Radical Funding with rDAI – Patrick Gallagher & Miao Zhicheng

what's up Easton okay that's enough of that I'm gonna be your emcee for the next few hours I'm Hudson and I'm very happy to introduce the awesome presenters from radical funding with our dye Patrick and Victor [Music] hello hello Orion hi Denver who's excited to be here today all right you okay thinking about building something while they're here anybody anybody thinking about building on d5 decentralize finance products all right so what we're here to talk about is radical funding with our dye we're gonna talk about what our diet is in a second how it works and why people should build on it but what I want to talk about initially is the radical funding part what if I told you you could build a DAP that was able to fund itself without advertising without taking fees from users out of pocket and without selling user data would that be appealing would that be radical I think so and that's possible with our tonight we're going to show you how builders and people at home even if you're watching on the livestream if you're not even here at eat Denver can use our dye as a permissionless way to find revenue streams natively that are not exploitive or extractive of your users and using only permissionless protocols from decentralized finance so we're really excited to talk to you about this today so but the first thing I want to do is point to our discord and if you're here in the room I strongly suggest you go ahead and scan this QR code it only takes a second that joins our discord this is where you get information about our die if you have projects you want to work on this is where we can talk to you about that if you're home at the live stream I think this will probably work just zoom in and use the QR code so this is where basically all the nucleus of our die development is happening we'll talk about some of those developments in a second but so very briefly how do we get to our die what are the basic concepts of what this protocol is so if you think about what lending poles are right if you're using die in compound and you start out with a hundred die and let's say that the dynamic APR for a year was 8.8 1% which it was a little while ago it's come down a little bit after a year if you use compound you would have the equivalent of 100 point eight one died now this is a really cool thing for generating returns but what we have with our die is this you have the ability to program that interest so it doesn't just natively come back to you you can say I want to keep my principle and redirect the interest to someone so here you have a hundred die the beginning of the year and a year goes by and eight point eight one die are generated from the lending pool and they go to UNICEF they stream to UNICEF the entire year and you decide to do that you can change this if you want but this could be one strategy you could also send some of its eunice walk UNICEF and keep some of it you could split it yourself our die is programmable and you can have up to 50 different recipients of it it's however you want to do it at you remain in control of both your original die that stays in your wallet that never leaves anywhere it's not locked it's not at risk and you have the ability to always change who the recipients are and the way that it basically works is by separating the principle that you start out with and then the interest and you say here's where I want the interest again so the way it does this is through a concept called a hat and a hat is simply the instructions about what to do with the e interest they have two pieces to a hat it's for the list of recipients of interest and this can include your own address or conclude just one address like UNICEF or it can contribute 50 addresses and then it says how much should each one of these recipients get and so you have to have a list of recipients and elicitor proportions there's a default setting if you don't 70 this which simply says all the money comes back to me as if I were just in compound in the first place it's called a self hat and that's kind of a default condition if you do nothing in our day you're essentially using compound and I should also point out the compound is a current allocation strategy it's not baked into the RDI protocol it could be a different lending pool for the time being it's compound um so he said we kind of went over what the hats were maybe the next one so a quick example of this might be let's imagine Charlie Charlie has a hundred dime and he decides some mints are die means a hundred are die so hard I and I are one to one always and he says this is the hat that he makes I want Alice and Bob a and B to be my recipients of my interest and the proportions that go to each are ninety two the first one in the list and ten to the second 90 percent ten percent so after a year like let's assume that there was a ten percent interest over a year just to make the numbers easy so if ten percent interest was game you've got ten die that are added to the hundred that started the year off and so the balances at the end of the year are Alice's nine Bob has won and Charlie who started with a hundred still has 100 that's basically how it works so once more please join the art I'd distort I'm gonna pass it over to Patrick who's gonna show you how to actually work with art I how to Flyer this up I just want to go over some of these initial basic concepts and melt it over the Patrick hey guys alright so we are going to go through how you would use our die in your DAP and we're gonna start with the example of one DAP that's already out there called our trees so this is essentially taking the interest from the die and sending it to a charity that's going to donate and it's going to plant trees with the interest and so I want to point out here that there is no code that went into this except for the front end this is only a front end plus a hat in our die so what we're going to do now is we are going to create a hat using the eath build tool and so this is the final product that we're going to get and there's a link to this in the discord if you want to download and play around with this but I'm gonna stand now and we're going to kind of create this so the first thing this is a little intro to each build as well that you're getting here we're gonna create our provider key so that can connect to in fear uh we're gonna face that there and then we are going to create a contract object and this is going to be our our token contract and that needs a couple of things that means the address that means the blockchain which is our inferior key that's our connection and for the address you're going to go to the repo right for our token all the documentation is there and you'll go down to the deployed contract section and you can see that we have Kovan we have maintenance abhi has been deprecated and then we're going to copy the address for the our Tai proxy we are going to paste that in and then if you clone the repo you can run truffle you know compile and get the ABI of course but I already have that over here from my little cheat sheet so I'm going to paste that in alright now let's zoom in we got this contract object this is all the functions on the our Thai contract right the ones we're gonna talk about today are change hat we're gonna do some hat stuff let's look at but let's look at a total supply right now just emit as a sanity check okay so what we're doing essentially is we're calling total supply it's going to in fear it's touching the data and it's coming back with nothing let me try this one more time all righty okay so we get that and that is in way so if we convert from way then we can see that there are five hundred and thirty three are demented on the Kovan contract alright cool so now let's look up our meta Mash let's see what our balance of our die is so that is the address that we're gonna that we have right now and this is like the meta mask in the browser it's very cool yeah shout out to Austin Griffith for making this amazing tool okay let's get balance of checks and check some stuff about my wallet yeah the address that we're gonna look for is our wallet address and we're gonna create a button and we're gonna create a timer that pulls so this gets clicked a lot this button gets clicked a lot every three seconds all right output from that is this big large number again this is in way so we were going to do some conversion and we see that my balance is 117 our die I have 117 our die on Kovan what am I going to do with it right what's where's the interest for that going let's check that out so we are going to get hat by address and we're gonna pass that same address as the owner and we are gonna call it and we're gonna see the output we get this nice object and if we scroll down here we can see the the properties are labeled the Hat ID is 71 so my hat on my wallet is hat 71 and a hat is unique there's each hat has one set of recipients and one set of proportions like Victor was talking about and that never changes so if you want to make a new hat for your dad if you want to make the artery's hat is 11 right so like anybody sets their hat to 11 now they're basically donating to our treats for your DAP maybe you make hat hat 60 67 is your hat and so that's that you would use in your debt alright so let's create a hat so I am going to create some text inputs and who do we want the recipients to be right well let's let's make a new account right now and we are going to generate that within each build using some very not secure random private key generation okay I just made a brand new account never been used before and we are going to pass that in an array here with one recipient so we're only gonna have one recipient so that means all of the interest has to go to that one recipient so when we make our array of proportions we just passed any number here right it could be 50 right because it's it's a ratio here but we'll just do one and then there is another there's another input on create create hat and that is do hat change and we are gonna set that to true and what that does is at the same time that I create a new hat I also changed my own hat but you might not need this this functionality alright and we are gonna have to parse all of this in order to generate in order to format this properly so that the create hat function can generate the proper data for our transaction oh come on come on okay so now we see the output this is our oh sorry sis Wow so small all right this is our transactional data you can see we have a function selector and it got some some nice juicy stuff down there we got our our address that our is their shipping it there okay okay so now we have the data for our transaction and we know where we're going to send it that's our contract so let's create we're gonna drag we're gonna bring our meta mash down because we want to use it down here okay so we're gonna pass the data into there and we're gonna grab the address of the contract wizard way back where we started way over there and let's create a new hatch okay and remember I had idea with 71 oh there goes now it's 72 so we created a new hat we changed my wallet which you might not need to do but we created a new hat it has the recipients 0xb f00 right that's that's this is a brand new account we just created right here and the proportions are this very large number which is the maximum integer in a UN 32 you don't have to worry about that proportions are just like 1 to 1 like 52 you know 50 or 90 to 10 okay so that's all you need to make an entire DAP is you need to create a hat and allow your users to mint with selected hat or change hat or do something like that ok that's that's pretty much it the other the other materials and resources you have available are the API which is very limited at the moment there's two two calls but it's a PIR die dot money of course the repo we have an explorer so if you do launch your DAP on maintenance where the interest is flowing and if we zoom in here these are all the are trees people so everybody in this bubble here all those individual blue dots are people with hat 11 which is the Hat of our trees and you can see that hat 11 has two recipients one on the left is the DAP wallet which is or not the DAP one is the donation fund and the one on the right is the developer fund so that's to support the project to continue going so yeah if you launch something or you play around I mean that you should be able to see it show up here this is like another DAP over here this is actually the our die official tab what else yeah this is essentially like if you have funds coming in to your dad and you want them to not just sit there and not do anything you can potentially convert them to our die and have the hat set to where you want the interest to go and yeah we're going to be back to there after this you can come ask us questions and of course I'll put up the discord slide and you can join that that's it [Applause] [Music] you [Music]