EBC22 | Scaling Blockchain to 5bn people by 2030

[Music] one [Music] thank you and uh welcome to the final straights of this evening sessions thank you all for attending it's been a long day for everybody I'm Greg Chu and I'm from qpq qp's Q stands for quid pro quo this for that so we talk about scaling blockchain people have been talking about this for a very long time it still hasn't happened we've been talking about it since 2014 how there'll be new protocols that will enable scaling of blockchain to occur but yet we're still stuck in a true blockchain sense at 19 transactions per second we have layer twos that are alleging to give us scalability but at the cost of re-centralization so we reached this point where I have to ask does anybody else in the room feel the anger that I feel that the summit of our Ambitions seems to be a gift on web 3. that the the architecture the infrastructure that should be enabling Humanity to move into a whole new era of how we conduct ourselves that allows us to add value to Common infrastructure instead does this and that's it stand up if you agree anybody here find that same tension anger that this is the best we can do because for me it's a disgrace this technology has the ability to set the world free to change the way that we do everything and how we conduct ourselves in every kind of circumstance you can think of from private information through to economic information sorry forgive me wrong way and what we have at the moment is a whole series of systems that expect us to make this kind of leap we have silos upon silos and we actually celebrate the idea that the way that you value a particular protocol is by how much value has been locked in that protocol where on earth does that fit into the idea of creating a single substrate a digital substrate that we can all transact upon how does that work why are we talking about tvl when we should be talking about transforming lives transforming opportunity for people allowing those without to begin to find a way forward flattening the Earth creating opportunity for all and a quality of opportunity that we talk about but it doesn't exist this is what we have at the moment we have Silo upon Silo we have great big chasms that we're expecting people to to Faithfully leap across in the belief that all will be well and yet we see repeatedly time and time again all is not well this is what we need to get to does anyone here know what that is correct it's the Internet it's a picture of the internet and the thing about the internet is we take it for granted to such an extent that if it does if a web page doesn't load in three seconds flat we close the page down this is the standard that we expect in a web 2 context so how on Earth is it okay in a web 2 context to expect this this is the standard we need to get to the point where the infrastructure for web 3 that is distributed Ledger technology properly done which achieves the base Target of distributed ledgers which is to be able to trust the message not the messenger the purpose of the technology is that to allow us to establish consensus at speed at scale and to be able to trust it so that we can trust that message not the messenger this is what we have to get to millions billions of transactions per second reliably cheaply faultlessly not struggling to have up time not pretending to be a functioning system not telling us that 19 transactions per second is sufficient to run the commercial infrastructure of the world oh but you know you use a level two yes you re-centralize well done so we've come to tell you a different story amongst all the Doom and Gloom that people are talking about in the context of crypto values falling I'm here to say well that's actually good news because now the hot air is leaving the room we're we're just emerging this is our second conference the first was a couple of weeks ago as we announced one DLT an interoperability solution that actually brings the networks together and we're hearing all the time about real projects trying to do real things they're not writing white papers that basically amount to number go up and to the Moon they're actually trying to figure out how to solve a problem a real world problem that requires that application of something that can verify a truth that a thing hasn't happened so how do you get to interoperability and how is it different from interconnectivity well think of it like this interconnectivity is a bridge from me to you that's an interconnection okay and something can pass back and forth across that bridge and very often the way that's done in the context of the crypto universe is that we you come to me with your token you buy my dollar to cross my bridge and you come out the other side into another Pool what we're talking about is interoperability so if you think about all the protocols like a a Lego box and when you open up the Lego box there's an instruction as to how you build that specific thing that particular design but what happens if you want the house over here to swap the roof with the house over here because you prefer it that's a better one for your purposes you can't do it not in the way things work at the moment so what we did was we actually dissembled the pieces we made it possible to take the transaction to set everything up on an evm as normal but then to pull in consensus from other platforms from other public protocols like hedera algorand silica near all these things allow us to see the scalability that is necessary and we're just starting at that this is the scalability the reliability the throughput that is necessary to make the dreams that we've all shared we've all come here believing that there is a better future possible and that is now that door is now open this is a zero layer of interoperability that allows any developer in this room to come forward and say I want to build X use simplistic solidity use your evm use the cloud infrastructure we provide as a package and bring in the consensus from all the other layers what do you end up with real interoperability and that is actually what the term means it doesn't mean a series of bridges it means that the pieces become interoperable that you can use the best features from each protocol to best advantage and that's what the news we've come to bring you today so any questions no one have any questions at all okay um sorry about that I figured there might be a few any any questions no yes hi what do you think about a blockchains like polkadot or Cosmos that are trying to create this interoperability giving the same object name that we are we're actually breaking down the component parts to allow you to put the pieces together and you always have consensus so what they effectively do is they create side chains which are in fact a level two a layer two so you're back to Breaking that rule that you're not actually trusting the messenger or the message you're trusting the messenger again and that's the issue we don't think that you need to go down that route we think that you can do it like this you can break down the component parts and you can take the best pieces from each to give you that capacity that throughput that reliability and bring the cost down to fractions of ascent thank you anyone else any any other questions okay well thank you very much we're outside on a stand um please come by and talk to us if there's a question okay quick quick one where are we who was it there hey uh how are you I better to provide such uh enteral probability in in comparison to the other existing uh protocols or for example Layer Two because we separated out the transaction from the consensus we separate out the services from the consensus so you can draw services from different protocols you can draw um we'll have other types of programmability in there as well in the future so right now it's an evm because that's what most people are using but we will integrate more I think there's we should be about eight protocols by the end of this year early next okay thank you all very much please do come by and see us we're outside in the in the main Atrium and thank you for your time