginning was is to build the web 3 economy and that's how we believe should decentralization work if we have an economy where everybody working together within this economy uh with the production consumption and resources like distribution the resources within the community then we can build the decentralization otherwise decentralization can fall into chaos if you build decentralization without economy it will be chaos and this is not what we wanted so this comes from the actually from Investopedia from the definition of the economy itself all this production consumption and the resources and the distribution of the resources within the group within the community the slide that I borrowed from my co-founder it's also explained the same thing in a different way it's just for you that it sings differently so this is what is also producer uh talk to Capital markets and to the consumer and there is a cycle of economy that's going around in the application to um to the blockchain ecosystem to the crypto ecosystem Defy is the capital markets but we also need to build the producer and consume a part and of course it needs to be built on the infrastructure that is robust and decentralized and open and transparent and auditable which is L2 so all parts of the battery economy in metis ecosystem is represented by three Eco nodes Eco nodes is the separate business organizations that are working without any central control that this realizes the parts of the economy and working in collaboration in this economy so in this picture the chorus represent production part Nuvo is a consumption part and L2 is resources and the infrastructure part so what exactly is the production part and this is chorus so chorus is the home for decentralized autonomous companies so basically any web3 company is a decentralized autonomous company nowadays like everybody is a Dao or is want to be a Dao striving to be a doll striving to decentralize chorus is actually building the tools that allow Dao to manage themselves as a business and also at the same time this businesses produce goods and services for the community like for example defy or any um uh let's say like even a non-profit or Charities that produce the goods that is uh taken by the consumers so chorus as I said run your business as a Dao that's how they start and then it will be run you actually run your Dao as a business and then it will be run your business as a Dao as well so decentralization on the business level when we start the Dao and you know that there are problems with the Dows of the very common it's very easy to start the dough but really hard to maintain because you know you need to do all this you know voting somehow manage people somehow keep them engaged and also there is no way in the current in our uh whole blockchain space for the Dallas to work together in a transparent environment all they do they probably exchange the telegram messages and that's it and that's the whole collaboration there is no other collaboration that happened on an open network because majority of them it's actually in a different ecosystems so uh chorus is providing the tools that could when the dowel can talk to each other and work together and of course it's also provide the tools for you know for the messaging and for the other Service as well yes so as I said this is this is how the chorus solves the problem easy to maintain the decentralized autonomous company uh easy to work together dada and also application applications can work as a whole and of course right now uh is the possibility of the treasury management of the member management vote in the governance and the task management that it's already built and uh for this is the road map for building other tools as well for the for managing your decentralized autonomous companies or daos as a business so that was about course about production part when the companies board the ecosystem and they uh start working together producing the goods and services for the community okay so Nouveau Nouveau is the consumption part and nouveau again this is again independent company that takes care of the users and make the consumption of the good Services uh very easy because of the user management because of the you they're taking care of the users so accessibility and engagement and that's what new resource because the engagement of the users the stimulation of the users of of to vote or to participate in activities and that that problem solved by nouveau and of course uh also the um the wallets the BLS wallet so all the technology that allow people to log in very easy to recover their private Keys actually which is the usability so once you go get to the and login through nowhere to our ecosystem you will have completely experienced that it's a web 2 you will never even know that you are on a blockchain and that's what Nuvo does uh this and much more and because uh it's also providing service for the company to keep and maintain their users user base because the user base is what's important for the businesses and also it protects the Privacy so with the Nuvo you have a choice what data you share uh to the ecosystem and there is other text here that you can read and can I can take a sip of water stop all right so and that was new one and last but not the least Genesis note is L2 and that's where we started from the L2 which provides all the capital markets uh aka the D5 ecosystem with the resources and the infrastructure which is the most important part so and completing this cycle and all of that is located on the infrastructure and of course we also have huge Community Support some refer to our community is the metis army and I love that it shows the engagements and the way our community is very active and now our community also will be able to create more and more icon nodes right now we have three but we have more and more accounts coming that is created by the community not by any Central party and that's why I am not a CEO anymore I am just watching the system grow from outside and like there's not much involvement from me anymore other than just speaking at the events and all of that we built under a bus Deca system where our Layer Two uh originally it was the optimistic roll up but now we're going into the hybrid roll up which is optimistic roll up and ZK proof generator and I'm going to stop on the little bit of the history on how we did get there so originally we've worked from the optimism and we never tired of thinking optimism for their code they're having an excellent code what we did uh though we covered some of the basis in their code like a decentralization because we believe that decentralization needs to be all the way through and the sequencers also needs to be decentralized it means that infrastructure uh posting of the transactions needs to belong to the community and the sequencers has to be Community run not the single party run which is removes the single point of failure and we ended up with the smart L2 technology where we included the decentralization component decentralized storage uh where we store transactions of chain and then saving the states on the layer one and that's how we lowered the cost this is a controversial technology but this is our step forward towards the hybrid roll up and after the Bedrock and after the adoption of optimism Bedrock we now uh towards building ZK roll up and that is going to be a stark based prover and we have still have to have the optimistic roll up for the decentralized handling of these sequencers because sequencers are handled by the community and we still need to reward or slash them and therefore we still need the optimistic roll up for that and this is the uh this is how the uh Ezekiel lab prover will work so basically anyone can create the ZK proof and it can be verified very easily by the smart contract so therefore uh it can be verified by anyone at the same time when the sequencer so the transaction are posted by these servers that hold in the community not in uh not our server not the essential server but the community servers uh that is also getting rewarded uh or slashed depending on how they behave of course if you behave good you slash if you behave bad if you behave bad you slashed if you behave good you're rewarded so for that we need an optimistic roll up and the seven days window but what the most important thing that ZK uh proof bring in US is the finality so for the optimistic roll up we need seven days window but for the key it's only moments it's very fast transaction I posted right away in transaction finalized so you don't need to wait seven days when you withdraw from the layer two so the cons are that it's very fast transaction confirmation uh the pros the cons are that is still high cost and that's how that's why we introduced smart layer 2 with the decentralized component which actually now will complete the ZK roll up uh providing the full security full decentralization and most importantly uh 100 uptime so there will be no downtime at all because the sequencers surrounded by the community uh and also there will be a finality the momentarily so cheap transactions uh momentarily finality decentralized sequencers and hundred percent uptime so the speed and the cost everything is great that's the hybrid roll up and it actually now gave us uh since we decentralized and all the operations are taken in decentralized way to the companies the to the Eco nodes it gave us time to do more research and we do the research with the ZK uh and ZK nymphs it's already been uh this idea in the community for a while so now we're developing it and basically the uh idea is to be able to validate any iot device and settle into the metis layer so if you're a Solana or you're a fridge you can verify the transactions and settle them into the blockchain using the ZK memes so this will allow us to unite all the iot devices to verify them and to create the networks this way as well so this is a big huge Grand Vision and we uh we want to completely open source it with all the Dax possibility the decentralization managing your Dao as the business we or we will be opening open source for all the contributors so anybody can then benefit from the technology that we built so all that oh the point of my talk that decentralization is possible that it's working it's possible to build it and it's possible not to go insane unless you think I'm insane if you would like to learn more our boost located just right behind the podcast area it's a Hidden Gem you have to go around the wall but you can find us there you can ask us questions so we have other projects that going on so ask us anything and my name is Elena nikova I am metis ecosystem decentralization coordinator thank you very much