Intro to CoinDash and Social Trading + BlockNotary

we've got a couple great presentations tonight I do want to give Adam just a second though I'm very thankful to stack for hosting us tonight it's amazing to find free space for us all to get together uh in Manhattan it's not easy to do so thank you to stag thanks Michael all right quick show of hands who here has heard of stack Overflow all right quick show of hands how many of you have copy and pasted code off of Stack over flow without attribution I'm kidding uh so for many of the uh for many of you who don't know stack Overflow is also a developer hiring platform so if you're a developer looking for a job you can go to stackoverflow.com jobs and if you are looking to hire developers you can go to stackoverflow business.com Talent thanks cool so tonight we have uh the team from coind Dash here in New York to present um excited for that I will get r that right away and then after that Al Alex Alexi uh block notary Alex I'm sorry eigor I've got where was Alex see right here eigor from black notary was speak all right h on hey everyone it's good to be here so uh my name is alen I'm the CEO of coind Dash I've been in the space for around five years now I started as developer contribut card to most of the open source projects you you all uh probably know maybe know H developed my own wallet along the way and now a coind dash H and so just a kind of a quick survey who knows about blockchain obviously everyone who holds any crypto assets cool who holds any non-bitcoin assets cool who ever who knows what an Ico is whoever participated in an Ico right okay so most of you never heard of an Ico never participated an Ico uh which is good and this is why we we are here and hopefully my presentation is not that bad so uh we'll actually show you a quick video about coind Dash uh we haven't shown it to anybody we just finished it uh kind of finish it today so you guys will be the judges so if it sucks tell us uh if it's good tell us uh Here We Go technology is creation of new crypto assets crypto markets today include hundreds of cryptocurrencies as well as financial instruments such as melport and economy investing managing and interacting with crypto assets is a challenge especially for inexperienced Traders as a result the industry is losing seeing countless of potential investors each year enter coind Dash an operating system for crypto assets designed to help you easily create and maintain a winning portfolio of cryptocurrencies coind Dash can track all your Investments on the blockchain and present you with insights about your portfolio and trading decisions our social network enables you to learn about this complicated Market by viewing other Traders portfolio and get real-time trading information coind Dash also allows you to automatically recopy top Traders Investments all you have to do is pick a top Trader choose an amount and go best of all you can earn coind Dash tokens if other users decide to view and copy your investment strategy coind Dash start managing your own crypto portfolio in a simple interactive and collaborative [Music] environment is that bad so show of hands who will give it one out of five one is bad one is is we need to throw it away three out of five well okay four or five five out five who haven't voted I mean there's no numbers after that oh yeah okay okay so uh uh thanks uh that was uh kind of that's it um okay so let's kind of start and I'll give you a bit of context where we're coming from what the problem is uh we actually trying to solve um and kind of what our vision uh towards the future of of blockchain and and particular the investment side of of blockchain um all of the team is is veterans in the blockchain space all of us trade so it's kind of based on our experience and and what we think should be done so um the market itself it's pretty huge everyone is know everyone knows about it uh some numbers uh it's currently at around 80 billion doar market cap um it's huge I mean beginning of this year it was less than half okay um a th% more than 2014 uh the like the bigger numbers are actually the trading volumes which are going through the roof it's between two and five billion dollars a day uh more than 3,000% than 2013 2014 H it's really really going crazy but the the underlying kind of trend is is that uh the altcoins are winning right three years ago Bitcoin was 95% of the total market cap today it's less than 50 uh and the rest is are all the other altcoins that's why I asked you if you're holding anything else than Bitcoin um and it's it's really credible it it's not because Bitcoin is getting any slower right Bitcoin is getting up H the volume the uh the price but the altcoins represent something else something kind of a trend a new a new way of of a new asset class essentially um one of the things that pushes the whole kind of creating this this whole thing are initial coin offerings which are the icos themselves it's kind of a mechanism to enter and introduce new assets and finance blockchain uh companies I can tell you from kind of my personal uh perspective that blockchain companies do not let's say maybe do sit rounds with equity but other than seed rounds small seed rounds uh all of their investment all of their investment rounds are not Equity based uh which is a completely whole kind of uh system for them um and and that's why kind of the icos are pushing it towards it uh 2016 the whole kind of Ico Market was around $300 million q1 of 2017 we are at $300 million okay so we're expecting to quadruple this year uh which is a which are incredible numbers um but not is kind of green those are just some of the last ones I mean it argon was the last one $25 million it just a matter of I think it was two minutes um incredible numbers uh companies's raising millions of dollars from the public uh but not all is kind of green it's really really hard to get into the to the ecosystem this is why most of you are holding crypto assets but never actually went and and bought an Ico although the the returns are incredible although you have the chance to participate in technology it's just too hard just too hard to decide what to invest when to invest um and and and that's a problem because it's uh it's a kind of an industry looking to expand itself but is on the other hand loses hundreds of thousands of people just because the lack of tools uh newcomers and not even newcomers people already holding crypto assets finding really hard to understand what to do next should I buy should I hold um and that creates a real real problem and that's kind of what what we at coind Dash are trying trying to solve so uh the coind dash solution starts with the basics portfolio management I don't know how you guys are handling your portfolio but us we hand with Excel sheets which is uh actually terrible I mean it's not efficient uh it doesn't give you the real kind of feedback you need as an investor how good am I doing against the market um and so those are the basic tools every investor outside the blockchain space is kind of used to um but inside the blockchain space where kind of the Middle Ages and so that's kind of the base layer we we need to start with it's also the base it's also the layer on which we can build uh one of our key features which is social trading it's essentially the ability to follow someone and copy his Investments and the reason why we approach it from the social side is well various reasons one of which is H social H trading is very very kind of social driven right you you talk with friends H you brag about your successes never tell about your losses but also decide how to invest based on tips you get um so the social aspect is really really strong uh but if you don't have that Social Circle it's really hard to understand what to invest in so social trading for us is a way to really remove the friction for newcomers and inexperienced people if if they can follow a top Trader H that can be their ticket into into the ecosystem start their first investment and move from there and it really kind of connects with the with the worldwide trend of financial Independence a lot of people decide to invest some of their money by themselves or all of their money by themselves and and kind of really complements that but we need to have the right tools and so uh once you do gain some experience the the ultimate vision of coin Dash is kind of a be a marketplace where you can discover new investment opportunities you can measure those investment opportunities and you can actually directly from coin Dash invest in them um and so it can be third party investment instrument icos is by the way just the beginning of of the investment instruments for the blockchain age we're already seeing a second wave of of investment instruments like an economy or melonport Tas uh uh even today shape shift announc a new investment instrument so all of those investment instruments are coming into the market making it more complex making it more ER and creating the a steeper learning curve for everyone else and so we need those tools but once you gain that experience you do want to have a marketplace where you can discover those tools and so that's kind of the ultimate vision of of what we envision Co coind should be in the future H obviously everything I said in the spirits kind of of the blockchain space and an open source it will be open source and and and developers can contribute to it and that's why we put the developers kind of a four flag here um at our solution so uh the underlying kind of blockchains we're connect connecting to so we're kind of a blockchain agnostic so wherever there is creation of new assets and trading uh we want to we want to integrate with so we started with ethereum we actually did an integration with root stock anyone know them so root stock essenti build want to bring the whole technology stack of ethereum on top of Bitcoin which is a huge promise to anyone who holds Bitcoin so want to hold Bitcoins H so we did an integration with them as well but looking into the future we'll do the same with pad and and any other blockchain or cross blockchain platform that will come so this is kind of important and and from the you know make sure we we know how to do that from the ground up um so kind of the key difference the problem with the space is there's a lot vacuum right uh we are kind of the Pioneers in in what we're trying to do h a lot of the others like economy melonport tried maybe to do kind of the same thing but I think they're more of an investment instrument uh simply because they answer the question how should I invest technically right um we try to uh answer the question how we what you should invest in and when uh which are completely different kind of Scopes and objectives um and so we are kind of alone there uh and it's not usual in the space because again it's a new space everyone is developing something new and and so uh kind of the landscape of where we are um just I mean uh how we make money well hopefully we'll have many users but uh essentially uh coin dish is around the idea that experience users transfer their knowledge and expertise or lend their knowledge and expertise to others who don't have them and so obviously they need to be compensated and so part of the reason H why there's a very sophisticated Fe structure around various features which which have uh any any Financial benefit to the to the people who use them um and so that kind of created also an ecosystem of people who need to buy the coin need to sell the coin and so on um and so the Fe structure is really an integral part of what we're doing uh so that's kind of the overview right uh where we heading kind of the high level Vision so where kind of uh we we we we developing the first use cases so the first use case um will be will be consisted of several prodcts first of all it's a portfol management as we as we mentioned portfol management for ethereum it's being tested right now H by our community uh getting really great feedbacks uh really uh a ton of bugs we need to solve but I mean uh it's a necessary tool everyone needs throw away the Excel sheets start using uh tools that are actually giving you and and value and understanding of where where what you're doing as a as an investor um on top of that we build a social lay where you can actually see other investors uh and and start following them uh again the social aspect is extremely important and H we're also adding a copy Ico feature which means that you will be able to follow someone and copy automatically through a smart contract their Ico Investments and again it's all there to remove friction because icos are one of the biggest drivers of this economy or or or industry uh we want to remove friction deciding which I to invest in especially 2017 2018 will become much much harder and so uh we need to build tools for newcomers um to really ease that transition and so copy Ico for us is the embodiment of of that of that kind of problem and and solution if we can provide that solution I think much more people can actually enjoy uh the fruits of of of the Ico market and and the crypto Market uh by the way this is all the the whole kind of this is the better program which be open source H for the for our Ico um and obviously open to the public so this is kind of a scale where we at we started around six months ago um at around I think November 2016 uh kind of the first thing we did as a company or as an entity who wants to develop something we participated in ether Camp hackathon anyone heard about it so ether Camp hackathon was a huge hackathon seven seven weeks long H it was an online hackathon which a huge priz on it 7,000 ethers which in today's money is shitload of money um uh more than 70 projects uh all the industry leaders were uh actually the judges uh and and we won that hackathon that was kind of the first thing we did um as a company uh or it wasn't even a company yet it was kind of a dream wanted to do H that give us a huge validation that what we're doing is actually important for someone uh and from that actually coin Dash was born um that was at the beginning of this year and until now we've obviously raised our SE round and a bunch more and running towards an Ico which will happen in July where we uh uh secure some funds for future development and creating a a really strong Community around our product so this is for the Ico anyone uh wants to participate you can come to us later we'll give you all the result all the answers uh generally speaking we'll be selling 50% of the Tok 30 will remain for the company and 20 for the ear investors and uh Team uh few words about our partners well first of all you can see that there are kind of industry leaders uh we hooked up with a bunch of them because uh we can first of all every partnership we do we emphasize that it has to have some kind of development around it right uh we don't simply put logos of of other companies into in our site and say they're Partners uh every single one of them we did something with every single one of them there's a development program around it and so uh for us it's a it's a kind of a fundamental thing because we're kind of a tech company uh so I'm Alan Adam is in the back H we're childhood friends um grew up together neighbors lovers um and some of our advisers again people from uh partners and and and so on thank you very [Applause] much any any questions you might have H that's the time this is well it's not really on our road map uh but so okay so I'll say it's not on road map but when it will become relevant that is when the you know the the the state or the government will decide how to tax uh then I think it will become more relevant and we'll have the ability to do that yeah so yeah we started talking about how blockchain companies are kind of a different animal than regular companies and so in this space uh we usually get funded not from Equity uh but from creating our own Ico and so the uh Ico generally speaking serves two purposes one is obviously getting funds that's that's the fundamental that's given the second thing is is the best way for a startup company to create and bootstrap a community around it because and and specifically speaking in coind dashes kind of situation our end users are also our investors right and so this is the I have experienced with it with the last company I've worked with it's it's amazing feeling to have you know 300 400 people testing your product from day one just because they have the biggest incentive to do so because well they're invested in your company right and so uh that's a kind of the two reasons why you should do an Ico um yeah uh no uh what we've what we've shown here it's kind of the thing we've until now published uh we can do it one on one but I don't want to do it in public we we'll we'll obviously announce everything in in due time but perfect thank you [Applause] guys e hello hi guys my name is eigor I'm um I have a company called black notary so we started um to work in um in this space when I finished blch University um not a university but it's some type of professional education for blockchain developers and it was in 2015 and I created my course project um you know application to time stamp files inside a public blockchain and um yeah it was my first experience and after that we created several you know blockchain enabled uh mobile applications and um we have several customers and uh customers um using this um applications um you know to for remote identity verific ation you know taking statements from people and um we provide um so-called blockchain enabling legislation so actually we work with uh state of Vermont and um uh every record created um in our app um recognizable in a court or arbitration in Vermont so um few months ago we started to think how can we you know utilize what we're doing and uh we figure out that um um there's a there's a on one hand there's a very interesting uh new type of uh technology which happened in ethereum recently uh called proof of authority type of consensus and other hand uh you know the price skyrocketing so for more and more developers it's it's much harder to create a smart contracts and uh you know many applications you thought about before now it's not very feasible on public blockchain so let's say if you want to hash and something in in a public ethereum blockchain every day it's more and more expensive so we started to think is is it possible to create um you know a fork of ethereum blockchain and uh here our our project board um I will I explain about this so it's a it's called not coin it's a open ethereum network so it means uh interfaces of this network is public and anyone can participate in this network uh but uh with different uh consensus algorithm so uh in ethereum public network we have proof of work and um in the ethereum test Nets we have proof of authority so we decided to run this uh uh with new new network with proof of Authority for open network and um what is proof of authority so in this type of networks U con uh author authorized signers create new blocks it's very easy just have their keys you know and they sign plocks and um you know the biggest problem with this type of networks is uh you know how how you select authorities so let's say if I and my friend will create this network you know third party will not trust to us and actually that's what satos solved you know and the other networks which followed this proof of work thing but now uh we think it's possible to try again uh to create this uh you know independent group of uh authorities where each Authority will be independent from each other so we started to think you know who can be this type of authorities probably well the first solution was you know like Banks because Bank equal trust for for for a lot of us and actually we spoke with SE several Banks and even they have uh Pilots with this type of networks they don't want to participate in creating new coins creating liquidity uh going against regulations so it was not a good idea for them so uh let's think about you know companies uh company structure is um for some companies it's it's easy to check uh you know ownership or you know or who is who in this company uh but for many companies it's not that it's not that clear um so we started to think about individuals and um uh there are a lot of type of profession which require some you know to be publicly verifiable think about Pilots doctors lawyers t repairs Architects but if I try to ask let's say architect or Pilot to create new coins and new network probably it will be not that easy if I ask the same question a person you know who is uh much less educated and um um much more interesting in in in in getting additional money so we started to think about notaries because actually the unique situation uh here in the United States is that notaries are you know less paid professionals here so if you think about U you know salary you can make much more working in McDonald's than working as not full day and um and also there are about four to five million uh notaries and U so it's it's a broad category and also the good thing is that um it's very easy to to to be a notary if you if if you're interested in this um so uh so why notaries um so the good thing about them is that uh by definition they are private actors on public duty so they are independent parties but they perform some uh public duty for for all of us and um well as far as we know you know the uh public officers constituted by law so it's it's very easy to uh to verify that their citizens or permanent residents of the United States and uh in Most states you have to well notaries cannot have any criminal records in some states um it's possible to have let's say violent criminal records but not possible to have fraudin uh criminal records so that's that's a good idea to be a validator in the network and also as a notor you have to reside in some in some State and in some states you have to reide in a County uh so it means we have proof of authority and uh because they're a citizen and we know their identity we can ask them to sign you know some type of non-affiliation agreement between them which can be enforceable and um it's it's also possible to create a type of agreement where group of people sign some type of agreement with network so other part in this agreement is a network it's without you know not a company and if you want to participate in this network you have to uh comply with uh this rules um so think about this U let's say if this network is working we have you know some blocks and each block attributed by a real person and you can get the identity of this person and uh you know uh you can ask uh you can ask this person when you set up this network uh to follow some rules let's say in a public ethereum network there's a problem that um it's totally possible to block some types of transactions if you remember situation with dowo last year one of the solution to prevent hacker from spending funds before heart Fork was to block him block him on network level uh on major exchanges so it means um one day uh someone probably will try to block someone else transaction and next day yours transaction so this is this is U disadvantage of uh public networks for some type of services let's say governmental Services you know because um if you put a smart contract of governmental smart contract I don't know irsm contract someone may try to block transaction to this contract also because um yeah so um what's u in the in in the current situation in ethereum um we had four uh test networks so first Network more than started uh in 15 stopped in 16 so it was blotted by a lot of transaction and we had some consensus issues between parity and go ethereum client so it stopped to work after that uh um Foundation seted up Robson uh Network and it worked until February 2017 and after someone overmined uh uh the consensus algorithm um you know they blowed uh this network also so uh well actually that Network didn't work for for a while so um ethereum developers decided to to build a new network and uh two different teams created two different uh type of networks and the interesting thing here is they are not compatible so Coan uh created by par team is not compatible with Rinku by uh created by go ethereum team so we have one main network with one consensus algorithm and two test networks with each each of those networks has each own uh consensus algorithm not compatible with each other so why not to create one more Network or two or three or five and it's subtly possible and if if you think about uh know blockchain Explorer and look into either scan you can see like select a network and if a person is not familiar with ethereum this is like four networks and uh you know which one should I use it's a question so why if you have four networks why not to add one more or five more and also I think here's a possibility for you know for ethereum Community to build new networks and also it will be very good for um um for for the future of ethereum so um so what can be a benefit of uh this network with uh known um uh with known miners so first of all we don't have any uh proof of authority network with value because test Nets uh um well you can get free coins with um from from it and you cannot sell those coins so there is no value and actually we don't know if this network is secured by those miners or just set it up because now if if it's secured and someone can steal money from it it means uh and if if it didn't happen by you know problems with consensus uh it means that this network is secure but uh if this network has no value it means that we should put some value to prove this so um this uh because this mining um doesn't require any computational uh thing so it's it's very green mining so you can set up this type of network very quickly so the problem to select authorities is much much harder than to select U um and to you know um set up this network uh continuous voting so what do I mean by this uh in um when you set up this type of network you have to um you have to add or remove new new miners let's say if we have notaries as authorized parties they have expiration date in their license and when their license will expire we have to remove them from this uh consensus and add them back uh when they will renew this license so how to do this let's say uh if I am a super Noe in this network I can add or remove new validators by myself but it will not be very trustful so uh all uh all participants are equal parties so if they need to add or remove uh someone else uh they should vote and we don't um and we don't have such a process in in open ethereum network where voting is a part of consensus mechanism so it also can be a very interesting exper M uh next thing is uh that if we if we want to create hard fork and we know all parties participated in this decision because hardfork uh uh will be will be approved by all validators we can legally recognize hard Fork decision and if someone um doesn't like this decision he can go to trial against this group of validators and it's totally possible you know if you don't like something you can go to court against um a person a company uh a state a government but you cannot go to court against uh any public uh networks and uh in some situation it's good but in some situation probably uh some type of contracts will require this type of um uh stability inside IDE the network so uh what I think uh is that proof of authority is viable uh mechanism and the uh state or governmental level networks will be based on this hybrid hybrid system where know there's a private part and public part think about website let's say uh IRS website you it's publicly available you can submit some forms you can authenticate yourself but the database of this uh website is located on uh their um their part and you don't have access key to uh decision to change and modify this website so with this hybrid with with these hybrid networks it will be possible to have open interfaces to the system so anyone can participate you know exchange tokens and um uh but miners will protect main mechanism of consensus so the main thing they will protect is that they will accept all transactions and they will create blocks and that's it so it can be very interesting legal experiment uh so actually what's we're bringing you to this um um to this type of uh system so we we're developing several D apps decentralized apps so first of all it's called ceremony so we have to distribute Keys between Miners and it's a it's a new type of problem um so let's say I generate you know multiple keys and I have to distribute it uh across all those notaries so I send them a key and they change the key into key they know uh using this decentralized app uh also uh there are voting app and reward management the app uh where they can specify you know in which account they will receive uh payouts for their work and um uh where they will vote for decisions in this network so also we will change something inside um um ethereum client so we need to add this alternative reward split so so it means that uh uh in public ethereum network um a minor receive some reward for for when he finds the block let's say five either plus plus something else but uh think about like five either but in this network we will when a minor create a block it will automatically create uh uh transactions to all participants all miners in this network and split uh reward among them so this way we can prevent race uh uh against each other for a reward inside the system so if you create two blocks um uh in the like if if I create one block I split reward among all peers and two blocks the same thing so there is no way for me to try to um attack consensus rules uh to to actually try to mine more blocks because I I will not get more reward from for this and just uh to show you you know some screenshots what we are doing um um just to share how how we develop these DFS so any minor will be able to propose new ballot and uh let's say add or re remove uh a minor from this network and uh he has to specify uh why uh he he want to remove or add this key mining key and um sign this request with his private key um so this is an example of uh initial key distribution so when a minor received a key from me he signed this request with a private key using parity thrust signer and um it it generates um after a few seconds generates several several Keys um yeah so that's basically um all about this network and um we started about um um I know two weeks ago uh to uh you know get people around this network and um yeah I just we just created simple landing page you know like okay here's nor Rec coin um what's what's different and I as I started to ask people you know do you want to participate in this network as minor and I remember when I had no people at all I asked my friend and I said okay do you want to participate yeah he said I don't know why I said yeah you can you can be first minor so you you you well you will you will have like first place in this list and he said yeah that's reasonable but uh and um well I said it two weeks so now um I decided to to to um start with 12 uh notaries because 12 is you know magic number something and if you think about uh public ethereum network we have like five pools and uh actually some of them owned by same people so we have like two or three group of peoples people and um if we think about Bitcoin it's about U 20 but uh um well like six or seven group of people and here each person is a you know yeah independent person and U yeah this is Roman the first guy he's just and um yes it's it's an interesting question he asked it okay uh should I should I get not license and I said yeah and he said okay can you pay for it like yes I know like and um um uh oh no it's for with other guy this guy paid by himself uh U but yeah he he paid uh for this license and he actually passed this exam you know he I asked him to explain why he decided to to mine this coin and his main reason was to make money you know because well it's it will not be possible to sell this coin for dollars but you know we know all these ways you can sell it for Bitcoin and whatever you want um so he he he got his not license and he he he works in uh uh in Amazon and Seattle so he put a uh that he's doing not acts for Amazon employees somewhere on his internal board so maybe it's additional income for him yeah so um um you know people signed up uh for me the main reason was to you know to find some uh for the first group of people to find some random guys like okay I I met this second guy on uh New York City Bitcoin meet up I presented presented a little bit and I asked okay do you want to participate in this network I said yeah why not so he got his license by himself so I I never paid for any any of this license and in some States let's say in California it's not it's not easy you have to pass an exam you have to you have to scan your fingerprints and uh wait a few months from for it but in some states it's much easier let's say in ver want you can do it online so yeah you can see people different colors different genders different um social groups yeah but all they're interested in making money well making coins and actually uh today um some one this one story about you know someone just uh you know one guy created this post like I am a IT professional entrepreneur public notary you know and I'm thinking okay who is this guy from Texas I don't know him I never spoke with him so someone just found it somewhere you know in Google I don't know how he searched for it I asked it but he he didn't answer it so that's uh you know that's interesting and uh what I think um this person is 12 person we start with uh I met them you know at least at least once so it's it's it's good initial distribution but uh still you know people may ask questions so we will add more notaries let's say when we start main Network we will start with 50 and uh let's say if if right now if someone would like to to join this network I'm asking to put his you know name on a forum and um and after that that uh I will put it in a smart contract with some um you know priority yeah sure there is no company it's a there is no company so this network owned by notaries so let's say if you participate in this network you have to keep your node like a server online and I give you key and I give key to 12 more people and you start this network and this network works for you and each block uh you create you split a reward let's say five not coin either uh between all online miners like your peers but other people can create their own node but they cannot mine because they're not authorized you started this network so it's your network but you have to you have to mind block and accept transactions and if you don't mind block or you block some transactions other participants of this network or other miners of this networks can vote against you and remove you from from a list of nodes so that's uh that's uh well it's uh it's one way you know uh one way let's say um um yeah you can you can remove all peer peers but you know if if you're only one peer in this network uh probably other third party will not trust in your network so when you think when we think about notaries we think about um stability you know so we don't we don't want them to something we do not expect so what I think people will just like not they will just run this note forget about this and that's why uh we built um where is this second if if you remember this slide uh that's why we have uh three different keys so with one key it's mining key you put it on this virtual machine and you don't touch this virtual machine it updates itself you know like security updates and uh with parity client it can update uh parity code on this machine from from Smart contract and the payout key it's like wallet key so this key you use to send money from um from your reward to an exchange and you know in some exchange let's say in detrex you can uh you can when you send some altcoins you can automatically sell these coins to bitcoin or ethereum and with voting key you you vote for these decisions so that's easy and I think um this is one model but people will try different will try different models so I spoke with uh one company they're doing um um uh casino on ethereum and uh it worked well uh well almost worked well because there's a problem with Randomness in in in in a blockchain but it worked well uh when price was like $10 for one either but now it's not profitable for low stakes um so they're thinking probably we should create a private network but we will uh lost some um some trust into our system from uh from our players so why not to create some kind of Consortium but Consortium of independent parties with open interfaces so that's something U never tried before and I think I will try and U let's see if people will take this uh you know results of our work and spin their own network because what we're doing is eventually and now it's eventually will be open sourced so it's um um it's open source project and uh with uh no restriction you can use this code to create your network or participate in this network so guys um any more question no okay so your thank yeah right now it's uh it because it's a fork of ethereum it will be the same supply model well no ankles but uh almost the same so a minor will get uh uh either for um um each block and also all all all spent gas in this network so well there's a problem of initial liquidity and uh that's a that's that's that's a question I don't know how to to answer how to answer because well it's possible to make an Ico and bring some liquidity into the system but because all parties are identified and citizen or residents of the United States they can get a question you know why did you participate in in this type of network where someone um you know created an IO on this so it's a it's a question uh it's open question and uhu but there are several other ways you know without I so you can you can pre-mine some coins and uh because there's some governance of uh miners you can you can propose how to spend this uh pre mined token but you cannot spend you know more than I know 112 each month and um yeah and usually you can spend it on like you can you can give ability uh to spend different ways so let's say uh all miners can vote send all tokens to Foundation or send all tokens to recycle bin like it's it's also possible because if you create this network and I'm like your provider of software and I'm not doing this uh um my job miners will may decide not to pay me uh Founders rewards so it's also a model of for [Music] governance okay maybe you have any basic questions about [Music] etherum no okay guys thank you e for